Accumulated Other Comprehensive Income (Loss) (Tables)

9 Months Ended

Sep. 25, 2020

Schedule of accumulated other comprehensive income (loss)

The following table includes the changes in accumulated other comprehensive loss by component under the ASC on “Comprehensive Income” (U.S. dollars in millions):


	Changes in Accumulated Other Comprehensive Loss by Component (1)
	Nine months ended September 25, 2020
	Changes in Fair Value of Cash Flow Hedges			Foreign Currency Translation Adjustment			Retirement Benefit Adjustment		Total
Balance at December 27, 2019	$	(25.5)		$	(15.8)		$	(24.1)	$	(65.4)
Other comprehensive (loss) income before reclassifications	(35.1)		(3)	2.5		(2)	(0.5)		(33.1)
Amounts reclassified from accumulated other comprehensive loss	8.2		(4)	—			0.9		9.1
Net current period other comprehensive (loss) income	(26.9)			2.5			0.4		(24.0)
Balance at September 25, 2020	$	(52.4)		$	(13.3)		$	(23.7)	$	(89.4)


	Nine months ended September 27, 2019
Balance at December 28, 2018	$	(5.8)		$	(14.9)		$	(20.9)	$	(41.6)
Other comprehensive (loss) income before reclassifications	(16.7)		(3)	(6.8)		(2)	—		(23.5)
Amounts reclassified from accumulated other comprehensive loss	(4.6)			—			0.4		(4.2)
Net current period other comprehensive (loss) income	(21.3)			(6.8)			0.4		(27.7)
Balance at September 27, 2019	$	(27.1)		$	(21.7)		$	(20.5)	$	(69.3)

(1) All amounts are net of tax and noncontrolling interest.

(2) Includes a gain of $3.4 million and a loss of $0.7 million for the nine months ended September 25, 2020 and nine months ended September 27, 2019, respectively, on intra-entity foreign currency transactions that are of a long-term-investment nature.

(3) Includes a tax effect of $3.2 million and $3.7 million for the nine months ended September 25, 2020 and nine months ended September 27, 2019, respectively. Additionally, includes the bunker fuel swap contracts entered into in the first quarter of 2020. Refer to Note 13, “Derivative Financial Instruments”, for further information on our derivatives.

(4) Includes amounts reclassified for both designated and dedesignated cash flow hedges. Refer to the following table for the amounts of each.

Amounts reclassified from accumulated other comprehensive (loss) income

The following table includes details about amounts reclassified from accumulated other comprehensive loss by component

(U.S. dollars in millions):


	Amount reclassified from accumulated other comprehensive loss
	September 25, 2020				September 27, 2019
Details about accumulated other comprehensive loss components	Quarter ended		Nine months ended		Quarter ended		Nine months ended		Affected line item in the statement where net income is presented
Changes in fair value of cash flow hedges:
Designated as hedging instruments:
Foreign currency cash flow hedges	$	3.6	$	0.9	$	(2.4)	$	(4.9)	Net sales
Foreign currency cash flow hedges	0.1		(0.4)		(0.5)		(1.1)		Cost of products sold
Bunker fuel swaps	(0.2)		1.0		—		—		Cost of products sold
Interest rate swaps	2.8		6.3		0.6		1.4		Interest expense
Bunker fuel swaps no longer designated as hedging instruments	0.3		0.3		—		—		Cost of products sold
Bunker fuel swaps no longer designated as hedging instruments	(0.3)		0.1		—		—		Other (expense) income, net
Total	$	6.3	$	8.2	$	(2.3)	$	(4.6)

Amortization of retirement benefits:
Actuarial losses	0.3		0.9		0.1		0.4		Other (expense) income, net
Total	$	0.3	$	0.9	$	0.1	$	0.4