Accumulated Other Comprehensive Income (AOCI)

12 Months Ended

Dec. 31, 2019

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, 2017 to December 31, 2019:

(in thousands)	Translation adjustments	Pension and postretirement liability adjustments	Derivative valuation adjustment	Total Other Comprehensive Income
January 1, 2017	$(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)
Other comprehensive income/(loss) before reclassifications	(6,876)	(525)	(10,523)	(17,924)
Pension/postretirement settlements and curtailments	—	376	—	376
Pension/postretirement plan remeasurement.	—	(1,437)	—	(1,437)
Interest expense related to swaps reclassified to the Statements of Income, net of tax	—	—	2,691	2,691
Pension and postretirement liability adjustments reclassified to Statements of Income, net of tax	—	47	—	47
Adjustment related to prior period change in opening valuation allowance	—	(1,346)	—	(1,346)
Net current period other comprehensive income	(6,876)	(2,885)	(7,832)	(17,593)
December 31, 2019	$(122,852)	$(49,994)	$(3,135)	$(175,981)

81

ALBANY INTERNATIONAL CORP.

Notes to Consolidated Financial Statements

9. Accumulated Other Comprehensive Income (AOCI) — (continued)

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, 2019, 2018, and 2017.

(in thousands)	2019	2018	2017
Pretax Derivative valuation reclassified from Accumulated Other Comprehensive Income:
Expense related to interest rate swaps included in Income before taxes(a)	$(1,011)	$(146)	$1,490
Income tax effect	259	37	(566)
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income	$(752)	$(109)	$924
Pretax pension and postretirement liabilities reclassified from Accumulated Other Comprehensive Income:
Pension/postretirement settlements and curtailments	$450	$1,494	$—
Amortization of prior service credit	(4,420)	(4,454)	(4,453)
Amortization of net actuarial loss	4,480	5,175	5,439
Total pretax amount reclassified(b)	510	2,215	986
Income tax effect	(87)	(506)	(22)
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income	$423	$1,709	$964

(a)	Included in interest expense, net are payments related to the interest rate swap agreements and amortization of swap buyouts (see Notes 17 and 18).
(b)	These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 4).