Changes in Equity and Comprehensive Income

6 Months Ended

Jun. 30, 2014

Equity [Abstract]

Changes in Equity and Comprehensive Income

Changes in Equity and Accumulated Other Comprehensive Income

A summary of the changes in equity for the six months ended June 30, 2014 and 2013 is provided below:

	Six Months Ended June 30,
	2014								2013
(in thousands)	Total Shareholders’ Equity			Noncontrolling Interests		Total Equity			Total Shareholders’ Equity			Noncontrolling Interests			Total Equity
Balance, beginning of period	$	1,204,319		$	10,354	$	1,214,673		$	918,383		$	8,993		$	927,376
Dividends	(35,293		)	—		(35,293		)	(32,379		)	—			(32,379		)
Reacquisition on open market	—			—		—			—			—			—
Exercise of stock options, net of shares reacquired	7,847			—		7,847			20,030			—			20,030
Stock compensation expense	10,589			—		10,589			10,386			—			10,386
Excess tax benefit from stock based compensation	7,465			—		7,465			4,922			—			4,922
Net income	108,381			400		108,781			112,665			691			113,356
Other comprehensive income (loss)	11,640			25		11,665			(17,602		)	(144		)	(17,746		)
Comprehensive income	120,021			425		120,446			95,063			547			95,610
Balance, end of period	$	1,314,948		$	10,779	$	1,325,727		$	1,016,405		$	9,540		$	1,025,945

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

	(in thousands)	Defined Benefit Pension and Other Postretirement Items*			Currency Translation Adjustment		Total
Balance as of December 31, 2013		$	(121,318	)	$	72,667	$	(48,651	)
	Other comprehensive income (loss) before reclassifications	—			9,328		9,328
	Amounts reclassified from accumulated other comprehensive income	2,312			—		2,312
Net current-period other comprehensive income (loss)		2,312			9,328		11,640
Balance as of June 30, 2014		$	(119,006	)	$	81,995	$	(37,011	)

* Net of tax benefit of $53,326 and $53,373 for June 30, 2014 and December 31, 2013, respectively.

The table below illustrates the amounts reclassified out of each component of accumulated other comprehensive income for the three month periods ended June 30, 2014 and 2013.

Details of Accumulated Other Comprehensive Income Components (in thousands)	Amounts Reclassified from Accumulated Other Comprehensive Income						Affected Line Item in the Statement of Operations
	Three Months Ended June 30,
	2014			2013
Amortization of defined benefit pension items:
Prior-service costs	$	30		$	13		$40 and $18 has been recorded within Cost of Sales for the six months ended June 30, 2014 and 2013, respectively, and ($10) and ($5) has been recorded within General & Administrative for the three months ended June 30, 2014 and 2013, respectively
Net loss (gain)	1,257			3,723			$1,704 and $5,046 has been recorded within Cost of Sales for the six months ended June 30, 2014 and 2013, respectively, and ($447) and ($1,323) has been recorded within General & Administrative for the three months ended June 30, 2014 and 2013, respectively
Amortization of other postretirement items:
Prior-service costs	(56		)	(59		)	Recorded within Selling, General & Administrative
Net loss (gain)	(67		)	12			Recorded within Selling, General & Administrative
	$	1,164		$	3,689		Total before tax
	360			1,211			Tax benefit
Total reclassifications for the period	$	804		$	2,478		Net of tax

The table below illustrates the amounts reclassified out of each component of accumulated other comprehensive income for the six month periods ended June 30, 2014 and 2013.

Details of Accumulated Other Comprehensive Income Components (in thousands)	Amounts Reclassified from Accumulated Other Comprehensive Income						Affected Line Item in the Statement of Operations
	Six Months Ended June 30,
	2014			2013
Amortization of defined benefit pension items:
Prior-service costs	$	60		$	7		$81 and $9 has been recorded within Cost of Sales for the six months ended June 30, 2014 and 2013, respectively, and ($21) and ($2) has been recorded within General & Administrative for the three months ended June 30, 2014 and 2013, respectively
Net loss (gain)	2,514			6,887			$3,407 and $9,334 has been recorded within Cost of Sales for the six months ended June 30, 2014 and 2013, respectively, and ($893) and ($2,450) has been recorded within General & Administrative for the three months ended June 30, 2014 and 2013, respectively
Amortization of other postretirement items:
Prior-service costs	(115		)	(118		)	Recorded within Selling, General & Administrative
Net loss (gain)	(100		)	(23		)	Recorded within Selling, General & Administrative
	$	2,359		$	6,753		Total before tax
	47			2,171			Tax benefit
Total reclassifications for the period	$	2,312		$	4,582		Net of tax