Comprehensive Income

9 Months Ended

Sep. 28, 2013

Comprehensive Income

Comprehensive Income

Note 13.  Comprehensive Income

The changes in “Accumulated other comprehensive loss” (net of tax) for the nine month period ended September 28, 2013 were as follows:

(In millions)	Net Gain (Loss) on Derivative Instruments Designated as Cash Flow and Firm Commitment Hedges			Net Actuarial Gain (Loss), Prior Service Cost and Net Transition Assets, Less Amortization			Foreign Currency Translation Adjustment			Total
Balance as of December 29, 2012	$	(2.0	)	$	(456.5	)	$	180.5		$	(278.0	)
Other comprehensive income (loss) before reclassifications, net of tax	.2			57.3			(21.9		)	35.6
Amounts reclassified into net income, net of tax	(.4		)	4.4			10.8			14.8
Net current-period other comprehensive (loss) income, net of tax	(.2		)	61.7			(11.1		)	50.4
Balance as of September 28, 2013	$	(2.2	)	$	(394.8	)	$	169.4		$	(227.6	)

The effects of amounts reclassified from “Accumulated other comprehensive loss” to income from continuing operations were as follows:

	Amounts Reclassified from Accumulated Other Comprehensive Loss
(in millions)	Three Months Ended September 28, 2013			Nine Months Ended September 28, 2013			Affected Line Item in the Statement Where Net Income is Presented
Gains (losses) on cash flow hedges:
Foreign exchange contracts	$	.5		$	1.3		Cost of products sold
Commodity contracts	(.1		)	(.8		)	Cost of products sold
Interest rate contracts	–			–			Interest expense
	.4			.5			Total before tax
	(.1		)	(.2		)	Income tax expense
	.3			.3			Net of tax
Amortization of defined benefit pension items	(5.7		)	(17.7		)	(a)
	1.9			5.9			Benefit from income taxes
	(3.8		)	(11.8		)	Net of tax
Total reclassifications for the period	$	(3.5	)	$	(11.5	)	Total, net of tax

(a) See Note 6, “Pension and Other Postretirement Benefits,” for further information.

During the nine months ended September 28, 2013, we reclassified $7.4 million (net of tax) from “Accumulated other comprehensive loss” to “(Loss) income from discontinued operations, net of tax,” related to a net gain from curtailment in our domestic defined benefit plans and settlements from certain international pension plans as a result ofthe sale of the OCP and DES businesses.  Refer to Note 6, “Pension and Other Postretirement Benefits,” for more information.

Additionally, during the nine months ended September 28, 2013, we recognized $10.8 million (net of tax) of currency translation loss from “Accumulated other comprehensive loss” to “(Loss) income from discontinued operations, net of tax” as a result of the sale of the OCP and DES businesses.

The following table sets forth the tax expense allocated to each component of other comprehensive (loss) income:

	Three Months Ended						Nine Months Ended
(In millions)	September 28, 2013			September 29, 2012			September 28, 2013			September 29, 2012
Net actuarial gains/losses, prior service cost and net transition asset	$	31.3		$	(3.9	)	$	35.6		$	(1.3	)
Effective portion of gains/losses on cash flow hedges	(.8		)	.9			(.2		)	2.3
Income tax expense (benefit) related to components of other comprehensive loss	$	30.5		$	(3.0	)	$	35.4		$	1.0