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Accumulated Other Comprehensive Loss
 6 Months Ended
Jun. 30, 2023
Equity [Abstract]  
Accumulated Other Comprehensive Loss

8. Accumulated Other Comprehensive Loss

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

 

 

 

Quarter Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Defined Benefit Plans:

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

3.5

 

 

$

(20.5

)

 

$

2.8

 

 

$

(21.4

)

Actuarial (loss) gain arising during the period

 

 

(0.6

)

 

 

—

 

 

 

(0.6

)

 

 

—

 

Less: income tax benefit

 

 

0.1

 

 

 

—

 

 

 

0.1

 

 

 

—

 

Net actuarial (loss) gain arising during the period

 

 

(0.5

)

 

 

—

 

 

 

(0.5

)

 

 

—

 

Prior service cost arising during the period

 

 

(6.6

)

 

 

—

 

 

 

(6.6

)

 

 

—

 

Less: income tax benefit

 

 

1.6

 

 

 

—

 

 

 

1.6

 

 

 

—

 

Net prior service cost arising during the period

 

 

(5.0

)

 

 

—

 

 

 

(5.0

)

 

 

—

 

Amortization of net actuarial (gain) loss1

 

 

(0.3

)

 

 

—

 

 

 

(0.6

)

 

 

—

 

Amortization of prior service cost1

 

 

1.4

 

 

 

1.3

 

 

 

2.6

 

 

 

2.5

 

Less: income tax expense2

 

 

(0.2

)

 

 

(0.4

)

 

 

(0.4

)

 

 

(0.7

)

Net amortization reclassified from AOCI to Net income (loss)

 

 

0.9

 

 

 

0.9

 

 

 

1.6

 

 

 

1.8

 

Other comprehensive (loss) income, net of tax

 

 

(4.6

)

 

 

0.9

 

 

 

(3.9

)

 

 

1.8

 

Ending balance

 

$

(1.1

)

 

$

(19.6

)

 

$

(1.1

)

 

$

(19.6

)

 

 

 

 

 

 

 

 

 

 

 

 

Cash Flow Hedges:

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

(1.4

)

 

$

34.8

 

 

$

0.4

 

 

$

17.7

 

Unrealized loss on cash flow hedges

 

 

(9.0

)

 

 

(50.7

)

 

 

(11.6

)

 

 

(8.4

)

Less: income tax benefit

 

 

2.1

 

 

 

12.0

 

 

 

2.7

 

 

 

2.0

 

Net unrealized loss on cash flow hedges

 

 

(6.9

)

 

 

(38.7

)

 

 

(8.9

)

 

 

(6.4

)

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

 

 

5.5

 

 

 

2.9

 

 

 

5.7

 

 

 

(17.0

)

Less: income tax (expense) benefit2

 

 

(1.3

)

 

 

(0.7

)

 

 

(1.3

)

 

 

4.0

 

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

 

 

4.2

 

 

 

2.2

 

 

 

4.4

 

 

 

(13.0

)

Other comprehensive loss, net of tax

 

 

(2.7

)

 

 

(36.5

)

 

 

(4.5

)

 

 

(19.4

)

Ending balance3

 

$

(4.1

)

 

$

(1.7

)

 

$

(4.1

)

 

$

(1.7

)

 

 

 

 

 

 

 

 

 

 

 

 

Total AOCI ending balance

 

$

(5.2

)

 

$

(21.3

)

 

$

(5.2

)

 

$

(21.3

)

 

1
Amounts amortized out of AOCI related to pension and other postretirement benefits were included within Net periodic postretirement benefit cost (see Note 3).
2
Income tax amounts reclassified out of AOCI were included as a component of Income tax (provision) benefit.
3
As of June 30, 2023, we estimate a net mark-to-market loss before tax of $6.0 million in AOCI will be reclassified into Net income (loss) upon settlement within the next 12 months.