Comprehensive Earnings (Tables)

6 Months Ended

Jun. 30, 2022

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


(In millions)	June 30, 2022		December 31, 2021
Accumulated other comprehensive loss:
Net unrealized loss on marketable securities, net of tax	$	(2.1)	$	—
Net unrecognized gain and prior service cost related to defined benefit plans, net of tax	30.1		32.2
Net unrecognized gain on derivatives in cash flow hedging relationships, net of tax	22.7		9.2
Net unrecognized gain on derivatives in net investment hedging relationships, net of tax	471.6		16.7
Foreign currency translation adjustment	(3,421.5)		(1,802.4)
	$	(2,899.2)	$	(1,744.3)

Components of accumulated other comprehensive loss, before tax, consist of the following, for the three and six months ended June 30, 2022 and 2021:


	Three Months Ended June 30, 2022
	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 March 31, 2022, net of tax			$	9.4	$	173.1	$	(1.3)	$	29.4	$	(2,271.6)	$	(2,061.0)
Other comprehensive earnings (loss) before reclassifications, before tax			44.6		384.4		(1.0)		0.4		(1,149.9)		(721.5)
Amounts reclassified from accumulated other comprehensive earnings (loss), before tax:
Gain on foreign exchange forward contracts classified as cash flow hedges, included in net sales	(28.1)		(28.1)										(28.1)
Loss on interest rate swaps classified as cash flow hedges, included in interest expense		1.1	1.1										1.1

Amortization of actuarial loss included in SG&A									0.1				0.1
Net other comprehensive earnings (loss), before tax			17.6		384.4		(1.0)		0.5		(1,149.9)		(748.4)
Income tax provision (benefit)			4.3		85.9		(0.2)		(0.2)		—		89.8

Balance at June 30, 2022, net of tax			$	22.7	$	471.6	$	(2.1)	$	30.1	$	(3,421.5)	$	(2,899.2)


	Six Months Ended June 30, 2022
	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, 2021, net of tax			$	9.2	$	16.7	$	—	$	32.2	$	(1,802.4)	$	(1,744.3)
Other comprehensive earnings (loss) before reclassifications, before tax			57.9		585.7		(2.7)		(2.3)		(1,619.1)		(980.5)
Amounts reclassified from accumulated other comprehensive earnings (loss), before tax:
Gain on foreign exchange forward contracts classified as cash flow hedges, included in net sales	(42.3)		(42.3)										(42.3)
Loss on interest rate swaps classified as cash flow hedges, included in interest expense		2.2	2.2										2.2
Amortization of prior service costs included in SG&A									0.1				0.1
Amortization of actuarial loss included in SG&A									0.1				0.1
Net other comprehensive earnings (loss), before tax			17.8		585.7		(2.7)		(2.1)		(1,619.1)		(1,020.4)
Income tax provision (benefit)			4.3		130.8		(0.6)		—		—		134.5

Balance at June 30, 2022, net of tax			$	22.7	$	471.6	$	(2.1)	$	30.1	$	(3,421.5)	$	(2,899.2)


	Three Months Ended June 30, 2021
	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 March 31, 2021, net of tax			$	(15.5)	$	(161.3)	$	0.2	$	(26.3)	$	(1,182.7)	$	(1,385.6)
Other comprehensive earnings (loss) before reclassifications, before tax			15.0		(77.4)		0.2		72.2		160.7		170.7
Amounts reclassified from accumulated other comprehensive earnings (loss), before tax:
Gain on foreign exchange forward contracts classified as cash flow hedges, included in net sales	(3.6)		(3.6)										(3.6)
Loss on interest rate swaps classified as cash flow hedges, included in interest expense		1.0	1.0										1.0
Amortization of prior service costs included in SG&A									(0.2)				(0.2)
Amortization of actuarial loss included in SG&A									0.5				0.5
Net other comprehensive earnings (loss), before tax			12.4		(77.4)		0.2		72.5		160.7		168.4
Income tax provision (benefit)			3.1		(17.9)		—		2.6		—		(12.2)

Balance at June 30, 2021, net of tax			$	(6.2)	$	(220.8)	$	0.4	$	43.6	$	(1,022.0)	$	(1,205.0)


	Six Months Ended June 30, 2021
	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, 2020, net of tax			$	(18.0)	$	(353.6)	$	1.2	$	(26.1)	$	(461.5)	$	(858.0)
Other comprehensive earnings (loss) before reclassifications, before tax			23.3		150.0		(0.7)		72.8		(560.5)		(315.1)
Amounts reclassified from accumulated other comprehensive earnings (loss), before tax:
Gain on foreign exchange forward contracts classified as cash flow hedges, included in net sales	(9.7)		(9.7)										(9.7)
Loss on interest rate swaps classified as cash flow hedges, included in interest expense		2.1	2.1										2.1
Amortization of prior service costs included in SG&A									(0.3)				(0.3)
Amortization of actuarial loss included in SG&A									0.8				0.8
Net other comprehensive earnings (loss), before tax			15.7		150.0		(0.7)		73.3		(560.5)		(322.2)
Income tax provision			3.9		17.2		0.1		3.6		—		24.8

Balance at June 30, 2021, net of tax			$	(6.2)	$	(220.8)	$	0.4	$	43.6	$	(1,022.0)	$	(1,205.0)