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Accumulated Other Comprehensive Income (Tables)
 6 Months Ended
Jun. 30, 2017
Equity [Abstract]  
Changes in Components of Accumulated Other Comprehensive Income, Net of Tax

The following table shows the changes in the components of AOCI, net of tax (in millions):

 

 

 

Foreign

 

 

Cash

 

 

Unrealized

 

 

Defined

 

 

 

Currency

 

 

Flow

 

 

(Losses) Gains on

 

 

Benefit

 

 

 

Translation

 

 

Hedges

 

 

Securities

 

 

Plan Items

 

Balance at December 31, 2016

 

$

(323.4

)

 

$

32.3

 

 

$

(0.1

)

 

$

(142.8

)

AOCI before reclassifications

 

 

238.2

 

 

 

(51.1

)

 

 

-

 

 

 

(7.4

)

Reclassifications

 

 

-

 

 

 

(13.5

)

 

 

-

 

 

 

3.4

 

Balance at June 30, 2017

 

$

(85.2

)

 

$

(32.3

)

 

$

(0.1

)

 

$

(146.8

)

 
Reclassification Adjustments from Accumulated Other Comprehensive Income

The following table shows the reclassification adjustments from AOCI (in millions):

 

 

 

Amount of Gain (Loss)

 

 

 

 

 

Reclassified from AOCI

 

 

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

 

 

June 30,

 

 

June 30,

 

 

Location on

Component of AOCI

 

2017

 

 

2016

 

 

2017

 

 

2016

 

 

Statement of Earnings

Cash flow hedges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange forward contracts

 

$

5.9

 

 

$

26.3

 

 

$

17.0

 

 

$

58.4

 

 

Cost of products sold

Forward starting interest rate swaps

 

 

(0.2

)

 

 

(0.5

)

 

 

(0.3

)

 

 

(0.9

)

 

Interest expense

 

 

 

5.7

 

 

 

25.8

 

 

 

16.7

 

 

 

57.5

 

 

Total before tax

 

 

 

1.2

 

 

 

6.1

 

 

 

3.2

 

 

 

13.4

 

 

Provision for income taxes

 

 

$

4.5

 

 

$

19.7

 

 

$

13.5

 

 

$

44.1

 

 

Net of tax

Defined benefit plans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior service cost

 

$

2.5

 

 

$

2.0

 

 

$

5.1

 

 

$

3.9

 

 

*

Unrecognized actuarial (loss)

 

 

(5.2

)

 

 

(5.0

)

 

 

(10.8

)

 

 

(10.0

)

 

*

 

 

 

(2.7

)

 

 

(3.0

)

 

 

(5.7

)

 

 

(6.1

)

 

Total before tax

 

 

 

(1.1

)

 

 

(1.2

)

 

 

(2.3

)

 

 

(2.3

)

 

Benefit for income taxes

 

 

$

(1.6

)

 

$

(1.8

)

 

$

(3.4

)

 

$

(3.8

)

 

Net of tax

Total reclassifications

 

$

2.9

 

 

$

17.9

 

 

$

10.1

 

 

$

40.3

 

 

Net of tax

 

*

These AOCI components are included in the computation of net periodic pension expense (see Note 12).
Tax Effects on Each Component of Accumulated Other Comprehensive Income Recognized in Statements of Comprehensive Income

The following table shows the tax effects on each component of AOCI recognized in our condensed consolidated statements of comprehensive income (in millions):

 

 

 

Three Months Ended June 30, 2017

 

 

Six Months Ended June 30, 2017

 

 

 

Before Tax

 

 

Tax

 

 

Net of Tax

 

 

Before Tax

 

 

Tax

 

 

Net of Tax

 

Foreign currency cumulative translation adjustments

 

$

215.3

 

 

$

26.1

 

 

$

189.2

 

 

$

269.7

 

 

$

31.5

 

 

$

238.2

 

Unrealized cash flow hedge (losses)

 

 

(26.5

)

 

 

(1.7

)

 

 

(24.8

)

 

 

(63.1

)

 

 

(12.0

)

 

 

(51.1

)

Reclassification adjustments on cash flow hedges

 

 

(5.7

)

 

 

(1.2

)

 

 

(4.5

)

 

 

(16.7

)

 

 

(3.2

)

 

 

(13.5

)

Adjustments to prior service cost and unrecognized

   actuarial assumptions

 

 

0.2

 

 

 

0.7

 

 

 

(0.5

)

 

 

(3.5

)

 

 

0.5

 

 

 

(4.0

)

Total Other Comprehensive Income

 

$

183.3

 

 

$

23.9

 

 

$

159.4

 

 

$

186.4

 

 

$

16.8

 

 

$

169.6

 

 

 

 

Three Months Ended June 30, 2016

 

 

Six Months Ended June 30, 2016

 

 

 

Before Tax

 

 

Tax

 

 

Net of Tax

 

 

Before Tax

 

 

Tax

 

 

Net of Tax

 

Foreign currency cumulative translation adjustments

 

$

(78.6

)

 

$

-

 

 

$

(78.6

)

 

$

55.6

 

 

$

-

 

 

$

55.6

 

Unrealized cash flow hedge (losses) gains

 

 

(8.3

)

 

 

(9.1

)

 

 

0.8

 

 

 

(64.8

)

 

 

(21.5

)

 

 

(43.3

)

Reclassification adjustments on cash flow hedges

 

 

(25.8

)

 

 

(6.1

)

 

 

(19.7

)

 

 

(57.5

)

 

 

(13.4

)

 

 

(44.1

)

Unrealized gains on securities

 

 

-

 

 

 

-

 

 

 

-

 

 

 

0.4

 

 

 

-

 

 

 

0.4

 

Adjustments to prior service cost and unrecognized

   actuarial assumptions

 

 

2.0

 

 

 

0.9

 

 

 

1.1

 

 

 

23.4

 

 

 

2.3

 

 

 

21.1

 

Total Other Comprehensive Loss

 

$

(110.7

)

 

$

(14.3

)

 

$

(96.4

)

 

$

(42.9

)

 

$

(32.6

)

 

$

(10.3

)