Other Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 2021

Statement of Comprehensive Income [Abstract]

Other Comprehensive Income (Loss)

Other Comprehensive Income (Loss)

The following tables summarize the activity related to each component of other comprehensive income (loss) during the three months ended September 30, 2021 and 2020:

(Amounts presented net of taxes)	Foreign Currency Translation Gains (Losses)		Unrealized Net Gains (Losses) on Securities		Defined Benefit Pension and Retiree Health Benefit Plans		Effective Portion of Cash Flow Hedges		Accumulated Other Comprehensive Loss
Balance at July 1, 2021	$	(1,516.2)	$	9.1	$	(4,569.9)	$	(210.1)	$	(6,287.1)
Other comprehensive income (loss) before reclassifications	(8.0)		(2.4)		18.6		16.8		25.0
Net amount reclassified from accumulated other comprehensive loss	—		0.1		86.0		3.3		89.4
Net other comprehensive income (loss)	(8.0)		(2.3)		104.6		20.1		114.4
Balance at September 30, 2021	$	(1,524.2)	$	6.8	$	(4,465.3)	$	(190.0)	$	(6,172.7)

(Amounts presented net of taxes)	Foreign Currency Translation Gains (Losses)		Unrealized Net Gains (Losses) on Securities		Defined Benefit Pension and Retiree Health Benefit Plans		Effective Portion of Cash Flow Hedges		Accumulated Other Comprehensive Loss
Balance at July 1, 2020	$	(1,722.5)	$	15.1	$	(4,454.9)	$	(520.6)	$	(6,682.9)
Other comprehensive income (loss) before reclassifications	30.3		0.8		(19.6)		82.9		94.4
Net amount reclassified from accumulated other comprehensive loss	—		(0.2)		30.3		3.3		33.4
Net other comprehensive income (loss)	30.3		0.6		10.7		86.2		127.8
Balance at September 30, 2020	$	(1,692.2)	$	15.7	$	(4,444.2)	$	(434.4)	$	(6,555.1)

The following tables summarize the activity related to each component of other comprehensive income (loss) during the nine months ended September 30, 2021 and 2020:

(Amounts presented net of taxes)	Foreign Currency Translation Gains (Losses)		Unrealized Net Gains (Losses) on Securities		Defined Benefit Pension and Retiree Health Benefit Plans		Effective Portion of Cash Flow Hedges		Accumulated Other Comprehensive Loss
Balance at January 1, 2021	$	(1,427.5)	$	14.8	$	(4,751.0)	$	(332.7)	$	(6,496.4)
Other comprehensive income (loss) before reclassifications	(96.7)		(8.8)		27.2		132.8		54.5
Net amount reclassified from accumulated other comprehensive loss	—		0.8		258.5		9.9		269.2
Net other comprehensive income (loss)	(96.7)		(8.0)		285.7		142.7		323.7
Balance at September 30, 2021	$	(1,524.2)	$	6.8	$	(4,465.3)	$	(190.0)	$	(6,172.7)

(Amounts presented net of taxes)	Foreign Currency Translation Gains (Losses)		Unrealized Net Gains (Losses) on Securities		Defined Benefit Pension and Retiree Health Benefit Plans		Effective Portion of Cash Flow Hedges		Accumulated Other Comprehensive Loss
Balance at January 1, 2020	$	(1,678.0)	$	4.9	$	(4,638.6)	$	(211.9)	$	(6,523.6)
Other comprehensive income (loss) before reclassifications	(14.2)		7.6		4.6		(232.3)		(234.3)
Net amount reclassified from accumulated other comprehensive loss	—		3.2		189.8		9.8		202.8
Net other comprehensive income (loss)	(14.2)		10.8		194.4		(222.5)		(31.5)
Balance at September 30, 2020	$	(1,692.2)	$	15.7	$	(4,444.2)	$	(434.4)	$	(6,555.1)

The tax effects on the net activity related to each component of other comprehensive income (loss) were as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
Tax benefit (expense)	2021		2020		2021		2020
Foreign currency translation gains/losses	$	(39.0)	$	46.0	$	(92.3)	$	34.9
Unrealized net gains/losses on securities	0.8		(0.2)		3.8		(3.0)
Defined benefit pension and retiree health benefit plans	(28.2)		11.8		(79.7)		(32.8)
Effective portion of cash flow hedges	(5.4)		(22.9)		(37.9)		59.1
Benefit (provision) for income taxes allocated to other comprehensive income (loss) items	$	(71.8)	$	34.7	$	(206.1)	$	58.2

Except for the tax effects of foreign currency translation gains and losses related to our foreign currency-denominated notes, cross-currency interest rate swaps, and other foreign currency exchange contracts designated as net investment hedges (see Note 6), income taxes were not provided for foreign currency translation. Generally, the assets and liabilities of foreign operations are translated into U.S. dollars using the current exchange rate. For those operations, changes in exchange rates generally do not affect cash flows; therefore, resulting translation adjustments are made in shareholders' equity rather than in the consolidated condensed statements of operations.

Reclassifications out of accumulated other comprehensive loss were as follows:

Details about Accumulated Other Comprehensive Loss Components	Three Months Ended September 30,				Nine Months Ended September 30,				Affected Line Item in the Consolidated Condensed Statements of Operations
	2021		2020		2021		2020
Amortization of retirement benefit items:
Prior service benefits, net	$	(13.9)	$	(20.8)	$	(41.5)	$	(48.4)	Other–net, (income) expense
Actuarial losses, net	122.7		59.1		368.7		288.6		Other–net, (income) expense
Total before tax	108.8		38.3		327.2		240.2
Tax benefit	(22.8)		(8.0)		(68.7)		(50.4)		Income taxes
Net of tax	86.0		30.3		258.5		189.8
Other, net of tax	3.4		3.1		10.7		13.0		Other–net, (income) expense
Total reclassifications, net of tax	$	89.4	$	33.4	$	269.2	$	202.8