Accumulated Other Comprehensive Income (AOCI)

3 Months Ended

Mar. 31, 2018

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, 2017 to March 31, 2018:

(in thousands)	Translation adjustments		Pension and postretirement liability adjustments		Derivative valuation adjustment	Total Other Comprehensive Income
December 31, 2017	($87,318	)	($50,536	)	$1,953	($135,901	)
Other comprehensive income/(loss) before reclassifications	17,646		(141	)	4,343	21,848
Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax	-		-		137	137
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax	-		128		-	128
Net current period other comprehensive income	17,646		(13	)	4,480	22,113
March 31, 2018	($69,672	)	($50,549	)	$6,433	($113,788	)

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 Consolidated Statements of Income, net of tax	-		-		372	372
Pension and postretirement liability adjustments reclassified to Consolidated Statements 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 the expense/(income) amounts reclassified, and the line items of the Consolidated Statements of Income that were affected for the periods ended March 31, 2018 and 2017.

	Three months ended March 31,
(in thousands)	2018		2017
Pretax Derivative valuation reclassified from Accumulated Other Comprehensive Income:
Expense related to interest rate swaps included in Income before taxes (a)	$180		$600
Income tax effect	(43	)	(228	)
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income	$137		$372
Pretax pension and postretirement liabilities reclassified from Accumulated Other Comprehensive Income:
Amortization of prior service credit	($1,114	)	($1,113	)
Amortization of net actuarial loss	1,297		1,347
Total pretax amount reclassified (b)	183		234
Income tax effect	(55	)	(70	)
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income	$128		$164

(a) Included in Interest expense are payments related to the interest rate swap agreements and amortization of swap buyouts (see Note 16).

(b) These accumulated other comprehensive income components are included in Other expense, net (see Note 4).