Accumulated Other Comprehensive Income

9 Months Ended

Sep. 30, 2014

Accumulated Other Comprehensive Income [Abstract]

Accumulated Other Comprehensive Income

9. Accumulated Other Comprehensive Income

The table below presents changes in the components of Accumulated Other Comprehensive Income for the period December 31, 2013 to September 30, 2014:
 

(in thousands)	Translation adjustments			Pension and postretirement liability adjustments			Derivative valuation adjustment			Total Other Comprehensive Income
December 31, 2013		($138	)		($48,383	)		($977	)		($49,498	)
Other comprehensive income before reclassifications		(30,703	)		998			(530	)		(30,235	)
Interest expense related to swaps reclassified to the Statements of Income, net of tax		-			-			873			873
Pension and postretirement liability adjustments reclassified to Statements of Income, net of tax		-			421			-			421
Net current period other comprehensive income		(30,703	)		1,419			343			(28,941	)
September 30, 2014		($30,841	)		($46,964	)		($634	)		($78,439	)

The components of our Accumulated Other Comprehensive Income that are reclassified to the Statements 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 Statements of Income that were affected:
 

	Three months ended September 30,						Nine months ended September 30,
Expense/(income)(in thousands)	2014			2013			2014			2013
Pretax Derivative valuation reclassified from Accumulated Other Comprehensive Income:
Payments made on interest rate swaps included in earnings		$480			$467			$1,431			$1,377
Income tax effect		(187	)		(183	)		(558	)		(537	)
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income		$293			$284			$873			$840
Pretax pension and postretirement liabilities reclassified from Accumulated Other Comprehensive Income:
Amortization of prior service cost/(credit)		($1,108	)		($974	)		($3,325	)		($2,791	)
Amortization of transition obligation		-			17			-			51
Amortization of net actuarial loss		1,343			1,635			4,026			4,963
Total pretax amount reclassified (a)		235			678			701			2,223
Income tax effect		(94	)		(265	)		(280	)		(806	)
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income		$141			$413			$421			$1,417

 (a)

These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 4).