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Comprehensive Earnings | 3 Months Ended
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Mar. 31, 2022
Equity [Abstract] |
Comprehensive Earnings | Comprehensive Loss Accumulated other comprehensive loss, as reflected on the condensed consolidated balance sheets, is comprised of the following:
(In millions) | March 31, 2022 |  | December 31, 2021
Accumulated other comprehensive loss: |  |  |
Net unrealized gain on marketable securities, net of tax | $ | (1.3) |  |  | $ | — |
Net unrecognized loss and prior service cost related to defined benefit plans, net of tax | 29.4 |  |  | 32.2 |
Net unrecognized loss on derivatives in cash flow hedging relationships, net of tax | 9.4 |  |  | 9.2 |
Net unrecognized loss on derivatives in net investment hedging relationships, net of tax | 173.1 |  |  | 16.7 |
Foreign currency translation adjustment | (2,271.6) |  |  | (1,802.4) |
| $ | (2,061.0) |  |  | $ | (1,744.3) |
Components of accumulated other comprehensive loss, before tax, consist of the following, for the three months ended March 31, 2022 and 2021:
| Three Months Ended March 31, 2022
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, 2021, net of tax |  |  |  |  | $ | 9.2 |  |  | $ | 16.7 |  |  | $ | — |  |  | $ | 32.2 |  |  | $ | (1,802.4) |  |  | $ | (1,744.3) |
Other comprehensive earnings (loss) before reclassifications, before tax |  |  |  |  | 13.3 |  |  | 201.3 |  |  | (1.7) |  |  | (2.7) |  |  | (469.2) |  |  | (259.0) |
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 | (14.2) |  |  |  |  | (14.2) |  |  |  |  |  |  |  |  |  |  | (14.2) |
Loss on interest rate swaps classified as cash flow hedges, included in interest expense |  |  | 1.1 |  |  | 1.1 |  |  |  |  |  |  |  |  |  |  | 1.1 |
Amortization of prior service costs included in SG&A |  |  |  |  |  |  |  |  |  |  | 0.1 |  |  |  |  | 0.1 |
Net other comprehensive earnings (loss), before tax |  |  |  |  | 0.2 |  |  | 201.3 |  |  | (1.7) |  |  | (2.6) |  |  | (469.2) |  |  | (272.0) |
Income tax provision (benefit) |  |  |  |  | — |  |  | 44.9 |  |  | (0.4) |  |  | 0.2 |  |  | — |  |  | 44.7 |
Balance at March 31, 2022, net of tax |  |  |  |  | $ | 9.4 |  |  | $ | 173.1 |  |  | $ | (1.3) |  |  | $ | 29.4 |  |  | $ | (2,271.6) |  |  | $ | (2,061.0) |
| Three Months Ended March 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 |  |  |  |  | 8.3 |  |  | 227.4 |  |  | (0.9) |  |  | 0.6 |  |  | (721.2) |  |  | (485.8) |
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 | (6.1) |  |  |  |  | (6.1) |  |  |  |  |  |  |  |  |  |  | (6.1) |
Loss on interest rate swaps classified as cash flow hedges, included in interest expense |  |  | 1.1 |  |  | 1.1 |  |  |  |  |  |  |  |  |  |  | 1.1 |
Amortization of prior service costs included in SG&A |  |  |  |  |  |  |  |  |  |  | (0.1) |  |  |  |  | (0.1) |
Amortization of actuarial gain included in SG&A |  |  |  |  |  |  |  |  |  |  | 0.3 |  |  |  |  | 0.3 |
Net other comprehensive earnings (loss), before tax |  |  |  |  | 3.3 |  |  | 227.4 |  |  | (0.9) |  |  | 0.8 |  |  | (721.2) |  |  | (490.6) |
Income tax provision |  |  |  |  | 0.8 |  |  | 35.1 |  |  | 0.1 |  |  | 1.0 |  |  | — |  |  | 37.0 |
Balance at March 31, 2021, net of tax |  |  |  |  | $ | (15.5) |  |  | $ | (161.3) |  |  | $ | 0.2 |  |  | $ | (26.3) |  |  | $ | (1,182.7) |  |  | $ | (1,385.6) |

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- Definition The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -URI http://asc.fasb.org/topic&trid=2134417 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(21)) -URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 220 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(23)) -URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 220 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(19)) -URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263 + Details
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