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Accumulated Other Comprehensive (Loss) Income
 9 Months Ended
Sep. 30, 2019
Equity [Abstract]  
Accumulated Other Comprehensive (Loss) Income

10.

Accumulated Other Comprehensive (Loss) Income

Total accumulated other comprehensive (loss) income consists of net income and other changes in business equity from transactions and other events from sources other than shareholders. It includes currency translation gains and losses, unrealized gains and losses from derivative instruments designated as cash flow hedges, and defined benefit plan adjustments. The after-tax components of and changes in accumulated other comprehensive (loss) income for the nine and three months ended September 30, 2019 and 2018 were as follows:

 

(In millions)

 

Foreign

Currency

Adjustments

 

 

Derivative

Hedging

Gain (Loss)

 

 

Defined

Benefit

Plan

Adjustments(a)

 

 

Accumulated

Other

Comprehensive

Loss

 

Balance at December 31, 2017

 

$

5.8

 

 

$

(2.4

)

 

$

(42.6

)

 

$

(39.2

)

Amounts classified into accumulated other

   comprehensive (loss) income

 

 

(9.5

)

 

 

6.2

 

 

 

(3.0

)

 

 

(6.3

)

Amounts reclassified from accumulated other

   comprehensive (loss) income

 

 

—

 

 

 

(0.4

)

 

 

0.2

 

 

 

(0.2

)

Net current-period other comprehensive (loss) income

 

 

(9.5

)

 

 

5.8

 

 

 

(2.8

)

 

 

(6.5

)

Balance at September 30, 2018

 

$

(3.7

)

 

$

3.4

 

 

$

(45.4

)

 

$

(45.7

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2018

 

$

(25.3

)

 

$

4.2

 

 

$

(45.9

)

 

$

(67.0

)

Amounts classified into accumulated other

   comprehensive (loss) income

 

 

1.1

 

 

 

3.0

 

 

 

(2.8

)

 

 

1.3

 

Adoption of ASU 2018-02(b)

 

 

—

 

 

 

—

 

 

 

(8.6

)

 

 

(8.6

)

Amounts reclassified from accumulated other

   comprehensive (loss) income

 

 

—

 

 

 

(2.8

)

 

 

1.6

 

 

 

(1.2

)

Net current-period other comprehensive (loss) income

 

 

1.1

 

 

 

0.2

 

 

 

(9.8

)

 

 

(8.5

)

Balance at September 30, 2019

 

$

(24.2

)

 

$

4.4

 

 

$

(55.7

)

 

$

(75.5

)

 

 

(a)

See Note 12, “Defined Benefit Plans,” for further information on the adjustments related to defined benefit plans.

 

(b)

See Note 2, “Recently Issued Accounting Standards,” for further information on the impact of adopting ASU 2018-02. 

 

(In millions)

 

Foreign

Currency

Adjustments

 

 

Derivative

Hedging

Gain (Loss)

 

 

Defined

Benefit

Plan

Adjustments(a)

 

 

Accumulated

Other

Comprehensive

Loss

 

Balance at June 30, 2018

 

$

(11.3

)

 

$

0.5

 

 

$

(42.4

)

 

$

(53.2

)

Amounts classified into accumulated other

   comprehensive (loss) income

 

 

7.6

 

 

 

3.3

 

 

 

(3.2

)

 

 

7.7

 

Amounts reclassified from accumulated other

   comprehensive (loss) income

 

 

—

 

 

 

(0.4

)

 

 

0.2

 

 

 

(0.2

)

Net current-period other comprehensive (loss) income

 

 

7.6

 

 

 

2.9

 

 

 

(3.0

)

 

 

7.5

 

Balance at September 30, 2018

 

$

(3.7

)

 

$

3.4

 

 

$

(45.4

)

 

$

(45.7

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at June 30, 2019

 

$

(11.6

)

 

$

2.0

 

 

$

(54.5

)

 

$

(64.1

)

Amounts classified into accumulated other

   comprehensive (loss) income

 

 

(12.6

)

 

 

2.7

 

 

 

(2.8

)

 

 

(12.7

)

Amounts reclassified from accumulated other

   comprehensive (loss) income

 

 

—

 

 

 

(0.3

)

 

 

1.6

 

 

 

1.3

 

Net current-period other comprehensive (loss) income

 

 

(12.6

)

 

 

2.4

 

 

 

(1.2

)

 

 

(11.4

)

Balance at September 30, 2019

 

$

(24.2

)

 

$

4.4

 

 

$

(55.7

)

 

$

(75.5

)

 

 

(a)

See Note 12, “Defined Benefit Plans,” for further information on the adjustments related to defined benefit plans.


10.

Accumulated Other Comprehensive (Loss) Income (Continued)

The reclassifications out of accumulated other comprehensive loss for the nine and three months ended September 30, 2019 and 2018 were as follows:

 

(In millions)

Details about Accumulated Other

Comprehensive Loss Components

 

Amount Reclassified from

Accumulated Other Comprehensive Loss

Nine months ended September 30,

 

 

Affected Line Item in

the Statement of

Comprehensive Income

 

 

2019

 

 

2018

 

 

 

Gains (losses) on cash flow hedges

 

 

 

 

 

 

 

 

 

 

Foreign exchange contracts

 

$

3.2

 

 

$

0.8

 

 

Cost of products sold

Commodity contracts

 

 

(0.2

)

 

 

(0.3

)

 

Cost of products sold

Interest rate contracts

 

 

0.3

 

 

 

—

 

 

Interest expense

 

 

 

3.3

 

 

 

0.5

 

 

Total before tax

 

 

 

(0.5

)

 

 

(0.1

)

 

Tax expense

 

 

$

2.8

 

 

$

0.4

 

 

Net of tax

Defined benefit plan items

 

 

 

 

 

 

 

 

 

 

Recognition of actuarial losses

 

$

(2.1

)

 

$

(0.3

)

 

(a)

 

 

 

(2.1

)

 

 

(0.3

)

 

Total before tax

 

 

 

0.5

 

 

 

0.1

 

 

Tax expense

 

 

$

(1.6

)

 

$

(0.2

)

 

Net of tax

Total reclassifications for the period

 

$

1.2

 

 

$

0.2

 

 

Net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In millions)

Details about Accumulated Other

Comprehensive Loss Components

 

Amount Reclassified from

Accumulated Other Comprehensive Loss

Three Months Ended September 30,

 

 

Affected Line Item in

the Statement of

Comprehensive Income

 

 

2019

 

 

2018

 

 

 

Gains (losses) on cash flow hedges

 

 

 

 

 

 

 

 

 

 

Foreign exchange contracts

 

$

0.4

 

 

$

0.8

 

 

Cost of products sold

Commodity contracts

 

 

(0.2

)

 

 

(0.3

)

 

Cost of products sold

Interest rate contracts

 

 

0.1

 

 

 

—

 

 

Interest expense

 

 

 

0.3

 

 

 

0.5

 

 

Total before tax

 

 

 

—

 

 

 

(0.1

)

 

Tax expense

 

 

$

0.3

 

 

$

0.4

 

 

Net of tax

Defined benefit plan items

 

 

 

 

 

 

 

 

 

 

Recognition of actuarial losses

 

 

(2.1

)

 

 

(0.3

)

 

(a)

 

 

 

(2.1

)

 

 

(0.3

)

 

Total before tax

 

 

 

0.5

 

 

 

0.1

 

 

Tax expense

 

 

$

(1.6

)

 

$

(0.2

)

 

Net of tax

Total reclassifications for the period

 

$

(1.3

)

 

$

0.2

 

 

Net of tax

 

 

(a)

These accumulated other comprehensive loss components are included in the computation of net periodic benefit cost. Refer to Note 12, “Defined Benefit Plans,” for additional information.