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Accumulated Other Comprehensive (Loss) Income (Tables)
 9 Months Ended
Sep. 30, 2022
Equity [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss)

The following table presents the changes in the accumulated balances for each component of AOCI (in millions of dollars):

 

 

 

Quarter Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Defined Benefit Pension Plans and Salaried VEBA:

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

(19.6

)

 

$

(18.4

)

 

$

(21.4

)

 

$

(19.8

)

Amortization of net actuarial loss1

 

 

—

 

 

 

0.1

 

 

 

—

 

 

 

0.3

 

Amortization of prior service cost1

 

 

1.2

 

 

 

0.9

 

 

 

3.7

 

 

 

2.6

 

Less: income tax expense2

 

 

(0.2

)

 

 

(0.2

)

 

 

(0.9

)

 

 

(0.7

)

Other comprehensive income, net of tax

 

 

1.0

 

 

 

0.8

 

 

 

2.8

 

 

 

2.2

 

Ending balance

 

$

(18.6

)

 

$

(17.6

)

 

$

(18.6

)

 

$

(17.6

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Flow Hedges:

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

(1.7

)

 

$

24.8

 

 

$

17.7

 

 

$

1.1

 

Unrealized (loss) gain on cash flow hedges

 

 

(9.8

)

 

 

29.8

 

 

 

(18.2

)

 

 

72.1

 

Less: income tax benefit (expense)

 

 

2.2

 

 

 

(7.0

)

 

 

4.2

 

 

 

(17.0

)

Net unrealized (loss) gain on cash flow hedges

 

 

(7.6

)

 

 

22.8

 

 

 

(14.0

)

 

 

55.1

 

Reclassification of unrealized loss (gain) upon settlement of cash flow hedges

 

 

8.1

 

 

 

(16.7

)

 

 

(8.9

)

 

 

(28.1

)

Less: income tax (expense) benefit2

 

 

(1.9

)

 

 

3.9

 

 

 

2.1

 

 

 

6.7

 

Net loss (gain) reclassified from AOCI to Net income (loss)

 

 

6.2

 

 

 

(12.8

)

 

 

(6.8

)

 

 

(21.4

)

Other comprehensive (loss) income, net of tax

 

 

(1.4

)

 

 

10.0

 

 

 

(20.8

)

 

 

33.7

 

Ending balance3

 

$

(3.1

)

 

$

34.8

 

 

$

(3.1

)

 

$

34.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign Currency Translation:

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

—

 

 

$

(0.1

)

 

$

—

 

 

$

—

 

Other comprehensive income (loss), net of tax

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(0.1

)

Ending balance

 

$

—

 

 

$

(0.1

)

 

$

—

 

 

$

(0.1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Total AOCI ending balance

 

$

(21.7

)

 

$

17.1

 

 

$

(21.7

)

 

$

17.1

 

 

1
Amounts amortized out of AOCI relating to Salaried VEBA adjustments were included within Other income (expense), 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) benefit.
3
As of September 30, 2022, we estimate a net mark-to-market loss before tax of $7.6 million in AOCI will be reclassified into Net income (loss) upon settlement within the next 12 months.