| ACCUMULATED OTHER COMPREHENSIVE LOSS The following tables summarize the changes in the balances for each component of Accumulated other comprehensive loss: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (Millions of Dollars) | | Currency translation adjustment and other | | (Losses) gains on cash flow hedges, net of tax | | Gains (losses) on net investment hedges, net of tax | | Pension (losses) gains, net of tax | | Total | | Balance - December 31, 2022 | | $ | (1,907.4) | | | $ | (44.5) | | | $ | 73.8 | | | $ | (241.4) | | | $ | (2,119.5) | | | Other comprehensive income (loss) before reclassifications | | 64.0 | | | (1.8) | | | (9.4) | | | (2.6) | | | 50.2 | | | | | | | | | | | | | | Reclassification adjustments to earnings | | — | | | 0.5 | | | — | | | 2.1 | | | 2.6 | | | Net other comprehensive income (loss) | | 64.0 | | | (1.3) | | | (9.4) | | | (0.5) | | | 52.8 | | | Balance - April 1, 2023 | | $ | (1,843.4) | | | $ | (45.8) | | | $ | 64.4 | | | $ | (241.9) | | | $ | (2,066.7) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (Millions of Dollars) | | Currency translation adjustment and other | | (Losses) gains on cash flow hedges, net of tax | | Gains (losses) on net investment hedges, net of tax | | Pension (losses) gains, net of tax | | Total | | Balance - January 1, 2022 | | $ | (1,543.0) | | | $ | (49.8) | | | $ | 71.8 | | | $ | (324.6) | | | $ | (1,845.6) | | | Other comprehensive (loss) income before reclassifications | | (55.8) | | | 21.5 | | | (1.6) | | | 6.6 | | | (29.3) | | | Reclassification adjustments to earnings | | — | | | (2.5) | | | 1.5 | | | 2.6 | | | 1.6 | | | Net other comprehensive (loss) income | | (55.8) | | | 19.0 | | | (0.1) | | | 9.2 | | | (27.7) | | | Balance - April 2, 2022 | | $ | (1,598.8) | | | $ | (30.8) | | | $ | 71.7 | | | $ | (315.4) | | | $ | (1,873.3) | |
The Company uses the portfolio method for releasing the stranded tax effects from Accumulated other comprehensive loss. The reclassifications out of Accumulated other comprehensive loss for the three months ended April 1, 2023 and April 2, 2022 were as follows: | | | | | | | | | | | | | | | | | | | | | | (Millions of Dollars) | | 2023 | | 2022 | | Affected line item in Consolidated Statements of Operations And Comprehensive (Loss) Income | | Realized gains on cash flow hedges | | $ | 0.6 | | | $ | 6.1 | | | Cost of sales | | Realized losses on cash flow hedges | | (1.5) | | | (1.2) | | | Interest expense | | Total before taxes | | $ | (0.9) | | | $ | 4.9 | | | | | Tax effect | | 0.4 | | | (2.4) | | | Income taxes | | Realized (losses) gains on cash flow hedges, net of tax | | $ | (0.5) | | | $ | 2.5 | | | | | | | | | | | | Realized losses on net investment hedges | | $ | — | | | $ | (2.0) | | | Other, net | | Tax effect | | — | | | 0.5 | | | Income taxes | | Realized losses on net investment hedges, net of tax | | $ | — | | | $ | (1.5) | | | | | | | | | | | | Amortization of defined benefit pension items: | | | | | | | | Actuarial losses and prior service costs / credits | | $ | (2.7) | | | $ | (3.5) | | | Other, net | | | | | | | | | | | | | | | | Tax effect | | 0.6 | | | 0.9 | | | Income taxes | | Amortization of defined benefit pension items, net of tax | | $ | (2.1) | | | $ | (2.6) | | | |
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