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Accumulated Other Comprehensive Income (Loss)
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Accumulated Other Comprehensive Income (Loss)

8. Accumulated Other Comprehensive Income

The following table presents the changes in the accumulated balances for each component of AOCI (in millions of dollars):

 

 

 

Quarter Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Defined Benefit Plans:

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

10.4

 

 

$

(1.1

)

 

$

11.0

 

 

$

2.8

 

Actuarial gain (loss) arising during the period

 

 

—

 

 

 

—

 

 

 

1.4

 

 

 

(0.6

)

Less: income tax (expense) benefit

 

 

—

 

 

 

—

 

 

 

(0.3

)

 

 

0.1

 

Net actuarial gain (loss) arising during the period

 

 

—

 

 

 

—

 

 

 

1.1

 

 

 

(0.5

)

Prior service cost arising during the period

 

 

—

 

 

 

—

 

 

 

(2.2

)

 

 

(6.6

)

Less: income tax benefit

 

 

—

 

 

 

—

 

 

 

0.5

 

 

 

1.6

 

Net prior service cost arising during the period

 

 

—

 

 

 

—

 

 

 

(1.7

)

 

 

(5.0

)

Amortization of net actuarial gain1

 

 

(0.3

)

 

 

(0.3

)

 

 

(0.8

)

 

 

(0.9

)

Amortization of prior service cost1

 

 

1.0

 

 

 

1.4

 

 

 

1.5

 

 

 

4.0

 

Less: income tax expense2

 

 

(0.2

)

 

 

(0.3

)

 

 

(0.2

)

 

 

(0.7

)

Net amortization reclassified from AOCI to Net income

 

 

0.5

 

 

 

0.8

 

 

 

0.5

 

 

 

2.4

 

Other comprehensive income (loss), net of tax

 

 

0.5

 

 

 

0.8

 

 

 

(0.1

)

 

 

(3.1

)

Ending balance

 

$

10.9

 

 

$

(0.3

)

 

$

10.9

 

 

$

(0.3

)

 

 

 

 

 

 

 

 

 

 

 

 

Cash Flow Hedges:

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

3.8

 

 

$

(4.1

)

 

$

2.1

 

 

$

0.4

 

Unrealized gain (loss) on cash flow hedges

 

 

0.6

 

 

 

2.4

 

 

 

2.5

 

 

 

(9.2

)

Less: income tax (expense) benefit

 

 

(0.2

)

 

 

(0.6

)

 

 

(0.6

)

 

 

2.1

 

Net unrealized gain (loss) on cash flow hedges

 

 

0.4

 

 

 

1.8

 

 

 

1.9

 

 

 

(7.1

)

Reclassification of unrealized loss upon settlement of cash flow hedges

 

 

1.5

 

 

 

4.5

 

 

 

1.6

 

 

 

10.2

 

Reclassification due to forecasted transactions probable of not occurring

 

 

—

 

 

 

—

 

 

 

0.2

 

 

 

—

 

Less: income tax expense2

 

 

(0.3

)

 

 

(1.1

)

 

 

(0.4

)

 

 

(2.4

)

Net loss reclassified from AOCI to Net income

 

 

1.2

 

 

 

3.4

 

 

 

1.4

 

 

 

7.8

 

Other comprehensive income , net of tax

 

 

1.6

 

 

 

5.2

 

 

 

3.3

 

 

 

0.7

 

Ending balance3

 

$

5.4

 

 

$

1.1

 

 

$

5.4

 

 

$

1.1

 

 

 

 

 

 

 

 

 

 

 

 

 

Total AOCI ending balance

 

$

16.3

 

 

$

0.8

 

 

$

16.3

 

 

$

0.8

 

 

1.
Amounts amortized out of AOCI related to pension and other postretirement benefits were included within Net periodic postretirement benefit cost (see Note 3).
2.
Income tax amounts reclassified out of AOCI were included as a component of Income tax provision.
3.
As of September 30, 2024, we estimate a net mark-to-market gain before tax of $6.2 million in AOCI will be reclassified into Net income upon settlement within the next 12 months.