Comprehensive Earnings

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Comprehensive Earnings

Comprehensive (Loss) Earnings

Accumulated other comprehensive loss, as reflected in the consolidated balance sheets, is comprised of the following:

(In millions)	December 31, 2020		December 31, 2019
Accumulated other comprehensive loss:
Net unrealized gain on marketable securities, net of tax	$	1.2	$	0.6
Net unrecognized (loss) gain and prior service cost related to defined benefit plans, net of tax	(26.1)		(17.4)
Net unrecognized loss on derivatives in cash flow hedging relationships, net of tax	(18.0)		(31.6)
Net unrecognized loss on derivatives in net investment hedging relationships, net of tax	(353.6)		(74.3)
Foreign currency translation adjustment	(461.5)		(1,674.5)
	$	(858.0)	$	(1,797.2)

Components of accumulated other comprehensive (loss) earnings, before tax, consist of the following:

	Year Ended December 31, 2020
	Gains and Losses on Derivatives in Cash Flow Hedging Relationships				Gains and Losses on Net Investment Hedges		Gains and Losses on Marketable Securities		Defined Pension Plan Items		Foreign Currency Translation Adjustment		Totals
(In millions)	Foreign Currency Forward Contracts	Interest Rate Swaps	Total
Balance at December 31, 2019, net of tax			$	(31.6)	$	(74.3)	$	0.6	$	(17.4)	$	(1,674.5)	$	(1,797.2)
Other comprehensive (loss) earnings before reclassifications, before tax			18.5		(305.2)		0.6		(12.1)		1,213.0		914.8
Amounts reclassified from accumulated other comprehensive (loss) earnings, before tax:
Gain on foreign exchange forward contracts classified as cash flow hedges, included in net sales	(4.8)		(4.8)										(4.8)
Loss on interest rate swaps classified as cash flow hedges, included in interest expense		4.5	4.5										4.5
Amortization of prior service costs included in SG&A									—				—
Amortization of actuarial loss included in SG&A									(1.9)				(1.9)
Net other comprehensive (loss) earnings, before tax			18.2		(305.2)		0.6		(14.0)		1,213.0		912.6
Income tax provision (benefit)			4.6		(25.9)		—		(5.3)		—		(26.6)
Balance at December 31, 2020, net of tax			$	(18.0)	$	(353.6)	$	1.2	$	(26.1)	$	(461.5)	$	(858.0)

	Year Ended December 31, 2019
	Gains and Losses on Derivatives in Cash Flow Hedging Relationships				Gains and Losses on Net Investment Hedges		Gains and Losses on Marketable Securities		Defined Pension Plan Items		Foreign Currency Translation Adjustment		Totals
(In millions)	Foreign Currency Forward Contracts	Interest Rate Swaps	Total
Balance at December 31, 2018, net of tax			$	(53.1)	$	(130.9)	$	—	$	1.7	$	(1,259.0)	$	(1,441.3)
Other comprehensive earnings (loss) before reclassifications, before tax			29.3		59.6		0.5		(21.0)		(415.5)		(347.1)
Amounts reclassified from accumulated other comprehensive (loss) earnings, before tax:
Loss on foreign exchange forward contracts classified as cash flow hedges, included in net sales	0.7		0.7										0.7
Loss on interest rate swaps classified as cash flow hedges, included in interest expense		7.1	7.1										7.1
Amortization of prior service costs included in SG&A									(0.9)				(0.9)
Amortization of actuarial loss included in SG&A									(2.9)				(2.9)
Net other comprehensive earnings (loss), before tax			37.1		59.6		0.5		(24.8)		(415.5)		(343.1)
Income tax provision (benefit)			12.2		3.0		(0.1)		(5.9)		—		9.2
Cumulative effect of the adoption of new accounting standards			$	(3.4)	$	—	$	—	$	(0.2)	$	—	$	(3.6)
Balance at December 31, 2019, net of tax			$	(31.6)	$	(74.3)	$	0.6	$	(17.4)	$	(1,674.5)	$	(1,797.2)

	Year Ended December 31, 2018
	Gains and Losses on Derivatives in Cash Flow Hedging Relationships				Gains and Losses on Net Investment Hedges		Gains and Losses on Marketable Securities		Defined Pension Plan Items		Foreign Currency Translation Adjustment		Totals
(In millions)	Foreign Currency Forward Contracts	Interest Rate Swaps	Total
Balance at December 31, 2017, net of tax			$	(3.7)	$	(239.8)	$	10.1	$	6.0	$	(133.8)	$	(361.2)
Other comprehensive (loss) earnings before reclassifications, before tax			(80.7)		111.6		(0.1)		(3.0)		(1,125.2)		(1,097.4)
Amounts reclassified from accumulated other comprehensive (loss) earnings, before tax:
Gain on foreign exchange forward contracts classified as cash flow hedges, included in net sales	(6.2)		(6.2)										(6.2)
Loss on interest rate swaps classified as cash flow hedges, included in interest expense		7.7	7.7										7.7
Amortization of prior service costs included in SG&A									(0.4)				(0.4)
Amortization of actuarial gain included in SG&A									(0.4)				(0.4)
Net other comprehensive (loss) earnings, before tax			(79.2)		111.6		(0.1)		(3.8)		(1,125.2)		(1,096.7)
Income tax (benefit) provision			(27.3)		2.7		—		0.5		—		(24.1)
Cumulative effect of the adoption of new accounting standards			2.5		—		(10.0)		—		—		(7.5)
Balance at December 31, 2018, net of tax			$	(53.1)	$	(130.9)	$	—	$	1.7	$	(1,259.0)	$	(1,441.3)