Accumulated Other Comprehensive Loss (Tables)

3 Months Ended

Mar. 31, 2021

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.