| Accumulated Other Comprehensive Loss The following table presents the changes in the accumulated balances for each component of AOCI for the periods presented (in millions of dollars): | | | | | | | | | | | | Quarter Ended | | | March 31, | | | 2020 | | 2019 | Defined Benefit Pension Plan and Salaried VEBA: | | | | | Beginning balance | | $ | (33.2 | ) | | $ | (35.6 | ) | Amortization of net actuarial loss1 | | 0.1 |
| | 0.1 |
| Amortization of prior service cost1 | | 1.2 |
| | 1.4 |
| Less: income tax expense2 | | (0.3 | ) | | (0.4 | ) | Net amortization reclassified from AOCI to Net income | | 1.0 |
| | 1.1 |
| Other comprehensive income, net of tax | | 1.1 |
| | 1.1 |
| Ending balance | | $ | (32.1 | ) | | $ | (34.5 | ) | | | | | | Available for Sale Securities: | | | | | Beginning balance | | $ | 0.3 |
| | $ | 0.3 |
| Unrealized gain on available for sale securities | | 1.3 |
| | 1.0 |
| Less: income tax expense | | (0.3 | ) | | (0.3 | ) | Net unrealized gain on available for sale securities | | 1.0 |
| | 0.7 |
| Reclassification of unrealized gain upon sale of available for sale securities3 | | (1.5 | ) | | (1.2 | ) | Less: income tax benefit2 | | 0.3 |
| | 0.3 |
| Net gain reclassified from AOCI to Net income | | (1.2 | ) | | (0.9 | ) | Other comprehensive loss, net of tax | | (0.2 | ) | | (0.2 | ) | Ending balance | | $ | 0.1 |
| | $ | 0.1 |
| | | | | |
| | | | | | | | | | | | Quarter Ended | | | March 31, | | | 2020 | | 2019 | Cash Flow Hedges: | | | | | Beginning balance | | $ | (5.6 | ) | | $ | (13.4 | ) | Unrealized (loss) gain on cash flow hedges | | (27.9 | ) | | 7.4 |
| Less: income tax benefit (expense) | | 6.8 |
| | (1.8 | ) | Net unrealized (loss) gain on cash flow hedges | | (21.1 | ) | | 5.6 |
| Reclassification of unrealized loss upon settlement of cash flow hedges4 | | 7.0 |
| | 4.2 |
| Less: income tax expense2 | | (1.8 | ) | | (1.0 | ) | Net loss reclassified from AOCI to Net income | | 5.2 |
| | 3.2 |
| Other comprehensive (loss) income, net of tax | | (15.9 | ) | | 8.8 |
| Ending balance | | $ | (21.5 | ) | | $ | (4.6 | ) | | | | | | Fair Value Hedges: | | | | | Beginning balance | | $ | — |
| | $ | — |
| Unrealized loss on fair value hedges | | (0.8 | ) | | — |
| Less: income tax benefit | | 0.2 |
| | — |
| Net unrealized loss on fair value hedges | | (0.6 | ) | | — |
| Excluded component amortized from OCI to Net income5 | | 0.2 |
| | — |
| Less: income tax expense2 | | (0.1 | ) | | — |
| Net loss reclassified from AOCI to Net income | | 0.1 |
| | — |
| Other comprehensive loss, net of tax | | (0.5 | ) | | — |
| Ending balance | | $ | (0.5 | ) | | $ | — |
| | | | | | Foreign Currency Translation: | | | | | Beginning balance | | $ | (0.1 | ) | | $ | (0.1 | ) | Other comprehensive income, net of tax | | — |
| | — |
| Ending balance | | $ | (0.1 | ) | | $ | (0.1 | ) | | | | | | Total AOCI ending balance | | $ | (54.1 | ) | | $ | (39.1 | ) |
____________________ | | 1 | Amounts amortized out of AOCI relating to Salaried VEBA adjustments were included within Other (expense) income, net, as a component of Net periodic postretirement benefit cost relating to Salaried VEBA. |
| | 2 | Income tax amounts reclassified out of AOCI were included as a component of Income tax provision. |
| | 3 | Amounts reclassified out of AOCI relating to sales of available for sale securities were included as a component of Other (expense) income, net. We use the specific identification method to determine the amount reclassified out of AOCI. |
| | 4 | Amounts reclassified out of AOCI relating to cash flow hedges were included as a component of COGS. As of March 31, 2020, we estimate a net mark-to-market loss before tax of $18.1 million in AOCI will be reclassified into Net income within the next 12 months. |
5 Amounts reclassified out of AOCI relating to fair value hedges were included as a component of depreciation expense. As of March 31, 2020, we estimate a net mark-to-market loss before tax of $0.6 million in AOCI will be reclassified into Net income within the next 12 months.
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