Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Apr. 01, 2023

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 six months ended April 1, 2023 are as follows:

	Accumulated foreign currency translation		Accumulated retirement liability		Accumulated gain (loss) on derivatives		Total
AOCIL at October 1, 2022	$	(182,024)	$	(125,231)	$	(3,787)	$	(311,042)
OCI before reclassifications	61,952		(1,198)		1,302		62,056
Amounts reclassified from AOCIL	327		4,429		1,697		6,453
OCI, net of tax	62,279		3,231		2,999		68,509
AOCIL at April 1, 2023	$	(119,745)	$	(122,000)	$	(788)	$	(242,533)

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				Six Months Ended
	Statements of Earnings location	April 1, 2023		April 2, 2022		April 1, 2023		April 2, 2022
Retirement liability:
Prior service cost		$	14	$	15	$	27	$	30
Actuarial losses		2,882		4,583		5,759		9,183
Reclassification from AOCIL into earnings		2,896		4,598		5,786		9,213
Tax effect		(679)		(1,090)		(1,357)		(2,183)
Net reclassification from AOCIL into earnings		$	2,217	$	3,508	$	4,429	$	7,030
Derivatives:
Foreign currency contracts	Sales	$	211	$	176	$	517	$	244
Foreign currency contracts	Cost of sales	701		299		1,673		349
Reclassification from AOCIL into earnings		912		475		2,190		593
Tax effect		(206)		(105)		(493)		(129)
Net reclassification from AOCIL into earnings		$	706	$	370	$	1,697	$	464

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				Six Months Ended
	April 1, 2023		April 2, 2022		April 1, 2023		April 2, 2022
Foreign currency contracts	$	489	$	(857)	$	1,687	$	(802)
Net gain (loss)	489		(857)		1,687		(802)
Tax effect	(115)		192		(385)		178
Net deferral in AOCIL of derivatives	$	374	$	(665)	$	1,302	$	(624)