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EQUITY
 3 Months Ended
Mar. 31, 2018
Stockholders' Equity Note [Abstract]  
EQUITY
EQUITY
Changes in equity for the three months ended March 31, 2018 are as follows:
 
Shareholders’
Equity
 
Non-controlling
Interests
 
Total Equity
Balance at December 31, 2017
$
931,637

 
$
816

 
$
932,453

Comprehensive income (loss):
 

 
 

 
 

Net income
60,824

 
(4
)
 
60,820

Other comprehensive income (loss)
21,470

 
59

 
21,529

Total comprehensive income (loss)
82,294

 
55

 
82,349

 
 
 
 
 
 
Cash dividends declared - $0.39 per share
(25,787
)
 
—

 
(25,787
)
Issuance of shares under benefit plans
6,381

 
—

 
6,381

Purchase of shares for treasury
(14,724
)
 
—

 
(14,724
)
Balance at March 31, 2018
$
979,801

 
$
871

 
$
980,672

On April 20, 2016, the Company announced that the Board of Directors authorized a new share repurchase program, which increased the total number of the Company's common shares authorized to be repurchased to 55 million shares.  At management’s discretion, the Company repurchases its common shares from time to time in the open market, depending on market conditions, stock price and other factors. As of March 31, 2018, there remained 8.3 million common shares available for repurchase under this program.  The repurchased common shares remain in treasury and have not been retired.
The following tables set forth the total changes in AOCI by component, net of taxes, for the three months ended March 31, 2018 and 2017:
 
 
Three Months Ended March 31, 2018
 
 
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges
 
Defined benefit pension plan activity
 
Currency translation adjustment
 
Total
Balance at December 31, 2017
 
$
875

 
$
(85,277
)
 
$
(162,784
)
 
$
(247,186
)
Other comprehensive income (loss)
before reclassification
 
1,010

 
—

 
19,328

3 

20,338

Amounts reclassified from AOCI
 
(155
)
1 

1,287

2 

—

 
1,132

Net current-period other
comprehensive income (loss)
 
855

 
1,287

 
19,328

 
21,470

Balance at March 31, 2018
 
$
1,730

 
$
(83,990
)
 
$
(143,456
)
 
$
(225,716
)
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended March 31, 2017
 
 
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges
 
Defined benefit pension plan activity
 
Currency translation adjustment
 
Total
Balance at December 31, 2016
 
$
587

 
$
(95,939
)
 
$
(233,685
)
 
$
(329,037
)
Other comprehensive income (loss)
before reclassification
 
1,543

 
—

 
28,511

3 

30,054

Amounts reclassified from AOCI
 
(19
)
1 

714

2 

—

 
695

Net current-period other
comprehensive income (loss)
 
1,524

 
714

 
28,511

 
30,749

Balance at March 31, 2017
 
$
2,111

 
$
(95,225
)
 
$
(205,174
)
 
$
(298,288
)
 
 
 
 
 
 
 
 
 

(1)
During the 2018 period, the AOCI reclassification is a component of Net sales of $135 (net of tax of $8) and Cost of goods sold of $(20) (net of tax of $(13)); during the 2017 period, the AOCI reclassification is a component of Net sales of $(185) (net of tax of $(87)) and Cost of goods sold of $166 (net of tax of $112). See Note 16 to the consolidated financial statements for additional details.
(2)
The AOCI component is included in the computation of net periodic pension costs (net of tax of $431 and $213 during the three months ended March 31, 2018 and 2017, respectively). See Note 13 to the consolidated financial statements for additional details.
(3)
The Other comprehensive income (loss) before reclassifications excludes $59 and $22 attributable to Non-controlling interests in the three months ended March 31, 2018 and 2017, respectively.