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Accumulated Other Comprehensive (Loss) Income
 12 Months Ended
Dec. 31, 2019
Accumulated Other Comprehensive (Loss) Income [Abstract]  
Accumulated Other Comprehensive (Loss) Income
Note 13:
Accumulated Other Comprehensive (Loss) Income

The Company’s other comprehensive income (loss) consists of (i) unrealized foreign currency net gains and losses on the translation of the assets and liabilities of its foreign operations; (ii) realized and unrealized foreign currency gains and losses on intercompany notes of a long-term nature and certain hedges of net investments in foreign operations, net of income taxes; (iii) unrealized gains and losses on cash flow hedges (consisting of interest rate swaps), net of income taxes; and (iv) pension and other postretirement prior service cost and actuarial gains or losses, net of income taxes. See Note 11 “Benefit Plans” and Note 18 “Hedging Activities, Derivative Instruments and Credit Risk.”

On January 1, 2019, the Company adopted ASU 2018-02 which reclassified stranded tax effects resulting from the Tax Cuts and Jobs Act from accumulated other comprehensive (loss) income to retained (deficit) earnings.  The Company recorded a cumulative-effect adjustment which increased “Accumulated other comprehensive loss” in the Consolidated Balance Sheet by $8.2 million.

On January 1, 2018, the Company adopted FASB ASU 2017-12, Derivatives and Hedging (Topic 815) – Targeted Improvements to Accounting for Hedging Activities using the modified retrospective approach.  The Company recorded a cumulative effect-adjustment on the adoption date increasing the opening balance of “Accumulated deficit” in the Consolidated Balance Sheets by $0.3 million and decreasing “Accumulated other comprehensive loss” in the Consolidated Balance Sheet by $0.3 million.

The before tax (loss) income and related income tax effect are as follows.


  
Foreign
Currency
Translation
Adjustments, Net
    
Unrealized
(Losses) Gains
on Cash Flow
Hedges
    
Pension and
Postretirement
Benefit Plans
    
Total
  
Balance as of December 31, 2016
  
$
(235.6
)
  
$
(42.2
)
  
$
(64.6
)
  
$
(342.4
)
Before tax income
    
74.8
      
20.0
      
29.8
      
124.6
  
Income tax effect
    
31.2
      
(7.6
)
    
(5.6
)
    
18.0
  
Other comprehensive income
    
106.0
      
12.4
      
24.2
      
142.6
  
Balance as of December 31, 2017
  
$
(129.6
)
  
$
(29.8
)
  
$
(40.4
)
  
$
(199.8
)
Before tax (loss) income
    
(54.3
)
    
25.3
      
(7.7
)
    
(36.7
)
Income tax effect
    
(6.7
)
    
(7.2
)
    
3.1
      
(10.8
)
Other comprehensive (loss) income
    
(61.0
)
    
18.1
      
(4.6
)
    
(47.5
)
Cumulative effect adjustment upon adoption of new accounting standard (ASU 2017-12)
    
—
      
0.3
      
—
      
0.3
  
Balance as of December 31, 2018
  
$
(190.6
)
  
$
(11.4
)
  
$
(45.0
)
  
$
(247.0
)
Before tax income (loss)
    
4.1
      
8.2
      
(9.3
)
    
3.0
  
Income tax effect
    
(5.6
)
    
(1.0
)
    
2.8
      
(3.8
)
Other comprehensive (loss) income
    
(1.5
)
    
7.2
      
(6.5
)
    
(0.8
)
Cumulative effect adjustment upon adoption of new accounting standard (ASU 2018-02)
    
(1.5
)
    
(6.7
)
    
—
      
(8.2
)
Balance as of December 31, 2019
  
$
(193.6
)
  
$
(10.9
)
  
$
(51.5
)
  
$
(256.0
)

Changes in accumulated other comprehensive (loss) income by component for the periods described below are presented in the following table(1).


  
Foreign
Currency
Translation
Adjustments, Net
    
Unrealized
Gains (Losses)
on Cash Flow
Hedges
    
Pension and
Postretirement
Benefit Plans
    
Total
  
Balance as of December 31, 2016
  
$
(235.6
)
  
$
(42.2
)
  
$
(64.6
)
  
$
(342.4
)
Other comprehensive income before reclassifications
    
106.0
      
0.9
      
21.1
      
128.0
  
Amounts reclassified from accumulated other comprehensive (loss) income
    
—
      
11.5
      
3.1
      
14.6
  
Other comprehensive income
    
106.0
      
12.4
      
24.2
      
142.6
  
Balance as of December 31, 2017
  
$
(129.6
)
  
$
(29.8
)
  
$
(40.4
)
  
$
(199.8
)
Other comprehensive (loss) income before reclassifications
    
(61.0
)
    
6.6
      
(6.0
)
    
(60.4
)
Amounts reclassified from accumulated other comprehensive (loss) income
    
—
      
11.5
      
1.4
      
12.9
  
Other comprehensive (loss) income
    
(61.0
)
    
18.1
      
(4.6
)
    
(47.5
)
Cumulative effect adjustment upon adoption of new accounting standard (ASU 2017-12)
    
—
      
0.3
      
—
      
0.3
  
Balance as of December 31, 2018
  
$
(190.6
)
  
$
(11.4
)
  
$
(45.0
)
  
$
(247.0
)
Other comprehensive loss before reclassifications
    
(1.5
)
    
(4.7
)
    
(8.2
)
    
(14.4
)
Amounts reclassified from accumulated other comprehensive (loss) income
    
—
      
11.9
      
1.7
      
13.6
  
Other comprehensive (loss) income
    
(1.5
)
    
7.2
      
(6.5
)
    
(0.8
)
Cumulative effect adjustment upon adoption of new accounting standard (ASU 2018-02)
    
(1.5
)
    
(6.7
)
    
—
      
(8.2
)
Balance as of December 31, 2019
  
$
(193.6
)
  
$
(10.9
)
  
$
(51.5
)
  
$
(256.0
)

(1)
All amounts are net of tax. Amounts in parentheses indicate debits.

Reclassifications out of accumulated other comprehensive (loss) income for the years ended December 31, 2019, 2018 and 2017 are presented in the following table.

Amount Reclassified from Accumulated Other Comprehensive (Loss) Income
Details about Accumulated
Other Comprehensive
(Loss) Income Components
  
2019
    
2018
    
2017
  
Affected Line in the
Statement Where Net
Income is Presented
Loss on cash flow hedges Interest rate swaps
  
$
15.6
    
$
15.1
    
$
18.5
  
Interest expense
     
15.6
      
15.1
      
18.5
  
Total before tax
     
(3.7
)
    
(3.6
)
    
(7.0
)
Benefit for income taxes
   
$
11.9
    
$
11.5
    
$
11.5
  
Net of tax
                               
Amortization of defined benefit pension and other postretirement benefit items
  
$
2.2
    
$
1.8
    
$
5.0
(1) 
  
     
2.2
      
1.8
      
5.0
  
Total before tax
     
(0.5
)
    
(0.4
)
    
(1.9
)
Benefit for income taxes
   
$
1.7
    
$
1.4
    
$
3.1
  
Net of tax
Total reclassifications for the period
  
$
13.6
    
$
12.9
    
$
14.6
  
Net of tax
(1)
These components are included in the computation of net periodic benefit cost. See Note 11 “Benefit Plans” for additional details.