Schedule of Accumulated Other Comprehensive Income | The
table below presents changes in the components of AOCI from January 1, 2014 to December 31, 2016:
| (in thousands) | |
Translation adjustments | |
Pension and postretirement liability adjustments | |
Derivative valuation adjustment | |
Total Other Comprehensive Income |
| January
1, 2014 | |
($138 | ) | |
($48,383 | ) | |
($977 | ) | |
($49,498 | ) |
| Other comprehensive income/(loss) before reclassifications | |
(55,102 | ) | |
252 | | |
(1,052 | ) | |
(55,902 | ) |
| Pension/postretirement settlements and curtailments | |
| | |
5,167 | | |
| | |
5,167 | |
| Pension/postretirement plan remeasurement | |
| | |
(9,265 | ) | |
| | |
(9,265 | ) |
| Interest expense related to swaps reclassified to the Statement of Income, net of tax | |
|
|
|
|
|
|
1,168 | | |
1,168 | |
| Pension and postretirement liability adjustments reclassified to Statement of Income, net of tax | |
|
|
|
563 | | |
| | |
563 | |
| Net current period other comprehensive income | |
(55,102 | ) | |
(3,283 | ) | |
116 | | |
(58,269 | ) |
| December
31, 2014 | |
(55,240 | ) | |
(51,666 | ) | |
(861 | ) | |
(107,767 | ) |
| Other comprehensive income/(loss) before reclassifications | |
(53,415 | ) | |
2,238 | | |
(1,836 | ) | |
(53,013 | ) |
| Pension/postretirement settlements and curtailments | |
| | |
103 | | |
| | |
103 | |
| Pension/postretirement plan remeasurement | |
| | |
(622 | ) | |
| | |
(622 | ) |
| Interest expense related to swaps reclassified to the Statement of Income, net of tax | |
|
|
|
|
|
|
1,233 | | |
1,233 | |
| Pension and postretirement liability adjustments reclassified to Statement of Income, net of tax | |
|
|
|
1,222 | | |
| | |
1,222 | |
| Net current period other comprehensive income | |
(53,415 | ) | |
2,941 | | |
(603 | ) | |
(51,077 | ) |
| December
31, 2015 | |
(108,655 | ) | |
(48,725 | ) | |
(1,464 | ) | |
(158,844 | ) |
| Other comprehensive income/(loss) before reclassifications | |
(24,643 | ) | |
676 | | |
804 | | |
(23,163 | ) |
| Pension/postretirement settlements and curtailments | |
| | |
45 | | |
| | |
45 | |
| Pension/postretirement plan remeasurement | |
| | |
(4,394 | ) | |
| | |
(4,394 | ) |
| Interest expense related to swaps reclassified to the Statement of Income, net of tax | |
|
|
|
|
|
|
1,488 | | |
1,488 | |
| Pension and postretirement liability adjustments reclassified to Statement of Income, net of tax | |
|
|
|
679 | | |
| | |
679 | |
| Net current period other comprehensive income | |
(24,643 | ) | |
(2,994 | ) | |
2,292 | | |
(25,345 | ) |
| December
31, 2016 | |
($133,298 | ) | |
($51,719 | ) | |
$828 | | |
($184,189 | ) |
|
Schedule of Accumulated Other Comprehensive Income Components Reclassified to Statement of Income | The
table below presents the expense/(income) amounts reclassified, and the line items of the Statement of Income that were affected
for the periods ended December 31, 2016, 2015 and 2014.
| (in
thousands) |
2016 |
2015 |
2014 |
| Pretax
Derivative valuation reclassified from Accumulated Other Comprehensive Income: |
|
Expense
related to interest rate swaps included in Income before taxes (a) |
$2,400
|
$1,988
|
$1,914
|
| Income
tax effect |
(912) |
(755) |
(746) |
| Effect
on net income due to items reclassified from Accumulated Other Comprehensive Income |
$1,488
|
$1,233
|
$1,168
|
| |
|
|
|
| Pretax
pension and postretirement liabilities reclassified from Accumulated Other Comprehensive Income: |
| Pension/postretirement
settlements and curtailments |
$51
|
$103
|
$8,377
|
| Amortization
of prior service credit |
(4,450) |
(4,440) |
(4,436) |
| Amortization
of net actuarial loss |
5,102
|
5,932
|
5,329
|
| Total
pretax amount reclassified (b) |
703
|
1,595
|
9,270
|
| |
|
|
|
| Income
tax effect |
21
|
(270) |
(3,540) |
| Effect
on net income due to items reclassified from Accumulated Other Comprehensive Income |
$724
|
$1,325
|
$5,730
|
| (a) | Included
in Interest expense are payments related to the interest rate swap agreements and amortization
of swap buyouts (see Note 15). |
| (b) | These
accumulated other comprehensive income components are included in the computation of
net periodic pension cost (see Note 4). |
|