Black & Decker 2014 Annual Report Download - page 100

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86
K. ACCUMULATED OTHER COMPREHENSIVE LOSS
The following table summarizes the changes in the accumulated balances for each component of accumulated other
comprehensive loss:
(Millions of Dollars)
Currency
translation
adjustment and
other
Unrealized
(losses) gains
on cash flow
hedges, net of
tax
Unrealized
(losses) gains
on net
investment
hedges, net of
tax
Pension (losses)
gains, net of tax Total
Balance - December 29, 2012 ..................... $ 29.4 $ (93.5)$ (63.3)$ (260.6)$ (388.0)
Other comprehensive (loss) income before
reclassifications ........................................... (99.9) 4.5 (13.5)(21.3)(130.2)
Reclassification adjustments to earnings..... — 11.7 — 7.5 19.2
Net other comprehensive (loss) income ...... (99.9) 16.2 (13.5)(13.8)(111.0)
Balance - December 28, 2013 ..................... (70.5) (77.3)(76.8)(274.4)(499.0)
Other comprehensive (loss) income before
reclassifications ........................................... (726.3) 18.9 39.6 (116.0)(783.8)
Reclassification adjustments to earnings..... — 7.5 — 5.1 12.6
Net other comprehensive (loss) income ...... (726.3) 26.4 39.6 (110.9)(771.2)
Balance - January 3, 2015 ......................... $ (796.8) $ (50.9)$ (37.2)$ (385.3)$ (1,270.2)
(Millions of Dollars) 2014 2013
Components of accumulated other comprehensive income (loss)
Reclassification
adjustments
Reclassification
adjustments
Affected line item in Consolidated
Statements of Operations And
Comprehensive Income
Unrealized losses on cash flow hedges......................... $(14.9)$(18.5) Cost of sales
Tax effect ...................................................................... 7.4 6.8 Income taxes on continuing
operations
Unrealized losses on cash flow hedges, net of tax........ $(7.5)$(11.7)
Amortization of defined benefit pension items:
Actuarial losses............................................................. $(4.7)$(6.5) Cost of sales
Actuarial losses............................................................. (3.2)(4.4)
Selling, general and
administrative
Total before taxes.......................................................... (7.9)(10.9)
Tax effect ...................................................................... 2.8 3.4 Income taxes on continuing
operations
Amortization of defined benefit pension items, net of
tax ................................................................................. $(5.1)$(7.5)
L. EMPLOYEE BENEFIT PLANS
EMPLOYEE STOCK OWNERSHIP PLAN (“ESOP”) Most U.S. employees may contribute from 1% to 25% of their
eligible compensation to a tax-deferred 401(k) savings plan, subject to restrictions under tax laws. Employees generally direct
the investment of their own contributions into various investment funds. An employer match benefit is provided under the plan
equal to one-half of each employee’s tax-deferred contribution up to the first 7% of their compensation. Participants direct the
entire employer match benefit such that no participant is required to hold the Company’s common stock in their 401(k)
account. The employer match benefit totaled $19.9 million, $18.8 million and $19.1 million in 2014, 2013 and 2012,
respectively.