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Accumulated Other Comprehensive (Loss) Income (Tables)
 12 Months Ended
Dec. 31, 2020
Equity [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss)

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

 

 

Year Ended December 31,

 

 

 

2020

 

 

2019

 

 

2018

 

Defined Benefit Pension Plan and Salaried VEBA:

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

(33.2

)

 

$

(35.6

)

 

$

(38.5

)

Actuarial gain (loss) arising during the period

 

 

0.4

 

 

 

(0.4

)

 

 

4.4

 

Less: income tax (expense) benefit

 

 

(0.1

)

 

 

0.1

 

 

 

(1.1

)

Net actuarial gain (loss) arising during the period

 

 

0.3

 

 

 

(0.3

)

 

 

3.3

 

Prior service credit (cost) arising during the period

 

 

12.3

 

 

 

(2.5

)

 

 

(6.9

)

Less: income tax (expense) benefit

 

 

(3.0

)

 

 

0.6

 

 

 

1.7

 

Net prior service credit (cost) arising during the period

 

 

9.3

 

 

 

(1.9

)

 

 

(5.2

)

Amortization of net actuarial loss1

 

 

0.4

 

 

 

0.5

 

 

 

0.9

 

Amortization of prior service cost1

 

 

4.7

 

 

 

5.6

 

 

 

5.4

 

Less: income tax expense2

 

 

(1.2

)

 

 

(1.4

)

 

 

(1.5

)

Net amortization and reclassification from AOCI to Net income

 

 

3.9

 

 

 

4.7

 

 

 

4.8

 

Translation impact on Canadian pension plan AOCI balance

 

 

(0.1

)

 

 

(0.1

)

 

 

—

 

Other comprehensive income, net of tax

 

 

13.4

 

 

 

2.4

 

 

 

2.9

 

Ending balance

 

$

(19.8

)

 

$

(33.2

)

 

$

(35.6

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Available for Sale Securities:

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance3

 

$

0.3

 

 

$

0.3

 

 

$

0.9

 

Unrealized gain on available for sale securities

 

 

1.3

 

 

 

4.4

 

 

 

4.7

 

Less: income tax expense

 

 

(0.7

)

 

 

(1.1

)

 

 

(1.1

)

Net unrealized gain on available for sale securities

 

 

0.6

 

 

 

3.3

 

 

 

3.6

 

Reclassification of unrealized gain upon sale of

   available for sale securities4

 

 

(2.0

)

 

 

(4.4

)

 

 

(5.4

)

Less: income tax benefit2

 

 

1.1

 

 

 

1.1

 

 

 

1.2

 

Net gain reclassified from AOCI to Net income

 

 

(0.9

)

 

 

(3.3

)

 

 

(4.2

)

Other comprehensive loss, net of tax

 

 

(0.3

)

 

 

—

 

 

 

(0.6

)

Ending balance

 

$

—

 

 

$

0.3

 

 

$

0.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Flow Hedges:

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

(5.6

)

 

$

(13.4

)

 

$

0.5

 

Unrealized loss on cash flow hedges

 

 

(9.4

)

 

 

(9.5

)

 

 

(21.2

)

Less: income tax benefit

 

 

2.3

 

 

 

2.3

 

 

 

5.3

 

Net unrealized loss on cash flow hedges

 

 

(7.1

)

 

 

(7.2

)

 

 

(15.9

)

Reclassification of unrealized loss upon settlement

   of cash flow hedges5

 

 

17.4

 

 

 

19.7

 

 

 

2.7

 

Reclassification due to forecasted transactions no longer

   probable of occurring5

 

 

0.8

 

 

 

—

 

 

 

—

 

Less: income tax expense2

 

 

(4.4

)

 

 

(4.7

)

 

 

(0.7

)

Net loss reclassified from AOCI to Net income

 

 

13.8

 

 

 

15.0

 

 

 

2.0

 

Other comprehensive income (loss), net of tax

 

 

6.7

 

 

 

7.8

 

 

 

(13.9

)

Ending balance

 

$

1.1

 

 

$

(5.6

)

 

$

(13.4

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Hedges:

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

—

 

 

$

—

 

 

$

—

 

Unrealized loss on fair value hedges

 

 

(1.0

)

 

 

—

 

 

 

—

 

Less: income tax benefit

 

 

0.2

 

 

 

—

 

 

 

—

 

Net unrealized loss on fair value hedges

 

 

(0.8

)

 

 

—

 

 

 

—

 

Excluded component amortized from OCI to Net income

 

 

0.4

 

 

 

—

 

 

 

—

 

Reclassification due to cancellation of firm commitment

 

 

0.6

 

 

 

—

 

 

 

—

 

Less: income tax expense2

 

 

(0.2

)

 

 

—

 

 

 

—

 

Net loss reclassified from AOCI to Net income

 

 

0.8

 

 

 

—

 

 

 

—

 

Other comprehensive income, net of tax

 

 

—

 

 

 

—

 

 

 

—

 

Ending balance

 

$

—

 

 

$

—

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign Currency Translation:

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

(0.1

)

 

$

(0.1

)

 

$

—

 

Other comprehensive income (loss), net of tax

 

 

0.1

 

 

 

—

 

 

 

(0.1

)

Ending balance

 

$

—

 

 

$

(0.1

)

 

$

(0.1

)

Total AOCI ending balance

 

$

(18.7

)

 

$

(38.6

)

 

$

(48.8

)

 

 

1.

Amounts amortized out of AOCI relating to Salaried VEBA adjustments were included within Other expense, net, as a component of Net periodic postretirement benefit cost relating to Salaried VEBA.

2.

Income tax amounts reclassified out of AOCI were included as a component of Income tax provision.

3.

The beginning unrealized gain within Available for sale securities as of January 1, 2018 includes a $0.4 million cumulative‑effect adjustment from our adoption of ASU 2016-01, which required us to remove cumulative gains on equity investments related to our deferred compensation plan as they are no longer accounted for as available for sale securities (see Note 1 and Note 8 for additional details).

4.

Amounts reclassified out of AOCI relating to sales of available for sale securities were included as a component of Other expense, net. We use the specific identification method to determine the amount reclassified out of AOCI.

5.

Amounts reclassified out of AOCI relating to cash flow hedges were included as a component of Cost of products sold. As of December 31, 2020, we estimate a net mark-to-market loss before tax of $4.7 million in AOCI will be reclassified into Net income within the next 12 months.