Accumulated Other Comprehensive Income (Loss) (Tables)

3 Months Ended

Mar. 31, 2019

Summary of Changes in Accumulated Other Comprehensive Income

In conjunction with the adoption of ASU 2018-02, the Company reclassified $5,325,000 of other comprehensive loss, associated with post retirement plans, from accumulated other comprehensive loss to retained earnings effective January 1, 2019. Below is the change in the Company’s AOCI balance by component (net of income taxes) for the three months ended March 31, 2019 and 2018:

(In thousands)	Foreign Currency Translation Adjustments			Defined Benefit Pension Plan Adjustments			Cash Flow Hedge Adjustments			Total
Balance at December 31, 2017	$	(70,561	)	$	(29,093	)	$	91		$	(99,563	)
Other comprehensive income before reclassifications		8,785			—			—			8,785
Amounts reclassified from AOCI		—			753			(3	)		750
Net current-period other comprehensive income		8,785			753			(3	)		9,535
Balance at March 31, 2018	$	(61,776	)	$	(28,340	)	$	88		$	(90,028	)

Balance at December 31, 2018	$	(108,481	)	$	(33,083	)	$	81		$	(141,483	)
Other comprehensive income before reclassifications		3,687			—			—			3,687
Amounts reclassified from AOCI		—			543			(2	)		541
Reclassification adjustment related to the Tax Act ⁽¹⁾		—			(5,325	)		—			(5,325	)
Net current-period other comprehensive income		3,687			(4,782	)		(2	)		(1,097	)
Balance at March 31, 2019	$	(104,794	)	$	(37,865	)	$	79		$	(142,580	)

⁽¹⁾

Represents reclassification of the stranded tax effects resulting from the U.S. Tax Cuts and Jobs Act (Tax Act) from accumulated other comprehensive income (loss) to retained earnings in accordance with ASU 2018-02. See Note 19 for more details.

Summary of Amounts Reclassifications Out of Accumulated Other Comprehensive Income

Information regarding the reclassifications out of AOCI for the three month periods ended March 31, 2019 and 2018, is displayed below:

(In thousands)	Amount Reclassified from AOCI (a)
AOCI Components	Three Months Ended March 31						Affected Line Item in Consolidated Statements of Income
	2019			2018
Amortization of defined benefit pension actuarial losses	$	(715	)	$	(994	)	(b)
		172			241		Tax benefit
	$	(543	)	$	(753	)	Net of tax
Gains and losses on cash flow hedges:
Foreign exchange contracts		2			3		Cost of sales
		2			3		Total before tax
		—			—		Tax benefit
	$	2		$	3		Net of tax
Total reclassifications for the period	$	(541	)	$	(750	)	Net of tax

^(a)

Amounts in parentheses denote expense to statement of income.

^(b)

This component of accumulated other comprehensive income is included in the computation of net periodic benefit cost (see Note 10 for additional details).