Annual report pursuant to Section 13 and 15(d)

Comprehensive Income (Tables)

v3.19.3.a.u2
Comprehensive Income (Tables)
12 Months Ended
Dec. 31, 2019
Comprehensive Income [Abstract]  
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]

The following table presents reclassification adjustments out of Accumulated other comprehensive loss during the years ended December 31, 2019, 2018 and 2017:
(in millions)
 
 
 
 
Details about Accumulated other comprehensive loss components
 
2019
 
2018
 
2017
 
Affected line item in the statement where net income is presented
Amount of loss reclassified into earnings from foreign currency:
 
 
 
 
 
 
 
 
Foreign currency cumulative translation adjustment
 
$
(13.9
)
 
$

 
$

 
Loss on disposal of discontinued operations
 
 
(13.9
)
 

 

 
Earnings before income taxes from discontinued operations
 
 
0.1

 

 

 
Income tax provision
 
 
$
(13.8
)
 
$

 
$

 
Net earnings from discontinued operations
 
 
 
 
 
 
 
 
 
Amortization of defined benefit items:
 
 
 
 
 
 
 
 
Prior service credits
 
$
0.7

 
$
0.7

 
$
0.7

 
Other expense, net (A)
Net actuarial losses
 
(6.2
)
 
(10.3
)
 
(15.2
)
 
Other expense, net (A)
Net actuarial losses
 
(292.8
)
 

 
(96.6
)
 
Pension settlement charge (A) (B)
 
 
(298.3
)
 
(9.6
)
 
(111.1
)
 
Earnings before income taxes
 
 
(15.0
)
 
2.2

 
42.3

 
Income tax provision (B)
 
 
$
(313.3
)
 
$
(7.4
)
 
$
(68.8
)
 
Net earnings from continuing operations(B)
 
 
 
 
 
 
 
 
 
Amount of gain (loss) reclassified into earnings on derivative contracts:
 
 
 
 
 
 
 
 
Interest rate contracts
 
$
(0.6
)
 
$
(0.9
)
 
$
(1.1
)
 
Interest expense
Foreign exchange contracts
 
10.8

 
(2.5
)
 
(0.9
)
 
Cost of sales
 
 
10.2

 
(3.4
)
 
(2.0
)
 
Earnings before income taxes
 
 
(3.0
)
 
0.8

 
0.7

 
Income tax provision
 
 
$
7.2

 
$
(2.6
)
 
$
(1.3
)
 
Net earnings from continuing operations


(A)
These Accumulated other comprehensive income (loss) components are included in the computation of net pension and other benefit costs. See Note 17 – Postretirement Benefits for additional details.
(B)
In 2019, the Company fully exited its qualified benefit pension plans and as a result, recorded a pre-tax settlement charge of $292.8 million. The income tax impact of the settlement action was a net provision of $17.5 million, consisting of an income tax benefit of $73.9 million associated with the pension settlement charge netted against an income tax charge of $91.4 million resulting from the release of disproportionate tax effects in Accumulated Other Comprehensive Income. Refer to Note 17 – Postretirement Benefits and Note 12 – Income Taxes in the Notes to Consolidated Financial Statements for further information on the pension settlement and related income tax consequences, respectively.