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Accumulated Other Comprehensive (Loss) Income (Tables)
 12 Months Ended
Dec. 31, 2017
Equity [Abstract]  
Changes in Components of Other Comprehensive Income, Net of Tax

The following table shows the changes in the components of OCI, net of tax (in millions):

 

 

 

Foreign

 

 

Cash

 

 

Defined

 

 

 

Currency

 

 

Flow

 

 

Benefit

 

 

 

Translation

 

 

Hedges

 

 

Plan Items

 

Balance December 31, 2016

 

$

(323.5

)

 

$

32.3

 

 

$

(142.8

)

OCI before reclassifications

 

 

445.0

 

 

 

(95.0

)

 

 

(2.7

)

Reclassifications

 

 

-

 

 

 

(3.8

)

 

 

7.3

 

Balance December 31, 2017

 

$

121.5

 

 

$

(66.5

)

 

$

(138.2

)

 
Reclassification Adjustments from Other Comprehensive Income

The following table shows the reclassification adjustments from OCI (in millions):

 

 

 

Amount of Gain / (Loss)

 

 

 

 

 

Reclassified from OCI

 

 

 

 

 

For the Years Ended December 31,

 

 

Location on

Component of OCI

 

2017

 

 

2016

 

 

2015

 

 

Statement of Earnings

Cash flow hedges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange forward contracts

 

$

5.1

 

 

$

87.7

 

 

$

122.3

 

 

Cost of products sold

Forward starting interest rate swaps

 

 

-

 

 

 

(66.4

)

 

 

-

 

 

Other expense

Forward starting interest rate swaps

 

 

(0.5

)

 

 

(1.7

)

 

 

(1.3

)

 

Interest expense

 

 

 

4.6

 

 

 

19.6

 

 

 

121.0

 

 

Total before tax

 

 

 

0.8

 

 

 

(6.2

)

 

 

28.0

 

 

Provision (benefit) for income taxes

 

 

$

3.8

 

 

$

25.8

 

 

$

93.0

 

 

Net of tax

Defined benefit plans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior service cost

 

$

10.3

 

 

$

7.8

 

 

$

5.6

 

 

*

Unrecognized actuarial (loss)

 

 

(22.1

)

 

 

(22.9

)

 

 

(20.1

)

 

*

 

 

 

(11.8

)

 

 

(15.1

)

 

 

(14.5

)

 

Total before tax

 

 

 

(4.5

)

 

 

(5.2

)

 

 

(5.3

)

 

Benefit for income taxes

 

 

$

(7.3

)

 

$

(9.9

)

 

$

(9.2

)

 

Net of tax

Total reclassifications

 

$

(3.5

)

 

$

15.9

 

 

$

83.8

 

 

Net of tax

 

*

These OCI components are included in the computation of net periodic pension expense (see Note 14).
Tax Effects on Each Component of Other Comprehensive Income Recognized in Statements of Comprehensive Income (Loss)

The following table shows the tax effects on each component of OCI recognized in our consolidated statements of comprehensive income (loss) (in millions):

 

 

 

For the Years Ended December 31,

 

 

 

Before Tax

 

 

Tax

 

 

Net of Tax

 

 

 

2017

 

 

2016

 

 

2015

 

 

2017

 

 

2016

 

 

2015

 

 

2017

 

 

2016

 

 

2015

 

Foreign currency cumulative

   translation adjustments

 

$

396.8

 

 

$

(128.2

)

 

$

(305.2

)

 

$

(48.2

)

 

$

1.8

 

 

$

-

 

 

$

445.0

 

 

$

(130.0

)

 

$

(305.2

)

Unrealized cash flow hedge gains

 

 

(116.0

)

 

 

29.7

 

 

 

59.1

 

 

 

(21.0

)

 

 

1.4

 

 

 

6.4

 

 

 

(95.0

)

 

 

28.3

 

 

 

52.7

 

Reclassification adjustments on

   foreign currency hedges

 

 

(4.6

)

 

 

(19.6

)

 

 

(121.0

)

 

 

(0.8

)

 

 

6.2

 

 

 

(28.0

)

 

 

(3.8

)

 

 

(25.8

)

 

 

(93.0

)

Unrealized gains/(losses) on

   securities

 

 

-

 

 

 

0.5

 

 

 

(0.2

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

0.5

 

 

 

(0.2

)

Adjustments to prior service cost

   and unrecognized actuarial

   assumptions

 

 

6.6

 

 

 

27.3

 

 

 

(25.0

)

 

 

2.0

 

 

 

5.3

 

 

 

(3.6

)

 

 

4.6

 

 

 

22.0

 

 

 

(21.4

)

Total Other Comprehensive

   Income (Loss)

 

$

282.8

 

 

$

(90.3

)

 

$

(392.3

)

 

$

(68.0

)

 

$

14.7

 

 

$

(25.2

)

 

$

350.8

 

 

$

(105.0

)

 

$

(367.1

)