Comprehensive Income

12 Months Ended

Dec. 31, 2020

Comprehensive Income (Loss)

The following table presents reclassification adjustments out of Accumulated other comprehensive loss during the years ended December 31, 2020, 2019 and 2018:


(in millions)
Details about Accumulated other comprehensive loss components	2020		2019		2018		Affected line item in the statement where net income is presented
Amount of loss reclassified into earnings from foreign currency:
Foreign currency cumulative translation adjustment	$	—	$	(13.9)	$	—	Net (loss) earnings from discontinued operations, net of tax

	—		(13.9)		—		Net (loss) earnings from discontinued operations, net of tax
	—		0.1		—		Net (loss) earnings from discontinued operations, net of tax
	$	—	$	(13.8)	$	—	Net (loss) earnings from discontinued operations, net of tax

Amortization of defined benefit items:
Prior service credits	$	0.7	$	0.7	$	0.7	Other expense, net (A)
Net actuarial losses	(1.1)		(6.2)		(10.3)		Other expense, net (A)
Net actuarial losses	—		(292.8)		—		Pension settlement benefit (charge) (A) (B)
	(0.4)		(298.3)		(9.6)		Earnings before income taxes
	0.1		(15.0)		2.2		Income tax provision (B)
	$	(0.3)	$	(313.3)	$	(7.4)	Net earnings from continuing operations(B)

Amount of gain (loss) reclassified into earnings on derivative contracts:
Interest rate contracts	$	(0.6)	$	(0.6)	$	(0.9)	Interest expense
Foreign exchange contracts	7.4		10.8		(2.5)		Cost of sales

Commodity Contracts	0.0		—		—		Cost of sales
	6.8		10.2		(3.4)		Earnings before income taxes
	(1.8)		(3.0)		0.8		Income tax provision
	$	5.0	$	7.2	$	(2.6)	Net earnings from continuing operations

(A) These Accumulated other comprehensive loss components are included in the computation of net pension and other benefit costs. See Note 17 – Postretirement Benefits for additional details.

(B) In 2019, the Company fully exited its qualified benefit pension plans and as a result, recorded a pre-tax settlement charge of $292.8 million. The income tax impact of the settlement action was a net provision of $17.5 million, consisting of an income tax benefit of $73.9 million associated with the pension settlement charge netted against an income tax charge of $91.4 million resulting from the release of disproportionate tax effects in Accumulated other comprehensive loss. Refer to Note 17 – Postretirement Benefits and Note 12 – Income Taxes in the Notes to Consolidated Financial Statements for further information on the pension settlement and related income tax consequences, respectively.