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Other Comprehensive Income (Loss) (Tables) | 9 Months Ended
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Sep. 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 September 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 July 1, 2024 | $ | (2,001.6) |  |  | $ | (32.6) |  |  | $ | (2,633.6) |  |  | $ | 289.3 |  |  |  |  | $ | (4,378.5) |
Other comprehensive income (loss) before reclassifications | 117.9 |  |  | 15.9 |  |  | (28.9) |  |  | (25.0) |  |  |  |  | 79.9 |
Net amount reclassified from accumulated other comprehensive loss | — |  |  | — |  |  | 23.7 |  |  | 0.1 |  |  |  |  | 23.8 |
Net other comprehensive income (loss) | 117.9 |  |  | 15.9 |  |  | (5.2) |  |  | (24.9) |  |  |  |  | 103.7 |
Balance at September 30, 2024 | $ | (1,883.7) |  |  | $ | (16.7) |  |  | $ | (2,638.8) |  |  | $ | 264.4 |  |  |  |  | $ | (4,274.8) |
(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 July 1, 2023 | $ | (1,885.3) |  |  | $ | (33.5) |  |  | $ | (2,058.8) |  |  | $ | 188.9 |  |  |  |  | $ | (3,788.7) |
Other comprehensive income (loss) before reclassifications | (88.7) |  |  | (13.5) |  |  | 10.5 |  |  | 79.6 |  |  |  |  | (12.1) |
Net amount reclassified from accumulated other comprehensive loss | — |  |  | 1.4 |  |  | 13.0 |  |  | 1.5 |  |  |  |  | 15.9 |
Net other comprehensive income (loss) | (88.7) |  |  | (12.1) |  |  | 23.5 |  |  | 81.1 |  |  |  |  | 3.8 |
Balance at September 30, 2023 | $ | (1,974.0) |  |  | $ | (45.6) |  |  | $ | (2,035.3) |  |  | $ | 270.0 |  |  |  |  | $ | (3,784.9) |
The following tables summarize the activity related to each component of other comprehensive income (loss) during the nine months ended September 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 | (74.9) |  |  | 9.3 |  |  | (12.1) |  |  | 48.5 |  |  | (29.2) |
Net amount reclassified from accumulated other comprehensive loss | 10.2 |  |  | 0.2 |  |  | 70.6 |  |  | 0.4 |  |  | 81.4 |
Net other comprehensive income (loss) | (64.7) |  |  | 9.5 |  |  | 58.5 |  |  | 48.9 |  |  | 52.2 |
Balance at September 30, 2024 | $ | (1,883.7) |  |  | $ | (16.7) |  |  | $ | (2,638.8) |  |  | $ | 264.4 |  |  | $ | (4,274.8) |
(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 | (74.6) |  |  | (11.3) |  |  | (11.9) |  |  | 135.8 |  |  | 38.0 |
Net amount reclassified from accumulated other comprehensive loss | (25.2) |  |  | 2.8 |  |  | 38.9 |  |  | 5.2 |  |  | 21.7 |
Net other comprehensive income (loss) | (99.8) |  |  | (8.5) |  |  | 27.0 |  |  | 141.0 |  |  | 59.7 |
Balance at September 30, 2023 | $ | (1,974.0) |  |  | $ | (45.6) |  |  | $ | (2,035.3) |  |  | $ | 270.0 |  |  | $ | (3,784.9) |
The tax effects on the net activity related to each component of other comprehensive income (loss) were as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
Tax benefit (expense) | 2024 |  | 2023 |  | 2024 |  | 2023
Foreign currency translation gains/losses | $ | 121.9 |  |  | $ | (90.3) |  |  | $ | 53.7 |  |  | $ | (50.2) |
Net unrealized gains/losses on available-for-sale securities | (5.0) |  |  | 3.5 |  |  | (3.0) |  |  | 2.5 |
Defined benefit pension and retiree health benefit plans | (1.0) |  |  | (6.9) |  |  | (1.5) |  |  | (13.9) |
Net unrealized gains/losses on cash flow hedges | 6.4 |  |  | (21.6) |  |  | (13.1) |  |  | (37.5) |
Benefit (expense) for income taxes allocated to other comprehensive income (loss) items | $ | 122.3 |  |  | $ | (115.3) |  |  | $ | 36.1 |  |  | $ | (99.1) |
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 September 30, |  | Nine Months Ended September 30, | Affected Line Item in the Consolidated Condensed Statements of Operations
2024 |  | 2023 |  | 2024 |  | 2023
Amortization of retirement benefit items: |  |  |  |  |  |  |  |
Prior service benefits, net | $ | (0.8) |  |  | $ | (12.7) |  |  | $ | (2.6) |  |  | $ | (37.9) |  | Other–net, (income) expense
Actuarial losses, net | 30.8 |  |  | 29.1 |  |  | 91.9 |  |  | 87.1 |  | Other–net, (income) expense
Total before tax | 30.0 |  |  | 16.4 |  |  | 89.3 |  |  | 49.2 |  |
Tax benefit | (6.3) |  |  | (3.4) |  |  | (18.7) |  |  | (10.3) |  | Income taxes
Net of tax | 23.7 |  |  | 13.0 |  |  | 70.6 |  |  | 38.9 |  |
Other, net of tax | 0.1 |  |  | 2.9 |  |  | 10.8 |  |  | (17.2) |  | Other–net, (income) expense
Total reclassifications, net of tax | $ | 23.8 |  |  | $ | 15.9 |  |  | $ | 81.4 |  |  | $ | 21.7 |  |

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