Annual report pursuant to Section 13 and 15(d)

Comprehensive Income (Details)

v3.19.3.a.u2
Comprehensive Income (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended 12 Months Ended
Dec. 31, 2019
 [2]
Sep. 28, 2019
 [2]
Jun. 29, 2019
 [2]
Mar. 30, 2019
 [2]
Dec. 31, 2018
 [2]
Sep. 29, 2018
 [2]
Jun. 30, 2018
 [2]
Mar. 31, 2018
 [2]
Sep. 28, 2019
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]                        
Gain on disposal of discontinued operations, net of tax                   $ (43.9) [1] $ 0.0 $ 0.0
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest                   110.7 310.7 212.9
Income Tax Expense (Benefit)                   80.3 57.3 111.6
Net Earnings from Continuing Operations $ 75.0 $ (232.9) $ 112.1 $ 76.2 $ 46.3 $ 75.2 $ 68.1 $ 63.8   30.4 [2] 253.4 [2] 101.3
Prior Service Credits [3]                   0.7 0.7 0.7
Net Actuarial Losses [3]                   6.2 10.3 15.2
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax [3]                   (292.8) [4] 0.0 (96.6)
Defined Benefit Items, Earnings Before Income Taxes                   (298.3) (9.6) (111.1)
Defined Benefit Items, Income Tax Provision                   (15.0) [4] 2.2 42.3
Defined Benefit Items, Earnings From Continuing Operations, Net of Tax                   (313.3) [4] (7.4) (68.8)
Derivatives, Earnings Before Income Taxes                   10.2 (3.4) (2.0)
Derivatives, Income Tax Provision                   (3.0) 0.8 0.7
Derivatives, Net Earnings From Continuing Operations [5]                   7.2 (2.6) (1.3)
Effective Income Tax Rate Reconciliation, Pension Settlement Charge, Net                   17.5    
Effective Income Tax Rate Reconciliation, Pension Settlement Charge, Income Tax Expense (Benefit)                   (73.9)    
Effective Income Tax Rate Reconciliation, Pension Settlement Charge, Gross                 $ 91.4 91.4 0.0 0.0
Interest Expense [Member] | Interest Rate Contracts [Member]                        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]                        
Derivatives, Earnings Before Income Taxes                   (0.6) (0.9) (1.1)
Cost of Sales [Member] | Foreign Exchange Contracts [Member]                        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]                        
Derivatives, Earnings Before Income Taxes                   10.8 (2.5) (0.9)
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Foreign Currency Adjustment Attributable to Parent [Member]                        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]                        
Gain on disposal of discontinued operations, net of tax                   (13.9) 0.0 0.0
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest                   (13.9) 0.0 0.0
Income Tax Expense (Benefit)                   0.1 0.0 0.0
Net Earnings from Continuing Operations                   $ (13.8) $ 0.0 $ 0.0
[1]
(A) The Loss on disposal of discontinued operations, net of tax for the year ended December 31, 2019 includes a pre-tax loss of $51.3 million and a net tax benefit of $7.4 million.
[2]
(F) During the first, second, third and fourth quarter and full-year of 2019, Net (loss) earnings from continuing operations includes $5.7 million, $9.0 million, $6.1 million, $8.2 million and $29.0 million, respectively, related to SYY, IT transformation costs, purchase accounting amortization and acquisition-related costs, related to the purchase of Freedom Boat Club and Power Products. Net earnings (loss) from continuing operations also includes $(1.7) million, $1.8 million, $(2.5) million, $(14.8) million and $(17.2) million related to discrete tax items. During the first, second, third and fourth quarter and full-year ended 2018, Net earnings from continuing operations includes $6.4 million, $23.3 million, $25.0 million, $16.9 million and $71.6 million, respectively, related to SYY, purchase accounting amortization and acquisition-related costs. Refer to Note 5 – Acquisitions for further details. Net earnings from continuing operations also includes $6.7 million, $(1.1) million, $(10.7) million, $0.3 million and $(4.8) million related to discrete tax items. In the third and fourth quarter and full-year of 2019, the Company had a loss (gain) of extinguishment of debt, net of tax, of $0.7 million, $(0.1) million and $0.6 million, respectively. In the fourth quarter of 2018, the Company sold its non-controlling interest in a marine joint venture and recorded a gain of $1.8 million, net of tax, within Equity earnings.
[3]
(A)
These Accumulated other comprehensive income (loss) components are included in the computation of net pension and other benefit costs. See Note 17 – Postretirement Benefits for additional details.
[4]
(B)
In 2019, the Company fully exited its qualified benefit pension plans and as a result, recorded a pre-tax settlement charge of $292.8 million. The income tax impact of the settlement action was a net provision of $17.5 million, consisting of an income tax benefit of $73.9 million associated with the pension settlement charge netted against an income tax charge of $91.4 million resulting from the release of disproportionate tax effects in Accumulated Other Comprehensive Income. Refer to Note 17 – Postretirement Benefits and Note 12 – Income Taxes in the Notes to Consolidated Financial Statements for further information on the pension settlement and related income tax consequences, respectively.
[5] See Note 19 – Comprehensive Income (Loss) for the tax effects for the years ended December 31, 2019, December 31, 2018 and December 31, 2017.