Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Jul. 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 nine months ended July 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	67,190		(1,388)		1,198		67,000
Amounts reclassified from AOCIL	559		6,647		2,002		9,208
OCI, net of tax	67,749		5,259		3,200		76,208
AOCIL at July 1, 2023	$	(114,275)	$	(119,972)	$	(587)	$	(234,834)

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 1, 2023		July 2, 2022		July 1, 2023		July 2, 2022
Retirement liability:
Prior service cost		$	14	$	15	$	41	$	45
Actuarial losses		2,884		4,530		8,643		13,713
Reclassification from AOCIL into earnings		2,898		4,545		8,684		13,758
Tax effect		(680)		(1,077)		(2,037)		(3,260)
Net reclassification from AOCIL into earnings		$	2,218	$	3,468	$	6,647	$	10,498
Derivatives:
Foreign currency contracts	Sales	$	—	$	375	$	517	$	619
Foreign currency contracts	Cost of sales	399		(8)		2,072		341
Reclassification from AOCIL into earnings		399		367		2,589		960
Tax effect		(94)		(69)		(587)		(198)
Net reclassification from AOCIL into earnings		$	305	$	298	$	2,002	$	762

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 1, 2023		July 2, 2022		July 1, 2023		July 2, 2022
Foreign currency contracts	$	(136)	$	(2,350)	$	1,551	$	(3,152)
Net gain (loss)	(136)		(2,350)		1,551		(3,152)
Tax effect	32		519		(353)		697
Net deferral in AOCIL of derivatives	$	(104)	$	(1,831)	$	1,198	$	(2,455)