Accumulated Other Comprehensive Loss (Tables)

6 Months Ended

Jun. 30, 2024

Schedule of Components of Accumulated Other Comprehensive Loss

The following table presents the changes in the components of accumulated other comprehensive income ("AOCI") (loss), net of tax, for the six months ended June 30, 2024:


($ in millions)	Derivatives		Change in equity affiliate investment AOCI		Defined benefit pension and other postretirement plans		Foreign currency translation		Total
Balance, December 31, 2023	$	—	$	2.3	$	(10.1)	$	(136.0)	$	(143.8)
Other comprehensive (loss) income before reclassifications	(6.3)		(0.2)		—		(68.0)		(74.5)
Amounts reclassified out from accumulated other comprehensive (loss) income	1.8		—		(0.4)		—		1.4
Other comprehensive (loss) income, net of tax	(4.5)		(0.2)		(0.4)		(68.0)		(73.1)
Balance, June 30, 2024	$	(4.5)	$	2.1	$	(10.5)	$	(204.0)	$	(216.9)

The following table presents the changes in the components of accumulated other comprehensive income ("AOCI") (loss), net of tax, for the six months ended June 30, 2023:


($ in millions)	Derivatives		Change in equity affiliate investment AOCI		Defined benefit pension and other postretirement plans		Foreign currency translation		Total
Balance, December 31, 2022	$	0.2	$	1.6	$	(9.4)	$	(175.4)	$	(183.0)
Other comprehensive (loss) income before reclassifications	(6.5)		(0.1)		(0.5)		4.0		(3.1)
Amounts reclassified out from accumulated other comprehensive (loss) income	3.5		—		(0.9)		—		2.6
Other comprehensive (loss) income, net of tax	(3.0)		(0.1)		(1.4)		4.0		(0.5)
Balance, June 30, 2023	$	(2.8)	$	1.5	$	(10.8)	$	(171.4)	$	(183.5)

Schedule of Reclassification out of Accumulated Other Comprehensive Loss

A summary of the reclassifications out from accumulated other comprehensive loss is presented in the following table:


($ in millions)	Three Months Ended June 30,				Six Months Ended June 30,				Location on Statement of Income
Detail of components	2024		2023		2024		2023
(Losses) gains on derivatives:
Foreign currency contracts	$	0.1	$	(0.6)	$	0.2	$	(1.3)	Net sales
Foreign currency contracts	(1.8)		(0.6)		(3.4)		(0.6)		Cost of goods and services sold
Foreign currency contracts	1.0		(2.8)		1.0		(2.8)		Other expense (income)
Forward treasury locks	—		—		(0.1)		(0.1)		Interest expense
Total before tax	(0.7)		(4.0)		(2.3)		(4.8)
Tax benefit	0.1		1.2		0.5		1.3
Net of tax	$	(0.6)	$	(2.8)	$	(1.8)	$	(3.5)
Amortization of defined benefit pension and other postretirement plans:


Actuarial gains	$	0.2	$	0.4	$	0.5	$	0.8	(a)

Other	—		0.4		—		0.4
Total before tax	0.2		0.8		0.5		1.2
Tax expense	—		(0.2)		(0.1)		(0.3)
Net of tax	$	0.2	$	0.6	$	0.4	$	0.9
Total reclassifications for the period, net of tax	$	(0.4)	$	(2.2)	$	(1.4)	$	(2.6)

(a) This component is included in the computation of net periodic benefit cost.