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COMPREHENSIVE INCOME
 3 Months Ended
Mar. 31, 2014
COMPREHENSIVE INCOME [Abstract]  
COMPREHENSIVE INCOME
COMPREHENSIVE INCOME

 During the quarter ended March 31, 2014, foreign currency translation adjustments included currency translation gains of $0.8 million and losses on the Company’s loans designated as hedges of net investments of $1.9 million.  During the quarter ended March 31, 2013, foreign currency translation adjustments included currency translation losses of $101.9 million and gains of $8.5 million on the Company’s loans designated as hedges of net investments.  

The cumulative foreign currency translation adjustments included translation gains of $245.2 million and $249.9 million at March 31, 2014 and December 31, 2013, respectively, were offset by losses of $110.8 million and $108.9 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 three months ended March 31, 2014 and 2013:
(in thousands)
Foreign Currency Translation Adjustments
 
Gain and (Loss) on Derivative Financial Instruments Designated as Cash Flow Hedges
 
Gain and (Loss) on Derivative Financial Instruments Designated as Net Investment Hedges
 
Net Unrealized Holding Gain (Loss) on Available-for-Sale Securities
 
Pension Liability Adjustments
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2013
$
140,992

 
$
(21,753
)
 
$
(151,114
)
 
$
12,729

 
$
(49,916
)
 
$
(69,062
)
Other comprehensive income (loss) before reclassifications
(1,107
)
 
642

 
(976
)
 
(2,041
)
 
(154
)
 
(3,636
)
Amounts reclassified from accumulated other comprehensive income (loss)
—

 
2,091

 
—

 
—

 
472

 
2,563

Net increase (decrease) in other comprehensive income
(1,107
)
 
2,733

 
(976
)
 
(2,041
)
 
318

 
(1,073
)
Foreign currency translation related to acquisition of noncontrolling interests
(5,530
)
 
—

 
—

 
—

 
—

 
(5,530
)
Balance at March 31, 2014
$
134,355

 
$
(19,020
)
 
$
(152,090
)
 
$
10,688

 
$
(49,598
)
 
$
(75,665
)

(in thousands)
Foreign Currency Translation Adjustments
 
Gain and (Loss) on Derivative Financial Instruments Designated as Cash Flow Hedges
 
Gain and (Loss) on Derivative Financial Instruments Designated as Net Investment Hedges
 
Net Unrealized Holding Gain (Loss)on Available-for-Sale Securities
 
Pension Liability Adjustments
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2012
$
54,302

 
$
(17,481
)
 
$
(125,661
)
 
$
17,822

 
$
(73,182
)
 
$
(144,200
)
Other comprehensive income (loss) before reclassifications
(93,435
)
 
3,507

 
24,489

 
7,640

 
1,835

 
(55,964
)
Amounts reclassified from accumulated other comprehensive (loss) income
—

 
122

 
—

 
—

 
941

 
1,063

Net (decrease) increase in other comprehensive income
(93,435
)
 
3,629

 
24,489

 
7,640

 
2,776

 
(54,901
)
Balance at March 31, 2013
$
(39,133
)
 
$
(13,852
)
 
$
(101,172
)
 
$
25,462

 
$
(70,406
)
 
$
(199,101
)

Reclassification out of accumulated other comprehensive income (expense) to the Consolidated Statements of Operations for the three months ended March 31, 2014 and 2013:

(in thousands)
 
 
 
 
 
 
Details about AOCI Components
 
Amounts Reclassified from AOCI
 
Affected Line Item in the
Statements of Operations
 
Three Months Ended March 31,
 
 
2014
 
2013
 
 
 
 
 
 
 
 
 
 
Gains and (losses) on derivative financial instruments:
Interest rate swaps
 
$
(926
)
 
$
(913
)
 
Interest expense
Foreign exchange forward contracts
 
(1,646
)
 
499

 
Cost of products sold
Foreign exchange forward contracts
 
(99
)
 
(30
)
 
SG&A expenses
Commodity contracts
 
(246
)
 
157

 
Cost of products sold
 
 
(2,917
)
 
(287
)
 
Net (loss) gain before tax
 
 
826

 
165

 
Tax benefit (expense)
 
 
$
(2,091
)
 
$
(122
)
 
Net of tax
 
 
 
 
 
 
 
 
 
 
 
Amortization of defined benefit pension and other postemployment benefit items:
Amortization of prior service benefits
 
$
34

 
$
34

 
(a)
Amortization of net actuarial losses
 
(719
)
 
(1,368
)
 
(a)
 
 
(685
)
 
(1,334
)
 
Net loss before tax
 
 
213

 
393

 
Tax benefit
 
 
$
(472
)
 
$
(941
)
 
Net of tax
 
 
 
 
 
 
 
 
 
Total reclassifications for the period
 
$
(2,563
)
 
$
(1,063
)
 
 
 
 
(a) These accumulated other comprehensive income components are included in the computation of net periodic benefit cost for the three months ended March 31, 2014 and 2013 (see Note 8, Benefit Plans, for additional details).