Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2023

Statement of Comprehensive Income [Abstract]

Other Comprehensive Income (Loss)

Other Comprehensive Income (Loss)

The following tables summarize the activity related to each component of other comprehensive income (loss) during the three months ended June 30, 2023 and 2022:

(Amounts presented net of taxes)	Foreign Currency Translation Gains (Losses)		Net Unrealized Gains (Losses) on Available-For-Sale Securities		Defined Benefit Pension and Retiree Health Benefit Plans		Net Unrealized Gains (Losses) on Cash Flow Hedges		Accumulated Other Comprehensive Loss
Balance at April 1, 2023	$	(1,826.6)	$	(28.3)	$	(2,066.1)	$	143.7	$	(3,777.3)
Other comprehensive income (loss) before reclassifications	(58.7)		(5.9)		(5.6)		43.5		(26.7)
Net amount reclassified from accumulated other comprehensive loss	—		0.7		12.9		1.7		15.3
Net other comprehensive income (loss)	(58.7)		(5.2)		7.3		45.2		(11.4)
Balance at June 30, 2023	$	(1,885.3)	$	(33.5)	$	(2,058.8)	$	188.9	$	(3,788.7)

(Amounts presented net of taxes)	Foreign Currency Translation Gains (Losses)		Net Unrealized Gains (Losses) on Available-For-Sale Securities		Defined Benefit Pension and Retiree Health Benefit Plans		Net Unrealized Gains (Losses) on Cash Flow Hedges		Accumulated Other Comprehensive Loss
Balance at April 1, 2022	$	(1,575.2)	$	(18.1)	$	(2,531.6)	$	(100.4)	$	(4,225.3)
Other comprehensive income (loss) before reclassifications	(269.6)		(9.3)		31.7		124.8		(122.4)
Net amount reclassified from accumulated other comprehensive loss	0.6		(0.5)		56.7		3.2		60.0
Net other comprehensive income (loss)	(269.0)		(9.8)		88.4		128.0		(62.4)
Balance at June 30, 2022	$	(1,844.2)	$	(27.9)	$	(2,443.2)	$	27.6	$	(4,287.7)

The following tables summarize the activity related to each component of other comprehensive income (loss) during the six months ended June 30, 2023 and 2022:

(Amounts presented net of taxes)	Foreign Currency Translation Gains (Losses)		Net Unrealized Gains (Losses) on Available-For-Sale Securities		Defined Benefit Pension and Retiree Health Benefit Plans		Net Unrealized Gains (Losses) on Cash Flow Hedges		Accumulated Other Comprehensive Loss
Balance at January 1, 2023	$	(1,874.2)	$	(37.1)	$	(2,062.3)	$	129.0	$	(3,844.6)
Other comprehensive income (loss) before reclassifications	14.1		2.2		(22.4)		56.2		50.1
Net amount reclassified from accumulated other comprehensive loss	(25.2)		1.4		25.9		3.7		5.8
Net other comprehensive income (loss)	(11.1)		3.6		3.5		59.9		55.9
Balance at June 30, 2023	$	(1,885.3)	$	(33.5)	$	(2,058.8)	$	188.9	$	(3,788.7)

(Amounts presented net of taxes)	Foreign Currency Translation Gains (Losses)		Net Unrealized Gains (Losses) on Available-For-Sale Securities		Defined Benefit Pension and Retiree Health Benefit Plans		Net Unrealized Gains (Losses) on Cash Flow Hedges		Accumulated Other Comprehensive Loss
Balance at January 1, 2022	$	(1,550.2)	$	3.7	$	(2,583.6)	$	(213.0)	$	(4,343.1)
Other comprehensive income (loss) before reclassifications	(294.6)		(30.6)		25.1		234.2		(65.9)
Net amount reclassified from accumulated other comprehensive loss	0.6		(1.0)		115.3		6.4		121.3
Net other comprehensive income (loss)	(294.0)		(31.6)		140.4		240.6		55.4
Balance at June 30, 2022	$	(1,844.2)	$	(27.9)	$	(2,443.2)	$	27.6	$	(4,287.7)

The tax effects on the net activity related to each component of other comprehensive income (loss) were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
Tax benefit (expense)	2023		2022		2023		2022
Foreign currency translation gains/losses	$	(6.4)	$	(87.2)	$	40.1	$	(100.9)
Net unrealized gains/losses on available-for-sale securities	1.6		3.0		(1.0)		9.7
Defined benefit pension and retiree health benefit plans	(3.0)		(22.4)		(7.0)		(50.8)
Net unrealized gains/losses on cash flow hedges	(12.0)		(34.0)		(15.9)		(63.9)
Benefit (expense) for income taxes allocated to other comprehensive income (loss) items	$	(19.8)	$	(140.6)	$	16.2	$	(205.9)

Except for the tax effects of foreign currency translation gains and losses related to our foreign currency-denominated notes, cross-currency interest rate swaps, and other foreign currency exchange contracts designated as net investment hedges (see Note 5), income taxes were not provided for foreign currency translation. Generally, the assets and liabilities of foreign operations are translated into U.S. dollars using the current exchange rate. For those operations, changes in exchange rates generally do not affect cash flows; therefore, resulting translation adjustments are made in shareholders' equity rather than in the consolidated condensed statements of operations.

Reclassifications out of accumulated other comprehensive loss were as follows:

Details about Accumulated Other Comprehensive Loss Components	Three Months Ended June 30,				Six Months Ended June 30,				Affected Line Item in the Consolidated Condensed Statements of Operations
	2023		2022		2023		2022
Amortization of retirement benefit items:
Prior service benefits, net	$	(12.6)	$	(13.1)	$	(25.2)	$	(26.1)	Other–net, (income) expense
Actuarial losses, net	28.9		84.8		58.0		172.0		Other–net, (income) expense
Total before tax	16.3		71.7		32.8		145.9
Tax benefit	(3.4)		(15.0)		(6.9)		(30.6)		Income taxes
Net of tax	12.9		56.7		25.9		115.3
Other, net of tax	2.4		3.3		(20.1)		6.0		Other–net, (income) expense
Total reclassifications, net of tax	$	15.3	$	60.0	$	5.8	$	121.3