Note 12. Accumulated Other Comprehensive Income

12 Months Ended

Dec. 31, 2023

Accumulated Other Comprehensive Income [Abstract]

Comprehensive Income (Loss) Note [Text Block]

Accumulated Other Comprehensive Income (Loss)

Changes in AOCI for the years ended December 31, 2023 and 2022 are as follows:

	Currency translation adjustments		Unrealized gains/(losses) on derivative financial instruments		Net actuarial gains/(losses) of defined benefit plans		Accumulated other comprehensive income (loss)
	(in millions)
Balances at December 31, 2021	$	(1.3)	$	(12.2)	$	(3.5)	$	(17.0)
Other comprehensive income, net of tax, before reclassifications	—		29.3		2.1		31.4
Amounts reclassified from AOCI, net of tax benefit of $—, $0.8, $0.1, and $0.9	—		3.5		0.2		3.7
Amounts reclassified to discontinued operations, net of tax	1.3		—		—		1.3
Less: noncontrolling interest	—		0.3		—		0.3
Other comprehensive income	1.3		33.1		2.3		36.7
Balances at December 31, 2022	—		20.9		(1.2)		19.7
Other comprehensive income (loss), net of tax, before reclassifications	—		10.6		(0.3)		10.3
Amounts reclassified from AOCI, net of tax benefit (expense) of $—, $7.4, $—, and $7.4	—		(26.1)		0.1		(26.0)
Less: noncontrolling interest	—		7.0		—		7.0
Other comprehensive income	—		(8.5)		(0.2)		(8.7)
Balances at December 31, 2023	$	—	$	12.4	$	(1.4)	$	11.0

In May 2013, one of our partially-owned leasing subsidiaries, TRIP Holdings, was converted to a partnership for income tax purposes. At the time of the conversion, TRIP Holdings had deferred tax assets associated with certain terminated interest rate hedges that were initially recognized as a component of AOCI. As TRIP Holdings was no longer a taxable entity following the conversion, these deferred tax assets were removed during the year ended December 31, 2013, with a corresponding charge to income tax expense in the Consolidated Statements of Operations, leaving residual tax effects in AOCI. These residual tax effects are released when the item giving rise to the tax effect is disposed of, liquidated, or terminated. Pursuant to our election of the portfolio approach, we released the residual tax effects when all of the interest rate swap balances were fully amortized, which occurred during the first quarter of 2023. Consequently, during the year ended December 31, 2023, we recorded an income tax benefit of $13.2 million to TRIP Holdings, reflecting the reclassification of the residual tax effects previously recorded in AOCI. The controlling interest portion of this income tax benefit was $4.4 million.

See Note 3 for information on the reclassification of amounts in AOCI into earnings. Reclassifications of unrealized before-tax gains and losses on derivative financial instruments are included in interest expense, net for our interest rate hedges and in cost of revenues for our foreign currency hedges in our Consolidated Statements of Operations. Reclassifications of before-tax net actuarial gains/(losses) of defined benefit plans are included in other, net (income) expense in our Consolidated Statements of Operations. Changes in currency translation adjustments above relate to the final resolution of amounts associated with businesses previously disposed and are included in loss on sale of discontinued operations, net of income taxes in our Consolidated Statements of Operations.