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EQUITY | 6 Months Ended
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Jun. 30, 2017
Stockholders' Equity Note [Abstract] |
EQUITY | EQUITY Changes in equity for the six months ended June 30, 2017 are as follows:
| Shareholders’ Equity |  | Non-controlling Interests |  | Total Equity
Balance at December 31, 2016 | $ | 711,477 |  |  | $ | 729 |  |  | $ | 712,206 |
Comprehensive income (loss): |  |  |  |  |  |  |  |
Net income | 117,196 |  |  | (17 | ) |  | 117,179 |
Other comprehensive income (loss) | 56,514 |  |  | 48 |  |  | 56,562 |
Total comprehensive income (loss) | 173,710 |  |  | 31 |  |  | 173,741 |
Cash dividends declared - $0.70 per share | (46,452 | ) |  | — |  |  | (46,452 | )
Issuance of shares under benefit plans | 20,029 |  |  | — |  |  | 20,029 |
Purchase of shares for treasury | (7,748 | ) |  | — |  |  | (7,748 | )
Balance at June 30, 2017 | $ | 851,016 |  |  | $ | 760 |  |  | $ | 851,776 |
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 June 30, 2017, there remained 8.8 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 accumulated other comprehensive income (loss) ("AOCI") by component, net of taxes, for the three months ended June 30, 2017 and 2016:
|  | Three Months Ended June 30, 2017
|  | Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges |  | Defined benefit pension plan activity |  | Currency translation adjustment |  | Total
Balance at March 31, 2017 |  | $ | 2,111 |  |  | $ | (95,225 | ) |  | $ | (205,174 | ) |  | $ | (298,288 | )
Other comprehensive income (loss) before reclassification |  | (1,276 | ) |  | — |  |  | 25,330 |  | 3 |  | 24,054 |
Amounts reclassified from AOCI |  | 999 |  | 1 |  | 712 |  | 2 |  | — |  |  | 1,711 |
Net current-period other comprehensive income (loss) |  | (277 | ) |  | 712 |  |  | 25,330 |  |  | 25,765 |
Balance at June 30, 2017 |  | $ | 1,834 |  |  | $ | (94,513 | ) |  | $ | (179,844 | ) |  | $ | (272,523 | )
|  | Three Months Ended June 30, 2016
|  | Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges |  | Defined benefit pension plan activity |  | Currency translation adjustment |  | Total
Balance at March 31, 2016 |  | $ | 1,384 |  |  | $ | (98,158 | ) |  | $ | (172,805 | ) |  | $ | (269,579 | )
Other comprehensive income (loss) before reclassification |  | (339 | ) |  | 5 |  |  | (21,790 | ) | 3 |  | (22,124 | )
Amounts reclassified from AOCI |  | (306 | ) | 1 |  | 2,612 |  | 2 |  | 2,843 |  | 4 |  | 5,149 |
Net current-period other comprehensive income (loss) |  | (645 | ) |  | 2,617 |  |  | (18,947 | ) |  | (16,975 | )
Balance at June 30, 2016 |  | $ | 739 |  |  | $ | (95,541 | ) |  | $ | (191,752 | ) |  | $ | (286,554 | )
(1) | During the 2017 period, this AOCI reclassification is a component of Net sales of $797 (net of tax of $291) and Cost of goods sold of $202 (net of tax of $70); during the 2016 period, the reclassification is a component of Net sales of $(152) (net of tax of $(69)) and Cost of goods sold of $(154) (net of tax of $(16)). See Note 13 to the consolidated financial statements for additional details.
(2) | This AOCI component is included in the computation of net periodic pension costs (net of tax of $149 and $1,132 during the three months ended June 30, 2017 and 2016, respectively). See Note 11 to the consolidated financial statements for additional details.
(3) | The Other comprehensive income (loss) before reclassifications excludes $26 and $(51) attributable to Non-controlling interests in the three months ended June 30, 2017 and 2016, respectively.
(4) | The reclassification from AOCI reflects foreign currency translation losses recognized due to the Company's deconsolidation of its Venezuelan subsidiary. See Note 1 to the consolidated financial statements for additional details.
The following tables set forth the total changes in AOCI by component, net of taxes, for the six months ended June 30, 2017 and 2016:
|  | Six Months Ended June 30, 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 |  | 267 |  |  | — |  |  | 53,841 |  | 3 |  | 54,108 |
Amounts reclassified from AOCI |  | 980 |  | 1 |  | 1,426 |  | 2 |  | — |  |  | 2,406 |
Net current-period other comprehensive income (loss) |  | 1,247 |  |  | 1,426 |  |  | 53,841 |  |  | 56,514 |
Balance at June 30, 2017 |  | $ | 1,834 |  |  | $ | (94,513 | ) |  | $ | (179,844 | ) |  | $ | (272,523 | )
|  | Six Months Ended June 30, 2016
|  | 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, 2015 |  | $ | 548 |  |  | $ | (99,776 | ) |  | $ | (197,039 | ) |  | $ | (296,267 | )
Other comprehensive income (loss) before reclassification |  | 1,360 |  |  | (15 | ) |  | 2,444 |  | 3 |  | 3,789 |
Amounts reclassified from AOCI |  | (1,169 | ) | 1 |  | 4,250 |  | 2 |  | 2,843 |  | 4 |  | 5,924 |
Net current-period other comprehensive income (loss) |  | 191 |  |  | 4,235 |  |  | 5,287 |  |  | 9,713 |
Balance at June 30, 2016 |  | $ | 739 |  |  | $ | (95,541 | ) |  | $ | (191,752 | ) |  | $ | (286,554 | )
(1) | During the 2017 period, the AOCI reclassification is a component of Net sales of $612 (net of tax of $204) and Cost of goods sold of $368 (net of tax of $181); during the 2016 period, the AOCI reclassification is a component of Net sales of $(939) (net of tax of $(347)) and Cost of goods sold of $(230) (net of tax of $6). See Note 13 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 $362 and $2,043 during the six months ended June 30, 2017 and 2016, respectively). See Note 11 to the consolidated financial statements for additional details.
(3) | The Other comprehensive income (loss) before reclassifications excludes $48 and $(36) attributable to Non-controlling interests in the six months ended June 30, 2017 and 2016, respectively.
(4) | The reclassification from AOCI reflects foreign currency translation losses recognized due to the Company's deconsolidation of its Venezuelan subsidiary. See Note 1 to the consolidated financial statements for additional details.

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