The changes in Accumulated other comprehensive income/(loss) (AOCI), net of their related tax effects, for the three months ended March 31, 2018 and 2017 are as follows:



(In millions)	Foreign currency translation adjustment		Pension and other employee benefits			Unrealized holding gain/(loss) on available-for-sale debt securities			Accumulated other comprehensive income
As of January 1, 2018	$	1,279.6	$	27.5		$	67.9		$	1,375.0
Current period change:
Other comprehensive income before reclassifications	539.5		—			—			539.5
Amounts reclassified from AOCI	—		(0.5		)	(67.9		)	(68.4		)
Net current period other comprehensive income/(loss)	539.5		(0.5		)	(67.9		)	471.1
As of March 31, 2018	$	1,819.1	$	27.0		$	—		$	1,846.1

The Company adopted ASU 2016-01 on January 1, 2018. Upon adoption, the Company reclassified unrealized holding gain on available-for-sale equity securities totaling $67.9 million to Retained earnings. For further information, refer to Note 1, Summary of Significant Accounting Policies, to these Unaudited Consolidated Financial Statements.



(In millions)	Foreign currency translation adjustment			Pension and other employee benefits			Unrealized holding loss on available-for-sale securities		Hedging activities			Accumulated other comprehensive loss
As of January 1, 2017	$	(1,505.4	)	$	(5.2	)	$	6.6	$	6.4		$	(1,497.6	)
Current period change:
Other comprehensive income/(loss) before reclassifications	265.5			7.4			2.1		(0.3		)	274.7
Amounts reclassified from AOCI	—			—			—		(4.2		)	(4.2		)
Net current period other comprehensive income/(loss)	265.5			7.4			2.1		(4.5		)	270.5
As of March 31, 2017	$	(1,239.9	)	$	2.2		$	8.7	$	1.9		$	(1,227.1	)

The following is a summary of the amounts reclassified from AOCI to the Unaudited Consolidated Statements of Operations during the three months ended March 31, 2018 and 2017.



	Three months ended March 31,
(In millions)	2018			2017			Location of impact in the Unaudited Consolidated Statements of Operations
Pension and employee benefits
Amortization of net prior service credit	$	(0.2	)	$	—		Other (expense)/income, net
Amortization of actuarial gain	(0.3		)	—			Other (expense)/income, net
	(0.5		)	—			Total before tax
	—			—			Tax expense
	(0.5		)	—			Net of tax
Losses on hedging activities
Foreign exchange contracts	—			6.6			Cost of sales
	—			6.6			Total before tax
	—			(2.4		)	Tax expense
	—			4.2			Net of tax

Total reclassifications for the period	$	(0.5	)	$	4.2		Total net of tax