Accumulated Other Comprehensive Income (Loss) (Tables)

9 Months Ended

Sep. 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 September 30,						Nine Months Ended September 30,
	2021			2020			2021			2020
Defined Benefit Pension Plan and Salaried VEBA:
Beginning balance	$	(18.4	)	$	(31.2	)	$	(19.8	)	$	(33.2	)
Amortization of net actuarial loss1		0.1			—			0.3			0.2
Amortization of prior service cost1		0.9			1.2			2.6			3.5
Less: income tax expense2		(0.2	)		(0.3	)		(0.7	)		(0.9	)
Net amortization reclassified from AOCI to Net (loss) income		0.8			0.9			2.2			2.8
Translation impact on Canadian pension plan AOCI balance		—			(0.1	)		—			—
Other comprehensive income, net of tax		0.8			0.8			2.2			2.8
Ending balance	$	(17.6	)	$	(30.4	)	$	(17.6	)	$	(30.4	)
Available for Sale Securities:
Beginning balance	$	—		$	(0.2	)	$	—		$	0.3
Unrealized gain on available for sale securities		—			—			—			1.4
Less: income tax benefit (expense)		—			—			—			(0.3	)
Net unrealized gain on available for sale securities		—			—			—			1.1
Reclassification of unrealized loss (gain) upon sale of available for sale securities3		—			—			—			(2.1	)
Less: income tax benefit2		—			—			—			0.5
Net loss (gain) reclassified from AOCI to Net (loss) income		—			—			—			(1.6	)
Other comprehensive income (loss), net of tax		—			—			—			(0.5	)
Ending balance	$	—		$	(0.2	)	$	—		$	(0.2	)
Cash Flow Hedges:
Beginning balance	$	24.8		$	(10.7	)	$	1.1		$	(5.6	)
Unrealized gain (loss) on cash flow hedges		29.8			7.8			72.1			(16.0	)
Less: income tax (expense) benefit		(7.0	)		(1.9	)		(17.0	)		4.0
Net unrealized gain (loss) on cash flow hedges		22.8			5.9			55.1			(12.0	)
Reclassification of unrealized (gain) loss upon settlement of cash flow hedges		(16.7	)		1.8			(28.1	)		18.1
Reclassification due to forecasted transactions no longer probable of occurring		—			0.1			—			0.8
Less: income tax benefit (expense)2		3.9			(0.5	)		6.7			(4.7	)
Net (gain) loss reclassified from AOCI to Net (loss) income		(12.8	)		1.4			(21.4	)		14.2
Other comprehensive income, net of tax		10.0			7.3			33.7			2.2
Ending balance4	$	34.8		$	(3.4	)	$	34.8		$	(3.4	)
Fair Value Hedges:
Beginning balance	$	—		$	—		$	—		$	—
Unrealized gain (loss) on fair value hedges		—			—			—			(1.0	)
Less: income tax benefit		—			—			—			0.2
Net unrealized gain (loss) on fair value hedges		—			—			—			(0.8	)
Excluded component amortized from OCI to Net (loss) income		—			—			—			0.4
Reclassification due to cancellation of firm commitment		—			—			—			0.6
Less: income tax benefit (expense)2		—			—			—			(0.2	)
Net loss reclassified from AOCI to Net (loss) income		—			—			—			0.8
Other comprehensive income, net of tax		—			—			—			—
Ending balance	$	—		$	—		$	—		$	—
Foreign Currency Translation:
Beginning balance	$	(0.1	)	$	(0.1	)	$	—		$	(0.1	)
Other comprehensive income (loss), net of tax		—			0.1			(0.1	)		0.1
Ending balance	$	(0.1	)	$	—		$	(0.1	)	$	—
Total AOCI ending balance	$	17.1		$	(34.0	)	$	17.1		$	(34.0	)

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) benefit.

³ 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.

⁴ As of September 30, 2021, we estimate a net mark-to-market gain before tax of $38.8 million in AOCI will be reclassified into Net (loss) income upon settlement within the next 12 months.