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Comprehensive Earnings (Tables) | 12 Months Ended
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Dec. 31, 2021
Equity [Abstract] |
Accumulated Other Comprehensive Loss | Accumulated other comprehensive loss, as reflected in the consolidated balance sheets, is comprised of the following:
(In millions) | December 31, 2021 |  | December 31, 2020
Accumulated other comprehensive loss: |  |  |
Net unrealized gain on marketable securities, net of tax | $ | — |  |  | $ | 1.2 |
Net unrecognized (loss) gain and prior service cost related to defined benefit plans, net of tax | 32.2 |  |  | (26.1) |
Net unrecognized loss on derivatives in cash flow hedging relationships, net of tax | 9.2 |  |  | (18.0) |
Net unrecognized loss on derivatives in net investment hedging relationships, net of tax | 16.7 |  |  | (353.6) |
Foreign currency translation adjustment | (1,802.4) |  |  | (461.5) |
| $ | (1,744.3) |  |  | $ | (858.0) |
Components of Other Comprehensive Loss | Components of accumulated other comprehensive (loss) earnings, before tax, consist of the following:
| Year Ended December 31, 2021
Gains and Losses on Derivatives in Cash Flow Hedging Relationships |  | Gains and Losses on Net Investment Hedges |  | Gains and Losses on Marketable Securities |  | Defined Pension Plan Items |  | Foreign Currency Translation Adjustment |  | Totals
(In millions) | Foreign Currency Forward Contracts |  | Interest Rate Swaps |  | Total |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2020, net of tax |  |  |  |  | $ | (18.0) |  |  | $ | (353.6) |  |  | $ | 1.2 |  |  | $ | (26.1) |  |  | $ | (461.5) |  |  | $ | (858.0) |
Other comprehensive earnings (loss) before reclassifications, before tax |  |  |  |  | 62.7 |  |  | 456.8 |  |  | (1.1) |  |  | 67.0 |  |  | (1,340.9) |  |  | (755.5) |
Amounts reclassified from accumulated other comprehensive earnings (loss), before tax: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on foreign exchange forward contracts classified as cash flow hedges, included in net sales | (30.9) |  |  |  |  | (30.9) |  |  |  |  |  |  |  |  |  |  | (30.9) |
Loss on interest rate swaps classified as cash flow hedges, included in interest expense |  |  | 4.3 |  |  | 4.3 |  |  |  |  |  |  |  |  |  |  | 4.3 |
Amortization of prior service costs included in SG&A |  |  |  |  |  |  |  |  |  |  | (0.5) |  |  |  |  | (0.5) |
Amortization of actuarial loss included in SG&A |  |  |  |  |  |  |  |  |  |  | 7.4 |  |  |  |  | 7.4 |
Net other comprehensive earnings (loss), before tax |  |  |  |  | 36.1 |  |  | 456.8 |  |  | (1.1) |  |  | 73.9 |  |  | (1,340.9) |  |  | (775.2) |
Income tax provision |  |  |  |  | 8.9 |  |  | 86.5 |  |  | 0.1 |  |  | 15.6 |  |  | — |  |  | 111.1 |
Balance at December 31, 2021, net of tax |  |  |  |  | $ | 9.2 |  |  | $ | 16.7 |  |  | $ | — |  |  | $ | 32.2 |  |  | $ | (1,802.4) |  |  | $ | (1,744.3) |
| Year Ended December 31, 2020
Gains and Losses on Derivatives in Cash Flow Hedging Relationships |  | Gains and Losses on Net Investment Hedges |  | Gains and Losses on Marketable Securities |  | Defined Pension Plan Items |  | Foreign Currency Translation Adjustment |  | Totals
(In millions) | Foreign Currency Forward Contracts |  | Interest Rate Swaps |  | Total |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2019, net of tax |  |  |  |  | $ | (31.6) |  |  | $ | (74.3) |  |  | $ | 0.6 |  |  | $ | (17.4) |  |  | $ | (1,674.5) |  |  | $ | (1,797.2) |
Other comprehensive (loss) earnings before reclassifications, before tax |  |  |  |  | 18.5 |  |  | (305.2) |  |  | 0.6 |  |  | (12.1) |  |  | 1,213.0 |  |  | 914.8 |
Amounts reclassified from accumulated other comprehensive (loss) earnings, before tax: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on foreign exchange forward contracts classified as cash flow hedges, included in net sales | (4.8) |  |  |  |  | (4.8) |  |  |  |  |  |  |  |  |  |  | (4.8) |
Loss on interest rate swaps classified as cash flow hedges, included in interest expense |  |  | 4.5 |  |  | 4.5 |  |  |  |  |  |  |  |  |  |  | 4.5 |
Amortization of prior service costs included in SG&A |  |  |  |  |  |  |  |  |  |  | — |  |  |  |  | — |
Amortization of actuarial loss included in SG&A |  |  |  |  |  |  |  |  |  |  | (1.9) |  |  |  |  | (1.9) |
Net other comprehensive (loss) earnings, before tax |  |  |  |  | 18.2 |  |  | (305.2) |  |  | 0.6 |  |  | (14.0) |  |  | 1,213.0 |  |  | 912.6 |
Income tax provision (benefit) |  |  |  |  | 4.6 |  |  | (25.9) |  |  | — |  |  | (5.3) |  |  | — |  |  | (26.6) |
Balance at December 31, 2020, net of tax |  |  |  |  | $ | (18.0) |  |  | $ | (353.6) |  |  | $ | 1.2 |  |  | $ | (26.1) |  |  | $ | (461.5) |  |  | $ | (858.0) |
| Year Ended December 31, 2019
| Gains and Losses on Derivatives in Cash Flow Hedging Relationships |  | Gains and Losses on Net Investment Hedges |  | Gains and Losses on Marketable Securities |  | Defined Pension Plan Items |  | Foreign Currency Translation Adjustment |  | Totals
(In millions) | Foreign Currency Forward Contracts |  | Interest Rate Swaps |  | Total |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2018, net of tax |  |  |  |  | $ | (53.1) |  |  | $ | (130.9) |  |  | $ | — |  |  | $ | 1.7 |  |  | $ | (1,259.0) |  |  | $ | (1,441.3) |
Other comprehensive earnings (loss) before reclassifications, before tax |  |  |  |  | 29.3 |  |  | 59.6 |  |  | 0.5 |  |  | (21.0) |  |  | (415.5) |  |  | (347.1) |
Amounts reclassified from accumulated other comprehensive (loss) earnings, before tax: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loss on foreign exchange forward contracts classified as cash flow hedges, included in net sales | 0.7 |  |  |  |  | 0.7 |  |  |  |  |  |  |  |  |  |  | 0.7 |
Loss on interest rate swaps classified as cash flow hedges, included in interest expense |  |  | 7.1 |  |  | 7.1 |  |  |  |  |  |  |  |  |  |  | 7.1 |
Amortization of prior service costs included in SG&A |  |  |  |  |  |  |  |  |  |  | (0.9) |  |  |  |  | (0.9) |
Amortization of actuarial loss included in SG&A |  |  |  |  |  |  |  |  |  |  | (2.9) |  |  |  |  | (2.9) |
Net other comprehensive earnings (loss), before tax |  |  |  |  | 37.1 |  |  | 59.6 |  |  | 0.5 |  |  | (24.8) |  |  | (415.5) |  |  | (343.1) |
Income tax provision (benefit) |  |  |  |  | 12.2 |  |  | 3.0 |  |  | (0.1) |  |  | (5.9) |  |  | — |  |  | 9.2 |
Cumulative effect of the adoption of new accounting standards |  |  |  |  | (3.4) |  |  | — |  |  | — |  |  | (0.2) |  |  | — |  |  | (3.6) |
Balance at December 31, 2019, net of tax |  |  |  |  | $ | (31.6) |  |  | $ | (74.3) |  |  | $ | 0.6 |  |  | $ | (17.4) |  |  | $ | (1,674.5) |  |  | $ | (1,797.2) |

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