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Comprehensive Earnings (Tables)

9 Months Ended

Sep. 30, 2020

Accumulated other comprehensive loss, as reflected on the condensed consolidated balance sheets, is comprised of the following:


(In millions)	September 30, 2020		December 31, 2019
Accumulated other comprehensive loss:
Net unrealized gain on marketable securities, net of tax	$	1.4	$	0.6
Net unrecognized loss and prior service cost related to defined benefit plans, net of tax	(14.5)		(17.4)
Net unrecognized loss on derivatives in cash flow hedging relationships, net of tax	(31.3)		(31.6)
Net unrecognized loss on derivatives in net investment hedging relationships, net of tax	(188.0)		(74.3)
Foreign currency translation adjustment	(1,191.4)		(1,674.5)
	$	(1,423.8)	$	(1,797.2)

Components of Other Comprehensive Loss

Components of accumulated other comprehensive loss, before tax, consist of the following, for the three and nine months ended September 30, 2020 and 2019:


	Three Months Ended September 30, 2020
	Gains and Losses on Derivatives in Cash Flow Hedging Relationships				Gains and Losses on Net Investment Hedges		Gains and Losses on Marketable Securities		Defined Pension Plan Items		Foreign Currency Translation Adjustment		Totals
(In millions)	Foreign Currency Forward Contracts	Interest Rate Swaps	Total
Balance at June 30, 2020, net of tax			$	(55.7)	$	(79.0)	$	1.3	$	(12.4)	$	(1,879.1)	$	(2,024.9)
Other comprehensive earnings (loss) before reclassifications, before tax			36.4		(114.7)		—		(1.7)		687.7		607.7
Amounts reclassified from accumulated other comprehensive earnings (loss), before tax:
Loss on foreign exchange forward contracts classified as cash flow hedges, included in net sales	(5.1)		(5.1)										(5.1)
Loss on interest rate swaps classified as cash flow hedges, included in interest expense		1.2	1.2										1.2

Amortization of actuarial loss included in SG&A									0.1				0.1
Net other comprehensive earnings (loss), before tax			32.5		(114.7)		—		(1.6)		687.7		603.9
Income tax provision (benefit)			8.1		(5.7)		(0.1)		0.5		—		2.8

Balance at September 30, 2020, net of tax			$	(31.3)	$	(188.0)	$	1.4	$	(14.5)	$	(1,191.4)	$	(1,423.8)


	Three Months Ended September 30, 2019
	Gains and Losses on Derivatives in Cash Flow Hedging Relationships				Gains and Losses on Net Investment Hedges		Gains and Losses on Marketable Securities		Defined Pension Plan Items		Foreign Currency Translation Adjustment		Totals
(In millions)	Foreign Currency Forward Contracts	Interest Rate Swaps	Total
Balance at June 30, 2019, net of tax			$	(33.0)	$	(110.2)	$	0.7	$	1.7	$	(1,400.9)	$	(1,541.7)
Other comprehensive earnings (loss) before reclassifications, before tax			(12.0)		111.8		0.1		(0.8)		(748.9)		(649.8)
Amounts reclassified from accumulated other comprehensive loss, before tax:
Loss on foreign exchange forward contracts classified as cash flow hedges, included in net sales	(0.4)		(0.4)										(0.4)
Loss on interest rate swaps classified as cash flow hedges, included in interest expense		1.8	1.8										1.8
Amortization of prior service costs included in SG&A									0.3				0.3
Amortization of actuarial loss included in SG&A									(0.2)				(0.2)
Net other comprehensive earnings (loss), before tax			(10.6)		111.8		0.1		(0.7)		(748.9)		(648.3)
Income tax provision (benefit)			(4.0)		5.5		—		(0.3)		—		1.2

Balance at September 30, 2019, net of tax			$	(39.6)	$	(3.9)	$	0.8	$	1.3	$	(2,149.8)	$	(2,191.2)


	Nine Months Ended September 30, 2020
	Gains and Losses on Derivatives in Cash Flow Hedging Relationships				Gains and Losses on Net Investment Hedges		Gains and Losses on Marketable Securities		Defined Pension Plan Items		Foreign Currency Translation Adjustment		Totals
(In millions)	Foreign Currency Forward Contracts	Interest Rate Swaps	Total
Balance at December 31, 2019, net of tax			$	(31.6)	$	(74.3)	$	0.6	$	(17.4)	$	(1,674.5)	$	(1,797.2)
Other comprehensive (loss) earnings before reclassifications, before tax			(1.3)		(119.7)		0.8		3.0		483.1		365.9
Amounts reclassified from accumulated other comprehensive (loss) earnings, before tax:
Loss on foreign exchange forward contracts classified as cash flow hedges, included in net sales	(2.3)		(2.3)										(2.3)
Loss on interest rate swaps classified as cash flow hedges, included in interest expense		3.4	3.4										3.4

Amortization of actuarial loss included in SG&A									0.4				0.4
Net other comprehensive (loss) earnings, before tax			(0.2)		(119.7)		0.8		3.4		483.1		367.4
Income tax (benefit) provision			(0.5)		(6.0)		—		0.5		—		(6.0)

Balance at September 30, 2020, net of tax			$	(31.3)	$	(188.0)	$	1.4	$	(14.5)	$	(1,191.4)	$	(1,423.8)


	Nine Months Ended September 30, 2019
	Gains and Losses on Derivatives in Cash Flow Hedging Relationships				Gains and Losses on Net Investment Hedges		Gains and Losses on Marketable Securities		Defined Pension Plan Items		Foreign Currency Translation Adjustment		Totals
(In millions)	Foreign Currency Forward Contracts	Interest Rate Swaps	Total
Balance at December 31, 2018, net of tax			$	(53.1)	$	(130.9)	$	—	$	1.7	$	(1,259.0)	$	(1,441.3)
Other comprehensive earnings (loss) before reclassifications, before tax			18.2		133.6		0.7		(0.7)		(890.8)		(739.0)
Amounts reclassified from accumulated other comprehensive loss, before tax:
Loss on foreign exchange forward contracts classified as cash flow hedges, included in net sales	1.2		1.2										1.2
Loss on interest rate swaps classified as cash flow hedges, included in interest expense		5.4	5.4										5.4
Amortization of prior service costs included in SG&A									0.8				0.8
Amortization of actuarial loss included in SG&A									(0.6)				(0.6)
Net other comprehensive earnings (loss), before tax			24.8		133.6		0.7		(0.5)		(890.8)		(732.2)
Income tax provision (benefit)			7.9		6.6		(0.1)		(0.3)		—		14.1
Cumulative effect of the adoption of new accounting standards			(3.4)		—		—		(0.2)		—		(3.6)
Balance at September 30, 2019, net of tax			$	(39.6)	$	(3.9)	$	0.8	$	1.3	$	(2,149.8)	$	(2,191.2)