15. ACCUMULATED OTHER COMPREHENSIVE LOSS AND OTHER COMPREHENSIVE
INCOME (LOSS)
Accumulated Other Comprehensive Loss
Accumulated other comprehensive loss includes: (i) 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; (ii) unrealized
gains or losses on derivative financial instruments designated as
cash flow hedges; (iii) equity investee’s other
comprehensive income or loss items; and (iv) adjustments to
pension and OPEB plan liabilities. Amounts recorded in accumulated
other comprehensive loss, net of tax, as of June 30, 2016 and
December 31, 2015, and changes within those periods are as
follows:
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Foreign
Currency
Items
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Derivative Cash
Flow Hedges |
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Accrued
Pension and
OPEB Plan
Liabilities |
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Accumulated
Other
Comprehensive
Loss |
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Balance at January 1, 2016
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$ |
(89.4) |
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$ |
0.5 |
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$ |
(29.1) |
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$ |
(118.0) |
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Other comprehensive income before reclassifications
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23.4 |
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0.2 |
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0.2 |
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23.8 |
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Amounts reclassified from accumulated other
comprehensive loss, net of tax
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- |
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0.7 |
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(3.0) |
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(2.3) |
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Net current period other comprehensive income (loss)
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23.4 |
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0.9 |
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(2.8) |
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21.5 |
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Balance at June 30, 2016
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$ |
(66.0) |
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$ |
1.4 |
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$ |
(31.9) |
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$ |
(96.5) |
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Other Comprehensive Income (Loss)
Other comprehensive income (loss) is derived from adjustments to
reflect: (i) changes in foreign currency translation adjustments;
(ii) the unrealized gains or losses on derivative financial
instruments designated as cash flow hedges; (iii) changes in equity
investee’s other comprehensive income or loss; and (iv)
adjustments to pension and OPEB plan liabilities. The components of
other comprehensive income (loss) for the three and six month
periods ended June 30, 2016 and 2015 are as follows:
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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(In millions)
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2016 |
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2015 |
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2016 |
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2015 |
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Change in foreign currency translation adjustments:
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Foreign currency translation adjustments
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$ |
0.1 |
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$ |
11.5 |
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$ |
28.8 |
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$ |
(23.5) |
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Tax expense (benefit)
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- |
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1.7 |
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3.4 |
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(1.9) |
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Foreign currency translation adjustments, net of tax
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$ |
0.1 |
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$ |
9.8 |
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$ |
25.4 |
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$ |
(21.6) |
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Change in derivative cash flow hedges:
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Commodity hedge contracts
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$ |
1.6 |
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$ |
2.0 |
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$ |
1.6 |
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$ |
7.2 |
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Equity interest in investee’s other comprehensive income
(loss)
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- |
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- |
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(0.1) |
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3.9 |
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Pre-tax amount
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1.6 |
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2.0 |
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1.5 |
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11.1 |
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Tax expense
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0.6 |
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0.7 |
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0.6 |
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4.2 |
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Derivative cash flow hedges, net of tax
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$ |
1.0 |
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$ |
1.3 |
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$ |
0.9 |
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$ |
6.9 |
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Change in pension and OPEB liability adjustments:
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Amortization of actuarial loss and prior service credit
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$ |
(2.4) |
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$ |
(1.6) |
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$ |
(4.8) |
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$ |
(3.2) |
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Other pension and OPEB plan adjustments
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0.1 |
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- |
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0.3 |
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0.4 |
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Pre-tax amount
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(2.3) |
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(1.6) |
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(4.5) |
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(2.8) |
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Tax benefit
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(0.9) |
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(0.6) |
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(1.7) |
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(1.1) |
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Pension and OPEB liability adjustments, net of tax
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$ |
(1.4) |
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$ |
(1.0) |
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$ |
(2.8) |
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$ |
(1.7) |
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Other comprehensive income (loss), before income taxes
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$ |
(0.6) |
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$ |
11.9 |
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$ |
25.8 |
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$ |
(15.2) |
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Tax expense (benefit) for the period
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(0.3) |
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1.8 |
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2.3 |
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1.2 |
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Other comprehensive income (loss), net of tax
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$ |
(0.3) |
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$ |
10.1 |
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$ |
23.5 |
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$ |
(16.4) |
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The components of other comprehensive income (loss) that have been
reclassified during the three and six month periods ended June 30,
2016 and 2015 are as follows:
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Three Months Ended
June 30, |
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Six Months Ended
June 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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2016 |
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2015 |
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2016 |
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2015 |
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Details about other comprehensive income (loss)
components:
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Change in derivative cash flow hedges:
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Gain (loss) on derivative cash flow hedges
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$ |
0.8 |
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$ |
(1.3) |
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$ |
1.2 |
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$ |
(8.7) |
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Cost of sales
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Tax expense (benefit)
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0.3 |
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(0.5) |
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0.5 |
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(3.3) |
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Provision for (benefit from) income taxes
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Reclassifications for the period, net of tax
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$ |
0.5 |
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$ |
(0.8) |
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$ |
0.7 |
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$ |
(5.4) |
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Change in pension and OPEB liability adjustments:
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Amortization of actuarial loss and prior service credit
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$ |
(2.4) |
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$ |
(1.6) |
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$ |
(4.8) |
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$ |
(3.2) |
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Cost of sales and selling, general and administrative expenses
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Tax benefit
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(0.9) |
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(0.6) |
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(1.8) |
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(1.2) |
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Provision for (benefit from) income taxes
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Reclassifications for the period, net of tax
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$ |
(1.5) |
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$ |
(1.0) |
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$ |
(3.0) |
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$ |
(2.0) |
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