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Comprehensive Income
9 Months Ended
Sep. 28, 2024
Comprehensive Income [Abstract]  
Comprehensive Income Comprehensive Income
Accumulated other comprehensive loss in the Condensed Consolidated Balance Sheets includes foreign currency cumulative translation adjustments; prior service costs and credits and net actuarial gains and losses for defined benefit plans; and unrealized derivative gains and losses, all net of tax. Changes in the components of Accumulated other comprehensive loss, all net of tax, for the three and nine months ended September 28, 2024 and September 30, 2023 are as follows:
Three Months EndedNine Months Ended
(in millions)September 28, 2024September 30, 2023September 28, 2024September 30, 2023
Net earnings$44.6 $112.5 $212.6 $359.5 
Other comprehensive income (loss):
Foreign currency cumulative translation adjustments26.6 (20.7)3.4 (12.2)
Net change in unamortized prior service credits (0.1)— (0.4)— 
Net change in unamortized actuarial gains (losses)(0.2)0.1 (0.5)0.3 
Net change in unrealized derivative gains (losses)(11.4)7.3 (4.5)(0.7)
Total other comprehensive income (loss)14.9 (13.3)(2.0)(12.6)
Comprehensive income$59.5 $99.2 $210.6 $346.9 
The following table presents the changes in Accumulated other comprehensive loss by component, all net of tax, for the three months ended September 28, 2024:
(in millions)Foreign currency translationPrior service creditsNet actuarial gainsUnrealized investment gainsNet derivative gainsTotal
Beginning balance$(72.7)$(7.7)$7.6 $0.2 $30.0 $(42.6)
Other comprehensive income (loss) before reclassifications (A)
26.6 — — — (11.7)14.9 
Amounts reclassified from Accumulated other comprehensive loss (B)(C)
— (0.1)(0.2)— 0.3  
Net other comprehensive income (loss)26.6 (0.1)(0.2)— (11.4)14.9 
Ending balance$(46.1)$(7.8)$7.4 $0.2 $18.6 $(27.7)

(A) The tax effects for the three months ended September 28, 2024 were $(3.3) million for foreign currency translation and $4.2 million for derivatives.
(B) The tax effects for the three months ended September 28, 2024 were $(0.2) million for derivatives.
(C) The reclassification adjustments from Accumulated other comprehensive loss and associated tax effects related to defined benefit items were not material for the three months ended September 28, 2024. Refer to Note 5 – Financial Instruments for the reclassification adjustments from Accumulated other comprehensive loss related to derivatives.

The following table presents the changes in Accumulated other comprehensive loss by component, all net of tax, for the nine months ended September 28, 2024:
(in millions)Foreign currency translationPrior service creditsNet actuarial gainsUnrealized investment gainsNet derivative gainsTotal
Beginning balance$(49.5)$(7.4)$7.9 $0.2 $23.1 $(25.7)
Other comprehensive income (loss) before reclassifications (A)
3.4 — — — (2.4)1.0 
Amounts reclassified from Accumulated other comprehensive loss (B)(C)
— (0.4)(0.5)— (2.1)(3.0)
Net other comprehensive income (loss)3.4 (0.4)(0.5)— (4.5)(2.0)
Ending balance$(46.1)$(7.8)$7.4 $0.2 $18.6 $(27.7)
(A) The tax effects for the nine months ended September 28, 2024 were $1.0 million for foreign currency translation and $1.1 million for derivatives.
(B) The tax effects for the nine months ended September 28, 2024 were $0.9 million for derivatives.
(C) The reclassification adjustments from Accumulated other comprehensive loss and associated tax effects related to defined benefit items were not material for the nine months ended September 28, 2024. Refer to Note 5 – Financial Instruments for the reclassification adjustments from Accumulated other comprehensive loss related to derivatives.

The following table presents the changes in Accumulated other comprehensive loss by component, all net of tax, for the three months ended September 30, 2023:
(in millions)Foreign currency translationPrior service creditsNet actuarial gainsUnrealized investment gainsNet derivative gainsTotal
Beginning balance$(62.8)$(4.1)$9.9 $0.2 $28.0 $(28.8)
Other comprehensive (loss) income before reclassifications (A)
(20.7)— — — 8.1 (12.6)
Amounts reclassified from Accumulated other comprehensive loss (B)(C)
— — 0.1 — (0.8)(0.7)
Net other comprehensive (loss) income(20.7)— 0.1 — 7.3 (13.3)
Ending balance$(83.5)$(4.1)$10.0 $0.2 $35.3 $(42.1)

(A) The tax effects for the three months ended September 30, 2023 were $1.1 million for foreign currency translation and $(2.9) million for derivatives.
(B) The tax effects for the three months ended September 30, 2023 were $0.5 million for derivatives.
(C) The reclassification adjustments from Accumulated other comprehensive loss and associated tax effects related to defined benefit items were not material for the three months ended September 30, 2023. Refer to Note 5 – Financial Instruments for the reclassification adjustments from Accumulated other comprehensive loss related to derivatives.
The following table presents the changes in Accumulated other comprehensive loss by component, all net of tax, for the nine months ended September 30, 2023:
(in millions)Foreign currency translationPrior service creditsNet actuarial gainsUnrealized investment gainsNet derivative gainsTotal
Beginning balance$(71.3)$(4.1)$9.7 $0.2 $36.0 $(29.5)
Other comprehensive (loss) income before reclassifications (A)
(12.2)— — — 7.6 (4.6)
Amounts reclassified from Accumulated other comprehensive loss (B)(C)
— — 0.3 — (8.3)(8.0)
Net other comprehensive (loss) income(12.2)— 0.3 — (0.7)(12.6)
Ending balance$(83.5)$(4.1)$10.0 $0.2 $35.3 $(42.1)

(A) The tax effects for the nine months ended September 30, 2023 were $0.6 million for foreign currency translation and $(3.3) million for derivatives.
(B) The tax effects for the nine months ended September 30, 2023 were $3.4 million for derivatives.
(C) The reclassification adjustments from Accumulated other comprehensive loss and associated tax effects related to defined benefit items were not material for the nine months ended September 30, 2023. Refer to Note 5 – Financial Instruments for the reclassification adjustments from Accumulated other comprehensive loss related to derivatives.