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Other Comprehensive Loss
 12 Months Ended
Dec. 31, 2019
Equity [Abstract]  
Other Comprehensive Loss

Note 14. Other Comprehensive Loss

The components of other comprehensive loss and income tax expense allocated to each component for the years ended December 31, 2019, 2018 and 2017 were as follows:

 

 

2019

 

 

2018

 

 

2017

 

 

Before

Tax

Amount

 

 

Income Tax

 

 

Net of

Tax

Amount

 

 

Before

Tax

Amount

 

 

Income Tax

 

 

Net of

Tax

Amount

 

 

Before

Tax

Amount

 

 

Income Tax

 

 

Net of

Tax

Amount

 

Translation adjustments

$

7.0

 

 

$

—

 

 

$

7.0

 

 

$

(39.9

)

 

$

—

 

 

$

(39.9

)

 

$

57.1

 

 

$

—

 

 

$

57.1

 

Adjustment for net periodic pension and OPEB plan cost

 

(39.8

)

 

 

(9.3

)

 

 

(30.5

)

 

 

15.3

 

 

 

3.9

 

 

 

11.4

 

 

 

22.4

 

 

 

7.5

 

 

 

14.9

 

Adjustment for available-for-sale securities

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(122.3

)

 

 

(3.0

)

 

 

(119.3

)

Changes in fair value of derivatives

 

1.0

 

 

 

—

 

 

 

1.0

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Other comprehensive loss

$

(31.8

)

 

$

(9.3

)

 

$

(22.5

)

 

$

(24.6

)

 

$

3.9

 

 

$

(28.5

)

 

$

(42.8

)

 

$

4.5

 

 

$

(47.3

)

 

The following table summarizes changes in accumulated other comprehensive loss by component for the years ended December 31, 2019, 2018 and 2017:

 

 

Changes in the Fair Value of Derivatives

 

 

Changes in the Fair Value of Available-for-Sale Securities

 

 

Pension and OPEB Plan Cost

 

 

Translation Adjustments

 

 

Total

 

Balance at January 1, 2017

$

—

 

 

$

119.3

 

 

$

(159.5

)

 

$

(15.5

)

 

$

(55.7

)

Other comprehensive (loss) income before reclassifications

 

—

 

 

 

(48.5

)

 

 

10.6

 

 

 

53.6

 

 

 

15.7

 

Amounts reclassified from accumulated other comprehensive loss

 

—

 

 

 

(70.8

)

 

 

4.3

 

 

 

2.8

 

 

 

(63.7

)

Net change in accumulated other comprehensive loss

 

—

 

 

 

(119.3

)

 

 

14.9

 

 

 

56.4

 

 

 

(48.0

)

Balance at December 31, 2017

$

—

 

 

$

—

 

 

$

(144.6

)

 

$

40.9

 

 

$

(103.7

)

Other comprehensive income (loss) before reclassifications

 

—

 

 

 

—

 

 

 

6.4

 

 

 

(39.5

)

 

 

(33.1

)

Amounts reclassified from accumulated other comprehensive loss

 

—

 

 

 

—

 

 

 

4.4

 

 

 

—

 

 

 

4.4

 

Impact of adopting ASU 2018-02

 

—

 

 

 

—

 

 

 

(22.0

)

 

 

—

 

 

 

(22.0

)

Other

 

—

 

 

 

—

 

 

 

0.6

 

 

 

—

 

 

 

0.6

 

Net change in accumulated other comprehensive loss

 

—

 

 

 

—

 

 

 

(10.6

)

 

 

(39.5

)

 

 

(50.1

)

Balance at December 31, 2018

$

—

 

 

$

—

 

 

$

(155.2

)

 

$

1.4

 

 

$

(153.8

)

Other comprehensive income (loss) before reclassifications

 

1.1

 

 

 

—

 

 

 

(29.7

)

 

 

3.0

 

 

 

(25.6

)

Amounts reclassified from accumulated other comprehensive loss

 

(0.1

)

 

 

—

 

 

 

(0.8

)

 

 

4.1

 

 

 

3.2

 

Net change in accumulated other comprehensive loss

 

1.0

 

 

 

—

 

 

 

(30.5

)

 

 

7.1

 

 

 

(22.4

)

Balance at December 31, 2019

$

1.0

 

 

$

—

 

 

$

(185.7

)

 

$

8.5

 

 

$

(176.2

)

As of July 1, 2018, we adopted ASU 2018-02, “Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income,” which resulted in a decrease to Accumulated deficit and increase to Accumulated other comprehensive loss of $22.0 million. See Note 18, New Accounting Pronouncements, for further discussion.

Reclassifications from accumulated other comprehensive loss for the year ended December 31, 2019, 2018 and 2017 were as follows:

 

 

2019

 

 

2018

 

 

2017

 

 

Classification in the

Consolidated Statements of Operations

Translation Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized loss

$

4.1

 

 

$

—

 

 

$

2.8

 

 

(a)

Reclassifications, net of tax

$

4.1

 

 

$

—

 

 

$

2.8

 

 

 

Amortization of pension and OPEB plan cost:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net actuarial loss

$

4.4

 

 

$

7.3

 

 

$

7.2

 

 

(b)

Net prior service credit

 

(5.4

)

 

 

(3.3

)

 

 

(2.8

)

 

(b)

Curtailments and settlements

 

(0.1

)

 

 

1.9

 

 

 

1.6

 

 

(b)

Reclassifications before tax

 

(1.1

)

 

 

5.9

 

 

 

6.0

 

 

 

Income tax expense

 

(0.3

)

 

 

1.5

 

 

 

1.7

 

 

 

Reclassifications, net of tax

$

(0.8

)

 

$

4.4

 

 

$

4.3

 

 

 

Available-for-sale securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gain on equity securities

$

—

 

 

$

—

 

 

$

(52.8

)

 

(c)

Reclassifications before tax

 

—

 

 

 

—

 

 

 

(52.8

)

 

 

Income tax expense

 

—

 

 

 

—

 

 

 

18.0

 

 

 

Reclassifications, net of tax

$

—

 

 

$

—

 

 

$

(70.8

)

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gain

$

(0.1

)

 

$

—

 

 

$

—

 

 

(d)

Reclassifications, net of tax

$

(0.1

)

 

$

—

 

 

$

—

 

 

 

Total reclassifications, net of tax

$

3.2

 

 

$

4.4

 

 

$

(63.7

)

 

 

(a)

Included within selling, general and administrative expenses in the Consolidated Statements of Operations.

(b)

These accumulated other comprehensive (loss) income components are included in the calculation of net periodic pension and OPEB plan (income) expense recognized in cost of sales and net investment and other income in the Consolidated Statements of Operations (see Note 9, Retirement Plans).

(c)

Included within net investment and other income in the Consolidated Statements of Operations.

(d)

Included within net interest expense in the Consolidated Statements of Operations.