| Accumulated Other Comprehensive Income |
Accumulated Other Comprehensive Income
The changes in AOCI by component, net of tax, for the three-month periods ended June 30, 2018 and 2017 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Post-retirement benefit plans |
|
Currency translation adjustment |
|
Derivatives |
|
Total |
Attributable to Matthews: |
|
|
|
|
|
|
|
|
Balance, March 31, 2018 |
|
$ |
(41,583 |
) |
|
$ |
(93,896 |
) |
|
$ |
7,137 |
|
|
$ |
(128,342 |
) |
OCI before reclassification |
|
— |
|
|
(38,669 |
) |
|
393 |
|
|
(38,276 |
) |
Amounts reclassified from AOCI |
(a) |
1,256 |
|
|
— |
|
(b) |
(399 |
) |
|
857 |
|
Net current-period OCI |
|
1,256 |
|
|
(38,669 |
) |
|
(6 |
) |
|
(37,419 |
) |
Reclassification of AOCI tax effects |
(c) |
(9,884 |
) |
|
— |
|
(c) |
1,070 |
|
|
(8,814 |
) |
Balance, June 30, 2018 |
|
$ |
(50,211 |
) |
|
$ |
(132,565 |
) |
|
$ |
8,201 |
|
|
$ |
(174,575 |
) |
Attributable to noncontrolling interest: |
|
|
|
|
|
|
|
|
|
|
|
|
Balance, March 31, 2018 |
|
— |
|
|
$ |
499 |
|
|
— |
|
|
$ |
499 |
|
OCI before reclassification |
|
— |
|
|
(23 |
) |
|
— |
|
|
(23 |
) |
Net current-period OCI |
|
— |
|
|
(23 |
) |
|
— |
|
|
(23 |
) |
Balance, June 30, 2018 |
|
— |
|
|
476 |
|
|
— |
|
|
476 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Post-retirement benefit plans |
|
Currency translation adjustment |
|
Derivatives |
|
Total |
Attributable to Matthews: |
|
|
|
|
|
|
|
|
Balance, March 31, 2017 |
|
$ |
(53,052 |
) |
|
$ |
(149,493 |
) |
|
$ |
2,707 |
|
|
$ |
(199,838 |
) |
OCI before reclassification |
|
— |
|
|
32,261 |
|
|
(353 |
) |
|
31,908 |
|
Amounts reclassified from AOCI |
(a) |
1,422 |
|
|
— |
|
(b) |
(187 |
) |
|
1,235 |
|
Net current-period OCI |
|
1,422 |
|
|
32,261 |
|
|
(540 |
) |
|
33,143 |
|
Balance, June 30, 2017 |
|
$ |
(51,630 |
) |
|
$ |
(117,232 |
) |
|
$ |
2,167 |
|
|
$ |
(166,695 |
) |
Attributable to noncontrolling interest: |
|
|
|
|
|
|
|
|
|
|
|
|
Balance, March 31, 2017 |
|
— |
|
|
$ |
345 |
|
|
— |
|
|
$ |
345 |
|
OCI before reclassification |
|
— |
|
|
121 |
|
|
— |
|
|
121 |
|
Net current-period OCI |
|
— |
|
|
121 |
|
|
— |
|
|
121 |
|
Balance, June 30, 2017 |
|
— |
|
|
$ |
466 |
|
|
— |
|
|
$ |
466 |
|
|
|
(a) |
Amounts were included in net periodic benefit cost for pension and other postretirement benefit plans (see Note 8). |
|
|
(b) |
Amounts were included in interest expense in the periods the hedged item affected earnings (see Note 5). |
|
|
(c) |
Amounts were reclassified from AOCI to retained earnings through adoption of ASU 2018-02 (see Note 2).
|
Note 9. Accumulated Other Comprehensive Income (continued)
The changes in AOCI by component, net of tax, for the nine-month periods ended June 30, 2018 and 2017 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Post-retirement benefit plans |
|
Currency translation adjustment |
|
Derivatives |
|
Total |
Attributable to Matthews: |
|
|
|
|
|
|
|
|
Balance, September 30, 2017 |
|
$ |
(43,623 |
) |
|
$ |
(112,907 |
) |
|
$ |
2,415 |
|
|
$ |
(154,115 |
) |
OCI before reclassification |
|
— |
|
|
(19,658 |
) |
|
5,286 |
|
|
(14,372 |
) |
Amounts reclassified from AOCI |
(a) |
3,296 |
|
|
— |
|
(b) |
(570 |
) |
|
2,726 |
|
Net current-period OCI |
|
3,296 |
|
|
(19,658 |
) |
|
4,716 |
|
|
(11,646 |
) |
Reclassification of AOCI tax effects |
(c) |
(9,884 |
) |
|
— |
|
(c) |
1,070 |
|
|
(8,814 |
) |
Balance, June 30, 2018 |
|
$ |
(50,211 |
) |
|
$ |
(132,565 |
) |
|
$ |
8,201 |
|
|
$ |
(174,575 |
) |
Attributable to noncontrolling interest: |
|
|
|
|
|
|
|
|
|
|
|
|
Balance, September 30, 2017 |
|
— |
|
|
$ |
396 |
|
|
— |
|
|
$ |
396 |
|
OCI before reclassification |
|
— |
|
|
80 |
|
|
— |
|
|
80 |
|
Net current-period OCI |
|
— |
|
|
80 |
|
|
— |
|
|
80 |
|
Balance, June 30, 2018 |
|
— |
|
|
476 |
|
|
— |
|
|
476 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Post-retirement benefit plans |
|
Currency translation adjustment |
|
Derivatives |
|
Total |
Attributable to Matthews: |
|
|
|
|
|
|
|
|
Balance, September 30, 2016 |
|
$ |
(56,050 |
) |
|
$ |
(122,259 |
) |
|
$ |
(3,559 |
) |
|
$ |
(181,868 |
) |
OCI before reclassification |
|
— |
|
|
5,027 |
|
|
6,712 |
|
|
11,739 |
|
Amounts reclassified from AOCI |
(a) |
4,420 |
|
|
— |
|
(b) |
(986 |
) |
|
3,434 |
|
Net current-period OCI |
|
4,420 |
|
|
5,027 |
|
|
5,726 |
|
|
15,173 |
|
Balance, June 30, 2017 |
|
$ |
(51,630 |
) |
|
$ |
(117,232 |
) |
|
$ |
2,167 |
|
|
$ |
(166,695 |
) |
Attributable to noncontrolling interest: |
|
|
|
|
|
|
|
|
|
|
|
|
Balance, September 30, 2016 |
|
— |
|
|
$ |
277 |
|
|
— |
|
|
$ |
277 |
|
OCI before reclassification |
|
— |
|
|
189 |
|
|
— |
|
|
189 |
|
Net current-period OCI |
|
— |
|
|
189 |
|
|
— |
|
|
189 |
|
Balance, June 30, 2017 |
|
— |
|
|
$ |
466 |
|
|
— |
|
|
$ |
466 |
|
|
|
(a) |
Amounts were included in net periodic benefit cost for pension and other postretirement benefit plans (see Note 8). |
|
|
(b) |
Amounts were included in interest expense in the periods the hedged item affected earnings (see Note 5). |
|
|
(c) |
Amounts were reclassified from AOCI to retained earnings through adoption of ASU 2018-02 (see Note 2). |
Note 9. Accumulated Other Comprehensive Income (continued)
Reclassifications out of AOCI for the three and nine-month periods ended June 30, 2018 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount reclassified from AOCI |
|
Details about AOCI Components
|
|
Three Months Ended June 30, 2018 |
|
Nine Months Ended June 30, 2018 |
|
Affected line item in the Statement of income |
|
|
|
|
|
|
|
Postretirement benefit plans |
|
|
|
|
|
|
Prior service (cost) credit |
|
$ |
84 |
|
(a) |
$ |
252 |
|
|
|
Actuarial losses |
|
(1,753 |
) |
(a) |
(5,257 |
) |
|
|
|
|
(1,669 |
) |
(b) |
(5,005 |
) |
|
Income before income tax |
|
|
(413 |
) |
|
(1,709 |
) |
|
Income taxes |
|
|
$ |
(1,256 |
) |
|
$ |
(3,296 |
) |
|
Net income |
Derivatives |
|
|
|
|
|
|
|
|
Interest rate swap contracts |
|
$ |
490 |
|
|
$ |
755 |
|
|
Interest expense |
|
|
490 |
|
(b) |
755 |
|
|
Income before income tax |
|
|
91 |
|
|
185 |
|
|
Income taxes |
|
|
$ |
399 |
|
|
$ |
570 |
|
|
Net income |
|
|
(a) |
Amounts are included in the computation of pension and other postretirement benefit expense, which is reported in both cost of goods sold and selling and administrative expenses. For additional information, see Note 8. |
|
|
(b) |
For pre-tax items, positive amounts represent income and negative amounts represent expense. |
Reclassifications out of AOCI for the three and nine-month periods ended June 30, 2017 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount reclassified from AOCI |
|
Details about AOCI Components
|
|
Three Months Ended June 30, 2017 |
|
Nine Months Ended
June 30, 2017 |
|
Affected line item in the Statement of income |
|
|
|
|
|
|
|
Postretirement benefit plans |
|
|
|
|
|
|
Prior service (cost) credit |
|
$ |
94 |
|
(a) |
$ |
282 |
|
|
|
Actuarial losses |
|
(2,509 |
) |
(a) |
(7,527 |
) |
|
|
|
|
(2,415 |
) |
(b) |
(7,245 |
) |
|
Income before income tax |
|
|
(993 |
) |
|
(2,825 |
) |
|
Income taxes |
|
|
$ |
(1,422 |
) |
|
$ |
(4,420 |
) |
|
Net income |
Derivatives |
|
|
|
|
|
|
|
|
Interest rate swap contracts |
|
$ |
306 |
|
|
$ |
1,616 |
|
|
Interest expense |
|
|
306 |
|
(b) |
1,616 |
|
|
Income before income tax |
|
|
119 |
|
|
630 |
|
|
Income taxes |
|
|
$ |
187 |
|
|
$ |
986 |
|
|
Net income |
|
|
(a) |
Amounts are included in the computation of pension and other postretirement benefit expense, which is reported in both cost of goods sold and selling and administrative expenses. For additional information, see Note 8. |
|
|
(b) |
For pre-tax items, positive amounts represent income and negative amounts represent expense. |
|