Comprehensive Income
The following table presents reclassification adjustments out of Accumulated other comprehensive loss during the years ended December 31, 2015, 2014 and 2013:
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(in millions) |
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Twelve Months Ended |
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Details about Accumulated other comprehensive loss components |
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December 31, 2015 |
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December 31, 2014 |
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December 31, 2013 |
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Affected line item in the statement where net income is presented |
Amount of gain (loss) reclassified into earnings on foreign currency: |
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Foreign currency cumulative translation adjustment |
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$ |
— |
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$ |
(1.2 |
) |
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$ |
— |
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Gain on disposal of discontinued operations, net of tax |
Foreign currency cumulative translation adjustment |
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— |
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— |
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0.7 |
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Selling, general and administrative expense |
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— |
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(1.2 |
) |
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0.7 |
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Total before tax |
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— |
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0.5 |
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— |
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Tax benefit (A)
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$ |
— |
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$ |
(0.7 |
) |
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$ |
0.7 |
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Net of tax |
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Amortization of defined benefit items: |
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Prior service credits |
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$ |
1.3 |
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$ |
2.2 |
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$ |
7.0 |
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(B) |
Net actuarial losses |
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(103.8 |
) |
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(43.3 |
) |
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(23.4 |
) |
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(B) |
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(102.5 |
) |
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(41.1 |
) |
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(16.4 |
) |
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Total before tax |
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39.7 |
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16.7 |
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0.2 |
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Tax benefit (A)
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$ |
(62.8 |
) |
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$ |
(24.4 |
) |
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$ |
(16.2 |
) |
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Net of tax |
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Amount of gain (loss) reclassified into earnings on derivative contracts: |
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Interest rate contracts |
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$ |
(0.1 |
) |
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$ |
(0.1 |
) |
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$ |
1.4 |
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Interest expense |
Foreign exchange contracts |
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12.2 |
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(0.2 |
) |
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(3.0 |
) |
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Cost of sales |
Commodity contracts |
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0.7 |
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(1.9 |
) |
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(2.7 |
) |
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Cost of sales |
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12.8 |
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(2.2 |
) |
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(4.3 |
) |
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Total before tax |
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(4.0 |
) |
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0.8 |
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(0.4 |
) |
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Tax (provision) benefit (A)
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$ |
8.8 |
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$ |
(1.4 |
) |
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$ |
(4.7 |
) |
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Net of tax |
(A) Pre-tax and after-tax amounts are substantially the same for 2013 as the Company maintained a tax valuation allowance for these items until its reversal at December 31, 2013. See Note 12 – Income Taxes for additional details.
(B) These Accumulated other comprehensive income (loss) components are included in the computation of net pension and other benefit costs. See Note 17 – Postretirement Benefits for additional details.
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