Changes in Equity and Comprehensive Income

9 Months Ended

Sep. 30, 2012

Changes in Equity and Comprehensive Income

Changes in Equity and Comprehensive Income

A summary of the changes in equity for the nine months ended September 30, 2012 and 2011 is provided below:

	Nine Months Ended September 30,
	2012									2011
(in thousands)	Total Shareholders’ Equity			Noncontrolling Interests			Total Equity			Total Shareholders’ Equity			Noncontrolling Interests			Total Equity
Balance, beginning of period	$	813,553		$	8,503		$	822,056		$	984,944		$	8,086		$	993,030
Dividends	(45,998		)	—			(45,998		)	(41,957		)	—			(41,957		)
Reacquisition on open market	(49,991		)	—			(49,991		)	(49,999		)	—			(49,999		)
Exercise of stock options, net of shares reacquired	7,958			—			7,958			19,907			—			19,907
Stock compensation expense	12,860			—			12,860			11,132			—			11,132
Excess tax benefit from stock based compensation	3,233			—			3,233			5,706			—			5,706
Net income	171,349			501			171,850			151,444			(123		)	151,321
Other comprehensive income (loss)	11,201			(417		)	10,784			(7,840		)	128			(7,712		)
Comprehensive income	182,550			84			182,634			143,604			5			143,609
Balance, end of period	$	924,165		$	8,587		$	932,752		$	1,073,337		$	8,091		$	1,081,428

The table below provides the accumulated balances for each classification of accumulated other comprehensive loss, as reflected on the Condensed Consolidated Balance Sheets.

	September 30, 2012			December 31, 2011
Currency translation adjustment	$	65,824		$	64,910
Changes in pension and postretirement plan assets and benefit obligation, net of tax benefit *	(148,135		)	(158,422		)
Accumulated other comprehensive loss	$	(82,311	)	$	(93,512	)

* Net of tax benefit of $71,874 and $76,179 for September 30, 2012 and December 31, 2011, respectively.