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EQUITY | 3 Months Ended
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Mar. 31, 2018
Stockholders' Equity Note [Abstract] |
EQUITY | EQUITY Changes in equity for the three months ended March 31, 2018 are as follows:
| Shareholders’ Equity |  | Non-controlling Interests |  | Total Equity
Balance at December 31, 2017 | $ | 931,637 |  |  | $ | 816 |  |  | $ | 932,453 |
Comprehensive income (loss): |  |  |  |  |  |  |  |
Net income | 60,824 |  |  | (4 | ) |  | 60,820 |
Other comprehensive income (loss) | 21,470 |  |  | 59 |  |  | 21,529 |
Total comprehensive income (loss) | 82,294 |  |  | 55 |  |  | 82,349 |
Cash dividends declared - $0.39 per share | (25,787 | ) |  | — |  |  | (25,787 | )
Issuance of shares under benefit plans | 6,381 |  |  | — |  |  | 6,381 |
Purchase of shares for treasury | (14,724 | ) |  | — |  |  | (14,724 | )
Balance at March 31, 2018 | $ | 979,801 |  |  | $ | 871 |  |  | $ | 980,672 |
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 March 31, 2018, there remained 8.3 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 AOCI by component, net of taxes, for the three months ended March 31, 2018 and 2017:
|  | Three Months Ended March 31, 2018
|  | 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, 2017 |  | $ | 875 |  |  | $ | (85,277 | ) |  | $ | (162,784 | ) |  | $ | (247,186 | )
Other comprehensive income (loss) before reclassification |  | 1,010 |  |  | — |  |  | 19,328 |  | 3 |  | 20,338 |
Amounts reclassified from AOCI |  | (155 | ) | 1 |  | 1,287 |  | 2 |  | — |  |  | 1,132 |
Net current-period other comprehensive income (loss) |  | 855 |  |  | 1,287 |  |  | 19,328 |  |  | 21,470 |
Balance at March 31, 2018 |  | $ | 1,730 |  |  | $ | (83,990 | ) |  | $ | (143,456 | ) |  | $ | (225,716 | )
|  | Three Months Ended March 31, 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 |  | 1,543 |  |  | — |  |  | 28,511 |  | 3 |  | 30,054 |
Amounts reclassified from AOCI |  | (19 | ) | 1 |  | 714 |  | 2 |  | — |  |  | 695 |
Net current-period other comprehensive income (loss) |  | 1,524 |  |  | 714 |  |  | 28,511 |  |  | 30,749 |
Balance at March 31, 2017 |  | $ | 2,111 |  |  | $ | (95,225 | ) |  | $ | (205,174 | ) |  | $ | (298,288 | )
(1) | During the 2018 period, the AOCI reclassification is a component of Net sales of $135 (net of tax of $8) and Cost of goods sold of $(20) (net of tax of $(13)); during the 2017 period, the AOCI reclassification is a component of Net sales of $(185) (net of tax of $(87)) and Cost of goods sold of $166 (net of tax of $112). See Note 16 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 $431 and $213 during the three months ended March 31, 2018 and 2017, respectively). See Note 13 to the consolidated financial statements for additional details.
(3) | The Other comprehensive income (loss) before reclassifications excludes $59 and $22 attributable to Non-controlling interests in the three months ended March 31, 2018 and 2017, respectively.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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