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Accumulated Other Comprehensive Income (Loss)
 6 Months Ended
Jun. 30, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss)
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 8 “Benefit Plans” and Note 12 “Hedging Activities, Derivative Instruments and Fair Value Measurements.”
The before tax income (loss) and related income tax effect are as follows.
For the Three Month Period Ended June 30, 2021For the Three Month Period Ended June 30, 2020
Before-Tax AmountTax Benefit or (Expense)Net of Tax AmountBefore-Tax AmountTax Benefit or (Expense)Net of Tax Amount
Foreign currency translation adjustments, net$51.0 $(1.9)$49.1 $41.9 $3.0 $44.9 
Unrecognized gains on cash flow hedges, net— — — 7.3 (1.8)5.5 
Pension and other postretirement benefit prior service cost and gain or loss, net1.5 (0.2)1.3 0.4 0.1 0.5 
Other comprehensive income (loss)$52.5 $(2.1)$50.4 $49.6 $1.3 $50.9 
For the Six Month Period Ended June 30, 2021For the Six Month Period Ended June 30, 2020
Before-Tax AmountTax Benefit or (Expense)Net of Tax AmountBefore-Tax AmountTax Benefit or (Expense)Net of Tax Amount
Foreign currency translation adjustments, net$(56.2)$5.5 $(50.7)$(47.7)$0.4 $(47.3)
Unrecognized gains on cash flow hedges, net— — — 8.8 (2.1)6.7 
Pension and other postretirement benefit prior service cost and gain or loss, net3.0 (0.5)2.5 3.9 (0.5)3.4 
Other comprehensive income (loss)$(53.2)$5.0 $(48.2)$(35.0)$(2.2)$(37.2)
The tables above include only the other comprehensive income (loss), net of tax, attributable to Ingersoll Rand Inc. Other comprehensive loss, net, attributable to noncontrolling interest holders was $1.2 million and $0.4 million for the three month periods ended June 30, 2021 and 2020, respectively, and $2.3 million and $4.4 million for the six month periods ended June 30, 2021 and 2020, respectively, and related entirely to foreign currency translation adjustments.
Changes in accumulated other comprehensive income (loss) by component for the six month periods ended June 30, 2021 and 2020 are presented in the following table(1).
Foreign Currency Translation Adjustments, NetUnrecognized Gains (Losses) on Cash Flow HedgesPension and Other Postretirement Benefit PlansTotal
Balance as of December 31, 2020$74.6 $— $(60.4)$14.2 
Other comprehensive income (loss) before reclassifications(50.7)— 0.6 (50.1)
Amounts reclassified from accumulated other comprehensive income (loss)— — 1.9 1.9 
Other comprehensive income (loss)(50.7)— 2.5 (48.2)
Divestiture of foreign subsidiaries(1.5)— — (1.5)
Balance as of June 30, 2021$22.4 $— $(57.9)$(35.5)
Foreign Currency Translation Adjustments, NetUnrecognized Gains (Losses) on Cash Flow HedgesPension and Other Postretirement Benefit PlansTotal
Balance as of December 31, 2019$(193.6)$(10.9)$(51.5)$(256.0)
Other comprehensive income (loss) before reclassifications(47.3)(3.2)2.3 (48.2)
Amounts reclassified from accumulated other comprehensive income (loss)— 9.9 1.1 11.0 
Other comprehensive income (loss)(47.3)6.7 3.4 (37.2)
Balance as of June 30, 2020$(240.9)$(4.2)$(48.1)$(293.2)
(1)All amounts are net of tax. Amounts in parentheses indicate debits.
Reclassifications out of accumulated other comprehensive income (loss) for the six month periods ended June 30, 2021 and 2020 are presented in the following table.
Amount Reclassified from Accumulated Other Comprehensive Income (Loss)
Details about Accumulated Other Comprehensive Income (Loss) ComponentsFor the Six Month Period Ended June 30, 2021Affected Line(s) in the Statement Where Net Income is Presented
20212020
Loss on cash flow hedges (interest rate swaps)$— $13.2 Interest expense
Benefit for income taxes— (3.3)Benefit for income taxes
Loss on cash flow hedges (interest rate swaps), net of tax$— $9.9 
Amortization of defined benefit pension and other postretirement benefit items(1)
$2.6 $1.5 Cost of sales and Selling and administrative expenses
Benefit for income taxes(0.7)(0.4)Benefit for income taxes
Amortization of defined benefit pension and other postretirement benefit items, net of tax$1.9 $1.1 
Total reclassifications for the period, net of tax$1.9 $11.0 
(1)These components are included in the computation of net periodic benefit cost. See Note 8 “Benefit Plans” for additional details.