Annual report pursuant to Section 13 and 15(d)

Comprehensive Income

v3.22.0.1
Comprehensive Income
12 Months Ended
Dec. 31, 2021
Comprehensive Income [Abstract]  
Comprehensive Income Comprehensive Income (Loss)
The following table presents reclassification adjustments out of Accumulated other comprehensive loss during the years ended December 31, 2021, 2020 and 2019:
(in millions)
Details about Accumulated other comprehensive loss components 2021 2020 2019 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) Net loss from discontinued operations, net of tax
  —  (13.9) Net loss from discontinued operations, net of tax
  —  0.1  Net loss from discontinued operations, net of tax
$   $ —  $ (13.8) Net loss from discontinued operations, net of tax
Amortization of defined benefit items:
Prior service credits $ 0.2  $ 0.7  $ 0.7 
Other expense, net (A)
Net actuarial losses (1.1) (1.1) (6.2)
Other expense, net (A)
Net actuarial losses   —  (292.8)
Pension settlement benefit (charge) (A) (B)
(0.9) (0.4) (298.3) Earnings before income taxes
0.1  0.1  (15.0)
Income tax provision (B)
$ (0.8) $ (0.3) $ (313.3)
Net earnings from continuing operations(B)
Amount of gain (loss) reclassified into earnings on derivative contracts:
Interest rate contracts $ (0.6) $ (0.6) $ (0.6) Interest expense
Foreign exchange contracts (8.3) 7.4  10.8  Cost of sales
Commodity Contracts 4.7  —  —  Cost of sales
(4.2) 6.8  10.2  Earnings before income taxes
1.3  (1.8) (3.0) Income tax provision
$ (2.9) $ 5.0  $ 7.2  Net earnings from continuing operations

(A)    These Accumulated other comprehensive 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 loss. 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.