Accumulated Other Comprehensive Loss (Tables)

3 Months Ended

Mar. 31, 2021

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 March 31,
	2021			2020
Defined Benefit Pension Plan and Salaried VEBA:
Beginning balance	$	(19.8	)	$	(33.2	)
Amortization of net actuarial loss1		0.1			0.1
Amortization of prior service cost1		0.9			1.2
Less: income tax expense2		(0.3	)		(0.3	)
Net amortization reclassified from AOCI to Net income		0.7			1.0
Translation impact on Canadian pension plan AOCI balance		—			0.1
Other comprehensive income, net of tax		0.7			1.1
Ending balance	$	(19.1	)	$	(32.1	)
Available for Sale Securities:
Beginning balance	$	—		$	0.3
Unrealized gain on available for sale securities		—			1.3
Less: income tax expense		—			(0.3	)
Net unrealized gain on available for sale securities		—			1.0
Reclassification of unrealized gain upon sale of available for sale securities3		—			(1.5	)
Less: income tax benefit2		—			0.3
Net gain reclassified from AOCI to Net income		—			(1.2	)
Other comprehensive loss, net of tax		—			(0.2	)
Ending balance	$	—		$	0.1
Cash Flow Hedges:
Beginning balance	$	1.1		$	(5.6	)
Unrealized gain (loss) on cash flow hedges		13.9			(27.9	)
Less: income tax (expense) benefit		(3.3	)		6.8
Net unrealized gain (loss) on cash flow hedges		10.6			(21.1	)
Reclassification of unrealized (gain) loss upon settlement of cash flow hedges4		(2.7	)		7.0
Less: income tax benefit (expense)2		0.6			(1.8	)
Net (gain) loss reclassified from AOCI to Net income		(2.1	)		5.2
Other comprehensive income (loss), net of tax		8.5			(15.9	)
Ending balance	$	9.6		$	(21.5	)
Fair Value Hedges:
Beginning balance	$	—		$	—
Unrealized loss on fair value hedges		—			(0.8	)
Less: income tax benefit		—			0.2
Net unrealized loss on fair value hedges		—			(0.6	)
Excluded component amortized from OCI to Net income		—			0.2
Less: income tax expense2		—			(0.1	)
Net loss reclassified from AOCI to Net income		—			0.1
Other comprehensive loss, net of tax		—			(0.5	)
Ending balance	$	—		$	(0.5	)
Foreign Currency Translation:
Beginning balance	$	—		$	(0.1	)
Other comprehensive loss, net of tax		(0.1	)		—
Ending balance	$	(0.1	)	$	(0.1	)
Total AOCI ending balance	$	(9.6	)	$	(54.1	)

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 March 31, 2021, we estimate a net mark-to-market loss before tax of $13.3 million in AOCI will be reclassified into Net income upon settlement within the next 12 months.