Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2024

Accumulated Other Comprehensive Income (Loss) [Abstract]

Accumulated Other Comprehensive Income (Loss)

Note 19.  Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income (loss) at December 31 comprised of the following components:

	December 31,
(millions of dollars)	2024			2023
Cumulative foreign currency translation	$	(399.6	)	$	(350.9	)
Unrecognized pension benefit (costs) (net of tax (expense) benefit of $(1.2) in 2024 and $8.9 in 2023)		1.9			(28.8	)
Unrealized gain on cash flow hedges (net of tax expense (benefit) of $0.1 in 2024 and $(1.2) in 2023)		10.6			10.3
	$	(387.1	)	$	(369.4	)

The following table summarizes the changes in other comprehensive income (loss) by component:

	Year Ended December 31,
	2024									2023									2022
(millions of dollars)	Pre-Tax Amount			Tax (Expense) Benefit			Net-of- Tax Amount			Pre-Tax Amount			Tax (Expense) Benefit			Net-of- Tax Amount			Pre-Tax Amount			Tax (Expense) Benefit			Net-of- Tax Amount
Foreign currency translation adjustment	$	(49.9	)	$	—		$	(49.9	)	$	(6.1	)	$	—		$	(6.1	)	$	(78.9	)	$	—		$	(78.9	)
Pension plans:
Net actuarial gains (losses) and prior service costs arising during the period		39.5			(9.7	)		29.8			5.1			(1.4	)		3.7			41.4			(9.8	)		31.6
Amortization of net actuarial (gains) losses and prior service costs		1.1			(0.3	)		0.8			2.5			(0.6	)		1.9			4.9			(1.2	)		3.7
Unrealized gains (losses) on cash flow hedges		0.4			(0.1	)		0.3			(4.5	)		1.2			(3.3	)		10.6			(2.8	)		7.8
Total other comprehensive income (loss)	$	(8.9	)	$	(10.1	)	$	(19.0	)	$	(3.0	)	$	(0.8	)	$	(3.8	)	$	(22.0	)	$	(13.8	)	$	(35.8	)

The pre-tax amortization amounts of pension plans in the table above are included within the components of net periodic pension benefit costs (see Note 16) and the related tax amounts are included within provision (benefit) for taxes on income line within Consolidated Statements of Income.