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Other Comprehensive Income (Loss)
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Other Comprehensive Income (Loss) Other Comprehensive Income (Loss)
The following tables summarize the activity related to each component of other comprehensive income (loss) during the three months ended March 31, 2025 and 2024:
(Amounts presented net of taxes)Foreign Currency Translation Gains (Losses)Net Unrealized Gains (Losses) on Available-For-Sale SecuritiesRetirement Benefit PlansNet Unrealized Gains (Losses) on Cash Flow HedgesAccumulated Other Comprehensive Loss
Balance at January 1, 2025
$(2,389.6)$(31.7)$(2,178.7)$278.1 $(4,321.9)
Other comprehensive income (loss) before reclassifications535.4 7.8 (19.0)(24.8)499.4 
Net amount reclassified from accumulated other comprehensive loss30.6 0.6 16.2 0.5 47.9 
Net other comprehensive income (loss)566.0 8.4 (2.8)(24.3)547.3 
Balance at March 31, 2025
$(1,823.6)$(23.3)$(2,181.5)$253.8 $(3,774.6)
(Amounts presented net of taxes)Foreign Currency Translation Gains (Losses)Net Unrealized Gains (Losses) on Available-For-Sale SecuritiesRetirement Benefit PlansNet Unrealized Gains (Losses) on Cash Flow HedgesAccumulated 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(88.2)(4.8)15.6 72.0 (5.4)
Net amount reclassified from accumulated other comprehensive loss10.2 0.1 23.0 (0.4)32.9 
Net other comprehensive income (loss)(78.0)(4.7)38.6 71.6 27.5 
Balance at March 31, 2024
$(1,897.0)$(30.9)$(2,658.7)$287.1 $(4,299.5)
The tax effects on the net activity related to each component of other comprehensive income (loss) were as follows:
Three Months Ended March 31,
Tax benefit (expense) 20252024
Foreign currency translation gains/losses$113.4 $(52.0)
Net unrealized gains/losses on available-for-sale securities(2.6)1.4 
Retirement benefit plans(1.5)4.8 
Net unrealized gains/losses on cash flow hedges6.5 (19.0)
Benefit (expense) for income taxes allocated to other comprehensive income (loss)$115.8 $(64.8)
Except for the tax effects of foreign currency translation gains and losses related to our foreign currency-denominated notes, cross-currency interest rate swaps, and other foreign currency exchange contracts designated as net investment hedges (see Note 6), income taxes were not provided for foreign currency translation. Generally, the assets and liabilities of foreign operations are translated into U.S. dollars using the current exchange rate. For those operations, changes in exchange rates generally do not affect cash flows; therefore, resulting translation adjustments are made in shareholders' equity rather than in the consolidated condensed statements of operations.
Reclassifications out of accumulated other comprehensive loss were as follows:
Details about Accumulated Other Comprehensive Loss ComponentsThree Months Ended March 31,Affected Line Item in the Consolidated Condensed Statements of Operations
20252024
Amortization of retirement benefit items:
Prior service costs (benefits), net
$0.4 $(0.9)Other–net, (income) expense
Actuarial losses, net20.1 30.0 Other–net, (income) expense
Total before tax20.5 29.1 
Tax benefit(4.3)(6.1)Income taxes
Net of tax16.2 23.0 
Other, net of tax
31.7 9.9 Other–net, (income) expense
Total reclassifications, net of tax$47.9 $32.9