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Accumulated Other Comprehensive Income (Loss) (Tables)
6 Months Ended
Jun. 30, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Schedule of Changes in Accumulated Other Comprehensive Income (Loss) by Component, Net of Tax

Changes in accumulated other comprehensive income (loss) by component, net of tax, were as follows (in millions):

 

 

Three Months Ended June 30, 2024

 

 

 

Pension and
Postretirement
Benefits

 

 

Cumulative
Translation
Adjustments

 

 

Derivative
Instruments

 

 

Accumulated Other
Comprehensive
Income (Loss)

 

Balance at beginning of period

 

$

32.6

 

 

$

(122.0

)

 

$

(0.2

)

 

$

(89.6

)

Other comprehensive income (loss) before reclassifications

 

 

 

 

 

(11.4

)

 

 

 

 

 

(11.4

)

Amounts reclassified from accumulated other comprehensive income (loss)

 

 

(0.5

)

 

 

 

 

 

(0.2

)

 

 

(0.7

)

Net other comprehensive income (loss)

 

 

(0.5

)

 

 

(11.4

)

 

 

(0.2

)

 

 

(12.1

)

Balance at end of period

 

$

32.1

 

 

$

(133.4

)

 

$

(0.4

)

 

$

(101.7

)

 

 

 

Three Months Ended June 30, 2023

 

 

 

Pension and
Postretirement
Benefits

 

 

Cumulative
Translation
Adjustments

 

 

Derivative
Instruments

 

 

Accumulated Other
Comprehensive
Income (Loss)

 

Balance at beginning of period

 

$

30.7

 

 

$

(120.2

)

 

$

6.2

 

 

$

(83.3

)

Other comprehensive income (loss) before reclassifications

 

 

 

 

 

3.5

 

 

 

(0.1

)

 

 

3.4

 

Amounts reclassified from accumulated other comprehensive income (loss)

 

 

(0.4

)

 

 

 

 

 

(2.9

)

 

 

(3.3

)

Net other comprehensive income (loss)

 

 

(0.4

)

 

 

3.5

 

 

 

(3.0

)

 

 

0.1

 

Balance at end of period

 

$

30.3

 

 

$

(116.7

)

 

$

3.2

 

 

$

(83.2

)

 

 

 

Six Months Ended June 30, 2024

 

 

 

Pension and
Postretirement
Benefits

 

 

Cumulative
Translation
Adjustments

 

 

Derivative
Instruments

 

 

Accumulated Other
Comprehensive
Income (Loss)

 

Balance at beginning of period

 

$

33.0

 

 

$

(104.5

)

 

$

(0.5

)

 

$

(72.0

)

Other comprehensive income (loss) before reclassifications

 

 

 

 

 

(28.9

)

 

 

0.5

 

 

 

(28.4

)

Amounts reclassified from accumulated other comprehensive income (loss)

 

 

(0.9

)

 

 

 

 

 

(0.4

)

 

 

(1.3

)

Net other comprehensive income (loss)

 

 

(0.9

)

 

 

(28.9

)

 

 

0.1

 

 

 

(29.7

)

Balance at end of period

 

$

32.1

 

 

$

(133.4

)

 

$

(0.4

)

 

$

(101.7

)

 

 

 

Six Months Ended June 30, 2023

 

 

 

Pension and
Postretirement
Benefits

 

 

Cumulative
Translation
Adjustments

 

 

Derivative
Instruments

 

 

Accumulated Other
Comprehensive
Income (Loss)

 

Balance at beginning of period

 

$

31.1

 

 

$

(131.6

)

 

$

8.2

 

 

$

(92.3

)

Other comprehensive income (loss) before reclassifications

 

 

 

 

 

13.9

 

 

 

0.1

 

 

 

14.0

 

Amounts reclassified from accumulated other comprehensive income (loss)

 

 

(0.8

)

 

 

1.0

 

 

 

(5.1

)

 

 

(4.9

)

Net other comprehensive income (loss)

 

 

(0.8

)

 

 

14.9

 

 

 

(5.0

)

 

 

9.1

 

Balance at end of period

 

$

30.3

 

 

$

(116.7

)

 

$

3.2

 

 

$

(83.2

)

Schedule of Reclassifications Out of Accumulated Other Comprehensive Income (Loss) Included in the Computation of Net Periodic Pension and Post-employment Benefit Cost

Reclassifications out of accumulated other comprehensive income (loss) included in the computation of net periodic pension and postretirement benefit cost (See Note 6 for additional details regarding benefit plans) are included within Miscellaneous, net within the Condensed Consolidated Statements of Income and were as follows (in millions):

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Amortization of pension and postretirement benefits items

 

 

 

 

 

 

 

 

 

 

 

 

Prior service cost

 

$

 

 

$

0.2

 

 

$

0.1

 

 

$

0.3

 

Actuarial gains

 

 

(0.7

)

 

 

(0.7

)

 

 

(1.3

)

 

 

(1.3

)

Total before tax

 

 

(0.7

)

 

 

(0.5

)

 

 

(1.2

)

 

 

(1.0

)

Tax expense

 

 

0.2

 

 

 

0.1

 

 

 

0.3

 

 

 

0.2

 

Net of tax

 

$

(0.5

)

 

$

(0.4

)

 

$

(0.9

)

 

$

(0.8

)