REGAL REXNORD CORP
For the period ended Mar 31, 2024. Filed May 7, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 7, 2024
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4. Accumulated Other Comprehensive Income (Loss)
- ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustments, hedging activities and pension and post-retirement benefit adjustments are included in Accumulated Other Comprehensive Income (Loss) ("AOCI") a component of Total Equity.
The following tables present changes in AOCI by component for the three months ended March 31, 2024 and March 31, 2023:
| Three Months Ended | ||||
|---|---|---|---|---|
| March 31, 2024 | Hedging Activities | Pension and Post Retirement Benefit Adjustments | Foreign Currency Translation Adjustments | Total |
| Beginning Balance | $28.8 | $(25.0) | $(286.2) | $(282.4) |
| Other Comprehensive Income (Loss) before Reclassifications | 9.4 | — | (87.1) | (77.7) |
| Tax Impact | (2.3) | — | — | (2.3) |
| Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (9.9) | 0.2 | — | (9.7) |
| Tax Impact | 2.4 | — | — | 2.4 |
| Net Current Period Other Comprehensive (Loss) Income | (0.4) | 0.2 | (87.1) | (87.3) |
| Ending Balance | $28.4 | $(24.8) | $(373.3) | $(369.7) |
| March 31, 2023 | Hedging Activities | Pension and Post Retirement Benefit Adjustments | Foreign Currency Translation Adjustments | Total |
| Beginning Balance | $17.3 | $(13.3) | $(356.1) | $(352.1) |
| Other Comprehensive Income before Reclassifications | 22.1 | — | 34.2 | 56.3 |
| Tax Impact | (5.3) | — | — | (5.3) |
| Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 1.7 | (0.5) | — | 1.2 |
| Tax Impact | (0.4) | 0.1 | — | (0.3) |
| Net Current Period Other Comprehensive Income (Loss) | 18.1 | (0.4) | 34.2 | 51.9 |
| Ending Balance | $35.4 | $(13.7) | $(321.9) | $(300.2) |
The Condensed Consolidated Statements of Income (Loss) line items affected by the hedging activities reclassified from AOCI in the tables above are disclosed in Note 13 - Derivative Financial Instruments.
The reclassification amounts for pension and post-retirement benefit adjustments in the tables above are part of net periodic benefit costs recorded in Other Expense (Income), Net (see also Note 8 - Retirement Plans).
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