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Other Comprehensive Income (Loss) (Tables) | 6 Months Ended
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Jun. 30, 2024
Equity [Abstract] |
Schedule of Components of Other Comprehensive Income (Loss) | The following tables summarize the activity related to each component of other comprehensive income (loss) during the three months ended June 30, 2024 and 2023:
(Amounts presented net of taxes) | Foreign Currency Translation Gains (Losses) |  | Net Unrealized Gains (Losses) on Available-For-Sale Securities |  | Defined Benefit Pension and Retiree Health Benefit Plans |  | Net Unrealized Gains (Losses) on Cash Flow Hedges |  |  |  | Accumulated Other Comprehensive Loss
Balance at April 1, 2024 | $ | (1,897.0) |  |  | $ | (30.9) |  |  | $ | (2,658.7) |  |  | $ | 287.1 |  |  |  |  | $ | (4,299.5) |
Other comprehensive income (loss) before reclassifications | (104.6) |  |  | (1.8) |  |  | 1.2 |  |  | 1.5 |  |  |  |  | (103.7) |
Net amount reclassified from accumulated other comprehensive loss | — |  |  | 0.1 |  |  | 23.9 |  |  | 0.7 |  |  |  |  | 24.7 |
Net other comprehensive income (loss) | (104.6) |  |  | (1.7) |  |  | 25.1 |  |  | 2.2 |  |  |  |  | (79.0) |
Balance at June 30, 2024 | $ | (2,001.6) |  |  | $ | (32.6) |  |  | $ | (2,633.6) |  |  | $ | 289.3 |  |  |  |  | $ | (4,378.5) |
(Amounts presented net of taxes) | Foreign Currency Translation Gains (Losses) |  | Net Unrealized Gains (Losses) on Available-For-Sale Securities |  | Defined Benefit Pension and Retiree Health Benefit Plans |  | Net Unrealized Gains (Losses) on Cash Flow Hedges |  |  |  | Accumulated Other Comprehensive Loss
Balance at April 1, 2023 | $ | (1,826.6) |  |  | $ | (28.3) |  |  | $ | (2,066.1) |  |  | $ | 143.7 |  |  |  |  | $ | (3,777.3) |
Other comprehensive income (loss) before reclassifications | (58.7) |  |  | (5.9) |  |  | (5.6) |  |  | 43.5 |  |  |  |  | (26.7) |
Net amount reclassified from accumulated other comprehensive loss | — |  |  | 0.7 |  |  | 12.9 |  |  | 1.7 |  |  |  |  | 15.3 |
Net other comprehensive income (loss) | (58.7) |  |  | (5.2) |  |  | 7.3 |  |  | 45.2 |  |  |  |  | (11.4) |
Balance at June 30, 2023 | $ | (1,885.3) |  |  | $ | (33.5) |  |  | $ | (2,058.8) |  |  | $ | 188.9 |  |  |  |  | $ | (3,788.7) |
The following tables summarize the activity related to each component of other comprehensive income (loss) during the six months ended June 30, 2024 and 2023:
(Amounts presented net of taxes) | Foreign Currency Translation Gains (Losses) |  | Net Unrealized Gains (Losses) on Available-For-Sale Securities |  | Defined Benefit Pension and Retiree Health Benefit Plans |  | Net Unrealized Gains (Losses) on Cash Flow Hedges |  | Accumulated Other Comprehensive Loss
Balance at January 1, 2024 | $ | (1,819.0) |  |  | $ | (26.2) |  |  | $ | (2,697.3) |  |  | $ | 215.5 |  |  | $ | (4,327.0) |
Other comprehensive income (loss) before reclassifications | (192.8) |  |  | (6.6) |  |  | 16.8 |  |  | 73.5 |  |  | (109.1) |
Net amount reclassified from accumulated other comprehensive loss | 10.2 |  |  | 0.2 |  |  | 46.9 |  |  | 0.3 |  |  | 57.6 |
Net other comprehensive income (loss) | (182.6) |  |  | (6.4) |  |  | 63.7 |  |  | 73.8 |  |  | (51.5) |
Balance at June 30, 2024 | $ | (2,001.6) |  |  | $ | (32.6) |  |  | $ | (2,633.6) |  |  | $ | 289.3 |  |  | $ | (4,378.5) |
(Amounts presented net of taxes) | Foreign Currency Translation Gains (Losses) |  | Net Unrealized Gains (Losses) on Available-For-Sale Securities |  | Defined Benefit Pension and Retiree Health Benefit Plans |  | Net Unrealized Gains (Losses) on Cash Flow Hedges |  | Accumulated Other Comprehensive Loss
Balance at January 1, 2023 | $ | (1,874.2) |  |  | $ | (37.1) |  |  | $ | (2,062.3) |  |  | $ | 129.0 |  |  | $ | (3,844.6) |
Other comprehensive income (loss) before reclassifications | 14.1 |  |  | 2.2 |  |  | (22.4) |  |  | 56.2 |  |  | 50.1 |
Net amount reclassified from accumulated other comprehensive loss | (25.2) |  |  | 1.4 |  |  | 25.9 |  |  | 3.7 |  |  | 5.8 |
Net other comprehensive income (loss) | (11.1) |  |  | 3.6 |  |  | 3.5 |  |  | 59.9 |  |  | 55.9 |
Balance at June 30, 2023 | $ | (1,885.3) |  |  | $ | (33.5) |  |  | $ | (2,058.8) |  |  | $ | 188.9 |  |  | $ | (3,788.7) |
The tax effects on the net activity related to each component of other comprehensive income (loss) were as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
Tax benefit (expense) | 2024 |  | 2023 |  | 2024 |  | 2023
Foreign currency translation gains/losses | $ | (16.2) |  |  | $ | (6.4) |  |  | $ | (68.2) |  |  | $ | 40.1 |
Net unrealized gains/losses on available-for-sale securities | 0.6 |  |  | 1.6 |  |  | 2.0 |  |  | (1.0) |
Defined benefit pension and retiree health benefit plans | (5.3) |  |  | (3.0) |  |  | (0.5) |  |  | (7.0) |
Net unrealized gains/losses on cash flow hedges | (0.5) |  |  | (12.0) |  |  | (19.5) |  |  | (15.9) |
Benefit (expense) for income taxes allocated to other comprehensive income (loss) items | $ | (21.4) |  |  | $ | (19.8) |  |  | $ | (86.2) |  |  | $ | 16.2 |
Schedule of Reclassifications Out of Accumulated Other Comprehensive Loss | Reclassifications out of accumulated other comprehensive loss were as follows:
Details about Accumulated Other Comprehensive Loss Components | Three Months Ended June 30, |  | Six Months Ended June 30, | Affected Line Item in the Consolidated Condensed Statements of Operations
2024 |  | 2023 |  | 2024 |  | 2023
Amortization of retirement benefit items: |  |  |  |  |  |  |  |
Prior service benefits, net | $ | (0.9) |  |  | $ | (12.6) |  |  | $ | (1.8) |  |  | $ | (25.2) |  | Other–net, (income) expense
Actuarial losses, net | 31.1 |  |  | 28.9 |  |  | 61.1 |  |  | 58.0 |  | Other–net, (income) expense
Total before tax | 30.2 |  |  | 16.3 |  |  | 59.3 |  |  | 32.8 |  |
Tax benefit | (6.3) |  |  | (3.4) |  |  | (12.4) |  |  | (6.9) |  | Income taxes
Net of tax | 23.9 |  |  | 12.9 |  |  | 46.9 |  |  | 25.9 |  |
Other, net of tax | 0.8 |  |  | 2.4 |  |  | 10.7 |  |  | (20.1) |  | Other–net, (income) expense
Total reclassifications, net of tax | $ | 24.7 |  |  | $ | 15.3 |  |  | $ | 57.6 |  |  | $ | 5.8 |  |

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