COMPREHENSIVE INCOME (LOSS)

6 Months Ended

Jun. 30, 2020

Components of Other comprehensive income (loss), net of tax, for the three and six months ended June 30, 2020 and 2019 were as follows:


	Three Months Ended						Six Months Ended
(in millions)	2020		2019		2020		2019

Foreign currency translation gains (losses)	$	83.5	$	54.9	$	(39.5)	$	(17.0)
Foreign currency translation loss on hedges of net investments	(10.0)		(11.2)		(5.7)		(0.6)

These amounts are recorded in Accumulated other comprehensive income (loss) ("AOCI"), net of any related tax adjustments. At June 30, 2020 and December 31, 2019, the cumulative tax adjustments were $172.0 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 $299.7 million and $260.2 million at June 30, 2020 and December 31, 2019, respectively, and cumulative losses on loans designated as hedges of net investments of $113.8 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 six months ended June 30, 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	(41.1)		(15.9)		9.8		—		(47.2)
Tax (expense) benefit	(4.1)		3.8		(0.7)		—		(1.0)
Other comprehensive (loss) income, net of tax, before reclassifications	(45.2)		(12.1)		9.1		—		(48.2)
Amounts reclassified from accumulated other comprehensive income, net of tax	—		0.1		—		3.1		3.2
Net (decrease) increase in other comprehensive loss	(45.2)		(12.0)		9.1		3.1		(45.0)


Balance, net of tax, at June 30, 2020	$	(413.5)	$	(22.6)	$	(91.6)	$	(117.0)	$	(644.7)


(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	(13.4)		(15.4)		6.7		—		(22.1)
Tax (expense) benefit	(4.2)		4.0		(4.6)		—		(4.8)
Other comprehensive (loss) income, net of tax, before reclassifications	(17.6)		(11.4)		2.1		—		(26.9)
Amounts reclassified from accumulated other comprehensive income, net of tax	—		1.2		—		1.8		3.0
Net (decrease) increase in other comprehensive loss	(17.6)		(10.2)		2.1		1.8		(23.9)

Balance, net of tax, at June 30, 2019	$	(302.3)	$	(9.6)	$	(109.3)	$	(81.4)	$	(502.6)

Reclassifications out of AOCI to the Consolidated Statements of Operations for the three and six months ended June 30, 2020 and 2019 were insignificant.