Comprehensive Earnings (Tables)

9 Months Ended

Sep. 30, 2023

Accumulated other comprehensive loss, as reflected in the condensed consolidated balance sheets, is comprised of the following:


(In millions)	September 30, 2023		December 31, 2022
Accumulated other comprehensive loss:
Net unrealized loss on marketable securities, net of tax	$	(2.5)	$	(2.3)
Net unrecognized gain and prior service cost related to defined benefit plans, net of tax	260.5		268.5
Net unrecognized gain (loss) on derivatives in cash flow hedging relationships, net of tax	17.5		(18.5)
Net unrecognized gain on derivatives in net investment hedging relationships, net of tax	461.5		377.0
Foreign currency translation adjustment	(3,945.5)		(3,385.9)
	$	(3,208.5)	$	(2,761.2)

Components of Other Comprehensive Loss

Components of accumulated other comprehensive loss, before tax, consist of the following, for the three and nine months ended September 30, 2023 and 2022:


	Three Months Ended September 30, 2023
	Gains and Losses on Derivatives in Cash Flow Hedging Relationships				Gains and Losses on Net Investment Hedges		Gains and Losses on Marketable Securities		Defined Pension Plan Items		Foreign Currency Translation Adjustment		Totals
(In millions)	Foreign Currency Forward Contracts	Interest Rate Swaps	Total
Balance at June 30, 2023, net of tax			$	10.9	$	315.0	$	(1.3)	$	264.5	$	(3,594.7)	$	(3,005.6)
Other comprehensive earnings (loss) before reclassifications, before tax			23.4		186.8		(1.3)		(2.7)		(350.8)		(144.6)
Amounts reclassified from accumulated other comprehensive (loss) earnings, before tax:
Gain on foreign exchange forward contracts classified as cash flow hedges, included in net sales	(15.8)		(15.8)										(15.8)
Loss on interest rate swaps classified as cash flow hedges, included in interest expense		1.2	1.2										1.2
Loss on divestiture of defined pension plan, included in SG&A									2.6				2.6
Amortization of prior service costs included in SG&A									0.1				0.1
Amortization of actuarial gain included in SG&A									(4.9)				(4.9)
Net other comprehensive earnings (loss), before tax			8.8		186.8		(1.3)		(4.9)		(350.8)		(161.4)
Income tax provision (benefit)			2.2		40.3		(0.1)		(0.9)		—		41.5

Balance at September 30, 2023, net of tax			$	17.5	$	461.5	$	(2.5)	$	260.5	$	(3,945.5)	$	(3,208.5)


	Nine Months Ended September 30, 2023
	Gains and Losses on Derivatives in Cash Flow Hedging Relationships				Gains and Losses on Net Investment Hedges		Gains and Losses on Marketable Securities		Defined Pension Plan Items		Foreign Currency Translation Adjustment		Totals
(In millions)	Foreign Currency Forward Contracts	Interest Rate Swaps	Total
Balance at December 31, 2022, net of tax			$	(18.5)	$	377.0	$	(2.3)	$	268.5	$	(3,385.9)	$	(2,761.2)
Other comprehensive earnings (loss) before reclassifications, before tax			77.4		107.8		(0.2)		7.4		(559.6)		(367.2)
Amounts reclassified from accumulated other comprehensive (loss) earnings, before tax:
Gain on foreign exchange forward contracts classified as cash flow hedges, included in net sales	(32.5)		(32.5)										(32.5)
Loss on interest rate swaps classified as cash flow hedges, included in interest expense		3.5	3.5										3.5
Gain on divestiture of defined pension plan, included in SG&A									(3.0)				(3.0)
Amortization of prior service costs included in SG&A									0.1				0.1
Amortization of actuarial gain included in SG&A									(14.9)				(14.9)
Net other comprehensive earnings (loss), before tax			48.4		107.8		(0.2)		(10.4)		(559.6)		(414.0)
Income tax provision (benefit)			12.4		23.3		—		(2.4)		—		33.3

Balance at September 30, 2023, net of tax			$	17.5	$	461.5	$	(2.5)	$	260.5	$	(3,945.5)	$	(3,208.5)


	Three Months Ended September 30, 2022
	Gains and Losses on Derivatives in Cash Flow Hedging Relationships				Gains and Losses on Net Investment Hedges		Gains and Losses on Marketable Securities		Defined Pension Plan Items		Foreign Currency Translation Adjustment		Totals
(In millions)	Foreign Currency Forward Contracts	Interest Rate Swaps	Total
Balance at June 30, 2022, net of tax			$	22.7	$	471.6	$	(2.1)	$	30.1	$	(3,421.5)	$	(2,899.2)
Other comprehensive earnings (loss) before reclassifications, before tax			46.7		376.7		(0.8)		(1.3)		(1,163.0)		(741.7)
Amounts reclassified from accumulated other comprehensive earnings (loss), before tax:
Gain on foreign exchange forward contracts classified as cash flow hedges, included in net sales	(32.2)		(32.2)										(32.2)
Loss on interest rate swaps classified as cash flow hedges, included in interest expense		1.2	1.2										1.2
Amortization of prior service costs included in SG&A									0.1				0.1

Net other comprehensive earnings (loss), before tax			15.7		376.7		(0.8)		(1.2)		(1,163.0)		(772.6)
Income tax provision (benefit)			3.9		83.9		(0.2)		(0.3)		—		87.3

Balance at September 30, 2022, net of tax			$	34.5	$	764.4	$	(2.7)	$	29.2	$	(4,584.5)	$	(3,759.1)


	Nine Months Ended September 30, 2022
	Gains and Losses on Derivatives in Cash Flow Hedging Relationships				Gains and Losses on Net Investment Hedges		Gains and Losses on Marketable Securities		Defined Pension Plan Items		Foreign Currency Translation Adjustment		Totals
(In millions)	Foreign Currency Forward Contracts	Interest Rate Swaps	Total
Balance at December 31, 2021, net of tax			$	9.2	$	16.7	$	—	$	32.2	$	(1,802.4)	$	(1,744.3)
Other comprehensive earnings (loss) before reclassifications, before tax			104.6		962.4		(3.5)		(3.6)		(2,782.1)		(1,722.2)
Amounts reclassified from accumulated other comprehensive earnings (loss), before tax:
Gain on foreign exchange forward contracts classified as cash flow hedges, included in net sales	(74.5)		(74.5)										(74.5)
Loss on interest rate swaps classified as cash flow hedges, included in interest expense		3.4	3.4										3.4
Amortization of prior service costs included in SG&A									0.2				0.2
Amortization of actuarial loss included in SG&A									0.1				0.1
Net other comprehensive earnings (loss), before tax			33.5		962.4		(3.5)		(3.3)		(2,782.1)		(1,793.0)
Income tax provision (benefit)			8.2		214.7		(0.8)		(0.3)		—		221.8

Balance at September 30, 2022, net of tax			$	34.5	$	764.4	$	(2.7)	$	29.2	$	(4,584.5)	$	(3,759.1)