Other Comprehensive Income

3 Months Ended

Mar. 31, 2023

Comprehensive income (loss) includes Net income (loss), as well as items charged and credited directly to stockholders' equity, which are excluded from Net income (loss). The Company has presented Comprehensive income (loss) in the unaudited Condensed Consolidated Statements of Comprehensive Income (Loss). Reclassification adjustments of derivative instruments from Accumulated other comprehensive loss, net of tax are presented in Net sales; Other income, net; or Interest expense in the unaudited Condensed Consolidated Statements of Income (Loss). Refer to Note 11. Derivatives for additional information. Amortization of accumulated pension and other postretirement benefit ("OPEB") liabilities are included in the computation of net periodic pension and OPEB costs, which are discussed in Note 13. Postretirement and Other Benefits.

Components of Accumulated other comprehensive loss, net of tax, were as follows (in millions):


	March 31, 2023		December 31, 2022


Accumulated pension and OPEB liability adjustments, net of income tax benefit of $1.8 million and $2.5 million at March 31, 2023 and December 31, 2022, respectively	$	(10.4)	$	(10.9)
Accumulated unrealized gain on derivative instruments, net of income tax benefit of $10.2 million and $12.9 million at March 31, 2023 and December 31, 2022, respectively	33.0		44.4
Accumulated unrealized foreign currency translation adjustments, net of income tax benefit of $15.6 million and $17.0 million at March 31, 2023 and December 31, 2022, respectively	(110.5)		(128.9)
Accumulated other comprehensive loss, net of tax	$	(87.9)	$	(95.4)

Changes in the components of Accumulated other comprehensive loss, net of tax, were as follows (in millions):




	Three Months Ended March 31,
	2023						2022
	Pre-tax		Tax		Net of Tax		Pre-tax		Tax		Net of Tax
Pension and OPEB liability adjustments	$	1.2	$	(0.7)	$	0.5	$	1.3	$	(2.0)	$	(0.7)
Derivative instrument adjustments	(14.1)		2.7		(11.4)		22.4		0.3		22.7
Unrealized foreign currency translation adjustments	19.8		(1.4)		18.4		6.1		2.6		8.7
Total	$	6.9	$	0.6	$	7.5	$	29.8	$	0.9	$	30.7