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Accumulated Other Comprehensive Loss
 6 Months Ended
Jun. 30, 2020
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 for the periods presented (in millions of dollars):

 

 

 

Quarter Ended

June 30,

 

 

Six Months Ended

June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Defined Benefit Pension Plan and Salaried VEBA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

(32.1

)

 

$

(34.5

)

 

$

(33.2

)

 

$

(35.6

)

Amortization of net actuarial loss1

 

 

0.1

 

 

 

0.1

 

 

 

0.2

 

 

 

0.2

 

Amortization of prior service cost1

 

 

1.1

 

 

 

1.4

 

 

 

2.3

 

 

 

2.8

 

Less: income tax expense2

 

 

(0.3

)

 

 

(0.4

)

 

 

(0.6

)

 

 

(0.8

)

Net amortization reclassified from AOCI to Net (loss) income

 

 

0.9

 

 

 

1.1

 

 

 

1.9

 

 

 

2.2

 

Translation impact on Canadian pension plan AOCI balance

 

 

—

 

 

 

—

 

 

 

0.1

 

 

 

—

 

Other comprehensive income, net of tax

 

 

0.9

 

 

 

1.1

 

 

 

2.0

 

 

 

2.2

 

Ending balance

 

$

(31.2

)

 

$

(33.4

)

 

$

(31.2

)

 

$

(33.4

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available for Sale Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

0.1

 

 

$

0.1

 

 

$

0.3

 

 

$

0.3

 

Unrealized gain on available for sale securities

 

 

0.1

 

 

 

0.7

 

 

 

1.4

 

 

 

1.7

 

Less: income tax expense

 

 

—

 

 

 

(0.1

)

 

 

(0.3

)

 

 

(0.4

)

Net unrealized gain on available for sale securities

 

 

0.1

 

 

 

0.6

 

 

 

1.1

 

 

 

1.3

 

Reclassification of unrealized gain upon sale of available for sale securities3

 

 

(0.6

)

 

 

(0.9

)

 

 

(2.1

)

 

 

(2.1

)

Less: income tax benefit2

 

 

0.2

 

 

 

0.2

 

 

 

0.5

 

 

 

0.5

 

Net gain reclassified from AOCI to Net (loss) income

 

 

(0.4

)

 

 

(0.7

)

 

 

(1.6

)

 

 

(1.6

)

Other comprehensive loss, net of tax

 

 

(0.3

)

 

 

(0.1

)

 

 

(0.5

)

 

 

(0.3

)

Ending balance

 

$

(0.2

)

 

$

—

 

 

$

(0.2

)

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Flow Hedges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

(21.5

)

 

$

(4.6

)

 

$

(5.6

)

 

$

(13.4

)

Unrealized gain (loss) on cash flow hedges

 

 

4.1

 

 

 

(10.1

)

 

 

(23.8

)

 

 

(2.7

)

Less: income tax (expense) benefit

 

 

(0.9

)

 

 

2.4

 

 

 

5.9

 

 

 

0.6

 

Net unrealized gain (loss) on cash flow hedges

 

 

3.2

 

 

 

(7.7

)

 

 

(17.9

)

 

 

(2.1

)

Reclassification of unrealized loss upon settlement of cash flow hedges4

 

 

9.3

 

 

 

4.7

 

 

 

16.3

 

 

 

8.9

 

Reclassification due to forecasted sales no longer probable4

 

 

0.7

 

 

 

—

 

 

 

0.7

 

 

 

—

 

Less: income tax expense2

 

 

(2.4

)

 

 

(1.2

)

 

 

(4.2

)

 

 

(2.2

)

Net loss reclassified from AOCI to Net (loss) income

 

 

7.6

 

 

 

3.5

 

 

 

12.8

 

 

 

6.7

 

Other comprehensive income (loss), net of tax

 

 

10.8

 

 

 

(4.2

)

 

 

(5.1

)

 

 

4.6

 

Ending balance

 

$

(10.7

)

 

$

(8.8

)

 

$

(10.7

)

 

$

(8.8

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Hedges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

(0.5

)

 

$

—

 

 

$

—

 

 

$

—

 

Unrealized gain (loss) on fair value hedges

 

 

(0.2

)

 

 

—

 

 

 

(1.0

)

 

 

—

 

Less: income tax (expense) benefit

 

 

—

 

 

 

—

 

 

 

0.2

 

 

 

—

 

Net unrealized gain (loss) on fair value hedges

 

 

(0.2

)

 

 

—

 

 

 

(0.8

)

 

 

—

 

Excluded component amortized from OCI to Net (loss) income5

 

 

0.2

 

 

 

—

 

 

 

0.4

 

 

 

—

 

Reclassification due to cancellation of firm commitment5

 

 

0.6

 

 

 

—

 

 

 

0.6

 

 

 

—

 

Less: income tax expense2

 

 

(0.1

)

 

 

—

 

 

 

(0.2

)

 

 

—

 

Net loss reclassified from AOCI to Net (loss) income

 

 

0.7

 

 

 

—

 

 

 

0.8

 

 

 

—

 

Other comprehensive gain, net of tax

 

 

0.5

 

 

 

—

 

 

 

—

 

 

 

—

 

Ending balance

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign Currency Translation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

(0.1

)

 

$

(0.1

)

 

$

(0.1

)

 

$

(0.1

)

Other comprehensive income, net of tax

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Ending balance

 

$

(0.1

)

 

$

(0.1

)

 

$

(0.1

)

 

$

(0.1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total AOCI ending balance

 

$

(42.2

)

 

$

(42.3

)

 

$

(42.2

)

 

$

(42.3

)

 

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.

3

Amounts reclassified out of AOCI relating to sales of available for sale securities were included as a component of Other income (expense), 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 June 30, 2020, we estimate a net mark-to-market loss before tax of $8.8 million in AOCI will be reclassified into Net (loss) income upon settlement within the next 12 months.

5

Amounts reclassified out of AOCI relating to amortizing the excluded component of fair value hedges were included as a component of depreciation expense. Amounts reclassified out of AOCI related to cancellation of firm commitment were included as a component of Other income (expense), net. As of June 30, 2020, the amount in AOCI that will be reclassified into Net (loss) income within the next 12 months was immaterial.