| 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:
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2017 |
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2016 |
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2015 |
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| (in
thousands) |
|
Before-
Tax |
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|
Tax |
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|
Net-of-
Tax |
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|
Before-
Tax |
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|
Tax |
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|
Net-of-
Tax |
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|
Before-
Tax |
|
|
Tax |
|
|
Net-of-
Tax |
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|
Foreign currency
translation
|
|
$ |
1,342 |
|
|
$ |
- |
|
|
$ |
1,342 |
|
|
$ |
4,716 |
|
|
$ |
- |
|
|
$ |
4,716 |
|
|
$ |
(34,229 |
) |
|
$ |
- |
|
|
$ |
(34,229 |
) |
|
Pension liability
adjustment
|
|
|
3,400 |
|
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|
(1,158 |
) |
|
|
2,242 |
|
|
|
(3,233 |
) |
|
|
1,175 |
|
|
|
(2,058 |
) |
|
|
(5,652 |
) |
|
|
1,914 |
|
|
|
(3,738 |
) |
|
Cash flow hedges
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|
(4,522 |
) |
|
|
1,700 |
|
|
|
(2,822 |
) |
|
|
35,524 |
|
|
|
(13,316 |
) |
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|
22,208 |
|
|
|
(18,605 |
) |
|
|
6,952 |
|
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|
(11,653 |
) |
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Other comprehensive
income (loss)
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|
$ |
220 |
|
|
$ |
542 |
|
|
$ |
762 |
|
|
$ |
37,007 |
|
|
$ |
(12,141 |
) |
|
$ |
24,866 |
|
|
$ |
(58,486 |
) |
|
$ |
8,866 |
|
|
$ |
(49,620 |
) |
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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:
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| |
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Foreign
Currency
Translation |
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|
Pension
Liability
Adjustment |
|
|
Cash Flow
Hedges |
|
|
Accumulated
Other
Comprehensive
Loss |
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| (in
thousands) |
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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 |
) |
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Balance at May 31,
2016
|
|
$ |
(18,728 |
) |
|
$ |
(17,061 |
) |
|
$ |
7,224 |
|
|
$ |
(28,565 |
) |
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|
|
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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 |
|
|
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Balance at May 31,
2017
|
|
$ |
(17,358 |
) |
|
$ |
(14,819 |
) |
|
$ |
4,402 |
|
|
$ |
(27,775 |
) |
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| (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.”
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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.
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