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Accumulated Other Comprehensive Income (AOCI) (Tables) | 6 Months Ended
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Jun. 30, 2017
Accumulated items of other comprehensive income: |
Schedule of Accumulated Other Comprehensive Income | The table below presents changes in the components of AOCI for the period December 31, 2016 to June 30, 2017:
(in thousands) | Translation adjustments | Pension and postretirement liability adjustments | Derivative valuation adjustment | Total Other Comprehensive Income
December 31, 2016 | ($133,298 | ) | ($51,719 | ) | $828 |  | ($184,189 | )
Other comprehensive income/(loss) before reclassifications | 28,453 |  | (1,079 | ) | (619 | ) | 26,755 |
Interest expense related to swaps reclassified to the Statement of Income, net of tax | - |  | - |  | 585 |  | 585 |
Pension and postretirement liability adjustments reclassified to Statement of Income, net of tax | - |  | 332 |  | - |  | 332 |
Net current period other comprehensive income | 28,453 |  | (747 | ) | (34 | ) | 27,672 |
June 30, 2017 | ($104,845 | ) | ($52,466 | ) | $794 |  | ($156,517 | )
The table below presents changes in the components of AOCI for the period December 31, 2015 to June 30, 2016:
(in thousands) | Translation adjustments | Pension and postretirement liability adjustments | Derivative valuation adjustment | Total Other Comprehensive Income
December 31, 2015 | ($108,655 | ) | ($48,725 | ) | ($1,464 | ) | ($158,844 | )
Other comprehensive income/(loss) before reclassifications | 2,393 |  | 12 |  | (4,608 | ) | (2,203 | )
Pension/postretirement plan remeasurement | - |  | 105 |  | - |  | 105 |
Interest expense related to swaps reclassified to the Statement of Income, net of tax | - |  | - |  | 363 |  | 363 |
Pension and postretirement liability adjustments reclassified to Statement of Income, net of tax | - |  | 244 |  | - |  | 244 |
Net current period other comprehensive income | 2,393 |  | 361 |  | (4,245 | ) | (1,491 | )
June 30, 2016 | ($106,262 | ) | ($48,364 | ) | ($5,709 | ) | ($160,335 | )
Schedule of Accumulated Other Comprehensive Income Components Reclassified to Statement of Income | The table below presents the expense/(income) amounts reclassified, and the line items of the Statements of Income that were affected for the periods ended June 30, 2017 and 2016.
| Three months ended June 30, | Six months ended June 30,
(in thousands) | 2017 | 2016 | 2017 | 2016
Pretax Derivative valuation reclassified from Accumulated Other Comprehensive Income: |  |  |  |  |  |
Expense related to interest rate swaps included in Income before taxes(a) | $343 |  | $305 |  | $943 |  | $586 |
Income tax effect | (130 | ) | (116 | ) | (358 | ) | (223 | )
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income | $213 |  | $189 |  | $585 |  | $363 |
Pretax pension and postretirement liabilities reclassified from Accumulated Other Comprehensive Income: |  |  |  |  |  |
Amortization of prior service credit | ($1,113 | ) | ($1,112 | ) | ($2,226 | ) | ($2,225 | )
Amortization of net actuarial loss | 1,353 |  | 1,296 |  | 2,700 |  | 2,574 |
Total pretax amount reclassified (b) | 240 |  | 184 |  | 474 |  | 349 |
Income tax effect | (72 | ) | (56 | ) | (142 | ) | (105 | )
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income | $168 |  | $128 |  | $332 |  | $244 |
(a) | Included in Interest expense are payments related to the interest rate swap agreements and amortization of swap buyouts (see Note 15).
(b) | These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 4).

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