COMPREHENSIVE INCOME

During the quarter ended June 30, 2016, foreign currency translation adjustments included currency translation gains of $91.4 million and losses of $1.6 million on the Company’s loans designated as hedges of net investments. During the quarter ended June 30, 2015, foreign currency translation adjustments included currency translation losses of $74.9 million and losses of $0.4 million on the Company’s loans designated as hedges of net investments. During the six months ended June 30, 2016, foreign currency translation adjustments included currency translation gains of $107.2 million and losses of $13.3 million on the Company’s loans designated as hedges of net investments. During the six months ended June 30, 2015, foreign currency translation adjustments included currency translation losses of $113.7 million and losses of $1.2 million on the Company’s loans designated as hedges of net investments. These amounts are recorded in AOCI, net of any related tax adjustments. At June 30, 2016 and December 31, 2015, the cumulative tax adjustments were $185.5 million and $169.3 million, respectively, primarily related to foreign currency translation adjustments.

The cumulative foreign currency translation adjustments included translation losses of $200.3 million and $307.5 million at June 30, 2016 and December 31, 2015, respectively, and cumulative losses on loans designated as hedges of net investments of $107.0 million and $93.7 million, respectively. These foreign currency translation adjustments were partially offset by movements on derivative financial instruments, which are discussed in Note 10, Financial Instruments and Derivatives.

Changes in AOCI, net of tax, by component for the six months ended June 30, 2016 and 2015:



(in millions)	Foreign Currency Translation Adjustments			Gain (Loss) on Derivative Financial Instruments Designated as Cash Flow Hedges			Gain (Loss) on Derivative Financial Instruments Designated as Net Investment Hedges			Pension Liability Adjustments			Total

Balance at December 31, 2015	$	(401.2	)	$	(1.2	)	$	(110.2	)	$	(81.4	)	$	(594.0	)
Other comprehensive income (loss) before reclassifications and tax impact	86.0			(4.6		)	(17.2		)	—			64.2
Tax benefit	7.9			1.7			6.6			—			16.2
Other comprehensive income (loss), net of tax, before reclassifications	93.9			(2.9		)	(10.6		)	—			80.4
Amounts reclassified from accumulated other comprehensive income (loss)	—			(2.8		)	—			1.8			(1.0		)
Net increase (decrease) in other comprehensive income	93.9			(5.7		)	(10.6		)	1.8			79.4
Balance at June 30, 2016	$	(307.3	)	$	(6.9	)	$	(120.8	)	$	(79.6	)	$	(514.6	)



(in millions)	Foreign Currency Translation Adjustments			Gain (Loss) on Derivative Financial Instruments Designated as Cash Flow Hedges			Gain (Loss) on Derivative Financial Instruments Designated as Net Investment Hedges			Net Unrealized Holding Gain (Loss)on Available-for-Sale Securities			Pension Liability Adjustments			Total

Balance at December 31, 2014	$	(212.5	)	$	(10.8	)	$	(112.7	)	$	8.5		$	(113.6	)	$	(441.1	)
Other comprehensive (loss) income before reclassifications and tax impact	(107.3		)	21.0			(3.4		)	101.4			—			11.7
Tax expense	(7.6		)	(2.6		)	1.0			(31.1		)	—			(40.3		)
Other comprehensive (loss) income, net of tax, before reclassifications	(114.9		)	18.4			(2.4		)	70.3			—			(28.6		)
Amounts reclassified from accumulated other comprehensive (loss) income	—			(8.2		)	—			—			2.9			(5.3		)
Net (decrease) increase in other comprehensive income	(114.9		)	10.2			(2.4		)	70.3			2.9			(33.9		)
Balance at June 30, 2015	$	(327.4	)	$	(0.6	)	$	(115.1	)	$	78.8		$	(110.7	)	$	(475.0	)

Reclassifications out of accumulated other comprehensive income (expense) to the Consolidated Statements of Operations for the three and six months ended June 30, 2016 and 2015:



(in millions)
Details about AOCI Components	Amounts Reclassified from AOCI						Affected Line Item in the Consolidated Statements of Operations
	Three Months Ended June 30,
	2016			2015

Gain (loss) on derivative financial instruments:
Interest rate swaps	$	(0.9	)	$	(1.1	)	Interest expense
Foreign exchange forward contracts	2.1			6.8			Cost of products sold
Foreign exchange forward contracts	—			0.2			SG&A expenses
Commodity contracts	0.2			(0.1		)	Cost of products sold
Net gain before tax	1.4			5.8
Tax impact	(0.1		)	(1.2		)	Provision (benefit) for income taxes
Net gain after tax	$	1.3		$	4.6


Amortization of defined benefit pension and other postemployment benefit items:
Amortization of prior service benefits	$	0.1		$	—		(a)
Amortization of net actuarial losses	(1.4		)	(2.0		)	(a)
Net loss before tax	(1.3		)	(2.0		)
Tax impact	0.4			0.6			Provision (benefit) for income taxes
Net loss after tax	$	(0.9	)	$	(1.4	)

Total reclassifications for the period	$	0.4		$	3.2

(a) These accumulated other comprehensive income components are included in the computation of net periodic benefit cost for the three months ended June 30, 2016 and 2015 (see Note 8, Benefit Plans, for additional details).



(in millions)
Details about AOCI Components	Amounts Reclassified from AOCI						Affected Line Item in the Consolidated Statements of Operations
	Six Months Ended June 30,
	2016			2015

Gain (loss) on derivative financial instruments:
Interest rate swaps	$	(2.0	)	$	(2.0	)	Interest expense
Foreign exchange forward contracts	5.2			10.7			Cost of products sold
Foreign exchange forward contracts	0.1			0.4			SG&A expenses
Commodity contracts	(0.1		)	(0.3		)	Cost of products sold
Net gain before tax	3.2			8.8
Tax impact	(0.4		)	(0.6		)	Provision (benefit) for income taxes
Net gain after tax	$	2.8		$	8.2


Amortization of defined benefit pension and other postemployment benefit items:
Amortization of prior service benefits	$	0.1		$	0.1		(a)
Amortization of net actuarial losses	(2.6		)	(4.1		)	(a)
Net loss before tax	(2.5		)	(4.0		)
Tax impact	0.7			1.1			Provision (benefit) for income taxes
Net loss after tax	$	(1.8	)	$	(2.9	)

Total reclassifications for the period	$	1.0		$	5.3

(a) These accumulated other comprehensive income components are included in the computation of net periodic benefit cost for the six months ended June 30, 2016 and 2015 (see Note 8, Benefit Plans, for additional details).