Comprehensive Income

9 Months Ended

Oct. 03, 2015

Comprehensive Income

Comprehensive Income

Note 13.  Comprehensive Income

The changes in “Accumulated other comprehensive loss” (net of tax) for the nine-month period ended October 3, 2015 were as follows:

(In millions)	Foreign Currency Translation			Pension and Other Postretirement Benefits			Cash Flow Hedges			Total
Balance as of January 3, 2015	$	(16.7	)	$	(525.6	)	$	–		$	(542.3	)
Other comprehensive loss before reclassifications, net of tax	(129.7		)	.5			.6			(128.6		)
Reclassifications to net income, net of tax	–			17.2			(1.4		)	15.8
Net current-period other comprehensive (loss) income, net of tax	(129.7		)	17.7			(.8		)	(112.8		)
Balance as of October 3, 2015	$	(146.4	)	$	(507.9	)	$	(.8	)	$	(655.1	)

The changes in “Accumulated other comprehensive loss” (net of tax) for the nine-month period ended September 27, 2014 were as follows:

(In millions)	Foreign Currency Translation			Pension and Other Postretirement Benefits			Cash Flow Hedges			Total
Balance as of December 28, 2013	$	137.1		$	(417.3	)	$	(1.0	)	$	(281.2	)
Other comprehensive (loss) income before reclassifications, net of tax	(82.6		)	2.2			(1.2		)	(81.6		)
Reclassifications to net income, net of tax	–			12.1			1.1			13.2
Net current-period other comprehensive (loss) income, net of tax	(82.6		)	14.3			(.1		)	(68.4		)
Balance as of September 27, 2014	$	54.5		$	(403.0	)	$	(1.1	)	$	(349.6	)

The amounts reclassified from “Accumulated other comprehensive loss” to increase (decrease) income from continuing operations were as follows:

	Amounts Reclassified from Accumulated Other Comprehensive Loss
	Three Months Ended						Nine Months Ended
(In millions)	October 3, 2015			September 27, 2014			October 3, 2015			September 27, 2014			Affected Line Item in the Statements Where Net Income is Presented
Cash flow hedges:
Foreign exchange contracts	$	1.4		$	(.2	)	$	2.7		$	(1.7	)	Cost of products sold
Commodity contracts	(.1		)	–			(.9		)	.2			Cost of products sold
Interest rate contracts	(.1		)	–			(.1		)	–			Interest expense
	1.2			(.2		)	1.7			(1.5		)	Total before tax
	(.2		)	.2			(.3		)	.4			Provision for income taxes
	1.0			–			1.4			(1.1		)	Net of tax
Pension and other postretirement benefits(1)	(7.5		)	(5.7		)	(26.3		)	(17.6		)
	2.4			1.6			9.1			5.5			Provision for income taxes
	(5.1		)	(4.1		)	(17.2		)	(12.1		)	Net of tax
	$	(4.1	)	$	(4.1	)	$	(15.8	)	$	(13.2	)	Total, net of tax

⁽¹⁾ See Note 6, “Pension and Other Postretirement Benefits,” for more information.

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

	Three Months Ended						Nine Months Ended
(In millions)	October 3, 2015			September 27, 2014			October 3, 2015			September 27, 2014
Foreign currency translation	$	–		$	(1.0	)	$	–		$	(.9	)
Pension and other postretirement benefits	2.4			1.6			9.1			7.3
Cash flow hedges	(.1		)	.1			(.2		)	–
Income tax expense related to components of other comprehensive loss	$	2.3		$	.7		$	8.9		$	6.4