Accumulated Other Comprehensive Income (AOCI)

12 Months Ended

Dec. 31, 2018

Accumulated items of other comprehensive income:

Accumulated Other Comprehensive Income (AOCI)

9. Accumulated Other Comprehensive Income (AOCI)

The table below presents changes in the components of AOCI from January 1, 2016 to December 31, 2018:

(in thousands)	Translation adjustments		Pension and postretirement liability adjustments		Derivative valuation adjustment		Total Other Comprehensive Income
January 1, 2016	$(108,655	)	$(48,725	)	$(1,464	)	$(158,844	)
Other comprehensive income/(loss) before reclassifications	(24,643	)	676		804		(23,163	)
Pension/postretirement settlements and curtailments			45				45
Pension/postretirement plan remeasurement			(4,394	)			(4,394	)
Interest expense related to swaps reclassified to the Statements of Income, net of tax					1,488		1,488
Pension and postretirement liability adjustments reclassified to Statements of Income, net of tax			679				679
Net current period other comprehensive income	(24,643	)	(2,994	)	2,292		(25,345	)
December 31, 2016	(133,298	)	(51,719	)	828		(184,189	)
Other comprehensive income/(loss) before reclassifications	45,980		(1,818	)	201		44,363
Pension/postretirement plan remeasurement			2,037				2,037
Interest expense related to swaps reclassified to the Statements of Income, net of tax					924		924
Pension and postretirement liability adjustments reclassified to Statements of Income, net of tax			964				964
Net current period other comprehensive income	45,980		1,183		1,125		48,288
December 31, 2017	(87,318	)	(50,536	)	1,953		(135,901	)
Other comprehensive income/(loss) before reclassifications	(28,658	)	1,275		2,853		(24,530	)
Pension/postretirement settlements and curtailments			1,146				1,146
Pension/postretirement plan remeasurement			443				443
Interest expense related to swaps reclassified to the Statements of Income, net of tax					(109	)	(109	)
Pension and postretirement liability adjustments reclassified to Statements of Income, net of tax			563				563
Net current period other comprehensive income	(28,658	)	3,427		2,744		(22,487	)
December 31, 2018	$(115,976	)	$(47,109	)	$4,697		$(158,388	)

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 expense/(income) amounts reclassified, and the line items of the Statement of Income that were affected for the years ended December 31, 2018, 2017, and 2016. 

(in thousands)	2018			2017			2016
Pretax Derivative valuation reclassified from Accumulated Other Comprehensive Income:
Expense related to interest rate swaps included in Income before taxes (a)		$(146	)		$1,490			$2,400
Income tax effect		37			(566	)		(912	)
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income		$(109	)		$924			$1,488
Pretax pension and postretirement liabilities reclassified from Accumulated Other Comprehensive Income:
Pension/postretirement settlements and curtailments		$1,494			$ -			$51
Amortization of prior service credit		(4,454	)		(4,453	)		(4,450	)
Amortization of net actuarial loss		5,175			5,439			5,102
Total pretax amount reclassified (b)		2,215			986			703
Income tax effect		(506	)		(22	)		21
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income		$1,709			$964			$724

(a) Included in interest expense are payments related to the interest rate swap agreements and amortization of swap buyouts (see Note 18).

(b) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Notes 4 and 6).