Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2022

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 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 March 31,
	2022						2021
	Before-Tax Amount		Tax Benefit or (Expense)		Net of Tax Amount		Before-Tax Amount		Tax Benefit or (Expense)		Net of Tax Amount
Foreign currency translation adjustments, net	$	(21.7)	$	(7.1)	$	(28.8)	$	(107.2)	$	7.4	$	(99.8)
Pension and other postretirement benefit prior service cost and gain or loss, net	(1.5)		0.4		(1.1)		1.5		(0.3)		1.2
Other comprehensive loss	$	(23.2)	$	(6.7)	$	(29.9)	$	(105.7)	$	7.1	$	(98.6)

The tables above include only the other comprehensive income (loss), net of tax, attributable to Ingersoll Rand Inc. Other comprehensive income (loss), net, attributable to noncontrolling interest holders was $0.6 million and $(1.1) million for the three month periods ended March 31, 2022 and 2021, respectively, and related entirely to foreign currency translation adjustments.

Changes in accumulated other comprehensive income (loss) by component for the three month periods ended March 31, 2022 and 2021 are presented in the following table(1).

	Foreign Currency Translation Adjustments, Net		Pension and Other Postretirement Benefit Plans		Total
Balance as of December 31, 2021	$	(29.9)	$	(11.7)	$	(41.6)
Other comprehensive loss before reclassifications	(28.8)		(0.5)		(29.3)
Amounts reclassified from accumulated other comprehensive income (loss)	—		(0.6)		(0.6)
Other comprehensive loss	(28.8)		(1.1)		(29.9)
Balance as of March 31, 2022	$	(58.7)	$	(12.8)	$	(71.5)

	Foreign Currency Translation Adjustments, Net		Pension and Other Postretirement Benefit Plans		Total
Balance as of December 31, 2020	$	74.6	$	(60.4)	$	14.2
Other comprehensive income (loss) before reclassifications	(99.8)		0.2		(99.6)
Amounts reclassified from accumulated other comprehensive income (loss)	—		1.0		1.0
Other comprehensive income (loss)	(99.8)		1.2		(98.6)
Balance as of March 31, 2021	$	(25.2)	$	(59.2)	$	(84.4)

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

Reclassifications out of accumulated other comprehensive income (loss) for the three month periods ended March 31, 2022 and 2021 are presented in the following table.

Amount Reclassified from Accumulated Other Comprehensive Income (Loss)
Details about Accumulated Other Comprehensive Income (Loss) Components	For the Three Month Period Ended March 31,				Affected Line(s) in the Statement Where Net Income is Presented
	2022		2021
Amortization of defined benefit pension and other postretirement benefit items(1)	$	(0.8)	$	1.3	Cost of sales and Selling and administrative expenses
Provision (benefit) for income taxes	0.2		(0.3)		Benefit for income taxes
Amortization of defined benefit pension and other postretirement benefit items, net of tax	$	(0.6)	$	1.0

(1)These components are included in the computation of net periodic benefit cost. See Note 8 “Benefit Plans” for additional details.