Accumulated Other Comprehensive Loss

6 Months Ended

Jun. 30, 2025

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


	Pension Liability		Foreign Currency Translation		Fair Value of Derivative Investments		Accumulated Comprehensive Loss
Balance as of December 31, 2024	$	(23.2)	$	(1,232.8)	$	104.9	$	(1,151.1)
Net change in period	(4.7)		644.9		10.6		650.8
Balance as of June 30, 2025	$	(27.9)	$	(587.9)	$	115.5	$	(500.3)

The foreign currency translation during the six-month period ended June 30, 2025 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 unaudited 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 the six-month period ended June 30, 2025 primarily relates to goodwill (see Note 5 for the impact on goodwill) and amortizable intangible assets held by operations with a non-U.S. dollar functional currency.

During the six-month periods ended June 30, 2025 and 2024, $7.6 million and $3.0 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 the six-month periods ended June 30, 2025 and 2024, no amounts related to foreign currency translation were reclassified from accumulated other comprehensive loss to the statement of earnings.