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Reclassifications out of Accumulated Other Comprehensive Income

12 Months Ended

Dec. 31, 2023

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, 2023, December 31, 2022 and December 31, 2021 are as follows (in millions):

						Defined Benefit Plans						Foreign Currency Translation Adjustments						Unrecognized Gain (Loss) on Cash Flow Hedges						Total
Balance at January 1, 2021						$	(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)
Other comprehensive income (loss) before reclassifications						119.5						(38.4)						62.2						143.3
Income tax effect of other comprehensive income (loss) before reclassifications						(30.2)						—						(9.9)						(40.1)
Amounts reclassified from accumulated other comprehensive loss into net income						7.3			(a)			—						(22.9)			(b)			(15.6)
Income taxes reclassified into net income						(1.6)						—						3.4						1.8
Net current period other comprehensive income (loss)						95.0						(38.4)						32.8						89.4
Balance at December 31, 2022						$	(146.9)					$	(149.7)					$	21.2					$	(275.4)
Other comprehensive income before reclassifications						5.5						7.4						18.5						31.4
Income tax effect of other comprehensive income before reclassifications						(1.8)						—						2.4						0.6
Amounts reclassified from accumulated other comprehensive income (loss) into net loss						(3.5)			(a)			—						(16.9)			(b)			(20.4)
Income taxes reclassified into net loss						1.4						—						(0.5)						0.9
Net current period other comprehensive income						1.6						7.4						3.5						12.5
Balance at December 31, 2023						$	(145.3)					$	(142.3)					$	24.7					$	(262.9)
(a)			The amount reclassified for 2021 includes a credit to AOCI of $42.3 million related to the effect of the Pension Annuity Purchase. See Note 7 - Employee Benefit Plans for more detail.
(b)			The amounts reclassified from AOCI included $(19.9) million in COGS, $(3.6) million in interest expense and $6.6 million in other income (expense), net for the year ended December 31, 2023, $(6.5) million in COGS, $(2.7) million in interest expense and $(13.7) million in other income (expense), net for the year ended December 31, 2022 and $(5.6) million in COGS, $14.8 million in interest expense and $(19.0) million in other income (expense), net for the year ended December 31, 2021.

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- Definition

Reclassifications out of Accumulated Other Comprehensive Income [Abstract]

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- Definition

The entire disclosure for any adjustments made during the period to avoid double counting in comprehensive income items displayed as part of net income that also had been displayed as part of other comprehensive income in that period or earlier periods. These adjustments include reclassifications to net income of items in accumulated comprehensive income, such as deferred gains or losses on qualifying hedges when hedged item reported in net income, holding gains or losses on available-for-sale securities transferred into trading category, unrealized holding gains or losses on debt securities transferred from held-to-maturity category into available-for-sale category and accumulated translation adjustment attributable to foreign subsidiary or investment in foreign entity upon sale or liquidation.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//220/tableOfContent

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