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Accumulated Other Comprehensive Income (Loss)
 9 Months Ended
Sep. 30, 2022
Equity [Abstract]  
Accumulated Other Comprehensive Income (Loss)

14. Accumulated Other Comprehensive Income (Loss)

 

AOCI is defined as net income (loss) and other changes in stockholders’ equity from transactions and other events from sources other than stockholders. The components of, and changes in, AOCI were as follows:

 

(in millions)

 

Derivative Financial Instruments

 

 

Foreign Currency Adjustments

 

 

Unrecognized Pension and Other Post-retirement Benefit Costs

 

 

Accumulated Other Comprehensive Income (Loss)

 

Balance at December 31, 2021

$

 

4.0

 

$

 

(342.2

)

$

 

(197.3

)

$

 

(535.5

)

Other comprehensive income (loss) before reclassifications, net of tax

 

 

10.5

 

 

 

(50.0

)

 

 

21.5

 

 

 

(18.0

)

Amounts reclassified from accumulated other comprehensive income (loss), net of tax

 

 

(7.1

)

 

 

—

 

 

 

5.0

 

 

 

(2.1

)

Balance at September 30, 2022

$

 

7.4

 

$

 

(392.2

)

$

 

(170.8

)

$

 

(555.6

)

 

 

The reclassifications out of AOCI for the three and nine months ended September 30, 2022 and 2021 were as follows:

 

 

 

Three months ended September 30,

 

 

Nine Months Ended
September 30,

 

 

 

(in millions)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

Details about Accumulated Other Comprehensive Income (Loss) Components

 

Amount Reclassified from
Accumulated Other
Comprehensive Income (Loss)

 

 

Amount Reclassified from Accumulated Other Comprehensive Income (Loss)

 

 

Location on Income Statement

Gain (loss) on cash flow hedges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange contracts

$

 

4.3

 

$

 

0.5

 

$

 

10.1

 

$

 

(2.3

)

 

Cost of products sold

Tax (expense) benefit

 

 

(1.2

)

 

 

(0.2

)

 

 

(3.0

)

 

 

0.6

 

 

Income tax expense

Net of tax

$

 

3.1

 

$

 

0.3

 

$

 

7.1

 

$

 

(1.7

)

 

 

Defined benefit plan items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of actuarial loss

$

 

(2.0

)

$

 

(2.5

)

$

 

(6.3

)

$

 

(7.7

)

 

(1)

Amortization of prior service cost

 

 

(0.1

)

 

 

(0.1

)

 

 

(0.2

)

 

 

(1.7

)

 

(1)

Total before tax

 

 

(2.1

)

 

 

(2.6

)

 

 

(6.5

)

 

 

(9.4

)

 

 

Tax benefit

 

 

0.5

 

 

 

0.7

 

 

 

1.5

 

 

 

2.3

 

 

Income tax expense

Net of tax

$

 

(1.6

)

$

 

(1.9

)

$

 

(5.0

)

$

 

(7.1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total reclassifications for the period, net of tax

$

 

1.5

 

$

 

(1.6

)

$

 

2.1

 

$

 

(8.8

)

 

 

 

(1)
These AOCI components are included in the computation of net periodic benefit (income) cost for pension and post-retirement plans. See "Note 5. Pension and Other Retiree Benefits" for additional details.