COMPREHENSIVE INCOME

6 Months Ended

Jun. 30, 2013

COMPREHENSIVE INCOME [Abstract]

Comprehensive Income

COMPREHENSIVE INCOME

 During the quarter ended June 30, 2013, foreign currency translation adjustments included currency translation gains of $1.3 million and gains on the Company’s loans designated as hedges of net investments of $4.0 million.  During the quarter ended June 30, 2012, foreign currency translation adjustments included currency translation losses of $175.3 million and losses of $1.2 million on the Company’s loans designated as hedges of net investments.  During the six months ended June 30, 2013, foreign currency translation adjustments included currency losses of $100.6 million and gains on the Company’s loans designated as hedges of net investments of $12.5 million. During the six months ended June 30, 2012, foreign currency translation adjustments included currency translation losses of $48.5 million and gains on the Company’s loans designated as hedges of net investments of $4.1 million. These foreign currency translation adjustments were offset by movements on derivative financial instruments, which are discussed in Note 10, Financial Instruments and Derivatives.

The cumulative foreign currency translation adjustments included translation gains of $77.1 million and $177.7 million at June 30, 2013 and December 31, 2012, respectively, were offset by losses of $110.9 million and $123.4 million, respectively, on loans designated as hedges of net investments.  These foreign currency translation adjustments were partially offset by movements on derivatives financial instruments, which are discussed in Note 10, Financial Instruments and Derivatives.

Changes in AOCI, net of tax, by component for the six months ended June 30, 2013 and 2012:

(in thousands)	Foreign Currency Translation Adjustments			Gains and (Loss) on Derivative Financial Instruments			Net Unrealized Holding Gain on Available-for-Sale Securities			Pension Liability Adjustments			Total
Balance at December 31, 2012	$	54,302		$	(143,142	)	$	17,822		$	(73,182	)	$	(144,200	)
Other comprehensive (loss) income before reclassifications	(88,105		)	14,553			(8,989		)	1,439			(81,102		)
Amounts reclassified from accumulated other comprehensive income (loss)	—			203			—			1,877			2,080
Net (decrease) increase in other comprehensive income	(88,105		)	14,756			(8,989		)	3,316			(79,022		)
Balance at June 30, 2013	$	(33,803	)	$	(128,386	)	$	8,833		$	(69,866	)	$	(223,222	)

(in thousands)	Foreign Currency Translation Adjustments			Gains and (Loss) on Derivative Financial Instruments			Net Unrealized Holding (Loss) Gain on Available-for-Sale Securities			Pension Liability Adjustments			Total
Balance at December 31, 2011	$	(39,078	)	$	(117,390	)	$	(516	)	$	(33,986	)	$	(190,970	)
Other comprehensive (loss) income before reclassifications	(44,411		)	16,689			15,046			929			(11,747		)
Amounts reclassified from accumulated other comprehensive income (loss)	—			(1,732		)	—			737			(995		)
Net (decrease) increase in other comprehensive income	(44,411		)	14,957			15,046			1,666			(12,742		)
Balance at June 30, 2012	$	(83,489	)	$	(102,433	)	$	14,530		$	(32,320	)	$	(203,712	)

Reclassification out of accumulated other comprehensive income (expense) for the three and six months ended June 30, 2013 and 2012:

(in thousands)
Details about AOCI Components	Amounts Reclassified from AOCI						Affected Line Item in the Statements of Operations
	Three Months Ended June 30,
	2013			2012
Gains and loss on derivative financial instruments:
Interest rate swaps	$	(918	)	$	(897	)	Interest expense
Foreign exchange forward contracts	631			1,842			Cost of products sold
Foreign exchange forward contracts	(10		)	226			SG&A expenses
Commodity contracts	45			96			Cost of products sold
	(252		)	1,267			Net (loss) gain before tax
	171			(74		)	Tax benefit (expense)
	$	(81	)	$	1,193		Net of tax
Amortization of defined benefit pension and other postemployment benefit items:
Amortization of prior service benefits	$	33		$	33		(a)
Amortization of net actuarial losses	(1,357		)	(551		)	(a)
	(1,324		)	(518		)	Net loss before tax
	392			150			Tax benefit
	$	(932	)	$	(368	)	Net of tax
Total reclassifications for the period	$	(1,013	)	$	825

(a) These accumulated other comprehensive income components are included in the computation of net periodic benefit cost for the three months ended June 30, 2013 and 2012 (see Note 8, Benefit Plans, for additional details)

(in thousands)
Details about AOCI Components	Amounts Reclassified from AOCI						Affected Line Item in the Statements of Operations
	Six Months Ended June 30,
	2013			2012
Gains and loss on derivative financial instruments:
Interest rate swaps	$	(1,830	)	$	(1,802	)	Interest expense
Foreign exchange forward contracts	1,129			2,992			Cost of products sold
Foreign exchange forward contracts	(40		)	457			SG&A expenses
Commodity contracts	202			50			Cost of products sold
	(539		)	1,697			Net (loss) gain before tax
	336			35			Tax benefit (expense)
	$	(203	)	$	1,732		Net of tax
Amortization of defined benefit pension and other postemployment benefit items:
Amortization of prior service benefits	$	67		$	70		(b)
Amortization of net actuarial losses	(2,725		)	(1,107		)	(b)
	(2,658		)	(1,037		)	Net loss before tax
	781			300			Tax benefit
	$	(1,877	)	$	(737	)	Net of tax
Total reclassifications for the period	$	(2,080	)	$	995

(b) These accumulated other comprehensive income components are included in the computation of net periodic benefit cost for the six months ended June 30, 2013 and 2012 (see Note 8, Benefit Plans, for additional details)