Comprehensive Income (Tables)

3 Months Ended

Mar. 29, 2025

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

Changes in the components of Accumulated other comprehensive loss, net of tax, for the three months ended March 29, 2025 and March 30, 2024 are as follows:


	Three Months Ended
(in millions)	March 29, 2025		March 30, 2024
Net earnings	$	20.2	$	68.0
Other comprehensive income (loss):
Foreign currency cumulative translation adjustments	25.4		(19.6)
Net change in unamortized prior service credits	(0.1)		(0.1)
Net change in unamortized actuarial losses	(0.2)		(0.1)

Net change in unrealized derivative (losses) gains	(12.4)		9.3
Total other comprehensive income (loss)	12.7		(10.5)
Comprehensive income	$	32.9	$	57.5

The following table presents the changes in Accumulated other comprehensive loss, net of tax, by component for the three months ended March 29, 2025:


(in millions)	Foreign currency translation		Prior service credits		Net actuarial gains		Unrealized investment gains		Net derivative gains		Total
Beginning balance	$	(96.9)	$	(7.9)	$	10.5	$	0.2	$	40.7	$	(53.4)
Other comprehensive income (loss) before reclassifications (A)	25.4		—		—		—		(10.7)		14.7
Amounts reclassified from Accumulated other comprehensive loss, net of tax (B)(C)	—		(0.1)		(0.2)		—		(1.7)		(2.0)
Net other comprehensive income (loss)	25.4		(0.1)		(0.2)		—		(12.4)		12.7
Ending balance	$	(71.5)	$	(8.0)	$	10.3	$	0.2	$	28.3	$	(40.7)

(A) The tax effects for the three months ended March 29, 2025 were $(3.6) million for foreign currency translation and $3.5 million for derivatives.

(B) The tax effects for the three months ended March 29, 2025 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 March 29, 2025. Refer to Note 5 – Financial Instruments for the reclassification adjustments from Accumulated other comprehensive loss, net of tax related to derivatives.

The following table presents the changes in Accumulated other comprehensive loss, net of tax, by component for the three months ended March 30, 2024:


(in millions)	Foreign currency translation		Prior service credits		Net actuarial gains		Unrealized investment gains		Net derivative gains		Total
Beginning balance	$	(49.5)	$	(7.4)	$	7.9	$	0.2	$	23.1	$	(25.7)
Other comprehensive (loss) income before reclassifications (A)	(19.6)		—		—		—		10.0		(9.6)
Amounts reclassified from Accumulated other comprehensive loss, net of tax (B)(C)	—		(0.1)		(0.1)		—		(0.7)		(0.9)
Net other comprehensive (loss) income	(19.6)		(0.1)		(0.1)		—		9.3		(10.5)
Ending balance	$	(69.1)	$	(7.5)	$	7.8	$	0.2	$	32.4	$	(36.2)

(A) The tax effects for the three months ended March 30, 2024 were $3.0 million for foreign currency translation and $(3.7) million for derivatives.

(B) The tax effects for the three months ended March 30, 2024 were $0.4 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 three months ended March 30, 2024. Refer to Note 5 – Financial Instruments for the reclassification adjustments from Accumulated other comprehensive loss, net of tax related to derivatives.