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Accumulated Other Comprehensive Income (Loss)
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Accumulated Other Comprehensive Income (Loss)

11. Accumulated Other Comprehensive Income (Loss)

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

 

 

 

Year Ended December 31,

 

 

 

2023

 

 

2022

 

 

2021

 

Defined Benefit Plans:

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

2.8

 

 

$

(21.4

)

 

$

(19.8

)

Actuarial gain arising during the period

 

 

4.3

 

 

 

27.0

 

 

 

8.0

 

Less: income tax expense

 

 

(1.0

)

 

 

(6.5

)

 

 

(1.9

)

Net actuarial gain arising during the period

 

 

3.3

 

 

 

20.5

 

 

 

6.1

 

Prior service credit (cost) arising during the period

 

 

2.2

 

 

 

—

 

 

 

(14.0

)

Less: income tax (expense) benefit

 

 

(0.5

)

 

 

—

 

 

 

3.3

 

Net prior service credit (cost) arising during the period

 

 

1.7

 

 

 

—

 

 

 

(10.7

)

Amortization of net actuarial (gain) loss1

 

 

(1.1

)

 

 

—

 

 

 

0.4

 

Amortization of prior service cost1

 

 

5.3

 

 

 

4.9

 

 

 

3.5

 

Less: income tax expense2

 

 

(1.0

)

 

 

(1.2

)

 

 

(0.9

)

Net amortization reclassified from AOCI to Net income (loss)

 

 

3.2

 

 

 

3.7

 

 

 

3.0

 

Other comprehensive income (loss), net of tax

 

 

8.2

 

 

 

24.2

 

 

 

(1.6

)

Ending balance

 

$

11.0

 

 

$

2.8

 

 

$

(21.4

)

 

 

 

 

 

 

 

 

 

Cash Flow Hedges:

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

0.4

 

 

$

17.7

 

 

$

1.1

 

Unrealized (loss) gain on cash flow hedges

 

 

(10.7

)

 

 

(12.2

)

 

 

63.6

 

Less: income tax benefit (expense)

 

 

2.5

 

 

 

2.9

 

 

 

(15.0

)

Net unrealized (loss) gain on cash flow hedges

 

 

(8.2

)

 

 

(9.3

)

 

 

48.6

 

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

 

 

12.9

 

 

 

(10.5

)

 

 

(41.9

)

Less: income tax (expense) benefit2

 

 

(3.0

)

 

 

2.5

 

 

 

9.9

 

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

 

 

9.9

 

 

 

(8.0

)

 

 

(32.0

)

Other comprehensive income (loss), net of tax

 

 

1.7

 

 

 

(17.3

)

 

 

16.6

 

Ending balance3

 

$

2.1

 

 

$

0.4

 

 

$

17.7

 

 

 

 

 

 

 

 

 

 

Total AOCI ending balance

 

$

13.1

 

 

$

3.2

 

 

$

(3.7

)

 

1.
Amounts amortized out of AOCI related to pension and other postretirement benefits were included within Net periodic postretirement benefit cost (see Note 5).
2.
Income tax amounts reclassified out of AOCI were included as a component of Income tax (provision) benefit.
3.
As of December 31, 2023, we estimate a net mark-to-market gain before tax of $2.2 million in AOCI will be reclassified into Net income (loss) upon settlement within the next 12 months.