SunCoke Energy Inc
For the period ended Dec 31, 2023. Filed Feb 22, 2024.
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FY2023 · Filed Feb 22, 2024
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14. Accumulated Other Comprehensive Loss
- Accumulated Other Comprehensive Loss
The following tables set forth the changes in the balance of accumulated other comprehensive loss, net of tax, by component:
| Benefit Plans | Currency Translation Adjustments | Total | |
|---|---|---|---|
| (Dollars in millions) | |||
| At December 31, 2021 | $(6.9) | $(9.8) | $(16.7) |
| Other comprehensive income before reclassifications / adjustments | 0.4 | 0.2 | 0.6 |
| Retirement benefit plans funded status adjustment | 3.1 | — | 3.1 |
| Net current period change in accumulated other comprehensive loss | 3.5 | 0.2 | 3.7 |
| At December 31, 2022 | $(3.4) | $(9.6) | $(13.0) |
| Other comprehensive income before reclassifications / adjustments | 0.1 | 0.5 | 0.6 |
| Retirement benefit plans funded status adjustment | (0.4) | — | (0.4) |
| Net current period change in accumulated other comprehensive loss | (0.3) | 0.5 | 0.2 |
| At December 31, 2023 | $(3.7) | $(9.1) | $(12.8) |
The tax benefit associated with the Company's benefit plans as of December 31, 2023 and 2022 was $1.0 million in both respective periods.
The increase in net income due to reclassification adjustments from accumulated other comprehensive income were as follows(1):
| Years Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| (Dollars in millions) | |||
| Amortization of benefit plans to net income:(2) | |||
| Actuarial loss | $(0.4) | $(0.7) | $(0.8) |
| Prior service benefit | 0.2 | 0.2 | 0.4 |
| Total before taxes | (0.2) | (0.5) | (0.4) |
| Income tax | 0.1 | 0.1 | 0.1 |
| Total, net of tax | $(0.1) | $(0.4) | $(0.3) |
(1)Amounts in parentheses indicate debits to net income.
(2)These accumulated other comprehensive loss components are included in the computation of postretirement benefit plan expense and included in interest expense, net on the Consolidated Statements of Income. See Note 9.
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