Reclassifications out of Accumulated Other Comprehensive Income

12 Months Ended

Dec. 31, 2021

Reclassifications out of Accumulated Other Comprehensive Income [Abstract]

Disclosure of Reclassification Amount [Text Block]

12. RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

Reclassification adjustments and other activity impacting accumulated other comprehensive income (loss) (AOCI) during the years ended December 31, 2021, December 31, 2020 and December 31, 2019 are as follows (in millions):


		Defined Benefit Plans			Foreign Currency Translation Adjustments		Unrecognized Loss on Cash Flow Hedges			Total
Balance at January 1, 2019		$	(213.9)		$	(96.6)	$	(1.1)		$	(311.6)

Other comprehensive loss before reclassifications		(61.5)		(c)	(4.6)		(19.0)			(85.1)
Income tax effect of other comprehensive loss before reclassifications		5.6			—		6.3			11.9
Amounts reclassified from accumulated other comprehensive loss into net loss		12.5		(a)	—		(1.7)		(b)	10.8
Income taxes reclassified into net loss		(2.6)			—		(0.2)			(2.8)

Net current period other comprehensive loss		(46.0)			(4.6)		(14.6)			(65.2)

Balance at December 31, 2019		$	(259.9)		$	(101.2)	$	(15.7)		$	(376.8)

Other comprehensive income (loss) before reclassifications		(72.0)			0.1		(41.5)			(113.4)
Income tax effect of other comprehensive income (loss) before reclassifications		14.2			—		8.2			22.4
Amounts reclassified from accumulated other comprehensive loss into net loss		8.2		(a)	—		35.8		(b)	44.0
Income taxes reclassified into net loss		(1.5)			—		(6.9)			(8.4)

Net current period other comprehensive income (loss)		(51.1)			0.1		(4.4)			(55.4)

Balance at December 31, 2020		$	(311.0)		$	(101.1)	$	(20.1)		$	(432.2)

Other comprehensive income (loss) before reclassifications		33.9			(10.7)		22.2			45.4
Income tax effect of other comprehensive income (loss) before reclassifications		(7.0)			—		(4.8)			(11.8)
Amounts reclassified from accumulated other comprehensive loss into net income		53.4		(a)	0.5		(9.8)		(b)	44.1
Income taxes reclassified into net income		(11.2)			—		0.9			(10.3)

Net current period other comprehensive income (loss)		69.1			(10.2)		8.5			67.4

Balance at December 31, 2021		$	(241.9)		$	(111.3)	$	(11.6)		$	(364.8)

(a)	The amount reclassified for 2021 includes a credit to AOCI of $42.3 million related to the effect of the Pension Annuity Purchase, and the amount reclassified for 2019 includes a credit to AOCI of $7.4 million related to the net effect of the AAM Pension Payout Offer and the Casting Sale. See Note 7 - Employee Benefit Plans and Note 16 - Acquisitions and Dispositions for more detail.

(b)	The amounts reclassified from AOCI included $(5.6) million in COGS, $14.8 million in interest expense and $(19.0) million in other expense, net for the year ended December 31, 2021, $2.9 million in COGS, $14.2 million in interest expense and $18.7 million in other expense, net for the year ended December 31, 2020 and $(2.4) million in COGS, $2.0 million in interest expense and $(1.3) million in other expense, net for the year ended December 31, 2019.

(c)	ASU 2018-02 became effective on January 1, 2019, and we elected to reclassify the stranded tax effects caused by the 2017 Tax Cuts and Jobs Act, resulting in a decrease in Accumulated other comprehensive income (loss) of $27.7 million at January 1, 2019.