XML 45 R22.htm IDEA: XBRL DOCUMENT v3.20.4
Other Comprehensive Income (Loss)
12 Months Ended
Dec. 31, 2020
Equity [Abstract]  
Other Comprehensive Income (Loss)

Note 15. Other Comprehensive Income (Loss)

The components of other comprehensive income (loss) and income tax expense allocated to each component for the years ended December 31, 2020, 2019 and 2018 were as follows:

 

 

2020

 

 

2019

 

 

2018

 

 

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

$

27.8

 

 

$

 

 

$

27.8

 

 

$

7.0

 

 

$

 

 

$

7.0

 

 

$

(39.9

)

 

$

 

 

$

(39.9

)

Adjustment for net periodic pension and OPEB plan cost

 

10.3

 

 

 

3.1

 

 

 

7.2

 

 

 

(39.8

)

 

 

(9.3

)

 

 

(30.5

)

 

 

15.3

 

 

 

3.9

 

 

 

11.4

 

Changes in fair value of derivatives

 

(15.6

)

 

 

(3.6

)

 

 

(12.0

)

 

 

1.0

 

 

 

 

 

 

1.0

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss)

$

22.5

 

 

$

(0.5

)

 

$

23.0

 

 

$

(31.8

)

 

$

(9.3

)

 

$

(22.5

)

 

$

(24.6

)

 

$

3.9

 

 

$

(28.5

)

 

 

The following table summarizes changes in accumulated other comprehensive loss by component for the years ended December 31, 2020, 2019 and 2018:

 

 

Changes in the Fair Value of Derivatives

 

 

Pension and OPEB Plan Cost

 

 

Translation Adjustments

 

 

Total

 

Balance at January 1, 2018

$

 

 

$

(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

)

Other comprehensive (loss) income before reclassifications

 

(15.4

)

 

 

2.8

 

 

 

27.1

 

 

 

14.5

 

Amounts reclassified from accumulated other comprehensive loss

 

3.4

 

 

 

4.4

 

 

 

 

 

 

7.8

 

Net change in accumulated other comprehensive loss

 

(12.0

)

 

 

7.2

 

 

 

27.1

 

 

 

22.3

 

Balance at December 31, 2020

$

(11.0

)

 

$

(178.5

)

 

$

35.6

 

 

$

(153.9

)

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.

Reclassifications from accumulated other comprehensive loss for the year ended December 31, 2020, 2019 and 2018 were as follows:

 

 

2020

 

 

2019

 

 

2018

 

 

Classification in the

Consolidated Statements of Operations

Translation Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized loss

$

 

 

$

4.1

 

 

$

 

 

(a)

Reclassifications, net of tax

$

 

 

$

4.1

 

 

$

 

 

 

Amortization of pension and OPEB plan cost:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net actuarial loss

$

9.3

 

 

$

4.4

 

 

$

7.3

 

 

(b)

Net prior service credit

 

(5.3

)

 

 

(5.4

)

 

 

(3.3

)

 

(b)

Curtailments and settlements

 

1.4

 

 

 

(0.1

)

 

 

1.9

 

 

(b)

Reclassifications before tax

 

5.4

 

 

 

(1.1

)

 

 

5.9

 

 

 

Income tax benefit (expense)

 

1.0

 

 

 

(0.3

)

 

 

1.5

 

 

 

Reclassifications, net of tax

$

4.4

 

 

$

(0.8

)

 

$

4.4

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized loss (gain)

$

3.4

 

 

$

(0.1

)

 

$

 

 

(c)

Reclassifications, net of tax

$

3.4

 

 

$

(0.1

)

 

$

 

 

 

Total reclassifications, net of tax

$

7.8

 

 

$

3.2

 

 

$

4.4

 

 

 

(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 10, Retirement Plans).

(c)

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