Axalta Coating Systems Ltd
For the period ended Dec 31, 2023. Filed Feb 15, 2024.
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FY2023 · Filed Feb 15, 2024
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(21) ACCUMULATED OTHER COMPREHENSIVE LOSS
| UnrealizedCurrencyTranslationAdjustments | Pension PlanAdjustments | UnrealizedGain (Loss) onDerivatives | AccumulatedOtherComprehensiveLoss | |
|---|---|---|---|---|
| Balance, December 31, 2022 | $(433.5) | $(36.3) | $2.9 | $(466.9) |
| Current year deferrals to AOCI | 69.5 | (34.7) | 1.8 | 36.6 |
| Reclassifications from AOCI to Net income | (10.2) | 0.7 | (4.4) | (13.9) |
| Net Change | 59.3 | (34.0) | (2.6) | 22.7 |
| Balance, December 31, 2023 | $(374.2) | $(70.3) | $0.3 | $(444.2) |
The cumulative income tax benefit related to the adjustments for foreign exchange at December 31, 2023 was $0.7 million. The cumulative income tax benefit related to the adjustments for pension benefits at December 31, 2023 was $29.3 million. The cumulative income tax benefit related to the adjustments for unrealized gain on derivatives at December 31, 2023 was animmaterial amount. See Note 19 for classification within the consolidated statements of operations of the gains and losses on derivatives reclassified from AOCI.
| UnrealizedCurrencyTranslationAdjustments | Pension PlanAdjustments | UnrealizedGain (Loss) onDerivatives | AccumulatedOtherComprehensiveLoss | |
|---|---|---|---|---|
| Balance, December 31, 2021 | $(331.3) | $(60.4) | $(22.7) | $(414.4) |
| Current year deferrals to AOCI | (81.9) | 22.5 | 19.5 | (39.9) |
| Reclassifications from AOCI to Net income | (20.3) | 1.6 | 6.1 | (12.6) |
| Net Change | (102.2) | 24.1 | 25.6 | (52.5) |
| Balance, December 31, 2022 | $(433.5) | $(36.3) | $2.9 | $(466.9) |
The cumulative income tax benefit related to the adjustments for pension benefits at December 31, 2022 was $14.1 million. The cumulative income tax benefit related to the adjustments for unrealized gain on derivatives at December 31, 2022 was $0.4 million. See Note 19 for classification within the consolidated statements of operations of the gains and losses on derivatives reclassified from AOCI.
| UnrealizedCurrencyTranslationAdjustments | Pension PlanAdjustments | UnrealizedGain (Loss) onDerivatives | AccumulatedOtherComprehensiveLoss | |
|---|---|---|---|---|
| Balance, December 31, 2020 | $(282.0) | $(88.7) | $(54.1) | $(424.8) |
| Current year deferrals to AOCI | (29.8) | 24.5 | 3.8 | (1.5) |
| Reclassifications from AOCI to Net income | (19.5) | 3.8 | 27.6 | 11.9 |
| Net Change | (49.3) | 28.3 | 31.4 | 10.4 |
| Balance, December 31, 2021 | $(331.3) | $(60.4) | $(22.7) | $(414.4) |
The cumulative income tax benefit related to the adjustments for pension benefits at December 31, 2021 was $24.8 million. The cumulative income tax benefit related to the adjustments for unrealized loss on derivatives at December 31, 2021 was $3.6 million. See Note 19 for classification within the consolidated statements of operations of the gains and losses on derivatives reclassified from AOCI.
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