COMPREHENSIVE INCOME (LOSS)

3 Months Ended

Mar. 31, 2020

Components of Other comprehensive income (loss), net of tax, were as follows:


	Three Months Ended March 31,
(in millions)	2020		2019

Foreign currency translation losses	$	(123.0)	$	(71.9)
Foreign currency translation gain on hedges of net investments	4.3		10.6

These amounts are recorded in Accumulated other comprehensive income (loss) ("AOCI"), net of any related tax adjustments. At March 31, 2020 and December 31, 2019, the cumulative tax adjustments were $166.9 million and $173.0 million, respectively, primarily related to foreign currency translation gains and losses.

The cumulative foreign currency translation adjustments included translation losses of $383.2 million and $260.2 million at March 31, 2020 and December 31, 2019, respectively, and cumulative losses on loans designated as hedges of net investments of $103.8 million and $108.1 million, respectively. These foreign currency translation losses were partially offset by movements on derivative financial instruments.

Changes in AOCI, net of tax, by component for the three months ended March 31, 2020 and 2019 were as follows:


(in millions)	Foreign Currency Translation Gain (Loss)		Gain (Loss) on Cash Flow Hedges		Gain (Loss) on Net Investment Hedges		Pension Liability Gain (Loss)		Total

Balance, net of tax, at December 31, 2019	$	(368.3)	$	(10.6)	$	(100.7)	$	(120.1)	$	(599.7)
Other comprehensive (loss) income before reclassifications and tax impact	(116.7)		(15.7)		24.7		—		(107.7)
Tax (expense) benefit	(2.0)		4.0		(8.1)		—		(6.1)
Other comprehensive (loss) income, net of tax, before reclassifications	(118.7)		(11.7)		16.6		—		(113.8)
Amounts reclassified from accumulated other comprehensive (loss) income, net of tax	—		(0.3)		—		1.6		1.3
Net (decrease) increase in other comprehensive loss	(118.7)		(12.0)		16.6		1.6		(112.5)


Balance, net of tax, at March 31, 2020	$	(487.0)	$	(22.6)	$	(84.1)	$	(118.5)	$	(712.2)


(in millions)	Foreign Currency Translation Gain (Loss)		Gain (Loss) on Cash Flow Hedges		Gain (Loss) on Net Investment Hedges		Pension Liability Gain (Loss)		Total

Balance, net of tax, at December 31, 2018	$	(284.7)	$	0.6	$	(111.4)	$	(83.2)	$	(478.7)
Other comprehensive (loss) income before reclassifications and tax impact	(59.9)		(7.7)		18.6		—		(49.0)
Tax (expense) benefit	(1.4)		2.4		(11.8)		—		(10.8)
Other comprehensive (loss) income, net of tax, before reclassifications	(61.3)		(5.3)		6.8		—		(59.8)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax	—		0.2		—		0.9		1.1
Net (decrease) increase in other comprehensive loss	(61.3)		(5.1)		6.8		0.9		(58.7)

Balance, net of tax, at March 31, 2019	$	(346.0)	$	(4.5)	$	(104.6)	$	(82.3)	$	(537.4)

Reclassifications out of AOCI to the Consolidated Statements of Operations for the three months ended March 31, 2020 and 2019 were as follows:



Details about AOCI Components	Amounts Reclassified from AOCI					Affected Line Item in the Consolidated Statements of Operations
	Three Months Ended
(in millions)	2020		2019

Gain (loss) on derivative financial instruments:
Interest rate swaps	$	(0.5)	$	(0.6)	Interest expense
Foreign exchange forward contracts	0.8		0.4		Cost of products sold




Net gain (loss) after tax	$	0.3	$	(0.2)






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	(2.2)		(1.4)		(a)
Net loss before tax	(2.1)		(1.3)
Tax impact	0.5		0.4		Provision for income taxes
Net loss after tax	$	(1.6)	$	(0.9)

Total reclassifications for the period	$	(1.3)	$	(1.1)

(a) These AOCI components are included in the computation of net periodic benefit cost for the three months ended March 31, 2020 and 2019.