Quarterly report pursuant to Section 13 or 15(d)

Comprehensive Income (Tables)

v2.4.0.8
Comprehensive Income (Tables)
 9 Months Ended
Sep. 27, 2014
Comprehensive Income [Abstract]  
Changes in the components in Accumulated other comprehensive income (loss)
Changes in the components of Accumulated other comprehensive loss for the three months and nine months ended September 27, 2014 and September 28, 2013 were as follows:
 
Three Months Ended
 
Nine Months Ended
(in millions)
September 27,
2014
 
September 28,
2013
 
September 27,
2014
 
September 28,
2013
Net earnings
$
104.4

 
$
57.8

 
$
250.0

 
$
188.0

Other comprehensive income (loss):
 

 
 

 
 

 
 

Foreign currency cumulative translation adjustment
(11.7
)
 
7.3

 
(12.0
)
 
(6.1
)
Net change in unamortized prior service credits
(0.4
)
 
(1.7
)
 
(1.0
)
 
(5.2
)
Net change in unamortized actuarial losses
2.3

 
5.5

 
7.0

 
17.0

Net change in unrealized derivative losses
3.1

 
(1.0
)
 
4.2

 
(2.1
)
Total other comprehensive income (loss)
(6.7
)
 
10.1

 
(1.8
)
 
3.6

Comprehensive income
$
97.7

 
$
67.9

 
$
248.2

 
$
191.6


The following table presents the changes in Accumulated other comprehensive loss by component, all net of tax, for the three months ended September 27, 2014:
(in millions)
Foreign currency translation
 
Prior service credits
 
Actuarial losses
 
Derivative losses
 
Total
Beginning balance
$
10.7

 
$
(3.2
)
 
$
(393.9
)
 
$
(10.2
)
 
$
(396.6
)
Other comprehensive income (loss) before reclassifications
(12.4
)
 
—

 
—

 
2.6

 
(9.8
)
Amounts reclassified from Accumulated other comprehensive loss
0.7

 
(0.4
)
 
2.3

 
0.5

 
3.1

Net current-period other comprehensive income (loss)
(11.7
)
 
(0.4
)
 
2.3

 
3.1

 
(6.7
)
Ending balance
$
(1.0
)
 
$
(3.6
)
 
$
(391.6
)
 
$
(7.1
)
 
$
(403.3
)

The following table presents the changes in Accumulated other comprehensive loss by component, all net of tax, for the nine months ended September 27, 2014:
(in millions)
Foreign currency translation
 
Prior service credits
 
Actuarial losses
 
Derivative losses
 
Total
Beginning balance
$
11.0

 
$
(2.6
)
 
$
(398.6
)
 
$
(11.3
)
 
$
(401.5
)
Other comprehensive income (loss) before reclassifications
(12.7
)
 
—

 
0.1

 
2.3

 
(10.3
)
Amounts reclassified from Accumulated other comprehensive loss
0.7

 
(1.0
)
 
6.9

 
1.9

 
8.5

Net current-period other comprehensive income (loss)
(12.0
)
 
(1.0
)
 
7.0

 
4.2

 
(1.8
)
Ending balance
$
(1.0
)
 
$
(3.6
)
 
$
(391.6
)
 
$
(7.1
)
 
$
(403.3
)

The following table presents the changes in Accumulated other comprehensive loss by component, all net of tax, for the three months ended September 28, 2013:
(in millions)
Foreign currency translation
 
Prior service credits
 
Actuarial losses
 
Derivatives losses
 
Total
Beginning balance
$
5.0

 
$
0.9

 
$
(555.7
)
 
$
(11.8
)
 
$
(561.6
)
Other comprehensive income (loss) before reclassifications
7.3

 
—

 
(0.1
)
 
(2.5
)
 
4.7

Amounts reclassified from Accumulated other comprehensive loss
—

 
(1.7
)
 
5.6

 
1.5

 
5.4

Net current-period other comprehensive income (loss)
7.3

 
(1.7
)
 
5.5

 
(1.0
)
 
10.1

Ending balance
$
12.3

 
$
(0.8
)
 
$
(550.2
)
 
$
(12.8
)
 
$
(551.5
)


The following table presents the changes in Accumulated other comprehensive loss by component, all net of tax, for the nine months ended September 28, 2013:
(in millions)
Foreign currency translation
 
Prior service credits
 
Actuarial losses
 
Derivatives losses
 
Total
Beginning balance
$
18.4

 
$
4.4

 
$
(567.2
)
 
$
(10.7
)
 
$
(555.1
)
Other comprehensive income (loss) before reclassifications
(5.4
)
 
—

 
0.1

 
(5.8
)
 
(11.1
)
Amounts reclassified from Accumulated other comprehensive loss
(0.7
)
 
(5.2
)
 
16.9

 
3.7

 
14.7

Net current-period other comprehensive income (loss)
(6.1
)
 
(5.2
)
 
17.0

 
(2.1
)
 
3.6

Ending balance
$
12.3

 
$
(0.8
)
 
$
(550.2
)
 
$
(12.8
)
 
$
(551.5
)
Reclassification Adjustments out of Accumulated other comprehensive income (loss)
The following table presents reclassification adjustments out of Accumulated other comprehensive loss during the three months ended September 27, 2014:
(in millions)
 
 
 
 
Details about Accumulated other comprehensive income (loss) components
 
Amount reclassified from Accumulated other comprehensive income (loss)
 
Affected line item in the statement where net income is presented
Amount of loss reclassified into earnings on foreign currency:
 
 
 
 
Foreign currency cumulative translation adjustment
 
$
(1.2
)
 
Gain on disposal of discontinued operations, net of tax
 
 
(1.2
)
 
Total before tax
 
 
0.5

 
Tax benefit
 
 
$
(0.7
)
 
Net of tax
 
 

 
 
Amortization of defined benefit items:
 
 
 
 
Prior service credits
 
$
0.5

 
(A) 
Net actuarial losses
 
(3.7
)
 
(A) 
 
 
(3.2
)
 
Total before tax
 
 
1.3

 
Tax benefit
 
 
$
(1.9
)
 
Net of tax
 
 
 
 
 
Amount of loss reclassified into earnings on derivative contracts:
 
 
 
 
Interest rate contracts
 
$
(0.1
)
 
Interest expense
Foreign exchange contracts
 
(0.4
)
 
Cost of sales
Commodity contracts
 
(0.2
)
 
Cost of sales
 
 
(0.7
)
 
Total before tax
 
 
0.2

 
Tax benefit
 
 
$
(0.5
)
 
Net of tax

(A) These Accumulated other comprehensive income (loss) components are included in the computation of net pension and other benefit costs. See Note 16 – Pension and Other Postretirement Benefits for additional details.

The following table presents reclassification adjustments out of Accumulated other comprehensive loss during the nine months ended September 27, 2014:
(in millions)
 
 
 
 
Details about Accumulated other comprehensive income (loss) components
 
Amount reclassified from Accumulated other comprehensive income (loss)
 
Affected line item in the statement where net income is presented
Amount of loss reclassified into earnings on foreign currency:
 
 
 
 
Foreign currency cumulative translation adjustment
 
$
(1.2
)
 
Gain on disposal of discontinued operations, net of tax
 
 
(1.2
)
 
Total before tax
 
 
0.5

 
Tax benefit
 
 
$
(0.7
)
 
Net of tax
 
 
 
 
 
Amortization of defined benefit items:
 
 
 
 
Prior service credits
 
$
1.6

 
(A) 
Net actuarial losses
 
(11.2
)
 
(A) 
 
 
(9.6
)
 
Total before tax
 
 
3.7

 
Tax benefit
 
 
$
(5.9
)
 
Net of tax
 
 
 
 
 
Amount of loss reclassified into earnings on derivative contracts:
 
 
 
 
Interest rate contracts
 
$
(0.1
)
 
Interest expense
Foreign exchange contracts
 
(0.9
)
 
Cost of sales
Commodity contracts
 
(1.9
)
 
Cost of sales
 
 
(2.9
)
 
Total before tax
 
 
1.0

 
Tax benefit
 
 
$
(1.9
)
 
Net of tax

(A) These Accumulated other comprehensive income (loss) components are included in the computation of net pension and other benefit costs. See Note 16 – Pension and Other Postretirement Benefits for additional details.

The following table presents reclassification adjustments out of Accumulated other comprehensive loss during the three months ended September 28, 2013:
(in millions)
 
 
 
 
Details about Accumulated other comprehensive income (loss) components
 
Amount reclassified from Accumulated other comprehensive income (loss)
 
Affected line item in the statement where net income is presented
Amortization of defined benefit items:
 
 
 
 
Prior service credits
 
$
1.7

 
(A) 
Net actuarial losses
 
(5.6
)
 
(A) 
 
 
(3.9
)
 
Total before tax
 
 
—

 
Tax benefit (B)
 
 
$
(3.9
)
 
Net of tax
 
 
 
 
 
Amount of loss reclassified into earnings on derivative contracts:
 
 
 
 
Interest rate contracts
 
$
—

 
Interest expense
Foreign exchange contracts
 
(0.3
)
 
Cost of sales
Commodity contracts
 
(0.9
)
 
Cost of sales
 
 
(1.2
)
 
Total before tax
 
 
(0.3
)
 
Tax expense (B)
 
 
$
(1.5
)
 
Net of tax

(A) These Accumulated other comprehensive income (loss) components are included in the computation of net pension and other benefit costs. See Note 16 – Pension and Other Postretirement Benefits for additional details.

(B) Pre-tax and after-tax amounts are substantially the same as the Company maintained a tax valuation allowance for these items until its reversal at December 31, 2013. See Note 15 – Income Taxes for additional details.

The following table presents reclassification adjustments out of Accumulated other comprehensive loss during the nine months ended September 28, 2013:
(in millions)
 
 
 
 
Details about Accumulated other comprehensive income (loss) components
 
Amount reclassified from Accumulated other comprehensive income (loss)
 
Affected line item in the statement where net income is presented
Amount of gain reclassified into earnings on foreign currency:
 
 
 
 
Foreign currency cumulative translation adjustment
 
$
0.7

 
Selling, general and administrative expense
 
 
0.7

 
Total before tax
 
 
—

 
Tax benefit (B)
 
 
$
0.7

 
Net of tax
 
 
 
 
 
Amortization of defined benefit items:
 
 
 
 
Prior service credits
 
$
5.2

 
(A) 
Net actuarial losses
 
(16.9
)
 
(A) 
 
 
(11.7
)
 
Total before tax
 
 
—

 
Tax benefit (B)
 
 
$
(11.7
)
 
Net of tax
 
 
 
 
 
Amount of gain (loss) reclassified into earnings on derivative contracts:
 
 
 
 
Interest rate contracts
 
$
1.5

 
Interest expense
Foreign exchange contracts
 
(3.2
)
 
Cost of sales
Commodity contracts
 
(1.8
)
 
Cost of sales
 
 
(3.5
)
 
Total before tax
 
 
(0.2
)
 
Tax expense (B)
 
 
$
(3.7
)
 
Net of tax

(A) These Accumulated other comprehensive income (loss) components are included in the computation of net pension and other benefit costs. See Note 16 – Pension and Other Postretirement Benefits for additional details.

(B) Pre-tax and after-tax amounts are substantially the same as the Company maintained a tax valuation allowance for these items until its reversal at December 31, 2013. See Note 15 – Income Taxes for additional details.