13. ACCUMULATED OTHER COMPREHENSIVE INCOME AND OTHER COMPREHENSIVE INCOME (LOSS)
Accumulated Other Comprehensive Income
Accumulated other comprehensive income includes: i) adjustments to pension and OPEB plan 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. Amounts recorded in accumulated other comprehensive income, net of tax, as of September 30, 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 and
OPEB Plan
Liabilities |
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Foreign
Currency
Items |
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Derivative
Cash Flow
Hedges |
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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 income (loss) before reclassifications |
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(0.1 |
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(14.6 |
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0.5 |
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(14.2 |
) |
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Amounts reclassified from accumulated other comprehensive income (loss) |
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(4.4 |
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- |
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- |
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(4.4 |
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Other comprehensive income (loss) attributable to Axiall, net of tax |
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(4.5 |
) |
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(14.6 |
) |
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0.5 |
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(18.6 |
) |
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Balance at September 30, 2014 |
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$ |
56.0 |
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$ |
(7.9 |
) |
$ |
(0.4 |
) |
$ |
47.7 |
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Other Comprehensive Income (Loss)
Other comprehensive income (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 loss and changes in foreign currency translation adjustments. The components of other comprehensive income (loss) for the three and nine month periods ended September 30, 2014 and 2013 are as follows:
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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(In millions) |
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2014 |
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2013 |
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2014 |
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2013 |
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Change in foreign currency translation adjustment: |
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Currency translation adjustments |
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$ |
(27.4 |
) |
$ |
10.2 |
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$ |
(29.3 |
) |
$ |
(16.4 |
) |
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Tax expense (benefit) |
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(10.8 |
) |
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3.2 |
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(11.4 |
) |
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(5.7 |
) |
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Foreign currency translation adjustment, net of tax |
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$ |
(16.6 |
) |
$ |
7.0 |
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$ |
(17.9 |
) |
$ |
(10.7 |
) |
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Change in pension and OPEB liability adjustments: |
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Pension and OPEB liability adjustments |
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$ |
(2.3 |
) |
$ |
0.5 |
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$ |
(7.1 |
) |
$ |
1.6 |
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Tax expense (benefit) |
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(0.9 |
) |
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0.2 |
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(2.7 |
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0.5 |
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Pension and OPEB liability adjustments, net of tax |
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$ |
(1.4 |
) |
$ |
0.3 |
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$ |
(4.4 |
) |
$ |
1.1 |
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Change in derivative cash flow hedges: |
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Commodity hedge contracts |
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$ |
1.8 |
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$ |
- |
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$ |
1.7 |
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$ |
- |
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Equity interest in investee's other comprehensive loss |
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(0.4 |
) |
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(0.3 |
) |
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(0.9 |
) |
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(1.1 |
) |
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Pre-tax amount |
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1.4 |
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(0.3 |
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0.8 |
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(1.1 |
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Tax expense (benefit) |
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0.5 |
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(0.4 |
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0.3 |
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(0.4 |
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Unrealized gain (loss) on derivative cash flow hedges, net of tax |
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$ |
0.9 |
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$ |
0.1 |
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$ |
0.5 |
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$ |
(0.7 |
) |
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Other comprehensive income (loss), before income taxes |
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$ |
(28.3 |
) |
$ |
10.4 |
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$ |
(35.6 |
) |
$ |
(15.9 |
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Total tax expense (benefit) for the period |
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(11.2 |
) |
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3.0 |
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(13.8 |
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(5.6 |
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Other comprehensive income (loss), net of tax |
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$ |
(17.1 |
) |
$ |
7.4 |
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$ |
(21.8 |
) |
$ |
(10.3 |
) |
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The components of other comprehensive income (loss) that have been reclassified during the three and nine month periods ended September 30, 2014 and 2013 are as follows:
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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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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2014 |
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2013 |
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Details about other comprehensive income (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 (a) |
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$ |
(2.3 |
) |
$ |
0.5 |
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$ |
(7.1 |
) |
$ |
1.6 |
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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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0.2 |
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(2.7 |
) |
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0.5 |
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Provision for income taxes |
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Reclassifications for the period, net of tax |
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$ |
(1.4 |
) |
$ |
0.3 |
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$ |
(4.4 |
) |
$ |
1.1 |
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(a) These other comprehensive income (loss) 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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