Accumulated Other Comprehensive Income (AOCI)

3 Months Ended

Mar. 31, 2017

Accumulated items of other comprehensive income:

Accumulated Other Comprehensive Income (AOCI)

10. Accumulated Other Comprehensive Income (AOCI)

The table below presents changes in the components of AOCI for the period December 31, 2016 to March 31, 2017:

(in thousands)	Translation adjustments		Pension and postretirement liability adjustments		Derivative valuation adjustment	Total Other Comprehensive Income
December 31, 2016	($133,298	)	($51,719	)	$828	($184,189	)
Other comprehensive income/(loss) before reclassifications	10,126		(193	)	258	10,191
Interest expense related to swaps reclassified to the Statement of Income, net of tax	-		-		372	372
Pension and postretirement liability adjustments reclassified to Statement of Income, net of tax	-		164		-	164
Net current period other comprehensive income	10,126		(29	)	630	10,727
March 31, 2017	($123,172	)	($51,748	)	$1,458	($173,462	)

The table below presents changes in the components of AOCI for the period December 31, 2015 to March 31, 2016:

(in thousands)	Translation adjustments		Pension and postretirement liability adjustments		Derivative valuation adjustment		Total Other Comprehensive Income
December 31, 2015	($108,655	)	($48,725	)	($1,464	)	($158,844	)
Other comprehensive income/(loss) before reclassifications	13,114		(373	)	(1,768	)	10,973
Pension/postretirement plan remeasurement	-		(105	)	-		(105	)
Interest expense related to swaps reclassified to the Statement of Income, net of tax	-		-		174		174
Pension and postretirement liability adjustments reclassified to Statement of Income, net of tax	-		116		-		116
Net current period other comprehensive income	13,114		(362	)	(1,594	)	11,158
March 31, 2016	($95,541	)	($49,087	)	($3,058	)	($147,686	)

The table below presents the expense/(income) amounts reclassified, and the line items of the Statements of Income that were affected for the periods ended March 31, 2017 and 2016.

	Three months ended March 31,
(in thousands)	2017		2016
Pretax Derivative valuation reclassified from Accumulated Other Comprehensive Income:
Expense related to interest rate swaps included in Income before taxes(a)	$600		$281
Income tax effect	(228	)	(107	)
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income	$372		$174
Pretax pension and postretirement liabilities reclassified from Accumulated Other Comprehensive Income:
Amortization of prior service credit	($1,113	)	($1,113	)
Amortization of net actuarial loss	1,347		1,278
Total pretax amount reclassified (b)	234		165
Income tax effect	(70	)	(49	)
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income	$164		$116

(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).