ACCUMULATED OTHER COMPREHENSIVE LOSS
On January 1, 2013, the Company adopted changes required by the FASB to the reporting of amounts reclassified out of accumulated other comprehensive loss. These changes require an entity to report the effect of significant reclassifications out of accumulated other comprehensive loss on the respective line items in net income if the amount being reclassified is required to be reclassified in its entirety to net income. For other amounts that are not required to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures that provide additional detail about those amounts. Other than the additional disclosure requirements (see below), the adoption of these changes had no impact on the Consolidated Financial Statements. The components and activity of accumulated other comprehensive loss are as follows:
|
| | | | | | | | | | | | |
(in millions) | | Foreign Currency Translation | | Pension And Other Postretirement Liability Adjustment | | Accumulated Other Comprehensive Loss |
December 31, 2012 | | $ | 80.5 |
| | $ | (193.4 | ) | | $ | (112.9 | ) |
Other comprehensive (loss) income before reclassifications | | (88.5 | ) | | 87.1 |
| | (1.4 | ) |
Amounts reclassified from accumulated other comprehensive loss | | — |
| | 15.6 |
| | 15.6 |
|
Net current period other comprehensive (loss) income | | (88.5 | ) | | 102.7 |
| | 14.2 |
|
December 31, 2013 | | $ | (8.0 | ) | | $ | (90.7 | ) | | $ | (98.7 | ) |
Accumulated other comprehensive loss associated with pension and other postretirement liability adjustments are net of tax effects of $55.6 million and $120.9 million as of December 31, 2013, and 2012, respectively. In September 2013 the Company approved amendments related to multiple qualified defined benefit pension plans effective December 31, 2013. The amendments froze all further benefit accruals for all persons entitled to benefits under the plans as of December 31, 2013. As a result, final average pay formulas will not reflect future compensation increases or additional service after December 31, 2013. Other comprehensive income before reclassifications reflects the effect of these plan amendments. Reclassifications of $25.5 million ($15.6 million, net of tax) for the year ended December 31, 2013, related to the amortization of accumulated pension losses into net periodic benefit cost. Refer to Note 10 — Pension Plans for additional detail.
The components of total other comprehensive income (loss) are as follows:
|
| | | | | | | | | | | | |
(in millions) | | 2013 | | 2012 | | 2011 |
Comprehensive income (loss) attributable to Bemis Company, Inc. | | $ | 226.8 |
| | $ | 151.6 |
| | $ | (9.5 | ) |
Comprehensive income attributable to noncontrolling interests | | — |
| | — |
| | 5.3 |
|
Total comprehensive income (loss) | | $ | 226.8 |
| | $ | 151.6 |
| | $ | (4.2 | ) |
