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Accumulated Other Comprehensive Income (Loss)
 12 Months Ended
Dec. 31, 2021
Equity [Abstract]  
Accumulated Other Comprehensive Income (Loss)

11. Accumulated Other Comprehensive Income (Loss)

The reclassifications out of accumulated other comprehensive income (loss) for the years ended December 31, 2021 and 2020 were as follows:

 

(In millions)

 

 

 

 

 

 

 

 

Details about Accumulated Other
Comprehensive Loss Components

 

Affected Line Item in the
Consolidated Statements of Income

 

 

2021

 

 

2020

 

 

 

Gains (losses) on cash flow hedges

 

 

 

 

 

 

 

 

Foreign exchange contracts

 

$

0.3

 

 

$

(3.0

)

 

Cost of products sold

Interest rate contracts

 

 

0.6

 

 

 

0.6

 

 

Interest expense

Commodity contracts

 

 

1.3

 

 

 

—

 

 

Cost of products sold

 

 

 

2.2

 

 

 

(2.4

)

 

Total before tax

 

 

 

0.2

 

 

 

—

 

 

Tax expense

 

 

$

2.4

 

 

$

(2.4

)

 

Net of tax

Defined benefit plan items

 

 

 

 

 

 

 

 

Recognition of actuarial losses

 

$

(0.8

)

 

$

(3.2

)

 

(a)

 

 

 

0.2

 

 

 

0.4

 

 

Tax benefit

 

 

$

(0.6

)

 

$

(2.8

)

 

Net of tax

Total reclassifications for the period

 

$

1.8

 

 

$

(5.2

)

 

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.

Total accumulated other comprehensive income (loss) consists of net income and other changes in business equity from transactions and other events from sources other than stockholders. 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 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, 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

)

Amounts classified into accumulated other
   comprehensive (loss) income

 

 

(3.9

)

 

 

1.1

 

 

 

35.1

 

 

 

 

32.3

 

Amounts reclassified into earnings

 

 

—

 

 

 

(2.4

)

 

 

0.6

 

 

 

 

(1.8

)

Net current period other comprehensive (loss) income

 

 

(3.9

)

 

 

(1.3

)

 

 

35.7

 

 

 

 

30.5

 

Balance at December 31, 2021

 

$

3.3

 

 

$

2.9

 

 

$

(30.8

)

 

 

$

(24.6

)