Accumulated Other Comprehensive Income

9 Months Ended

Sep. 30, 2013

Accumulated Other Comprehensive Income [Abstract]

Accumulated Other Comprehensive Income

9. Accumulated Other Comprehensive Income

The Company adopted the provisions of Accounting Standards Update 2013-02 in the first quarter of 2013, which requires enhanced disclosures of Accumulated Other Comprehensive Income (AOCI).

In the third quarter of 2013, the Company modified certain provisions of its U.S. postretirement plan. The remeasurement of liabilities decreased liabilities by $14.4 million and the change in plan benefits decreased liabilities by an additional $8.0 million.

The table below presents changes in the components of AOCI for the period December 31, 2012 to September 30, 2013:

(in thousands)	Translation adjustments	Pension and postretirement liability adjustments	Derivative valuation adjustment	Total Other Comprehensive Income
Balance, December 31, 2012	($7,659)	($69,484)	($2,878)	($80,021)
Other comprehensive income before reclassifications	3,998	538	2,363	6,899
Postretirement plan remeasurement		8,794		8,794
Postretirement plan change in benefits		4,864		4,864
Interest expense related to swaps reclassified to the Statement of Operations, net of tax	-	-	(854)	(854)
Pension and postretirement liability adjustments reclassified to Statement of Operations, net of tax	-	1,417	-	1,417
Net current period other comprehensive income	3,998	15,613	1,509	21,120
Balance, September 30, 2013	($3,661)	($53,871)	($1,369)	($58,901)

The components of our Accumulated Other Comprehensive Income that are reclassified to the Statement of Income relate to our pension and postretirement plans and interest rate swaps. The table below presents the amounts reclassified, and the line items of the Statement of Income that were affected.

Expense/(income) (in thousands)	Three months ended September 30, 2013	Nine months ended September 30, 2013
Pretax Derivative valuation reclassified from Accumulated Other Comprehensive Income:
Swap interest expense	$500	$1,400
Income tax effect	195	546
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income	$305	$854
Pretax pension and postretirement liabilities reclassified from Accumulated Other Comprehensive Income:
Amortization of prior service cost/(credit)	($974)	($2,791)
Amortization of transition obligation	17	51
Amortization of net actuarial loss	1,635	4,963
Total pretax amount reclassified	678	2,223
Income tax effect	(265)	(806)
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income	$413	$1,417