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Accumulated Other Comprehensive (Loss) Income (Tables)
 12 Months Ended
Dec. 31, 2020
Equity [Abstract]  
Reclassifications Out of Accumulated Other Comprehensive (Loss) Income

The reclassifications out of accumulated other comprehensive (loss) income for the years ended December 31, 2020 and 2019 were as follows:

 

(In millions)

 

 

 

 

 

 

 

 

 

 

Details about Accumulated Other

Comprehensive Loss Components

 

Affected Line Item in the

Consolidated Statements of Income

 

 

2020

 

 

2019

 

 

 

Gains (losses) on cash flow hedges

 

 

 

 

 

 

 

 

 

 

Foreign exchange contracts

 

$

(3.0

)

 

$

4.1

 

 

Cost of products sold

Interest rate contracts

 

 

0.6

 

 

 

0.4

 

 

Interest expense

Commodity contracts

 

 

—

 

 

 

(0.1

)

 

Cost of products sold

 

 

 

(2.4

)

 

 

4.4

 

 

Total before tax

 

 

 

—

 

 

 

(0.6

)

 

Tax expense

 

 

$

(2.4

)

 

$

3.8

 

 

Net of tax

Defined benefit plan items

 

 

 

 

 

 

 

 

 

 

Recognition of actuarial losses

 

 

(3.2

)

 

 

(34.1

)

 

(a)

 

 

 

0.4

 

 

 

8.3

 

 

Tax benefit

 

 

$

(2.8

)

 

$

(25.8

)

 

Net of tax

Total reclassifications for the period

 

$

(5.2

)

 

$

(22.0

)

 

Net of tax

 

(a)

These accumulated other comprehensive (loss) income components are included in the computation of net periodic benefit cost. Refer to Note 14, “Defined Benefit Plans,” for additional information.
After-Tax Components of and Changes in Accumulated Other Comprehensive (Loss) Income The after-tax components of and changes in accumulated other comprehensive (loss) income were as follows:

 

(In millions)

 

Foreign

Currency

Adjustments

 

 

Derivative

Hedging

Gain (Loss)

 

 

Defined Benefit

Plan

Adjustments

 

 

 

Accumulated

Other

Comprehensive

(Loss) Income

 

Balance at December 31, 2017

 

$

5.8

 

 

$

(2.4

)

 

$

(42.6

)

 

 

$

(39.2

)

Amounts classified into accumulated other

   comprehensive (loss) income

 

 

(31.1

)

 

 

8.3

 

 

 

(6.3

)

 

 

 

(29.1

)

Amounts reclassified into earnings

 

 

—

 

 

 

(1.7

)

 

 

3.0

 

 

 

 

1.3

 

Net current period other comprehensive (loss) income

 

 

(31.1

)

 

 

6.6

 

 

 

(3.3

)

 

 

 

(27.8

)

Balance at December 31, 2018

 

$

(25.3

)

 

$

4.2

 

 

$

(45.9

)

 

 

$

(67.0

)

Amounts classified into accumulated other

   comprehensive (loss) income

 

 

13.8

 

 

 

5.1

 

 

 

(37.9

)

 

 

 

(19.0

)

Amounts reclassified into earnings

 

 

—

 

 

 

(3.8

)

 

 

25.8

 

 

 

 

22.0

 

Adoption of ASU 2018-02

 

 

 

 

 

 

 

 

 

 

(8.6

)

 

 

 

(8.6

)

Net current period other comprehensive (loss) income

 

 

13.8

 

 

 

1.3

 

 

 

(20.7

)

 

 

 

(5.6

)

Balance at December 31, 2019

 

$

(11.5

)

 

$

5.5

 

 

$

(66.6

)

 

 

$

(72.6

)

Amounts classified into accumulated other

   comprehensive (loss) income

 

 

18.7

 

 

 

(3.7

)

 

 

(2.7

)

 

 

 

12.3

 

Amounts reclassified into earnings

 

 

—

 

 

 

2.4

 

 

 

2.8

 

 

 

 

5.2

 

Net current period other comprehensive (loss) income

 

 

18.7

 

 

 

(1.3

)

 

 

0.1

 

 

 

 

17.5

 

Balance at December 31, 2020

 

$

7.2

 

 

$

4.2

 

 

$

(66.5

)

 

 

$

(55.1

)