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Accumulated Other Comprehensive (Loss) Income (Tables)
 12 Months Ended
Dec. 31, 2018
Equity [Abstract]  
Changes in Components of Accumulated Other Comprehensive Income, Net of Tax

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

 

 

 

Foreign

 

 

Cash

 

 

Defined

 

 

 

 

 

 

 

Currency

 

 

Flow

 

 

Benefit

 

 

Total

 

 

 

Translation

 

 

Hedges

 

 

Plan Items

 

 

AOCI

 

Balance December 31, 2017

 

$

121.5

 

 

$

(66.5

)

 

$

(138.2

)

 

$

(83.2

)

AOCI before reclassifications

 

 

(135.4

)

 

 

68.2

 

 

 

(29.7

)

 

 

(96.9

)

Reclassifications to retained earnings (Note 2)

 

 

(17.4

)

 

 

(4.4

)

 

 

(21.1

)

 

 

(42.9

)

Reclassifications

 

 

-

 

 

 

23.6

 

 

 

12.0

 

 

 

35.6

 

Balance December 31, 2018

 

$

(31.3

)

 

$

20.9

 

 

$

(177.0

)

 

$

(187.4

)
Reclassification Adjustments from Accumulated Other Comprehensive Income

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

 

 

 

Amount of Gain / (Loss)

 

 

 

 

 

Reclassified from AOCI

 

 

 

 

 

For the Years Ended December 31,

 

 

Location on

Component of AOCI

 

2018

 

 

2017

 

 

2016

 

 

Statement of Earnings

Cash flow hedges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange forward contracts

 

$

(26.2

)

 

$

5.1

 

 

$

87.7

 

 

Cost of products sold

Forward starting interest rate swaps

 

 

-

 

 

 

-

 

 

 

(66.4

)

 

Other expense, net

Forward starting interest rate swaps

 

 

(0.6

)

 

 

(0.5

)

 

 

(1.7

)

 

Interest expense, net

 

 

 

(26.8

)

 

 

4.6

 

 

 

19.6

 

 

Total before tax

 

 

 

(3.2

)

 

 

0.8

 

 

 

(6.2

)

 

Provision (benefit) for income taxes

 

 

$

(23.6

)

 

$

3.8

 

 

$

25.8

 

 

Net of tax

Defined benefit plans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior service cost

 

$

9.9

 

 

$

10.3

 

 

$

7.8

 

 

Other expense, net

Unrecognized actuarial (loss)

 

 

(26.2

)

 

 

(22.1

)

 

 

(22.9

)

 

Other expense, net

 

 

 

(16.3

)

 

 

(11.8

)

 

 

(15.1

)

 

Total before tax

 

 

 

(4.3

)

 

 

(4.5

)

 

 

(5.2

)

 

Benefit for income taxes

 

 

$

(12.0

)

 

$

(7.3

)

 

$

(9.9

)

 

Net of tax

Total reclassifications

 

$

(35.6

)

 

$

(3.5

)

 

$

15.9

 

 

Net of tax

 
Tax Effects on Each Component of Accumulated Other Comprehensive Income Recognized in Statements of Comprehensive Income (Loss)

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

 

 

 

For the Years Ended December 31,

 

 

 

Before Tax

 

 

Tax

 

 

Net of Tax

 

 

 

2018

 

 

2017

 

 

2016

 

 

2018

 

 

2017

 

 

2016

 

 

2018

 

 

2017

 

 

2016

 

Foreign currency cumulative

   translation adjustments

 

$

(148.7

)

 

$

396.8

 

 

$

(128.2

)

 

$

(13.3

)

 

$

(48.2

)

 

$

1.8

 

 

$

(135.4

)

 

$

445.0

 

 

$

(130.0

)

Unrealized cash flow hedge gains

 

 

81.1

 

 

 

(116.0

)

 

 

29.7

 

 

 

12.9

 

 

 

(21.0

)

 

 

1.4

 

 

 

68.2

 

 

 

(95.0

)

 

 

28.3

 

Reclassification adjustments on

   foreign currency hedges

 

 

26.8

 

 

 

(4.6

)

 

 

(19.6

)

 

 

3.2

 

 

 

(0.8

)

 

 

6.2

 

 

 

23.6

 

 

 

(3.8

)

 

 

(25.8

)

Unrealized gains on

   securities

 

 

-

 

 

 

-

 

 

 

0.5

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

0.5

 

Adjustments to prior service cost

   and unrecognized actuarial

   assumptions

 

 

(22.7

)

 

 

6.6

 

 

 

27.3

 

 

 

(5.0

)

 

 

2.0

 

 

 

5.3

 

 

 

(17.7

)

 

 

4.6

 

 

 

22.0

 

Total Other Comprehensive

   Income (Loss)

 

$

(63.5

)

 

$

282.8

 

 

$

(90.3

)

 

$

(2.2

)

 

$

(68.0

)

 

$

14.7

 

 

$

(61.3

)

 

$

350.8

 

 

$

(105.0

)