Comprehensive Income

12 Months Ended

May 31, 2014

Comprehensive Income

Note H – Comprehensive Income

Other Comprehensive Income:    The following table summarizes the tax effects of each component of other comprehensive income (loss) for the fiscal years ended May 31:

	2014									2013							2012
(in thousands)	Before- Tax			Tax			Net-of- Tax			Before- Tax		Tax			Net-of- Tax		Before- Tax			Tax		Net-of- Tax
Foreign currency translation	$	7,618			-		$	7,618		$	5,393		-		$	5,393	$	(17,930	)		-	$	(17,930	)
Pension liability adjustment		(1,555	)		511			(1,044	)		3,688		(1,415	)		2,273		(14,216	)		4,975		(9,241	)
Cash flow hedges		3,548			(1,039	)		2,509			1,461		(763	)		698		(636	)		318		(318	)
Other comprehensive income (loss)	$	9,611		$	(528	)	$	9,083		$	10,542	$	(2,178	)	$	8,364	$	(32,782	)	$	5,293	$	(27,489	)

Accumulated Other Comprehensive Income:    The components of AOCI were as follows at May 31, 2014 and 2013:

(in thousands)	2014			2013
Foreign currency translation	$	11,015		$	4,025
Defined benefit pension liability, net of tax		(11,265	)		(10,221	)
Cash flow hedges, net of tax		(3,331	)		(5,840	)
Accumulated other comprehensive loss	$	(3,581	)	$	(12,036	)

Net losses of $5,965,000 (net of tax of $3,536,000), $1,604,000 (net of tax of $827,000), and $1,245,000 (net of tax of $794,000) were reclassified from AOCI for cash flow hedges in fiscal 2014, fiscal 2013, and fiscal 2012, respectively.

The estimated net amount of the existing losses in AOCI at May 31, 2014 expected to be reclassified into net earnings within the succeeding twelve months is $1,287,000 (net of tax of $763,000). This amount was computed using the fair value of the cash flow hedges at May 31, 2014, and will change before actual reclassification from AOCI to net earnings during the fiscal year ending May 31, 2015.