Quarterly report pursuant to Section 13 or 15(d)

Comprehensive Income (Tables)

v3.10.0.1
Comprehensive Income (Tables)
 6 Months Ended
Jun. 30, 2018
Comprehensive Income [Abstract]  
Changes in the Components in Accumulated Other Comprehensive Income (Loss)
Changes in the components of Accumulated other comprehensive loss, all net of tax, for the three months and six months ended June 30, 2018 and July 1, 2017 were as follows:
 
Three Months Ended
 
Six Months Ended
(in millions)
Jun 30, 2018
 
Jul 1, 2017
 
Jun 30, 2018
 
Jul 1, 2017
Net earnings
$
79.0

 
$
119.4

 
$
151.9

 
$
184.3

Other comprehensive income (loss):
 

 
 

 
 
 
 

Foreign currency cumulative translation adjustment
(19.6
)
 
4.0

 
(9.7
)
 
11.4

Net change in unamortized prior service credits
(0.1
)
 
(0.1
)
 
(0.2
)
 
(0.2
)
Net change in unamortized actuarial losses
2.3

 
2.1

 
4.2

 
4.2

Net change in unrealized derivative losses
7.0

 
(2.3
)
 
6.3

 
(4.5
)
Total other comprehensive income (loss)
(10.4
)
 
3.7

 
0.6

 
10.9

Comprehensive income
$
68.6

 
$
123.1

 
$
152.5

 
$
195.2



The following table presents the changes in Accumulated other comprehensive loss by component, all net of tax, for the three months ended June 30, 2018:
(in millions)
Foreign currency translation
 
Prior service credits
 
Net actuarial losses
 
Net derivative losses
 
Total
Beginning balance
$
(21.7
)
 
$
(5.7
)
 
$
(308.9
)
 
$
(12.5
)
 
$
(348.8
)
Other comprehensive income (loss) before reclassifications (A)
(19.6
)
 
—

 
0.5

 
5.5

 
(13.6
)
Amounts reclassified from Accumulated other comprehensive loss (B)
—

 
(0.1
)
 
1.8

 
1.5

 
3.2

Net other comprehensive income (loss)
(19.6
)
 
(0.1
)
 
2.3

 
7.0

 
(10.4
)
Ending balance
$
(41.3
)
 
$
(5.8
)
 
$
(306.6
)
 
$
(5.5
)
 
$
(359.2
)

(A) The tax effects for the three months ended June 30, 2018 were $2.1 million for foreign currency translation, $(0.2) million for net actuarial losses arising during the period and $(2.3) million for derivatives.
(B) See the table below for the tax effects for the three months ended June 30, 2018.

The following table presents the changes in Accumulated other comprehensive loss by component, all net of tax, for the six months ended June 30, 2018:
(in millions)
Foreign currency translation
 
Prior service credits
 
Net actuarial losses
 
Net derivative losses
 
Total
Beginning balance
$
(31.6
)
 
$
(5.6
)
 
$
(310.8
)
 
$
(11.8
)
 
$
(359.8
)
Other comprehensive income (loss) before reclassifications (A)
(9.7
)
 
—

 
0.4

 
2.7

 
(6.6
)
Amounts reclassified from Accumulated other comprehensive loss (B)
—

 
(0.2
)
 
3.8

 
3.6

 
7.2

Net other comprehensive income (loss)
(9.7
)
 
(0.2
)
 
4.2

 
6.3

 
0.6

Ending balance
$
(41.3
)
 
$
(5.8
)
 
$
(306.6
)
 
$
(5.5
)
 
$
(359.2
)

(A) The tax effects for the six months ended June 30, 2018 were $2.3 million for foreign currency translation, $(0.1) million for net actuarial losses arising during the period and $(1.5) million for derivatives.
(B) See the table below for the tax effects for the six months ended June 30, 2018.

The following table presents the changes in Accumulated other comprehensive loss by component, all net of tax, for the three months ended July 1, 2017:
(in millions)
Foreign currency translation
 
Prior service credits
 
Net actuarial losses
 
Net derivative losses
 
Total
Beginning balance
$
(44.5
)
 
$
(5.2
)
 
$
(369.9
)
 
$
(7.8
)
 
$
(427.4
)
Other comprehensive income (loss) before reclassifications (A)
4.0

 
—

 
(0.1
)
 
(1.6
)
 
2.3

Amounts reclassified from Accumulated other comprehensive loss (B)
—

 
(0.1
)
 
2.2

 
(0.7
)
 
1.4

Net other comprehensive income (loss)
4.0

 
(0.1
)
 
2.1

 
(2.3
)
 
3.7

Ending balance
$
(40.5
)
 
$
(5.3
)
 
$
(367.8
)
 
$
(10.1
)
 
$
(423.7
)

(A) The tax effects for the three months ended July 1, 2017 were $(1.6) million for foreign currency translation, $(0.1) million for net actuarial losses arising during the period and $0.8 million for derivatives.
(B) See the table below for the tax effects for the three months ended July 1, 2017.

The following table presents the changes in Accumulated other comprehensive loss by component, all net of tax, for the six months ended July 1, 2017:
(in millions)
Foreign currency translation
 
Prior service credits
 
Net actuarial losses
 
Net derivative losses
 
Total
Beginning balance
$
(51.9
)
 
$
(5.1
)
 
$
(372.0
)
 
$
(5.6
)
 
$
(434.6
)
Other comprehensive income (loss) before reclassifications (A)
11.4

 
—

 
(0.2
)
 
(3.3
)
 
7.9

Amounts reclassified from Accumulated other comprehensive loss (B)
—

 
(0.2
)
 
4.4

 
(1.2
)
 
3.0

Net other comprehensive income (loss)
11.4

 
(0.2
)
 
4.2

 
(4.5
)
 
10.9

Ending balance
$
(40.5
)
 
$
(5.3
)
 
$
(367.8
)
 
$
(10.1
)
 
$
(423.7
)

(A) The tax effects for the six months ended July 1, 2017 were $(3.2) million for foreign currency translation, $(0.2) million for net actuarial losses arising during the period and $1.6 million for derivatives.
(B) See the table below for the tax effects for the six months ended July 1, 2017.
Reclassification out of Accumulated Other Comprehensive Income (Loss)
The following table presents reclassification adjustments out of Accumulated other comprehensive loss during the three months and six months ended June 30, 2018 and July 1, 2017:
(in millions)
 
Three Months Ended
 
Six Months Ended
 
 
Details about Accumulated other comprehensive income (loss) components
 
Jun 30,
2018
 
Jul 1,
2017
 
Jun 30,
2018
 
Jul 1,
2017
 
Affected line item in the statement where net income is presented
Amortization of defined benefit items:
 
 
 
 
 
 
 
 
 
 
Prior service credits
 
$
0.1

 
$
0.2

 
$
0.3

 
$
0.4

 
Other income (expense), net
Net actuarial losses
 
(2.6
)
 
(3.6
)
 
(5.1
)
 
(7.2
)
 
Other income (expense), net
 
 
(2.5
)
 
(3.4
)
 
(4.8
)
 
(6.8
)
 
Earnings before income taxes
 
 
0.8

 
1.3

 
1.2

 
2.6

 
Income tax provision
 
 
$
(1.7
)
 
$
(2.1
)
 
$
(3.6
)
 
$
(4.2
)
 
Net earnings
 
 
 
 
 
 
 
 
 
 
 
Amount of gain (loss) reclassified into earnings on derivative contracts:
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
 
$
(0.2
)
 
$
(0.2
)
 
$
(0.5
)
 
$
(0.5
)
 
Interest expense
Foreign exchange contracts
 
(1.9
)
 
1.1

 
(4.5
)
 
2.1

 
Cost of sales
 
 
(2.1
)
 
0.9

 
(5.0
)
 
1.6

 
Earnings before income taxes
 
 
0.6

 
(0.2
)
 
1.4

 
(0.4
)
 
Income tax provision
 
 
$
(1.5
)
 
$
0.7

 
$
(3.6
)
 
$
1.2

 
Net earnings