Comprehensive Income (Loss)

12 Months Ended

May 31, 2017

Comprehensive Income (Loss)

Note H – Comprehensive Income (Loss)

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

	2017									2016									2015
(in thousands)	Before- Tax			Tax			Net-of- Tax			Before- Tax			Tax			Net-of- Tax			Before- Tax			Tax		Net-of- Tax
Foreign currency translation	$	1,342		$	-		$	1,342		$	4,716		$	-		$	4,716		$	(34,229	)	$	-	$	(34,229	)
Pension liability adjustment		3,400			(1,158	)		2,242			(3,233	)		1,175			(2,058	)		(5,652	)		1,914		(3,738	)
Cash flow hedges		(4,522	)		1,700			(2,822	)		35,524			(13,316	)		22,208			(18,605	)		6,952		(11,653	)
Other comprehensive income (loss)	$	220		$	542		$	762		$	37,007		$	(12,141	)	$	24,866		$	(58,486	)	$	8,866	$	(49,620	)

Accumulated Other Comprehensive Loss:    The components of the changes in accumulated other comprehensive loss for the fiscal years ended May 31, 2017 and May 31, 2016 were as follows:

	Foreign Currency Translation			Pension Liability Adjustment			Cash Flow Hedges			Accumulated Other Comprehensive Loss
(in thousands)
Balance at May 31, 2015	$	(20,717	)	$	(15,003	)	$	(14,984	)	$	(50,704	)
Other comprehensive income (loss) before reclassifications		1,989			(3,667	)		7,283			5,605
Reclassification adjustments to income (a)		-			434			28,241			28,675
Income taxes		-			1,175			(13,316	)		(12,141	)
Balance at May 31, 2016	$	(18,728	)	$	(17,061	)	$	7,224		$	(28,565	)
Other comprehensive income before reclassifications		1,370			2,841			7,669			11,880
Reclassification adjustments to income (a)		-			559			(12,191	)		(11,632	)
Income taxes		-			(1,158	)		1,700			542
Balance at May 31, 2017	$	(17,358	)	$	(14,819	)	$	4,402		$	(27,775	)

(a) The statement of earnings classification of amounts reclassified to income for cash flow hedges is disclosed in “Note P – Derivative Instruments and Hedging Activities.”

The estimated net amount of the gains in AOCI at May 31, 2017 expected to be reclassified into net earnings within the succeeding twelve months is $6,166,000 (net of tax of $3,770,000). This amount was computed using the fair value of the cash flow hedges at May 31, 2017, and will change before actual reclassification from other comprehensive income to net earnings during fiscal 2018.