Accumulated Other Comprehensive Income (Tables)

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Changes in Components of Accumulated Other Comprehensive Income, Net of Tax

The following table shows the changes in the components of AOCI gains (losses), net of tax (in millions):


		Foreign				Cash				Defined
		Currency				Flow				Benefit				Total
		Translation				Hedges				Plan Items				AOCI
Balance at December 31, 2022		$	(169.3	)		$	69.6			$	(79.6	)		$	(179.3	)
AOCI before reclassifications			12.4				8.8				-				21.2
Reclassifications to statements of earnings			-				(19.0	)			(0.9	)			(19.9	)
Balance at March 31, 2023		$	(156.9	)		$	59.4			$	(80.5	)		$	(178.0	)

Reclassification Adjustments from Accumulated Other Comprehensive Income

The following table shows the reclassification adjustments from AOCI (in millions):


		Amount of Gain (Loss)
		Reclassified from AOCI
		Three Months Ended
		March 31,								Location on
Component of AOCI		2023				2022				Statements of Earnings
Cash flow hedges
Foreign exchange forward contracts		$	23.1			$	5.2			Cost of products sold
Forward starting interest rate swaps			(0.2	)			(0.2	)		Interest expense, net
			22.9				5.0			Total before tax
			3.9				0.7			Provision for income taxes
		$	19.0			$	4.3			Net of tax
Defined benefit plans
Prior service cost and unrecognized actuarial loss		$	1.0			$	(1.3	)		Other income (expense), net
			0.1				(0.4	)		Provision for income taxes
		$	0.9			$	(0.9	)		Net of tax
Total reclassifications		$	19.9			$	3.4			Net of tax

Tax Effects on Each Component of Accumulated Other Comprehensive Income Recognized in Statements of Comprehensive Income

The following table shows the tax effects on each component of AOCI recognized in our condensed consolidated statements of comprehensive income (in millions):


		Three Months Ended March 31, 2023
		Before Tax				Tax				Net of Tax
Foreign currency cumulative translation adjustments		$	7.5				(4.9	)		$	12.4
Unrealized cash flow hedge gains			11.1				2.3				8.8
Reclassification adjustments on cash flow hedges			(22.9	)			(3.9	)			(19.0	)
Adjustments to prior service cost and unrecognized actuarial assumptions			(1.0	)			(0.1	)			(0.9	)
Total Other Comprehensive (Loss) Income		$	(5.3	)		$	(6.6	)		$	1.3


		Three Months Ended March 31, 2022
		Before Tax				Tax				Net of Tax
Foreign currency cumulative translation adjustments		$	(1.1	)		$	(2.4	)		$	1.3
Unrealized cash flow hedge gains			21.0				7.3				13.7
Reclassification adjustments on cash flow hedges			(5.0	)			(0.7	)			(4.3	)
Adjustments to prior service cost and unrecognized actuarial assumptions			1.3				0.4				0.9
Total Other Comprehensive Income		$	16.2			$	4.6			$	11.6