Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Jul. 01, 2017

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

Note 16: Accumulated Other Comprehensive Income (Loss)

The following is a summary of net changes in Accumulated OCI by component and net of tax for the three months ended July 1, 2017:

(Amounts in millions)	Foreign Currency Translation		Cash Flow Hedges		Defined Benefit Pension and Postretirement Plans		Total
Balance as of April 1, 2017	$	(179.6)	$	15.0	$	(285.8)	$	(450.4)
Other comprehensive income before reclassifications		49.4		–		–		49.4
Amounts reclassified from Accumulated OCI		–		(0.4)		4.4		4.0
Net other comprehensive income (loss)		49.4		(0.4)		4.4		53.4
Balance as of July 1, 2017	$	(130.2)	$	14.6	$	(281.4)	$	(397.0)

The following is a summary of net changes in Accumulated OCI by component and net of tax for the six months ended July 1, 2017:

(Amounts in millions)	Foreign Currency Translation		Cash Flow Hedges		Defined Benefit Pension and Postretirement Plans		Total
Balance as of December 31, 2016	$	(217.7)	$	9.2	$	(290.0)	$	(498.5)
Other comprehensive income before reclassifications		87.5		6.1		–		93.6
Amounts reclassified from Accumulated OCI		–		(0.7)		8.6		7.9
Net other comprehensive income		87.5		5.4		8.6		101.5
Balance as of July 1, 2017	$	(130.2)	$	14.6	$	(281.4)	$	(397.0)

The following is a summary of net changes in Accumulated OCI by component and net of tax for the three months ended July 2, 2016:

(Amounts in millions)	Foreign Currency Translation		Cash Flow Hedges		Defined Benefit Pension and Postretirement Plans		Total
Balance as of April 2, 2016	$	(98.6)	$	0.6	$	(242.1)	$	(340.1)
Other comprehensive loss before reclassifications		(34.9)		–		–		(34.9)
Amounts reclassified from Accumulated OCI		–		(0.1)		5.3		5.2
Net other comprehensive income (loss)		(34.9)		(0.1)		5.3		(29.7)
Balance as of July 2, 2016	$	(133.5)	$	0.5	$	(236.8)	$	(369.8)

The following is a summary of net changes in Accumulated OCI by component and net of tax for six months ended July 2, 2016:

(Amounts in millions)	Foreign Currency Translation		Cash Flow Hedges		Defined Benefit Pension and Postretirement Plans		Total
Balance as of January 2, 2016	$	(118.5)	$	0.7	$	(246.4)	$	(364.2)
Other comprehensive loss before reclassifications		(15.0)		–		–		(15.0)
Amounts reclassified from Accumulated OCI		–		(0.2)		9.6		9.4
Net other comprehensive income (loss)		(15.0)		(0.2)		9.6		(5.6)
Balance as of July 2, 2016	$	(133.5)	$	0.5	$	(236.8)	$	(369.8)

The reclassifications out of Accumulated OCI for the three and six month periods ended July 1, 2017, and July 2, 2016, are as follows:

	Amount Reclassified from Accumulated OCI
	Three Months Ended				Six Months Ended
Details about Accumulated OCI                Components	July 1, 2017		July 2, 2016		July 1, 2017		July 2, 2016		Statement of Earnings Presentation
(Amounts in millions)
Gains on cash flow hedges:
Treasury locks	$	0.4	$	0.1	$	0.7	$	0.2	Interest expense
Income tax expense		–		–		–		–	Income tax expense
Net of tax		0.4		0.1		0.7		0.2
Amortization of net unrecognized losses and prior service credits		(6.7)		(8.3)		(13.2)		(15.1)	See footnote below*
Income tax benefit		2.3		3.0		4.6		5.5	Income tax expense
Net of tax		(4.4)		(5.3)		(8.6)		(9.6)
Total reclassifications for the period, net of tax	$	(4.0)	$	(5.2)	$	(7.9)	$	(9.4)

* These Accumulated OCI components are included in the computation of net periodic pension and postretirement health care costs; see Note 10 and Note 11 for further information.