13. ACCUMULATED OTHER COMPREHENSIVE INCOME AND OTHER COMPREHENSIVE LOSS
Accumulated Other Comprehensive Income
Accumulated other comprehensive income includes: i) adjustments to pension and OPEB liabilities; ii) foreign currency translation of assets and liabilities of foreign subsidiaries and the effects of exchange rate changes on intercompany balances of a long-term nature; iii) equity investee's other comprehensive income items; and iv) unrealized gains and losses on derivative financial instruments designated as cash flow hedges. As of March 31, 2014 and December 31, 2013, there were no derivative financial instruments classified as cash flow hedges. Amounts recorded in accumulated other comprehensive income, net of tax, as of March 31, 2014 and December 31, 2013, and changes within the period are as follows:
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(In millions) |
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Accrued Pension
Benefit Liabilities |
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Foreign Currency
Items |
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Equity Investee's
Other
Comprehensive
Loss |
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Accumulated Other
Comprehensive
Income |
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Balance at December 31, 2013 |
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$ |
60.5 |
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$ |
6.7 |
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$ |
(0.9 |
) |
$ |
66.3 |
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Other comprehensive loss before reclassifications |
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- |
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(11.6 |
) |
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(0.2 |
) |
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(11.8 |
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Amounts reclassified from accumulated other comprehensive loss |
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(1.5 |
) |
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- |
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- |
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(1.5 |
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Net current period other comprehensive loss |
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(1.5 |
) |
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(11.6 |
) |
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(0.2 |
) |
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(13.3 |
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Balance at March 31, 2014 |
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$ |
59.0 |
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$ |
(4.9 |
) |
$ |
(1.1 |
) |
$ |
53.0 |
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Other Comprehensive Loss
Other comprehensive loss is derived from adjustments to reflect the unrealized gain (loss) on derivatives, changes in pension and OPEB liabilities adjustment, changes in equity investee's other comprehensive income and changes in foreign currency translation adjustments. The components of other comprehensive loss for the three month periods ended March 31, 2014 and 2013 are as follows:
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Three Months Ended March 31, |
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(In millions) |
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2014 |
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2013 |
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Change in pension and OPEB liability adjustments: |
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Pension and OPEB liability adjustments |
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$ |
(2.4 |
) |
$ |
0.5 |
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Tax expense (benefit) |
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(0.9 |
) |
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0.1 |
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Pension and OPEB liability adjustments, net of tax |
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$ |
(1.5 |
) |
$ |
0.4 |
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Change in foreign currency translation adjustment: |
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Foreign currency translation loss |
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$ |
(24.5 |
) |
$ |
(11.5 |
) |
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Tax benefit |
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(9.3 |
) |
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(3.4 |
) |
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Foreign currency translation adjustment, net of tax |
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$ |
(15.2 |
) |
$ |
(8.1 |
) |
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Unrealized loss on derivatives: |
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Equity interest in investee's other comprehensive loss |
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$ |
(0.3 |
) |
$ |
- |
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Tax benefit |
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(0.1 |
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- |
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Equity interest in investee's other comprehensive loss, net of tax |
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$ |
(0.2 |
) |
$ |
- |
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Other comprehensive loss, before income taxes |
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$ |
(27.2 |
) |
$ |
(11.0 |
) |
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Total tax benefit for the period |
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(10.3 |
) |
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(3.3 |
) |
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Other comprehensive loss, net of tax |
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$ |
(16.9 |
) |
$ |
(7.7 |
) |
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The components of other comprehensive loss that have been reclassified during the three month periods ended March 31, 2014 and 2013 are as follows:
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Three Months Ended March 31, |
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Affected Line Items on the
Unaudited Condensed
Consolidated Statements
of Operations |
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(In millions) |
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2014 |
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2013 |
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Details about other comprehensive loss components: |
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Change in pension and OPEB liability adjustments: |
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Amortization of actuarial loss (gain) and prior service credit (1) |
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$ |
(2.4 |
) |
$ |
0.5 |
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Cost of sales and selling, general and administrative expenses |
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Tax expense (benefit) |
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(0.9 |
) |
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0.1 |
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Provision for income taxes |
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Reclassifications for the period, net of tax |
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$ |
(1.5 |
) |
$ |
0.4 |
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- (1)
- These other comprehensive income components are included in the computation of net periodic benefit income (expense).
See Note 11 to the unaudited condensed consolidated financial statements for additional details.
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