| Comprehensive Income (Loss) The following table presents reclassification adjustments out of Accumulated other comprehensive loss during the years ended December 31, 2020, 2019 and 2018:
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| (in millions) |
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| Details about Accumulated other comprehensive loss components |
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2020 |
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2019 |
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2018 |
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Affected line item in the statement where net income is presented |
Amount of loss reclassified into earnings from foreign currency: |
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Foreign currency cumulative translation adjustment |
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$ |
—
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$ |
(13.9) |
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$ |
— |
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Net (loss) earnings from discontinued operations, net of tax |
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—
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(13.9) |
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— |
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Net (loss) earnings from discontinued operations, net of tax |
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—
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0.1 |
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— |
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Net (loss) earnings from discontinued operations, net of tax |
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$ |
—
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$ |
(13.8) |
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$ |
— |
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Net (loss) earnings from discontinued operations, net of tax |
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Amortization of defined benefit items: |
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Prior service credits |
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$ |
0.7
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$ |
0.7 |
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$ |
0.7 |
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Other expense, net (A)
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Net actuarial losses |
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(1.1) |
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(6.2) |
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(10.3) |
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Other expense, net (A)
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Net actuarial losses |
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—
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(292.8) |
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— |
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Pension settlement benefit (charge) (A) (B)
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(0.4) |
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(298.3) |
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(9.6) |
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Earnings before income taxes |
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0.1
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(15.0) |
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2.2 |
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Income tax provision (B)
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$ |
(0.3) |
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$ |
(313.3) |
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$ |
(7.4) |
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Net earnings from continuing operations(B)
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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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$ |
(0.6) |
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$ |
(0.6) |
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$ |
(0.9) |
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Interest expense |
Foreign exchange contracts |
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7.4
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10.8 |
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(2.5) |
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Cost of sales |
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| Commodity Contracts |
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0.0
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— |
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— |
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Cost of sales |
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6.8
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10.2 |
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(3.4) |
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Earnings before income taxes |
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(1.8) |
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(3.0) |
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0.8 |
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Income tax provision |
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$ |
5.0
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$ |
7.2 |
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$ |
(2.6) |
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Net earnings from continuing operations |
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(A) These Accumulated other comprehensive loss components are included in the computation of net pension and other benefit costs. See Note 17 – Postretirement Benefits for additional details.
(B) In 2019, the Company fully exited its qualified benefit pension plans and as a result, recorded a pre-tax settlement charge of $292.8 million. The income tax impact of the settlement action was a net provision of $17.5 million, consisting of an income tax benefit of $73.9 million associated with the pension settlement charge netted against an income tax charge of $91.4 million resulting from the release of disproportionate tax effects in Accumulated other comprehensive loss. Refer to Note 17 – Postretirement Benefits and Note 12 – Income Taxes in the Notes to Consolidated Financial Statements for further information on the pension settlement and related income tax consequences, respectively.
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