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Accumulated Other Comprehensive Income
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Accumulated Other Comprehensive Income

11. Accumulated Other Comprehensive Income

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

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Defined Benefit Plans:

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

11.0

 

 

$

2.8

 

 

$

(21.4

)

Actuarial gain arising during the period

 

 

12.2

 

 

 

4.3

 

 

 

27.0

 

Less: income tax expense

 

 

(2.8

)

 

 

(1.0

)

 

 

(6.5

)

Net actuarial gain arising during the period

 

 

9.4

 

 

 

3.3

 

 

 

20.5

 

Prior service (cost) credit arising during the period

 

 

(2.2

)

 

 

2.2

 

 

 

—

 

Less: income tax benefit (expense)

 

 

0.5

 

 

 

(0.5

)

 

 

—

 

Net prior service (cost) credit arising during the period

 

 

(1.7

)

 

 

1.7

 

 

 

—

 

Amortization of net actuarial gain1,2

 

 

(2.0

)

 

 

(1.1

)

 

 

—

 

Amortization of prior service cost1

 

 

2.5

 

 

 

5.3

 

 

 

4.9

 

Less: income tax expense3

 

 

(0.1

)

 

 

(1.0

)

 

 

(1.2

)

Net amortization reclassified from AOCI to Net income (loss)

 

 

0.4

 

 

 

3.2

 

 

 

3.7

 

Other comprehensive income, net of tax

 

 

8.1

 

 

 

8.2

 

 

 

24.2

 

Ending balance

 

$

19.1

 

 

$

11.0

 

 

$

2.8

 

 

 

 

 

 

 

 

 

 

Cash Flow Hedges:

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

2.1

 

 

$

0.4

 

 

$

17.7

 

Unrealized loss on cash flow hedges

 

 

(0.2

)

 

 

(10.7

)

 

 

(12.2

)

Less: income tax benefit

 

 

—

 

 

 

2.5

 

 

 

2.9

 

Net unrealized loss on cash flow hedges

 

 

(0.2

)

 

 

(8.2

)

 

 

(9.3

)

Reclassification of unrealized (gain) loss upon settlement
   of cash flow hedges

 

 

(0.9

)

 

 

12.9

 

 

 

(10.5

)

Reclassification due to forecasted transactions probable of not
   occurring

 

 

0.2

 

 

 

—

 

 

 

—

 

Less: income tax benefit (expense)3

 

 

0.2

 

 

 

(3.0

)

 

 

2.5

 

Net (gain) loss reclassified from AOCI to Net income (loss)

 

 

(0.5

)

 

 

9.9

 

 

 

(8.0

)

Other comprehensive (loss) income, net of tax

 

 

(0.7

)

 

 

1.7

 

 

 

(17.3

)

Ending balance4

 

$

1.4

 

 

$

2.1

 

 

$

0.4

 

 

 

 

 

 

 

 

 

 

Total AOCI ending balance

 

$

20.5

 

 

$

13.1

 

 

$

3.2

 

 

1.
Amounts amortized out of AOCI related to pension and other postretirement and postemployment benefits were included within Net periodic postretirement and postemployment benefit cost (see Note 5).
2.
Amounts amortized out of AOCI during the year ended December 31, 2024 include net actuarial gains recognized on a pro-rata basis in conjunction with a group annuity purchase (see Note 5).
3.
Income tax amounts reclassified out of AOCI were included as a component of Income tax (provision) benefit.
4.
As of December 31, 2024, we estimate a net mark-to-market gain before tax of $1.9 million in AOCI will be reclassified into Net income (loss) upon settlement within the next 12 months.