Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2015

Accumulated Other Comprehensive Income (Loss) [Abstract]

Accumulated Other Comprehensive Income (Loss)

Note 19. Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income (loss) at December 31 comprised of the following components:

	2015			2014
	(millions of dollars)
Cumulative foreign currency translation	$	(108.7	)	$	(33.4	)
Unrecognized pension costs (net of tax benefit of $38.7 in 2015 and $41.0 in 2014)		(74.8	)		(82.1	)
Unrealized gain (loss) on cash flow hedges (net of tax expense of $1.0 in 2015 and $1.0 in 2014)		2.6			2.6
	$	(180.9	)	$	(112.9	)

The following table summarizes the changes in other comprehensive income (loss) by component:

		Year Ended December 31,
		2015									2014
		Pre-Tax Amount			Tax (Expense) Benefit)			Net-of- Tax Amount			Pre-Tax Amount			Tax (Expense) Benefit)			Net-of-Tax Amount
	(millions of dollars)
Foreign currency translation adjustment			(76.6	)		-		$	(76.6	)	$	(51.5	)	$	-		$	(51.5	)
Pension plans:
Net actuarial gains (losses) and prior service costs arising during the period			0.5			0.5			1.0			(53.7	)		19.1			(34.6	)
Amortization of net actuarial (gains) losses and prior service costs			9.6			(3.3	)		6.3			5.2			(1.7	)		3.5
Total other comprehensive income (loss)		$	(66.5	)	$	(2.8	)	$	(69.3	)	$	(100.0	)	$	17.4		$	(82.6	)

The pre-tax amortization amounts of pension plans in the table above are included within the components of net periodic pension benefit costs (see note 15) and the related tax amounts are included within provision for taxes on income line within Consolidated Statements of Income.