v2.4.1.9

ACCUMULATED OTHER COMPREHENSIVE LOSS AND OTHER COMPREHENSIVE LOSS

3 Months Ended

Mar. 31, 2015

ACCUMULATED OTHER COMPREHENSIVE LOSS AND OTHER COMPREHENSIVE LOSS

ACCUMULATED OTHER COMPREHENSIVE LOSS AND OTHER COMPREHENSIVE LOSS

12. ACCUMULATED OTHER COMPREHENSIVE LOSS AND OTHER COMPREHENSIVE LOSS

Accumulated Other Comprehensive Loss

Accumulated other comprehensive 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 loss, net of tax, as of March 31, 2015 and December 31, 2014, 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 Loss

Balance at January 1, 2015

$

(45.0

)

$

(20.4

)

$

(8.3

)

$

(73.7

)

Other comprehensive income (loss) before reclassifications

​

0.3

​

(32.7

)

​

1.0

​

(31.4

)

Amounts reclassified from accumulated other comprehensive loss, net of tax

(1.0

)

-

4.6

3.6

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net current period other comprehensive income (loss)

​

(0.7

)

​

(32.7

)

​

5.6

​

(27.8

)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance at March 31, 2015

$

(45.7

)

$

(53.1

)

$

(2.7

)

$

(101.5

)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Other Comprehensive Loss

Other comprehensive loss is derived from adjustments to reflect the unrealized gain (loss) on derivatives, changes in pension and OPEB plan liability adjustments, changes in equity investee's other comprehensive loss and changes in foreign currency translation adjustments. The components of other comprehensive loss for the three month periods ended March 31, 2015 and 2014 are as follows:

		Three Months Ended March 31,
(In millions)		2015			2014
Change in foreign currency translation adjustment:		​			​
Foreign currency translation adjustments		$	(35.0	)	$	(24.5	)
Tax benefit		​	(3.6	)	​	(9.3	)
​	​	​	​	​	​	​	​
Foreign currency translation adjustments, net of tax		$	(31.4	)	$	(15.2	)
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​
		​			​
Change in derivative cash flow hedges:
Commodity hedge contracts		$	5.1		$	-
Equity interest in investee's other comprehensive loss			3.9			(0.3	)
​	​	​	​	​	​	​	​
Pre-tax amount		​	9.0		​	(0.3	)
Tax expense (benefit)			3.4			(0.1	)
​	​	​	​	​	​	​	​
Derivative cash flow hedges, net of tax		$	5.6		$	(0.2	)
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​
Change in pension and OPEB liability adjustments:		​			​
Amortization of actuarial gain (loss) and prior service credit		$	(1.6	)	$	(2.4	)
Other pension and OPEB plan adjustments		​	0.4		​	-
​	​	​	​	​	​	​	​
Pre-tax amount			(1.2	)		(2.4	)
Tax benefit		​	(0.5	)	​	(0.9	)
​	​	​	​	​	​	​	​
Pension and OPEB liability adjustments, net of tax		$	(0.7	)	$	(1.5	)
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​
		​			​
Other comprehensive loss, before income taxes		$	(27.2	)	$	(27.2	)
Tax benefit for the period		​	(0.7	)	​	(10.3	)
​	​	​	​	​	​	​	​
Other comprehensive loss, net of tax		$	(26.5	)	$	(16.9	)
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​

The components of other comprehensive loss that have been reclassified during the three month periods ended March 31, 2015 and 2014 are as follows:

		Three Months Ended March 31,
								Affected Line Items on the Unaudited Condensed Consolidated Statements of Operations
(In millions)		2015			2014
Details about other comprehensive loss components:		​			​
Change in derivative cash flow hedges:
Loss on derivative cash flow hedges		$	7.4		$	-		Cost of sales
Tax expense			2.8			-		Provision for (benefit from) income taxes
​	​	​	​	​	​	​	​	​
Reclassifications for the period, net of tax		$	4.6		$	-		​
​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​
Change in pension and OPEB liability adjustments:		​			​
Amortization of actuarial gain (loss) and prior service credit		$	(1.6	)	$	(2.4	)	Cost of sales and selling, general and administrative expenses
Tax benefit		​	(0.6	)	​	(0.9	)	Provision for (benefit from) income taxes
​	​	​	​	​	​	​	​	​
Reclassifications for the period, net of tax		$	(1.0	)	$	(1.5	)
​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​

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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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