Quarterly report pursuant to Section 13 or 15(d)

Accumulated Other Comprehensive (Loss) Income

v3.4.0.3
Accumulated Other Comprehensive (Loss) Income
3 Months Ended
Mar. 31, 2016
Equity [Abstract]  
Accumulated Other Comprehensive (Loss) Income
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME
The balance of each component of accumulated other comprehensive income (loss), net of tax, as of March 31, 2016 and December 31, 2015 is presented in the table below.
(Dollars in millions)
March 31, 2016
 
December 31, 2015
Foreign currency translation adjustments
$
(4.0
)
 
$
0.1

Derivative gain, net
0.5

 
2.3

Postretirement adjustments
(0.3
)
 
(0.4
)
Accumulated other comprehensive (loss) income
$
(3.8
)
 
$
2.0


The amounts and related tax effects allocated to each component of other comprehensive income (loss) for the three months ended March 31, 2016 and 2015 are presented in the following table.
 
Three Months Ended March 31, 2016
 
Three Months Ended March 31, 2015
(Dollars in millions)
Pre-tax Amount
 
Tax
 
After-tax Amount
 
Pre-tax Amount
 
Tax
 
After-tax Amount
Foreign currency translation adjustments
$
(4.1
)
 
$

 
$
(4.1
)
 
$
(4.9
)
 
$

 
$
(4.9
)
Derivative gain, net
(1.8
)
 

 
(1.8
)
 
0.9

 

 
0.9

Postretirement adjustments
0.1

 

 
0.1

 

 

 

Total other comprehensive (loss)
$
(5.8
)
 
$

 
$
(5.8
)
 
$
(4.0
)
 
$

 
$
(4.0
)
The following table summarizes the activity, by component, related to the change in AOCI for March 31, 2016 and December 31, 2015, net of tax:

(Dollars in millions)
Foreign Currency Translation Adjustments
 
Derivative Gain (Loss)
 
Postretirement Adjustments
 
Total Accumulated Other Comprehensive Income
Balance, December 31, 2015
$
0.1

 
$
2.3

 
$
(0.4
)
 
$
2.0

Other comprehensive (loss) income before reclassifications, net of tax expense of $ –, $0.2, $ – and $0.2
(4.1
)
 
(1.2
)
 
0.1

 
(5.2
)
Amounts reclassified from accumulated other comprehensive income

 
(0.6
)
 

 
(0.6
)
Net current period other comprehensive (loss) income
(4.1
)
 
(1.8
)
 
0.1

 
(5.8
)
Balance, March 31, 2016
$
(4.0
)
 
$
0.5

 
$
(0.3
)
 
$
(3.8
)
 
 
 
 
 
 
 
 
Balance, December 31, 2014
$
12.2

 
$
1.7

 
$
(0.2
)
 
$
13.7

Other comprehensive (loss) income before reclassifications, net of tax expense of $ –, $–, $ – and $ –
(4.9
)
 
1.9

 

 
(3.0
)
Amounts reclassified from accumulated other comprehensive income

 
(1.0
)
 

 
(1.0
)
Net current period other comprehensive (loss) income
(4.9
)
 
0.9

 

 
(4.0
)
Balance, March 31, 2015
$
7.3

 
$
2.6

 
$
(0.2
)
 
$
9.7


The amounts reclassified from AOCI and the affected line item of the Condensed Combined Statements of Operations and Comprehensive Income (Loss) are presented in the table below.
 
Amounts Reclassified from AOCI
 
Affected Line Item in the Condensed Combined Statement of Operations and Comprehensive Income (Loss)
 
Three Months Ended March 31,
(Dollars in millions)
2016
 
2015
Derivative Adjustments:
 
 
 
 
 
Foreign exchange contracts - purchases
$
0.1

 
$
0.2

 
Cost of goods sold
Foreign exchange contracts - sales
(1.0
)
 
(1.2
)
 
Net sales
Total (income) before tax
(0.9
)
 
(1.0
)
 
 
Tax impact
0.3

 

 
Income tax (benefit) expense
Total reclassifications for the period
$
(0.6
)
 
$
(1.0
)