Tecumseh Products 2014 Annual Report Download - page 65

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63
and 2013, we were required to post $0.6 million and $0.8 million, respectively, of cash collateral on our hedges, which is
recorded in “Restricted cash and cash equivalents” in our Consolidated Balance Sheets.
NOTE 15. Reclassifications Out of Accumulated Other Comprehensive Income
The following table presents the amounts reclassified out of AOCI for the years ended December 31:
2014 2013 2012
Pension and postretirement benefits:
Amortization of prior service credit, net of tax $ 0.2 $ 7.1 $ 3.9
Amortization of net actuarial gain, net of tax 11.8 30.0 6.1
Reclassification of prior service credit and net actuarial gain due
to curtailment, net of tax — — 44.1
Total reclassification, net of tax - pension and postretirement
benefits $ 12.0 $ 37.1 $ 54.1
Cash flow hedges:
Reclassification adjustment for gain, net of tax - commodities $ 0.1 $ 0.4 $ 1.9
Reclassification adjustment for (loss) gain, net of tax - currency (0.3)(1.2) 8.4
Total reclassification, net of tax - cash flow hedges $ (0.2)$ (0.8) $ 10.3
Total reclassification, net of tax $ 11.8 $ 36.3 $ 64.4
Gains and losses on our currency derivatives that are reclassified out of AOCI are recognized as part of "Cost of sales" on our
Consolidated Statements of Operations in their entirety.
Gains and losses on our commodity derivatives that are reclassified out of AOCI are partially recognized as part of "Cost of
sales" on our Consolidated Statement of Operations and partially capitalized as part of "Inventories" on our Consolidated
Balance Sheets. (See Note 14, "Derivative Instruments and Hedging Activities" for additional information.)
Gains and losses on amortization of prior service credit and net actuarial gain that are reclassified out of AOCI are recognized
partially as a part of "Cost of sales" and "Other income" on our Consolidated Statements of Operations and partially capitalized
as part of "Inventories" on our Consolidated Balance Sheets. (See Note 5, "Pension and Other Postretirement Benefit Plans" for
additional information.)
NOTE 16. Commitments and Contingencies
Operating leases
Future minimum lease payments under non-cancelable operating leases amounted to $10.4 million at December 31, 2014 as
follows:
Years ending December 31, (in millions)
2015 $ 3.9
2016 $ 1.5
2017 $ 1.3
2018 $ 1.2
2019 $ 1.2
Thereafter $ 1.3
Aggregate rental expense for operating leases was $4.7 million, $5.2 million, and $7.9 million for the fiscal years ended
December 31, 2014, 2013, and 2012, respectively.
Purchase Commitments
As of December 31, 2014, 2013 and 2012, we had $19.2 million, $22.0 million and $24.8 million respectively of non-
cancelable purchase commitments with suppliers for materials and supplies in the normal course of business.