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Accumulated Other Comprehensive Income (Loss)
 12 Months Ended
Dec. 31, 2016
Equity [Abstract]  
Accumulated Other Comprehensive Income (Loss)

Note 19 Accumulated Other Comprehensive Income (Loss)

The following table provides details of comprehensive income (loss):

 

(In millions)

 

Unrecognized

Pension Items

 

 

Cumulative

Translation

Adjustment

 

 

Unrecognized Gains

(Losses) on

Derivative

Instruments for net

investment hedge

 

 

Unrecognized Gains

(Losses) on

Derivative

Instruments for

cash flow hedge

 

 

Accumulated Other

Comprehensive Income

(Loss), Net of Taxes

 

Balance at December 31, 2014(1)

 

$

(250.1

)

 

$

(369.9

)

 

$

—

 

 

$

6.2

 

 

$

(613.8

)

Other comprehensive income (loss) before

   reclassifications

 

 

(24.0

)

 

 

(194.1

)

 

 

1.7

 

 

 

26.5

 

 

 

(189.9

)

Less: amounts reclassified from accumulated

   other comprehensive income (loss)

 

 

8.1

 

 

 

—

 

 

 

—

 

 

 

(24.4

)

 

 

(16.3

)

Net current period other comprehensive income

   (loss)

 

 

(15.9

)

 

 

(194.1

)

 

 

1.7

 

 

 

2.1

 

 

 

(206.2

)

Balance at December 31, 2015(1)

 

 

(266.0

)

 

 

(564.0

)

 

 

1.7

 

 

 

8.3

 

 

 

(820.0

)

Other comprehensive income (loss) before

   reclassifications

 

 

(18.0

)

 

 

(91.9

)

 

 

19.3

 

 

 

(16.7

)

 

 

(107.3

)

Less: amounts reclassified from accumulated

   other comprehensive income (loss)

 

 

7.3

 

 

 

(46.0

)

 

 

—

 

 

 

16.9

 

 

 

(21.8

)

Net current period other comprehensive income

   (loss)

 

 

(10.7

)

 

 

(137.9

)

 

 

19.3

 

 

 

0.2

 

 

 

(129.1

)

Balance at December 31, 2016(1)

 

$

(276.7

)

 

$

(701.9

)

 

$

21.0

 

 

$

8.5

 

 

$

(949.1

)

 

  

 

(1)

The ending balance in AOCI includes gains and losses on intra-entity foreign currency transactions. The intra-entity currency translation adjustment was $(8.3) million, $31.1 million and $58.9 million for the years ended December 31, 2016, 2015 and 2014.

The following table provides detail of amounts reclassified from accumulated other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In millions)

 

2016(1)

 

 

2015(1)

 

 

2014(1)

 

 

Location of Amount

Reclassified from  AOCI

 

 

Defined benefit pension plans and other post-

   employment benefits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior service costs

 

$

1.6

 

 

$

0.7

 

 

$

0.5

 

 

(2)

 

 

Actuarial losses

 

 

(11.2

)

 

 

(11.1

)

 

 

(10.0

)

 

(2)

 

 

Total pre-tax amount

 

 

(9.6

)

 

 

(10.4

)

 

 

(9.5

)

 

 

 

 

Tax (expense) benefit

 

 

2.3

 

 

 

2.3

 

 

 

2.9

 

 

 

 

 

Net of tax

 

 

(7.3

)

 

 

(8.1

)

 

 

(6.6

)

 

 

 

 

Reclassifications from cumulative translation

  adjustment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Charges related to Venezuelan

   subsidiaries

 

 

46.0

 

 

 

—

 

 

 

—

 

 

(4)

 

 

Net gains (losses) on cash flow hedging

   derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency forward contracts

 

 

0.6

 

 

 

9.6

 

 

 

1.9

 

 

(3) Other income, net

 

 

Interest rate and currency swaps

 

 

(25.9

)

 

 

25.7

 

 

 

13.5

 

 

(3) Various

 

 

Treasury locks

 

 

0.1

 

 

 

0.1

 

 

 

0.1

 

 

(3) Interest expense

 

 

Total pre-tax amount

 

 

(25.2

)

 

 

35.4

 

 

 

15.5

 

 

 

 

 

Tax (expense) benefit

 

 

8.3

 

 

 

(11.0

)

 

 

(5.2

)

 

 

 

 

Net of tax

 

 

(16.9

)

 

 

24.4

 

 

 

10.3

 

 

 

 

 

Total reclassifications for the period

 

$

(24.2

)

 

$

16.3

 

 

$

3.7

 

 

 

 

 

 

  

(1)

Amounts in parenthesis indicate changes to earnings (loss) .

(2)

These accumulated other comprehensive components are included in the computation of net periodic benefit costs within cost of sales and selling, general, and administrative expenses on the Consolidated Statement of Operations.

(3)

These accumulated other comprehensive components are included in our derivative and hedging activities. See Note 12, “Derivatives and Hedging Activities” of the Notes to Consolidated Financial Statements for additional details.

(4)

Due to the ongoing challenging economic situation in Venezuela, the Company approved a program in the second quarter of 2016 to cease operations in the country. Refer to Note 2, “Summary of Significant Accounting Policies and Recently Issued Accounting Standards” under the “Impact of Inflation and Currency Fluctuation” section of the Notes to the Consolidated Financial Statements for further details.