COMPREHENSIVE INCOME

During the quarter ended June 30, 2014, foreign currency translation adjustments included currency translation losses of $20.6 million and losses on the Company’s loans designated as hedges of net investments of $1.2 million. During the quarter ended June 30, 2013, foreign currency translation adjustments included currency translation gains of $1.3 million and gains of $4.0 million on the Company’s loans designated as hedges of net investments. During the six months ended June 30, 2014, foreign currency translation adjustments included currency translation losses of $19.7 million and losses on the Company’s loans designated as hedges of net investments of $3.2 million. During the six months ended June 30, 2013, foreign currency translation adjustments included currency translation losses of $100.6 million and gains on the Company’s loans designated as hedges of net investments of $12.5 million. These foreign currency translation adjustments were offset by movements on derivative financial instruments, which are discussed in Note 10, Financial Instruments and Derivatives.

The cumulative foreign currency translation adjustments included translation gains of $224.6 million and $249.9 million at June 30, 2014 and December 31, 2013, respectively, were offset by losses of $112.1 million and $108.9 million, respectively, on loans designated as hedges of net investments. These foreign currency translation adjustments were partially offset by movements on derivatives financial instruments, which are discussed in Note 10, Financial Instruments and Derivatives.

Changes in AOCI, net of tax, by component for the six months ended June 30, 2014 and 2013:



(in thousands)	Foreign Currency Translation Adjustments			Gain and (Loss) on Derivative Financial Instruments Designated as Cash Flow Hedges			Gain and (Loss) on Derivative Financial Instruments Designated as Net Investment Hedges			Net Unrealized Holding Gain (Loss) on Available-for-Sale Securities			Pension Liability Adjustments			Total

Balance at December 31, 2013	$	140,992		$	(21,753	)	$	(151,114	)	$	12,729		$	(49,916	)	$	(69,062	)
Other comprehensive income (loss) before reclassifications	(22,942		)	(2,717		)	849			(3,803		)	197			(28,416		)
Amounts reclassified from accumulated other comprehensive income (loss)	—			4,065			—			—			944			5,009
Net (decrease) increase in other comprehensive income	(22,942		)	1,348			849			(3,803		)	1,141			(23,407		)
Foreign currency translation related to acquisition of noncontrolling interests	(5,530		)	—			—			—			—			(5,530		)
Balance at June 30, 2014	$	112,520		$	(20,405	)	$	(150,265	)	$	8,926		$	(48,775	)	$	(97,999	)



(in thousands)	Foreign Currency Translation Adjustments			Gain and (Loss) on Derivative Financial Instruments Designated as Cash Flow Hedges			Gain and (Loss) on Derivative Financial Instruments Designated as Net Investment Hedges			Net Unrealized Holding Gain (Loss)on Available-for-Sale Securities			Pension Liability Adjustments			Total

Balance at December 31, 2012	$	54,302		$	(17,481	)	$	(125,661	)	$	17,822		$	(73,182	)	$	(144,200	)
Other comprehensive income (loss) before reclassifications	(88,105		)	(1,503		)	16,056			(8,989		)	1,439			(81,102		)
Amounts reclassified from accumulated other comprehensive income (loss)	—			203			—			—			1,877			2,080
Net (decrease) increase in other comprehensive income	(88,105		)	(1,300		)	16,056			(8,989		)	3,316			(79,022		)
Balance at June 30, 2013	$	(33,803	)	$	(18,781	)	$	(109,605	)	$	8,833		$	(69,866	)	$	(223,222	)

Reclassification out of accumulated other comprehensive income (expense) to the Consolidated Statements of Operations for the three and six months ended June 30, 2014 and 2013:



(in thousands)
Details about AOCI Components	Amounts Reclassified from AOCI						Affected Line Item in the Statements of Operations
	Three Months Ended June 30,
	2014			2013

Gains and (losses) on derivative financial instruments:
Interest rate swaps	$	(929	)	$	(918	)	Interest expense
Foreign exchange forward contracts	(1,651		)	631			Cost of products sold
Foreign exchange forward contracts	(58		)	(10		)	SG&A expenses
Commodity contracts	(158		)	45			Cost of products sold
	(2,796		)	(252		)	Net (loss) gain before tax
	819			171			Tax benefit (expense)
	$	(1,977	)	$	(81	)	Net of tax

Amortization of defined benefit pension and other postemployment benefit items:
Amortization of prior service benefits	$	35		$	33		(a)
Amortization of net actuarial losses	(721		)	(1,357		)	(a)
	(686		)	(1,324		)	Net loss before tax
	213			392			Tax benefit
	$	(473	)	$	(932	)	Net of tax

Total reclassifications for the period	$	(2,450	)	$	(1,013	)

(a) These accumulated other comprehensive income components are included in the computation of net periodic benefit cost for the three months ended June 30, 2014 and 2013 (see Note 8, Benefit Plans, for additional details).



(in thousands)
Details about AOCI Components	Amounts Reclassified from AOCI						Affected Line Item in the Statements of Operations
	Six Months Ended June 30,
	2014			2013

Gains and (losses) on derivative financial instruments:
Interest rate swaps	$	(1,856	)	$	(1,830	)	Interest expense
Foreign exchange forward contracts	(3,296		)	1,129			Cost of products sold
Foreign exchange forward contracts	(157		)	(40		)	SG&A expenses
Commodity contracts	(403		)	202			Cost of products sold
	(5,712		)	(539		)	Net (loss) gain before tax
	1,647			336			Tax benefit (expense)
	$	(4,065	)	$	(203	)	Net of tax

Amortization of defined benefit pension and other postemployment benefit items:
Amortization of prior service benefits	$	69		$	67		(b)
Amortization of net actuarial losses	(1,439		)	(2,725		)	(b)
	(1,370		)	(2,658		)	Net loss before tax
	426			781			Tax benefit
	$	(944	)	$	(1,877	)	Net of tax

Total reclassifications for the period	$	(5,009	)	$	(2,080	)

(b) These accumulated other comprehensive income components are included in the computation of net periodic benefit cost for the six months ended June 30, 2014 and 2013 (see Note 8, Benefit Plans, for additional details).