Accumulated Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Jun. 30, 2021

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):

	Quarter Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
Defined Benefit Pension Plan and Salaried VEBA:
Beginning balance	$	(19.1	)	$	(32.1	)	$	(19.8	)	$	(33.2	)
Amortization of net actuarial loss1		0.1			0.1			0.2			0.2
Amortization of prior service cost1		0.8			1.1			1.7			2.3
Less: income tax expense2		(0.2	)		(0.3	)		(0.5	)		(0.6	)
Net amortization reclassified from AOCI to Net (loss) income		0.7			0.9			1.4			1.9
Translation impact on Canadian pension plan AOCI balance		—			—			—			0.1
Other comprehensive income, net of tax		0.7			0.9			1.4			2.0
Ending balance	$	(18.4	)	$	(31.2	)	$	(18.4	)	$	(31.2	)
Available for Sale Securities:
Beginning balance	$	—		$	0.1		$	—		$	0.3
Unrealized gain on available for sale securities		—			0.1			—			1.4
Less: income tax benefit (expense)		—			—			—			(0.3	)
Net unrealized gain on available for sale securities		—			0.1			—			1.1
Reclassification of unrealized loss (gain) upon sale of available for sale securities3		—			(0.6	)		—			(2.1	)
Less: income tax benefit2		—			0.2			—			0.5
Net loss (gain) reclassified from AOCI to Net (loss) income		—			(0.4	)		—			(1.6	)
Other comprehensive income (loss), net of tax		—			(0.3	)		—			(0.5	)
Ending balance	$	—		$	(0.2	)	$	—		$	(0.2	)
Cash Flow Hedges:
Beginning balance	$	9.6		$	(21.5	)	$	1.1		$	(5.6	)
Unrealized gain (loss) on cash flow hedges		28.4			4.1			42.3			(23.8	)
Less: income tax (expense) benefit		(6.7	)		(0.9	)		(10.0	)		5.9
Net unrealized gain (loss) on cash flow hedges		21.7			3.2			32.3			(17.9	)
Reclassification of unrealized (gain) loss upon settlement of cash flow hedges4		(8.7	)		9.3			(11.4	)		16.3
Reclassification due to forecasted transactions no longer probable of occurring4		—			0.7			—			0.7
Less: income tax benefit (expense)2		2.2			(2.4	)		2.8			(4.2	)
Net (gain) loss reclassified from AOCI to Net (loss) income		(6.5	)		7.6			(8.6	)		12.8
Other comprehensive income (loss), net of tax		15.2			10.8			23.7			(5.1	)
Ending balance	$	24.8		$	(10.7	)	$	24.8		$	(10.7	)
Fair Value Hedges:
Beginning balance	$	—		$	(0.5	)	$	—		$	—
Unrealized gain (loss) on fair value hedges		—			(0.2	)		—			(1.0	)
Less: income tax benefit		—			—			—			0.2
Net unrealized gain (loss) on fair value hedges		—			(0.2	)		—			(0.8	)
Excluded component amortized from OCI to Net income		—			0.2			—			0.4
Reclassification due to cancellation of firm commitment		—			0.6			—			0.6
Less: income tax benefit (expense)2		—			(0.1	)		—			(0.2	)
Net loss reclassified from AOCI to Net (loss) income		—			0.7			—			0.8
Other comprehensive income, net of tax		—			0.5			—			—
Ending balance	$	—		$	—		$	—		$	—
Foreign Currency Translation:
Beginning balance	$	(0.1	)	$	(0.1	)	$	—		$	(0.1	)
Other comprehensive income (loss), net of tax		—			—			(0.1	)		—
Ending balance	$	(0.1	)	$	(0.1	)	$	(0.1	)	$	(0.1	)
Total AOCI ending balance	$	6.3		$	(42.2	)	$	6.3		$	(42.2	)

¹ Amounts amortized out of AOCI relating to Salaried VEBA adjustments were included within Other (expense) income, 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 benefit (provision).

³ Amounts reclassified out of AOCI relating to sales of available for sale securities were included as a component of Other income (expense), net. We use the specific identification method to determine the amount reclassified out of AOCI.

⁴ As of June 30, 2021, we estimate a net mark-to-market gain before tax of $28.7 million in AOCI will be reclassified into Net (loss) income upon settlement within the next 12 months.