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Accumulated Other Comprehensive Loss
 12 Months Ended
Dec. 31, 2017
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss
Shareholders' equity includes certain items classified as accumulated other comprehensive loss ("AOCI") in the Consolidated Balance Sheets, including:
•
Unrealized gains (losses) on hedges relate to interest rate swaps to convert the revolving credit facility's variable rate of interest into a fixed rate and foreign currency forward contracts used to hedge our exposure to changes in exchange rates affecting certain revenues and costs denominated in foreign currencies. These hedges are designated as cash flow hedges, and we have deferred income statement recognition of gains and losses until the hedged transaction is settled. Amounts reclassified to income from AOCI for hedges are included in interest expense. Further information related to our interest rate swaps is included in NOTE 12, "Derivatives".
•
Unrealized gains (losses) on pension obligations are deferred from income statement recognition until the gains or losses are realized. Amounts reclassified to income from AOCI are included in net periodic pension expense. Further information related to our pension obligations is included in NOTE 5, "Retirement Plans".
•
Cumulative translation adjustment relates to our non-U.S. subsidiaries that have designated a functional currency other than the U.S. dollar. We are required to translate the subsidiary functional currency financial statements to dollars using a combination of historical, period-end, and average foreign exchange rates. This combination of rates creates the foreign currency translation adjustment component of other comprehensive income. Transfer of foreign currency translation gains and losses from AOCI to income are included in other income (expense) in our Consolidated Statements of Earnings.


The components of AOCI for 2017 are as follows:
 
As of December 31, 2016
Gain (Loss)
Recognized
in OCI
Gain (Loss)
reclassified
from AOCI
to income
As of December 31, 2017
Changes in fair market value of hedges:
 

 

 

 

Gross
$
116

$
264

$
(91
)
$
289

Income tax expense (benefit)
(42
)
(96
)
33

(105
)
Net
74

168

(58
)
184

Changes in unrealized pension cost:
 

 

 

 

Gross
(151,618
)
—

21,522

(130,096
)
Income tax expense (benefit)
60,672

—

(7,835
)
52,837

Net
(90,946
)
—

13,687

(77,259
)
Cumulative translation adjustment:
 

 

 

 

Gross
(2,414
)
429

—

(1,985
)
Income tax expense (benefit)
92

8

—

100

Net
(2,322
)
437

—

(1,885
)
Total accumulated other comprehensive (loss) income
$
(93,194
)
$
605

$
13,629

$
(78,960
)

The components of AOCI for 2016 are as follows:
 
As of December 31, 2015
(Loss) Gain
recognized
in OCI
Gain (Loss)
reclassified
from AOCI
to income
As of December 31, 2016
Changes in fair market value of hedges:
 

 

 

 

Gross
$
(768
)
$
(56
)
$
940

$
116

Income tax expense (benefit)
289

20

(351
)
(42
)
Net
(479
)
(36
)
589

74

Changes in unrealized pension cost:
 

 

 

 

Gross
(161,719
)
—

10,101

(151,618
)
Income tax expense (benefit)
64,361

—

(3,689
)
60,672

Net
(97,358
)
—

6,412

(90,946
)
Cumulative translation adjustment:
 

 

 

 

Gross
(1,279
)
(1,135
)
—

(2,414
)
Income tax expense (benefit)
111

(19
)
—

92

Net
(1,168
)
(1,154
)
—

(2,322
)
Total accumulated other comprehensive (loss) income
$
(99,005
)
$
(1,190
)
$
7,001

$
(93,194
)