Accumulated Other Comprehensive Loss

9 Months Ended

Sep. 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 September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
Defined Benefit Pension Plan and Salaried VEBA:
Beginning balance	$	(31.2	)	$	(33.4	)	$	(33.2	)	$	(35.6	)
Amortization of net actuarial loss1		—			0.1			0.2			0.3
Amortization of prior service cost1		1.2			1.4			3.5			4.2
Less: income tax expense2		(0.3	)		(0.3	)		(0.9	)		(1.1	)
Net amortization reclassified from AOCI to Net income		0.9			1.2			2.8			3.4
Translation impact on Canadian pension plan AOCI balance		(0.1	)		—			—			—
Other comprehensive income, net of tax		0.8			1.2			2.8			3.4
Ending balance	$	(30.4	)	$	(32.2	)	$	(30.4	)	$	(32.2	)
Available for Sale Securities:
Beginning balance	$	(0.2	)	$	—		$	0.3		$	0.3
Unrealized gain on available for sale securities		—			1.0			1.4			2.7
Less: income tax expense		—			(0.3	)		(0.3	)		(0.7	)
Net unrealized gain on available for sale securities		—			0.7			1.1			2.0
Reclassification of unrealized gain upon sale of available for sale securities3		—			(0.9	)		(2.1	)		(3.0	)
Less: income tax benefit2		—			0.3			0.5			0.8
Net gain reclassified from AOCI to Net income		—			(0.6	)		(1.6	)		(2.2	)
Other comprehensive income (loss), net of tax		—			0.1			(0.5	)		(0.2	)
Ending balance	$	(0.2	)	$	0.1		$	(0.2	)	$	0.1
Cash Flow Hedges:
Beginning balance	$	(10.7	)	$	(8.8	)	$	(5.6	)	$	(13.4	)
Unrealized gain (loss) on cash flow hedges		7.8			(8.4	)		(16.0	)		(11.1	)
Less: income tax (expense) benefit		(1.9	)		2.1			4.0			2.7
Net unrealized gain (loss) on cash flow hedges		5.9			(6.3	)		(12.0	)		(8.4	)
Reclassification of unrealized loss upon settlement of cash flow hedges4		1.8			5.4			18.1			14.3
Reclassification due to forecasted transactions no longer probable of occurring4		0.1			—			0.8			—
Less: income tax expense2		(0.5	)		(1.3	)		(4.7	)		(3.5	)
Net loss reclassified from AOCI to Net income		1.4			4.1			14.2			10.8
Other comprehensive income (loss), net of tax		7.3			(2.2	)		2.2			2.4
Ending balance	$	(3.4	)	$	(11.0	)	$	(3.4	)	$	(11.0	)
Fair Value Hedges:
Beginning balance	$	—		$	—		$	—		$	—
Unrealized loss on fair value hedges		—			—			(1.0	)		—
Less: income tax benefit		—			—			0.2			—
Net unrealized loss on fair value hedges		—			—			(0.8	)		—
Excluded component amortized from OCI to Net income5		—			—			0.4			—
Reclassification due to cancellation of firm commitment5		—			—			0.6			—
Less: income tax expense2		—			—			(0.2	)		—
Net loss reclassified from AOCI to Net income		—			—			0.8			—
Other comprehensive income, net of tax		—			—			—			—
Ending balance	$	—		$	—		$	—		$	—
Foreign Currency Translation:
Beginning balance	$	(0.1	)	$	(0.1	)	$	(0.1	)	$	(0.1	)
Other comprehensive income, net of tax		0.1			—			0.1			—
Ending balance	$	—		$	(0.1	)	$	—		$	(0.1	)
Total AOCI ending balance	$	(34.0	)	$	(43.2	)	$	(34.0	)	$	(43.2	)

¹ Amounts amortized out of AOCI relating to Salaried VEBA adjustments were included within Other 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 benefit (provision).}

^{3 Amounts reclassified out of AOCI relating to sales of available for sale securities were included as a component of Other expense, net. We use the specific identification method to determine the amount reclassified out of AOCI.}

^{4 As of September 30, 2020, we estimate a net mark-to-market loss before tax of $0.6 million in AOCI will be reclassified into Net income upon settlement within the next 12 months.}

^{5 As of September 30, 2020, the amount in AOCI that will be reclassified into Net income within the next 12 months was immaterial.}