XML 89 R15.htm IDEA: XBRL DOCUMENT v3.20.1
Accumulated Other Comprehensive Income (AOCI)
 3 Months Ended
Mar. 31, 2020
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 for the period December 31, 2019 to March 31, 2020:

(in thousands)

Translation

adjustments

Pension and

postretirement

liability

adjustments

Derivative

valuation

adjustment

Total Other

Comprehensive

Income

December 31, 2019

$(122,852)

$(49,994)

$(3,135)

$(175,981)

Other comprehensive income/(loss) before reclassifications, net of tax

(25,747)

792

(8,011)

(32,966)

Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax

-

-

303

303

Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax

-

98

-

98

Net current period other comprehensive income

(25,747)

890

(7,708)

(32,565)

March 31, 2020

$(148,599)

$(49,104)

$(10,843)

$(208,546)

The table below presents changes in the components of AOCI for the period December 31, 2018 to March 31, 2019:

(in thousands)

Translation

adjustments

Pension and

postretirement

liability

adjustments

Derivative

valuation

adjustment

Total Other

Comprehensive

Income

December 31, 2018

$(115,976)

$(47,109)

$4,697

$(158,388)

Other comprehensive income/(loss) before reclassifications, net of tax

(654)

(152)

(2,514)

(3,320)

Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax

-

-

(337)

(337)

Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax

-

11

-

11

Adjustment related to prior period change in opening valuation allowance

-

(1,346)

-

(1,346)

Net current period other comprehensive income

(654)

(1,487)

(2,851)

(4,992)

March 31, 2019

$(116,630)

$(48,596)

$1,846

$(163,380)

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.

16

The table below presents the expense/(income) amounts reclassified, and the line items of the Statement of Income that were affected for the three months ended March 31, 2020 and 2019:

Three months ended

March 31,

(in thousands)

2020

2019

Pretax Derivative valuation reclassified from Accumulated Other Comprehensive Income:

Expense/(income) related to interest rate swaps included in Income before taxes (a)

$407

$(452)

Income tax effect

(104)

115

Effect on net income due to items reclassified from Accumulated Other Comprehensive Income

$303

$(337)

 

Pretax pension and postretirement liabilities reclassified from Accumulated Other Comprehensive Income:

Amortization of prior service credit

(1,114)

(1,105)

Amortization of net actuarial loss

1,244

1,121

Total pretax amount reclassified (b)

130

16

Income tax effect

(32)

(5)

Effect on net income due to items reclassified from Accumulated Other Comprehensive Income

$98

$11

(a)

Included in Interest expense, net are payments related to the interest rate swap agreements and amortization of swap buyouts (see Notes 15 and 16).

(b)

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