Accumulated Other Comprehensive Income (Loss) - (Tables)

9 Months Ended

Sep. 26, 2020

The following is a summary of net changes in Accumulated OCI by component and net of tax for the three months ended September 26, 2020:


(Amounts in millions)	Foreign Currency Translation		Cash Flow Hedges		Defined Benefit Pension and Postretirement Plans		Total
Balance as of June 27, 2020	$	(207.6)	$	11.3	$	(318.1)	$	(514.4)
Other comprehensive income before reclassifications	42.6		—		—		42.6
Amounts reclassified from Accumulated OCI	—		(0.4)		6.6		6.2
Net other comprehensive income (loss)	42.6		(0.4)		6.6		48.8
Balance as of September 26, 2020	$	(165.0)	$	10.9	$	(311.5)	$	(465.6)

The following is a summary of net changes in Accumulated OCI by component and net of tax for the nine months ended September 26, 2020:


(Amounts in millions)	Foreign Currency Translation		Cash Flow Hedges		Defined Benefit Pension and Postretirement Plans		Total
Balance as of December 28, 2019	$	(187.4)	$	10.7	$	(331.2)	$	(507.9)
Other comprehensive income before reclassifications	22.4		1.4		—		23.8
Amounts reclassified from Accumulated OCI	—		(1.2)		19.7		18.5
Net other comprehensive income	22.4		0.2		19.7		42.3
Balance as of September 26, 2020	$	(165.0)	$	10.9	$	(311.5)	$	(465.6)

The following is a summary of net changes in Accumulated OCI by component and net of tax for the three months ended September 28, 2019:


(Amounts in millions)	Foreign Currency Translation		Cash Flow Hedges		Defined Benefit Pension and Postretirement Plans		Total
Balance as of June 29, 2019	$	(178.7)	$	11.5	$	(333.5)	$	(500.7)
Other comprehensive loss before reclassifications	(47.3)		—		—		(47.3)
Amounts reclassified from Accumulated OCI	—		(0.4)		4.5		4.1
Net other comprehensive income (loss)	(47.3)		(0.4)		4.5		(43.2)
Balance as of September 28, 2019	$	(226.0)	$	11.1	$	(329.0)	$	(543.9)

The following is a summary of net changes in Accumulated OCI by component and net of tax for the nine months ended September 28, 2019:


(Amounts in millions)	Foreign Currency Translation		Cash Flow Hedges		Defined Benefit Pension and Postretirement Plans		Total
Balance as of December 29, 2018	$	(177.9)	$	12.2	$	(296.5)	$	(462.2)
Impact of the Tax Cuts and Jobs Act on Accumulated Other Comprehensive Income (ASU No. 2018-02)	—		—		(45.9)		(45.9)
Balance at December 30, 2018	(177.9)		12.2		(342.4)		(508.1)
Other comprehensive loss before reclassifications	(48.1)		—		—		(48.1)
Amounts reclassified from Accumulated OCI	—		(1.1)		13.4		12.3
Net other comprehensive income (loss)	(48.1)		(1.1)		13.4		(35.8)
Balance as of September 28, 2019	$	(226.0)	$	11.1	$	(329.0)	$	(543.9)

The reclassifications out of Accumulated OCI for the three and nine month periods ended September 26, 2020, and September 28, 2019, are as follows:


	Amount Reclassified from Accumulated OCI
	Three Months Ended						Nine Months Ended
	September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019		Statement of Earnings Presentation
(Amounts in millions)
Gains on cash flow hedges:
Treasury locks	$	0.4	$	0.4	$	1.2	$	1.1	Interest expense
Income tax expense	—		—		—		—		Income tax expense
Net of tax	0.4		0.4		1.2		1.1

Amortization of net unrecognized losses and prior service credits	(8.7)		(5.9)		(25.9)		(17.6)		See footnote below*
Income tax benefit	2.1		1.4		6.2		4.2		Income tax expense
Net of tax	(6.6)		(4.5)		(19.7)		(13.4)
Total reclassifications for the period, net of tax	$	(6.2)	$	(4.1)	$	(18.5)	$	(12.3)



*			These Accumulated OCI components are included in the computation of net periodic pension and postretirement health care costs; see Note 11 and Note 12 for further information.