v3.26.1
Comprehensive Income (Tables)
6 Months Ended
Jul. 04, 2026
Comprehensive Income [Abstract]  
Comprehensive Income (Loss)
Note 10 – Comprehensive Income

Changes in the components of Comprehensive income, net of tax, for the three and six months ended July 4, 2026 and June 28, 2025 are as follows:

Three Months EndedSix Months Ended
(in millions)July 4, 2026June 28, 2025July 4, 2026June 28, 2025
Net earnings$109.8 $59.3 $130.8 $79.5 
Other comprehensive income (loss):
Foreign currency cumulative translation adjustments(4.3)45.5 (12.7)70.9 
Net change in unamortized prior service credits (0.1)(0.2)(0.3)(0.3)
Net change in unamortized actuarial losses(0.2)(0.1)(0.3)(0.3)
Net change in unrealized derivative (losses) gains (2.2)(36.2)11.5 (48.6)
Total other comprehensive (loss) income(6.8)9.0 (1.8)21.7 
Comprehensive income$103.0 $68.3 $129.0 $101.2 
The following table presents the changes in Accumulated other comprehensive loss, net of tax, by component for the three months ended July 4, 2026:
(in millions)Foreign currency translationPrior service creditsNet actuarial gainsUnrealized investment gainsNet derivative gainsTotal
Beginning balance$(33.0)$(8.6)$11.7 $0.2 $12.0 $(17.7)
Other comprehensive income (loss) before reclassifications (A)
(4.3)   (1.4)(5.7)
Amounts reclassified from Accumulated other comprehensive loss, net of tax (B)(C)
 (0.1)(0.2) (0.8)(1.1)
Net other comprehensive income (loss)(4.3)(0.1)(0.2) (2.2)(6.8)
Ending balance$(37.3)$(8.7)$11.5 $0.2 $9.8 $(24.5)

(A) The tax effect for the three months ended July 4, 2026 was $0.5 million for foreign currency translation and $0.1 million for derivatives.
(B) The tax effect for the three months ended July 4, 2026 was $0.6 million for derivatives.
(C) The reclassification adjustments from Accumulated other comprehensive loss and associated tax effects related to defined benefit items were not material for the three months ended July 4, 2026. Refer to Note 5 – Financial Instruments for the reclassification adjustments from Accumulated other comprehensive loss, net of tax related to derivatives.
The following table presents the changes in Accumulated other comprehensive loss, net of tax, by component for the three months ended June 28, 2025:
(in millions)Foreign currency translationPrior service creditsNet actuarial gainsUnrealized investment gainsNet derivative gains (losses)Total
Beginning balance$(71.5)$(8.0)$10.3 $0.2 $28.3 $(40.7)
Other comprehensive income (loss) before reclassifications (A)
45.5 — — — (35.1)10.4 
Amounts reclassified from Accumulated other comprehensive loss, net of tax (B)(C)
— (0.2)(0.1)— (1.1)(1.4)
Net other comprehensive income (loss)45.5 (0.2)(0.1)— (36.2)9.0 
Ending balance$(26.0)$(8.2)$10.2 $0.2 $(7.9)$(31.7)

(A) The tax effect for the three months ended June 28, 2025 was $(8.2) million for foreign currency translation and $11.4 million for derivatives.
(B) The tax effect for the three months ended June 28, 2025 was $0.4 million for derivatives.
(C) The reclassification adjustments from Accumulated other comprehensive loss and associated tax effects related to defined benefit items were not material for the three months ended June 28, 2025. Refer to Note 5 – Financial Instruments for the reclassification adjustments from Accumulated other comprehensive loss, net of tax related to derivatives.

The following table presents the changes in Accumulated other comprehensive loss, net of tax, by component for the six months ended July 4, 2026:
(in millions)Foreign currency translationPrior service creditsNet actuarial gainsUnrealized investment gainsNet derivative gainsTotal
Beginning balance$(24.6)$(8.4)$11.8 $0.2 $(1.7)$(22.7)
Other comprehensive income (loss) before reclassifications (A)
(12.7)   12.7  
Amounts reclassified from Accumulated other comprehensive loss, net of tax (B)(C)
 (0.3)(0.3) (1.2)(1.8)
Net other comprehensive income (loss)(12.7)(0.3)(0.3) 11.5 (1.8)
Ending balance$(37.3)$(8.7)$11.5 $0.2 $9.8 $(24.5)

(A) The tax effect for the six months ended July 4, 2026 was $0.9 million for foreign currency translation and $(4.6) million for derivatives.
(B) The tax effect for the six months ended July 4, 2026 was $0.9 million for derivatives.
(C) The reclassification adjustments from Accumulated other comprehensive loss and associated tax effects related to defined benefit items were not material for the six months ended July 4, 2026. Refer to Note 5 – Financial Instruments for the reclassification adjustments from Accumulated other comprehensive loss, net of tax related to derivatives.

The following table presents the changes in Accumulated other comprehensive loss, net of tax, by component for the six months ended June 28, 2025:
(in millions)Foreign currency translationPrior service creditsNet actuarial gainsUnrealized investment gainsNet derivative gains (losses)Total
Beginning balance$(96.9)$(7.9)$10.5 $0.2 $40.7 $(53.4)
Other comprehensive income (loss) before reclassifications (A)
70.9 — — — (45.8)25.1 
Amounts reclassified from Accumulated other comprehensive loss, net of tax (B)(C)
— (0.3)(0.3)— (2.8)(3.4)
Net other comprehensive income (loss)70.9 (0.3)(0.3)— (48.6)21.7 
Ending balance$(26.0)$(8.2)$10.2 $0.2 $(7.9)$(31.7)

(A) The tax effect for the six months ended June 28, 2025 was $(11.8) million for foreign currency translation and $14.9 million for derivatives.
(B) The tax effect for the six months ended June 28, 2025 was $0.9 million for derivatives.
(C) The reclassification adjustments from Accumulated other comprehensive loss and associated tax effects related to defined benefit items were not material for the six months ended June 28, 2025. Refer to Note 5 – Financial Instruments for the reclassification adjustments from Accumulated other comprehensive loss, net of tax related to derivatives.