Comprehensive Income (Tables)

6 Months Ended

Jul. 01, 2023

Comprehensive Income [Abstract]

Changes in the Components in Accumulated Other Comprehensive Income (Loss)

Changes in the components of Accumulated other comprehensive loss, all net of tax, for the three and six months ended July 1, 2023 and July 2, 2022 are as follows:

	Three Months Ended				Six Months Ended
(in millions)	July 1, 2023		July 2, 2022		July 1, 2023		July 2, 2022
Net earnings	$	134.7	$	197.3	$	247.0	$	371.5
Other comprehensive income (loss):
Foreign currency cumulative translation adjustments	2.2		(32.6)		8.5		(30.5)
Net change in unamortized actuarial gains	0.1		0.3		0.2		0.5
Net change in unrealized derivative gains	(5.2)		20.0		(8.0)		27.6
Total other comprehensive (loss) income	(2.9)		(12.3)		0.7		(2.4)
Comprehensive income	$	131.8	$	185.0	$	247.7	$	369.1

The following table presents the changes in Accumulated other comprehensive loss by component, all net of tax, for the three months ended July 1, 2023:

(in millions)	Foreign currency translation		Prior service credits		Net actuarial gains		Unrealized investment gains		Net derivative gains		Total
Beginning balance	$	(65.0)	$	(4.1)	$	9.8	$	0.2	$	33.2	$	(25.9)
Other comprehensive income before reclassifications (A)	2.2		—		—		—		(2.6)		(0.4)
Amounts reclassified from Accumulated other comprehensive loss (B)	—		—		0.1		—		(2.6)		(2.5)
Net other comprehensive income (loss)	2.2		—		0.1		—		(5.2)		(2.9)
Ending balance	$	(62.8)	$	(4.1)	$	9.9	$	0.2	$	28.0	$	(28.8)

(A) The tax effects for the three months ended July 1, 2023 were $(0.4) million for foreign currency translation and $0.6 million for derivatives.

(B) See the table depicting reclassification adjustments out of Accumulated other comprehensive loss below for the tax effects for the three months ended July 1, 2023.

The following table presents the changes in Accumulated other comprehensive loss by component, all net of tax, for the six months ended July 1, 2023:

(in millions)	Foreign currency translation		Prior service credits		Net actuarial gains		Unrealized investment gains		Net derivative gains		Total
Beginning balance	$	(71.3)	$	(4.1)	$	9.7	$	0.2	$	36.0	$	(29.5)
Other comprehensive income before reclassifications (A)	8.5		—		—		—		(0.5)		8.0
Amounts reclassified from Accumulated other comprehensive loss (B)	—		—		0.2		—		(7.5)		(7.3)
Net other comprehensive income	8.5		—		0.2		—		(8.0)		0.7
Ending balance	$	(62.8)	$	(4.1)	$	9.9	$	0.2	$	28.0	$	(28.8)

(A) The tax effects for the six months ended July 1, 2023 were $(0.5) million for foreign currency translation and $(0.4) million for derivatives.

(B) See the table depicting reclassification adjustments out of Accumulated other comprehensive loss below for the tax effects for the six months ended July 1, 2023

Reclassification out of Accumulated Other Comprehensive Income (Loss)

The following table presents reclassification adjustments out of Accumulated other comprehensive loss during the three and six months ended July 1, 2023 and July 2, 2022:

	Three Months Ended				Six Months Ended
Details about Accumulated other comprehensive (loss) income components (in millions)	July 1, 2023		July 2, 2022		July 1, 2023		July 2, 2022		Affected line item in the statement where net income is presented
Amortization of defined benefit items:
Net actuarial losses	$	(0.1)	$	(0.3)	$	(0.2)	$	(0.5)	Other income (expense), net
	(0.1)		(0.3)		(0.2)		(0.5)		Earnings before income taxes
	—		—		—		—		Income tax provision
	$	(0.1)	$	(0.3)	$	(0.2)	$	(0.5)	Net earnings from continuing operations
Amount of gain (loss) reclassified into earnings on derivative contracts:
Interest-rate contracts	$	—	$	(0.1)	$	(0.1)	$	(0.1)	Interest expense
Foreign exchange contracts	4.1		5.3		11.6		8.0		Cost of sales
Commodity contracts	(0.5)		2.3		(1.1)		3.9		Cost of sales
	3.6		7.5		10.4		11.8		Earnings before income taxes
	(1.0)		(1.9)		(2.9)		(3.0)		Income tax provision
	$	2.6	$	5.6	$	7.5	$	8.8	Net earnings from continuing operations