Accumulated Other Comprehensive Loss

12 Months Ended

Dec. 31, 2023

21. Accumulated Other Comprehensive Loss

The after-tax components of our accumulated comprehensive loss attributable to controlling interests consist of the following (in millions):


	Pension Liability			Foreign Currency Translation			Fair Value of Derivative Instruments			Accumulated Comprehensive Loss
Balance as of January 1, 2021	$	(56.1	)	$	(491.1	)	$	(96.4	)	$	(643.6	)
Net change in period		19.0			(122.3	)		20.8			(82.5	)
Balance as of December 31, 2021		(37.1	)		(613.4	)		(75.6	)		(726.1	)
Net change in period		(12.3	)		(511.8	)		109.8			(414.3	)
Balance as of December 31, 2022		(49.4	)		(1,125.2	)		34.2			(1,140.4	)
Net change in period		12.3			257.8			78.2			348.3
Balance as of December 31, 2023	$	(37.1	)	$	(867.4	)	$	112.4		$	(792.1	)

The foreign currency translation in 2023, 2022 and 2021 relates to the net impact of changes in the value of the local currencies relative to the U.S. dollar for our operations in Australia, Canada, the Caribbean, India, New Zealand, the U.K. and other non-U.S. locations. The reporting currency for our financial statements is the U.S. dollar. Certain of our assets, liabilities, expenses and revenues are denominated in currencies other than the U.S. dollar, primarily the Australian dollar, British pound, Canadian dollar, and New Zealand dollar. To prepare our consolidated financial statements, we must translate those assets, liabilities, expenses and revenues into U.S. dollars at the applicable exchange rates. Assets and liabilities of non-U.S. dollar functional currency operations are translated into U.S. dollars at end-of-period exchange rates while revenues, expenses and cash flows are translated at average monthly exchange rates over the period. Equity is translated at historical exchange rates and the resulting cumulative translation adjustments are included as a component of accumulated other comprehensive loss in the consolidated balance sheet. The net change in the foreign currency translation during 2023 primarily relates to goodwill (see Note 7 to these consolidated financial statements for the impact on goodwill) and amortizable intangible assets held by operations with a non-U.S. dollar functional currency.

During 2023, 2022 and 2021, $5.2 million, $2.2 million and $5.8 million, respectively, of expense related to the pension liability was reclassified from accumulated other comprehensive loss to compensation expense in the statement of earnings. During 2023, 2022 and 2021, $3.1 million of expense, $3.2 million of income and $5.8 million of expense, respectively, related to the fair value of derivative investments, was reclassified from accumulated other comprehensive loss to the statement of earnings. During 2023, 2022 and 2021, no amounts related to foreign currency translation were reclassified from accumulated other comprehensive loss to the statement of earnings.