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Shareowners' Deficit
 3 Months Ended
Mar. 31, 2021
Shareowners Deficit [Abstract]  
Shareowners' Deficit

10.    Shareowners' Deficit

Accumulated Other Comprehensive Loss

For the three months ended March 31, 2021 and 2020, the changes in accumulated other comprehensive loss by component were as follows:

 

(dollars in millions)

 

Unrecognized

Net Periodic

Pension and

Postretirement

Benefit Cost

 

 

 

Unrealized Loss on Cash Flow

Hedges, Net

 

 

 

Foreign

Currency

Translation Loss

 

 

Total

 

Balance as of December 31, 2020

 

$

(138.8

)

 

 

$

(19.7

)

 

 

$

(1.2

)

 

$

(159.7

)

Reclassifications, net

 

 

4.4

 

(a)

 

 

1.8

 

(b)

 

 

—

 

 

 

6.2

 

Unrealized gain on cash flow hedges arising during the period, net

 

 

—

 

 

 

 

0.6

 

(c)

 

 

—

 

 

 

0.6

 

Foreign currency gain

 

 

—

 

 

 

 

—

 

 

 

 

1.0

 

 

 

1.0

 

Balance as of March 31, 2021

 

$

(134.4

)

 

 

$

(17.3

)

 

 

$

(0.2

)

 

$

(151.9

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of December 31, 2019

 

$

(152.0

)

 

 

$

(14.7

)

 

 

$

(3.4

)

 

$

(170.1

)

Reclassifications, net

 

 

3.2

 

(a)

 

 

1.1

 

(b)

 

 

—

 

 

 

4.3

 

Unrealized loss on cash flow hedges arising during the period, net

 

 

—

 

 

 

 

(10.1

)

(c)

 

 

—

 

 

 

(10.1

)

Foreign currency loss

 

 

—

 

 

 

 

—

 

 

 

 

(6.9

)

 

 

(6.9

)

Balance as of March 31, 2020

 

$

(148.8

)

 

 

$

(23.7

)

 

 

$

(10.3

)

 

$

(182.8

)

 

 

(a)

These reclassifications are included in the other components of net periodic pension and postretirement benefit plans expense and represent amortization of prior service benefit and actuarial loss, net of tax. The other components of net periodic pension and postretirement benefit plans expense are recorded in "Other components of pension and postretirement benefit plans expense" on the Condensed Consolidated Statements of Operations. See Note 9 for further disclosures.

 

 

 

 

(b)

These reclassifications are reported within "Interest expense" on the Condensed Consolidated Statements of Operations when the hedged transactions impact earnings.

 

 

 

 

(c)

The unrealized gain (loss), net on cash flow hedges represents the change in the fair value of the derivative instruments that occurred during the period, net of tax. The unrealized loss on cash flow hedges is recorded in "Other current liabilities" and "Other noncurrent liabilities" on the Condensed Consolidated Balance Sheets. See Note 8 for further disclosures.