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Changes in Equity and Comprehensive Income
 3 Months Ended
Mar. 31, 2013
Changes in Equity and Comprehensive Income
Changes in Equity and Comprehensive Income
A summary of the changes in equity for the three months ended March 31, 2014 and 2013 is provided below:
 
Three Months Ended March 31,
 
2014
 
2013
(in thousands)
Total
Shareholders’
Equity
 
Noncontrolling
Interests
 
Total Equity
 
Total
Shareholders’
Equity
 
Noncontrolling
Interests
 
Total Equity
Balance, beginning of period
$
1,204,319

 
$
10,354

 
$
1,214,673

 
$
918,383

 
$
8,993

 
$
927,376

Dividends
(17,616
)
 
—

 
(17,616
)
 
(16,144
)
 
—

 
(16,144
)
Reacquisition on open market
—

 
—

 
—

 
—

 
—

 
—

Exercise of stock options, net of shares reacquired
3,752

 
—

 
3,752

 
13,609

 
—

 
13,609

Stock compensation expense
5,647

 
—

 
5,647

 
5,379

 
—

 
5,379

Excess tax benefit from stock based compensation
5,145

 
—

 
5,145

 
2,928

 
—

 
2,928

Net income
48,684

 
188

 
48,872

 
57,791

 
151

 
57,942

Other comprehensive income (loss)
(1,003
)
 
(25
)
 
(1,028
)
 
(17,807
)
 
10

 
(17,797
)
Comprehensive income
47,681

 
163

 
47,844

 
39,984

 
161

 
40,145

Balance, end of period
$
1,248,928

 
$
10,517

 
$
1,259,445

 
$
964,139

 
$
9,154

 
$
973,293


The table below provides the accumulated balances for each classification of accumulated other comprehensive income (loss), as reflected on the Condensed Consolidated Balance Sheets.
 
(in thousands)
Defined Benefit Pension and Other Postretirement Items*
 
 Currency Translation Adjustment
 
 Total
 
 
 
 
 
 
 
Balance as of December 31, 2013
$
(121,318
)
 
$
72,667

 
$
(48,651
)
 
Other comprehensive income (loss) before reclassifications
—

 
(2,511
)
 
(2,511
)
 
Amounts reclassified from accumulated other comprehensive income
1,508

 
—

 
1,508

Net current-period other comprehensive income (loss)
1,508

 
(2,511
)
 
(1,003
)
Balance as of March 31, 2014
$
(119,810
)
 
$
70,156

 
$
(49,654
)
 
* Net of tax benefit of $52,286 and $53,373 for March 31, 2014 and December 31, 2013, respectively.
 
The table below illustrates the amounts reclassified out of each component of accumulated other comprehensive income for the period ended March 31, 2014.
Details of Accumulated Other Comprehensive Income Components (in thousands)
 
Amounts Reclassified from Accumulated Other Comprehensive Income
 
Affected Line Item in the Statement of Operations
 
 
 
 
 
Amortization of defined benefit pension items:
 
 
 
 
Prior-service costs
 
$
30

 
$40 and ($11) has been recorded within Cost of Sales and Selling, General & Administrative, respectively
Net loss (gain)
 
1,257

 
$1,704 and ($447) has been recorded within Cost of Sales and Selling, General & Administrative, respectively
Amortization of other postretirement items:
 
 
 
 
Prior-service costs
 
(59
)
 
Recorded within Selling, General & Administrative
Net loss (gain)
 
(33
)
 
Recorded within Selling, General & Administrative
 
 
$
1,195

 
Total before tax
 
 
387

 
Tax benefit
Total reclassifications for the period
 
$
808

 
Net of tax
The table below illustrates the amounts reclassified out of each component of accumulated other comprehensive income for the period ended March 31, 2013.
Details of Accumulated Other Comprehensive Income Components (in thousands)
 
Amounts Reclassified from Accumulated Other Comprehensive Income
 
Affected Line Item in the Statement of Operations
 
 
 
 
 
Amortization of defined benefit pension items:
 
 
 
Amortization of defined benefit pension items:
Prior-service costs
 
$
(6
)
 
Prior-service costs
Net loss (gain)
 
3,164

 
Net loss (gain)
Amortization of other postretirement items:
 
 
 
Amortization of other postretirement items:
Prior-service costs
 
(59
)
 
Prior-service costs
Net loss (gain)
 
(35
)
 
Net loss (gain)
 
 
$
3,064

 
 
 
 
960

 
 
Total reclassifications for the period
 
$
2,104

 
Total reclassifications for the period