Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Jul. 02, 2022

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss)

The changes in AOCIL, net of tax, by component for the nine months ended July 2, 2022 are as follows:

	Accumulated foreign currency translation		Accumulated retirement liability		Accumulated gain (loss) on derivatives		Total
AOCIL at October 2, 2021	$	(92,989)	$	(153,210)	$	(1,361)	$	(247,560)
OCI before reclassifications	(68,952)		3,568		(2,455)		(67,839)
Amounts reclassified from AOCIL	155		10,498		762		11,415
OCI, net of tax	(68,797)		14,066		(1,693)		(56,424)
AOCIL at July 2, 2022	$	(161,786)	$	(139,144)	$	(3,054)	$	(303,984)

Net gains and losses on net investment hedges are recorded in Accumulated foreign currency translation to the extent that the instruments are effective in hedging the designated risk.

The amounts reclassified from AOCIL into earnings are as follows:

		Three Months Ended				Nine Months Ended
	Statements of Earnings location	July 2, 2022		July 3, 2021		July 2, 2022		July 3, 2021
Retirement liability:
Prior service cost		$	15	$	16	$	45	$	30
Actuarial losses		4,530		4,707		13,713		14,101
Curtailment gain		—		—		—		(5,830)
Reclassification from AOCIL into earnings		4,545		4,723		13,758		8,301
Tax effect		(1,077)		(1,123)		(3,260)		(3,362)
Net reclassification from AOCIL into earnings		$	3,468	$	3,600	$	10,498	$	4,939
Derivatives:
Foreign currency contracts	Sales	$	375	$	(178)	$	619	$	(230)
Foreign currency contracts	Cost of sales	(8)		(313)		341		(1,418)
Reclassification from AOCIL into earnings		367		(491)		960		(1,648)
Tax effect		(69)		107		(198)		378
Net reclassification from AOCIL into earnings		$	298	$	(384)	$	762	$	(1,270)

Reclassification from AOCIL into earnings for the Retirement liability are included in the computation of non-service pension expense, which is included in Other on the Consolidated Condensed Statement of Earnings.

The effective portion of amounts deferred in AOCIL are as follows:

	Three Months Ended				Nine Months Ended
	July 2, 2022		July 3, 2021		July 2, 2022		July 3, 2021
Foreign currency contracts	$	(2,350)	$	(451)	$	(3,152)	$	(103)
Net loss	(2,350)		(451)		(3,152)		(103)
Tax effect	519		104		697		38
Net deferral in AOCIL of derivatives	$	(1,831)	$	(347)	$	(2,455)	$	(65)