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EQUITY (Tables)
 6 Months Ended
Jun. 30, 2017
Stockholders' Equity Note [Abstract]  
Schedule of changes in 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
Components of accumulated other comprehensive (loss) income
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.