Accumulated Other Comprehensive Loss

3 Months Ended

Mar. 31, 2017

Equity [Abstract]

Accumulated Other Comprehensive Loss

Footnote 4 — Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive Loss

The following tables display the changes in accumulated other comprehensive loss (“AOCI”) by component net of tax for the three months ended March 31, 2017 (in millions):

	Cumulative Translation Adjustment			Pension and Postretirement Costs			Derivative Financial Instruments			AOCI
Balance at December 31, 2016	$	(607.9	)	$	(400.0	)	$	(36.9	)	$	(1,044.8	)
Other comprehensive (loss) income before reclassifications		49.9			(2.1	)		(10.9	)		36.9
Amounts reclassified to earnings		56.1			2.9			0.2			59.2
Net current period other comprehensive income (loss)		106.0			0.8			(10.7	)		96.1
Balance at March 31, 2017	$	(501.9	)	$	(399.2	)	$	(47.6	)	$	(948.7	)

For the three months ended March 31, 2017 and 2016 reclassifications from AOCI to the results of operations for the Company’s pension and postretirement benefit plans were a pre-tax expense of $4.2 million and $3.5 million, respectively, and primarily represent the amortization of net actuarial losses (see Footnote 12). These costs are recorded in selling, general and administrative expenses and cost of sales. For the three months ended March 31, 2017 and 2016, reclassifications from AOCI to the results of operations for the Company’s derivative financial instruments for effective cash flow hedges were pre-tax expense of $0.3 million and $10.3 million, respectively (see Footnote 11).

The income tax (provision) benefit allocated to the components of OCI are as follows (in millions):

	Three Months Ended March 31,
	2017			2016
Foreign currency translation adjustments	$	(1.8	)	$	—
Unrecognized pension and postretirement costs		(1.3	)		1.1
Derivative financial instruments		4.4			34.9
Income tax (provision) benefit related to OCI	$	1.3		$	36.0