COMPREHENSIVE INCOME

6 Months Ended

Jun. 30, 2015

COMPREHENSIVE INCOME [Abstract]

COMPREHENSIVE INCOME

COMPREHENSIVE INCOME

During the quarter ended June 30, 2015, foreign currency translation adjustments included currency translation losses of $74.9 million and losses on the Company’s loans designated as hedges of net investments of $0.4 million.  During the quarter ended June 30, 2014, foreign currency translation adjustments included currency translation losses of $20.6 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, 2015, foreign currency translation adjustments included currency translation losses of $113.7 million and losses on the Company’s loans designated as hedges of net investments of $1.2 million. During the six months ended June 30, 2014, foreign currency translation adjustments included currency translation losses of $19.7 million and losses on the Company’s loans designated as hedges of net investments of $3.2 million.

The cumulative foreign currency translation adjustments included translation losses of $230.7 million and $117.1 million at June 30, 2015 and December 31, 2014, respectively, and losses on loans designated as hedges of net investments of $96.7 million and $95.4 million, respectively.  These foreign currency translation adjustments were partially offset by movements on derivative 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, 2015 and 2014:

(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, 2014	$	(212,490	)	$	(10,825	)	$	(112,728	)	$	8,481	$	(113,574	)	$	(441,136	)
Other comprehensive income (loss) before reclassifications	(114,891		)	18,446			(2,345		)	70,267		—			(28,523		)
Amounts reclassified from accumulated other comprehensive income (loss)	—			(8,173		)	—			—		2,826			(5,347		)
Net (decrease) increase in other comprehensive income	(114,891		)	10,273			(2,345		)	70,267		2,826			(33,870		)
Balance at June 30, 2015	$	(327,381	)	$	(552	)	$	(115,073	)	$	78,748	$	(110,748	)	$	(475,006	)

(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	(22,942		)	(2,717		)	849			(3,803		)	197			(28,416		)
Amounts reclassified from accumulated other comprehensive income (loss)	—			4,065			—			—			944			5,009
Net (decrease) increase in other comprehensive income	(22,942		)	1,348			849			(3,803		)	1,141			(23,407		)
Foreign currency translation related to acquisition of noncontrolling interests	(5,530		)	—			—			—			—			(5,530		)
Balance at June 30, 2014	$	112,520		$	(20,405	)	$	(150,265	)	$	8,926		$	(48,775	)	$	(97,999	)

Reclassifications out of accumulated other comprehensive income (expense) to the Consolidated Statements of Operations for the three and six months ended June 30, 2015 and 2014:

(in thousands)
Details about AOCI Components	Amounts Reclassified from AOCI						Affected Line Item in the Statements of Operations
	Three Months Ended June 30,
	2015			2014
Gains and (losses) on derivative financial instruments:
Interest rate swaps	$	(1,074	)	$	(929	)	Interest expense
Foreign exchange forward contracts	6,839			(1,651		)	Cost of products sold
Foreign exchange forward contracts	181			(58		)	SG&A expenses
Commodity contracts	(121		)	(158		)	Cost of products sold
	5,825			(2,796		)	Net gain (loss) before tax
	(1,189		)	819			Tax (expense) benefit
	$	4,636		$	(1,977	)	Net of tax
Amortization of defined benefit pension and other postemployment benefit items:
Amortization of prior service benefits	$	34		$	35		(a)
Amortization of net actuarial losses	(2,015		)	(721		)	(a)
	(1,981		)	(686		)	Net loss before tax
	572			213			Tax benefit
	$	(1,409	)	$	(473	)	Net of tax
Total reclassifications for the period	$	3,227		$	(2,450	)

(a) These accumulated other comprehensive income components are included in the computation of net periodic benefit cost for the three months ended June 30, 2015 and 2014 (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,
	2015			2014
Gains and (losses) on derivative financial instruments:
Interest rate swaps	$	(2,040	)	$	(1,856	)	Interest expense
Foreign exchange forward contracts	10,726			(3,296		)	Cost of products sold
Foreign exchange forward contracts	344			(157		)	SG&A expenses
Commodity contracts	(250		)	(403		)	Cost of products sold
	8,780			(5,712		)	Net gain (loss) before tax
	(607		)	1,647			Tax (expense) benefit
	$	8,173		$	(4,065	)	Net of tax
Amortization of defined benefit pension and other postemployment benefit items:
Amortization of prior service benefits	$	68		$	69		(a)
Amortization of net actuarial losses	(4,041		)	(1,439		)	(a)
	(3,973		)	(1,370		)	Net loss before tax
	1,147			426			Tax benefit
	$	(2,826	)	$	(944	)	Net of tax
Total reclassifications for the period	$	5,347		$	(5,009	)

(a) These accumulated other comprehensive income components are included in the computation of net periodic benefit cost for the six months ended June 30, 2015 and 2014 (see Note 8, Benefit Plans, for additional details).