14. Other Comprehensive Income
During the first quarter of 2013, the company adopted new Financial Accounting Standards Board guidance that requires the company to present information about reclassification adjustments from accumulated other comprehensive loss. Under this guidance, the company presents the effect of amounts reclassified from each component of accumulated other comprehensive loss based on its source.
The changes in accumulated other comprehensive income (loss) by component are as follows:
| Derivative Instruments Designated as Cash Flow Hedges |
Foreign Currency Translation |
Benefit Plans(C) |
Total | |||||||||||||
| (dollars in millions) | ||||||||||||||||
|
Balance at December 31, 2010 |
$ | — | $ | 29.0 | $ | (85.2 | ) | $ | (56.2 | ) | ||||||
|
Other comprehensive income (loss) before reclassifications |
(1.4 | ) | 12.1 | (39.1 | ) | (28.4 | ) | |||||||||
|
Tax (provision) benefit related to other comprehensive income (loss) before reclassifications(A) |
1.0 | — | 12.5 | 13.5 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Other comprehensive income (loss) before reclassifications, net of taxes |
(0.4 | ) | 12.1 | (26.6 | ) | (14.9 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Amounts reclassified from accumulated other comprehensive income (loss) |
(2.0 | )(B) | — | 8.4 | 6.4 | |||||||||||
|
Tax provision (benefit) related to amounts reclassified from accumulated other comprehensive income (loss) |
1.0 | — | (2.9 | ) | (1.9 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Reclassifications, net of tax |
(1.0 | ) | — | 5.5 | 4.5 | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Other comprehensive income (loss) |
(1.4 | ) | 12.1 | (21.1 | ) | (10.4 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Balance at December 31, 2011 |
$ | (1.4 | ) | $ | 41.1 | $ | (106.3 | ) | $ | (66.6 | ) | |||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Other comprehensive income (loss) before reclassifications |
$ | 3.6 | $ | (8.5 | ) | $ | (23.5 | ) | $ | (28.4 | ) | |||||
|
Tax (provision) benefit related to other comprehensive income (loss) before reclassifications(A) |
(1.8 | ) | — | 9.6 | 7.8 | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Other comprehensive income (loss) before reclassifications, net of taxes |
1.8 | (8.5 | ) | (13.9 | ) | (20.6 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Amounts reclassified from accumulated other comprehensive income (loss) |
(1.2 | )(B) | — | 10.8 | 9.6 | |||||||||||
|
Tax provision (benefit) related to amounts reclassified from accumulated other comprehensive income (loss) |
0.1 | — | (3.7 | ) | (3.6 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Reclassifications, net of tax |
(1.1 | ) | — | 7.1 | 6.0 | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Other comprehensive income (loss) |
0.7 | (8.5 | ) | (6.8 | ) | (14.6 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Balance at December 31, 2012 |
$ | (0.7 | ) | $ | 32.6 | $ | (113.1 | ) | $ | (81.2 | ) | |||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Other comprehensive income (loss) before reclassifications |
$ | 1.7 | $ | 14.7 | $ | 58.0 | $ | 74.4 | ||||||||
|
Tax (provision) benefit related to other comprehensive income (loss) before reclassifications(A) |
(0.2 | ) | — | (22.0 | ) | (22.2 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Other comprehensive income (loss) before reclassifications, net of taxes |
1.5 | 14.7 | 36.0 | 52.2 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Amounts reclassified from accumulated other comprehensive income (loss) |
(1.2 | )(B) | — | 13.9 | 12.7 | |||||||||||
|
Tax provision (benefit) related to amounts reclassified from accumulated other comprehensive income (loss) |
0.4 | — | (5.0 | ) | (4.6 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Reclassifications, net of tax |
(0.8 | ) | — | 8.9 | 8.1 | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Other comprehensive income (loss) |
0.7 | 14.7 | 44.9 | 60.3 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Balance at December 31, 2013 |
$ | — | $ | 47.3 | $ | (68.2 | ) | $ | (20.9 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (A) |
Income taxes are not provided for foreign currency translation adjustment. |
| (B) |
See Note 6 of the notes to consolidated financial statements. |
| (C) |
These components are included in the computation of net periodic pension cost. See Note 12 of the notes to consolidated financial statements. |