Comprehensive Earnings (Tables)

3 Months Ended

Mar. 31, 2021

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


(In millions)	March 31, 2021		December 31, 2020
Accumulated other comprehensive loss:
Net unrealized gain on marketable securities, net of tax	$	0.2	$	1.2
Net unrecognized loss and prior service cost related to defined benefit plans, net of tax	(26.3)		(26.1)
Net unrecognized loss on derivatives in cash flow hedging relationships, net of tax	(15.5)		(18.0)
Net unrecognized loss on derivatives in net investment hedging relationships, net of tax	(161.3)		(353.6)
Foreign currency translation adjustment	(1,182.7)		(461.5)
	$	(1,385.6)	$	(858.0)

Components of accumulated other comprehensive loss, before tax, consist of the following, for the three months ended March 31, 2021 and 2020:


	Three Months Ended March 31, 2021
	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, 2020, net of tax			$	(18.0)	$	(353.6)	$	1.2	$	(26.1)	$	(461.5)	$	(858.0)
Other comprehensive earnings (loss) before reclassifications, before tax			8.3		227.4		(0.9)		0.6		(721.2)		(485.8)
Amounts reclassified from accumulated other comprehensive (loss) earnings, before tax:
Gain on foreign exchange forward contracts classified as cash flow hedges, included in net sales	(6.1)		(6.1)										(6.1)
Loss on interest rate swaps classified as cash flow hedges, included in interest expense		1.1	1.1										1.1
Amortization of prior service costs included in SG&A									(0.1)				(0.1)
Amortization of actuarial gain included in SG&A									0.3				0.3
Net other comprehensive earnings (loss), before tax			3.3		227.4		(0.9)		0.8		(721.2)		(490.6)
Income tax provision			0.8		35.1		0.1		1.0		—		37.0

Balance at March 31, 2021, net of tax			$	(15.5)	$	(161.3)	$	0.2	$	(26.3)	$	(1,182.7)	$	(1,385.6)


	Three Months Ended March 31, 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			(52.4)		42.3		0.2		(1.8)		(656.6)		(668.3)
Amounts reclassified from accumulated other comprehensive (loss) earnings, before tax:
Gain on foreign exchange forward contracts classified as cash flow hedges, included in net sales	(0.1)		(0.1)										(0.1)
Loss on interest rate swaps classified as cash flow hedges, included in interest expense		1.1	1.1										1.1

Amortization of actuarial gain included in SG&A									0.2				0.2
Net other comprehensive (loss) earnings, before tax			(51.4)		42.3		0.2		(1.6)		(656.6)		(667.1)
Income tax (benefit) provision			(12.9)		2.1		—		—		—		(10.8)

Balance at March 31, 2020, net of tax			$	(70.1)	$	(34.1)	$	0.8	$	(19.0)	$	(2,331.1)	$	(2,453.5)