v2.4.1.9

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) AND OTHER COMPREHENSIVE INCOME (LOSS)

12 Months Ended

Dec. 31, 2014

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) AND OTHER COMPREHENSIVE INCOME (LOSS)

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) AND OTHER COMPREHENSIVE INCOME (LOSS)

13. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) AND OTHER COMPREHENSIVE INCOME (LOSS)

Accumulated other comprehensive income (loss) 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 (loss), net of tax, as of December 31, 2014 and 2013, and changes within those periods are as follows:

(In millions)		Accrued Pension and OPEB Plan Liabilities			Foreign Currency Items			Derivative Cash Flow Hedges			Accumulated Other Comprehensive Income (loss)
Balance at December 31, 2012		$	(48.6	)	$	26.7		$	-		$	(21.9	)
Other comprehensive income (loss) before reclassifications			118.8			(20.0	)		(0.9	)		97.9
Amounts reclassified from accumulated other comprehensive income (loss), net of tax			(9.7	)		-			-			(9.7	)
​	​	​	​	​	​	​	​	​	​	​	​	​	​
Net current period other comprehensive income (loss)			109.1			(20.0	)		(0.9	)		88.2
​	​	​	​	​	​	​	​	​	​	​	​	​	​
Balance at December 31, 2013			60.5			6.7			(0.9	)		66.3
Other comprehensive income (loss) before reclassifications			(103.2	)		(27.1	)		(7.4	)		(137.7	)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax			(2.3	)		-			-			(2.3	)
​	​	​	​	​	​	​	​	​	​	​	​	​	​
Net current period other comprehensive income (loss)			(105.5	)		(27.1	)		(7.4	)		(140.0	)
​	​	​	​	​	​	​	​	​	​	​	​	​	​
Balance at December 31, 2014		$	(45.0	)	$	(20.4	)	$	(8.3	)	$	(73.7	)
​	​	​	​	​	​	​	​	​	​	​	​	​	​
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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 liability adjustments, changes in equity investee's other comprehensive loss and changes in foreign currency translation adjustments. The components of other comprehensive income (loss) for the years ended December 31, 2014, 2013 and 2012 are as follows:

		Year Ended December 31,
(In millions)		2014			2013			2012
Change in foreign currency translation adjustment:
Currency translation adjustments		$	(57.7	)	$	(34.7	)	$	8.0
Tax expense (benefit)			(22.9	)		(14.7	)		3.9
​	​	​	​	​	​	​	​	​	​	​
Change in foreign currency translation adjustment, net of tax		$	(34.8	)	$	(20.0	)	$	4.1
​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​
Change in pension and OPEB liability adjustments:
Adjustments to pension liabilities		$	(164.9	)	$	189.1		$	(15.0	)
Curtailment gain			-			(15.5	)		-
Settlement loss			5.8			-			-
Amortization of actuarial loss (gain) and prior service credit			(9.5	)		(0.2	)		1.6
​	​	​	​	​	​	​	​	​	​	​
Pre-tax amount			(168.6	)		173.4			(13.4	)
Tax expense (benefit)			(63.1	)		64.3			(5.1	)
​	​	​	​	​	​	​	​	​	​	​
Pension and OPEB liability adjustment, net of tax		$	(105.5	)	$	109.1		$	(8.3	)
​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​
Change in derivative cash flow hedges:
Commodity hedge contracts		$	(10.6	)	$	-		$	0.7
Equity interest in investee's other comprehensive loss			(1.2	)		(1.4	)		-
​	​	​	​	​	​	​	​	​	​	​
Pre-tax amount			(11.8	)		(1.4	)		0.7
Tax expense (benefit)			(4.4	)		(0.5	)		0.2
​	​	​	​	​	​	​	​	​	​	​
Unrealized gain (loss) on derivative cash flow hedges, net of tax		$	(7.4	)	$	(0.9	)	$	0.5
​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​
Other comprehensive income (loss), before income taxes		$	(238.1	)	$	137.3		$	(4.7	)
Total tax expense (benefit) for the period			(90.4	)		49.1			(1.0	)
​	​	​	​	​	​	​	​	​	​	​
Other comprehensive income (loss), net of tax		$	(147.7	)	$	88.2		$	(3.7	)
​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​

The components of other comprehensive income (loss) that have been reclassified during the years ended December 31, 2014, 2013 and 2012 are as follows:

		Year Ended December 31,
											Affected Line Items on the Consolidated Statements of Operations
(In millions)		2014			2013			2012
Details about other comprehensive income (loss) components:
Change in pension and OPEB liability adjustments:
Curtailment gain(1)		$	-		$	(15.5	)	$	-		Transaction-related costs and other, net
Settlement loss(1)			5.8			-			-		Transaction-related costs and other, net
Amortization of actuarial loss (gain) and prior service credit(1)			(9.5	)		(0.2	)		1.6		Cost of sales and selling, general and administrative expenses
​	​	​	​	​	​	​	​	​	​	​	​
Pre-tax amount			(3.7	)		(15.7	)		1.6
Tax expense (benefit)			(1.4	)		(6.0	)		0.6		Provision for income taxes
​	​	​	​	​	​	​	​	​	​	​	​
Reclassifications for the period, net of tax		$	(2.3	)	$	(9.7	)	$	1.0
​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​

(1) These other comprehensive income (loss) components are included in the computation of net periodic benefit income (expense). See Note 12 of the Notes to the Consolidated Financial Statements for additional details.

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The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income.

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