Accumulated Other Comprehensive Income (Loss) (Notes)

12 Months Ended

Dec. 31, 2022

Accumulated Other Comprehensive Income (Loss)

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

Accumulated other comprehensive income represents net earnings and any revenue, expenses, gains and losses that, under U.S. GAAP, are excluded from net earnings and recognized directly as a component of stockholders’ equity.

The change in accumulated other comprehensive income (loss) during fiscal years 2022 and 2021 is as follows:


(In millions)	Foreign currency translation		Derivatives			Pension			Total
Balance at Balance at January 2, 2021	$	(36.8)	$	(20.3)		$	(73.5)		$	(130.6)
Other comprehensive income (loss) before reclassifications (1)	(20.0)		7.7			29.5			17.2
Amounts reclassified from accumulated other comprehensive income (loss)	—		5.1		(2)	13.8		(3)	18.9
Income tax (expense) benefit	—		(1.4)			(3.0)			(4.4)
Net reclassifications	—		3.7			10.8			14.5
Net current-period other comprehensive income (loss) (1)	(20.0)		11.4			40.3			31.7



Balance at January 1, 2022	$	(56.8)	$	(8.9)		$	(33.2)		$	(98.9)
Other comprehensive income (loss) before reclassifications (1)	(76.3)		25.4			22.6			(28.3)
Amounts reclassified from accumulated other comprehensive income (loss)	—		(19.3)		(2)	11.3		(3)	(8.0)
Income tax (expense) benefit	—		4.7			(2.4)			2.3
Net reclassifications	—		(14.6)			8.9			(5.7)
Net current-period other comprehensive income (loss) (1)	(76.3)		10.8			31.5			(34.0)

Balance at December 31, 2022	$	(133.1)	$	1.9		$	(1.7)		$	(132.9)

(1)Other comprehensive income (loss) is reported net of taxes and noncontrolling interest.

(2)Amounts related to foreign currency derivatives used to manage the volatility associated with inventory purchases in various currencies and deemed to be highly effective are included in cost of goods sold. Amounts related to foreign currency derivatives that are no longer deemed to be highly effective are included in other income. Amounts related to interest rate swaps and the cross currency swap are included in interest expense.

(3)Amounts reclassified are included in the computation of net pension expense.