| Changes in AOCI by Component |
The changes in AOCI by component, net of tax, for the three-month periods ended March 31, 2017 and 2016 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Post-retirement benefit plans |
|
Currency translation adjustment |
|
Derivatives |
|
Total |
Attributable to Matthews: |
|
|
|
|
|
|
|
|
Balance, December 31, 2016 |
|
$ |
(54,514 |
) |
|
$ |
(153,601 |
) |
|
$ |
2,034 |
|
|
$ |
(206,081 |
) |
OCI before reclassification |
|
— |
|
|
4,108 |
|
|
979 |
|
|
5,087 |
|
Amounts reclassified from AOCI |
(a) |
1,462 |
|
|
— |
|
(b) |
(306 |
) |
|
1,156 |
|
Net current-period OCI |
|
1,462 |
|
|
4,108 |
|
|
673 |
|
|
6,243 |
|
Balance, March 31, 2017 |
|
$ |
(53,052 |
) |
|
$ |
(149,493 |
) |
|
$ |
2,707 |
|
|
$ |
(199,838 |
) |
Attributable to noncontrolling interest: |
|
|
|
|
|
|
|
|
|
|
|
|
Balance, December 31, 2016 |
|
— |
|
|
$ |
336 |
|
|
— |
|
|
$ |
336 |
|
OCI before reclassification |
|
— |
|
|
9 |
|
|
— |
|
|
9 |
|
Net current-period OCI |
|
— |
|
|
9 |
|
|
— |
|
|
9 |
|
Balance, March 31, 2017 |
|
— |
|
|
$ |
345 |
|
|
— |
|
|
$ |
345 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Post-retirement benefit plans |
|
Currency translation adjustment |
|
Derivatives |
|
Total |
Attributable to Matthews: |
|
|
|
|
|
|
|
|
Balance, December 31, 2015 |
|
$ |
(42,372 |
) |
|
$ |
(114,673 |
) |
|
$ |
(666 |
) |
|
$ |
(157,711 |
) |
OCI before reclassification |
|
— |
|
|
15,412 |
|
|
(3,294 |
) |
|
12,118 |
|
Amounts reclassified from AOCI |
(a) |
1,058 |
|
|
— |
|
(b) |
455 |
|
|
1,513 |
|
Net current-period OCI |
|
1,058 |
|
|
15,412 |
|
|
(2,839 |
) |
|
13,631 |
|
Balance, March 31, 2016 |
|
$ |
(41,314 |
) |
|
$ |
(99,261 |
) |
|
$ |
(3,505 |
) |
|
$ |
(144,080 |
) |
Attributable to noncontrolling interest: |
|
|
|
|
|
|
|
|
|
|
|
|
Balance, December 31, 2015 |
|
— |
|
|
$ |
313 |
|
|
— |
|
|
$ |
313 |
|
OCI before reclassification |
|
— |
|
|
(1 |
) |
|
— |
|
|
(1 |
) |
Net current-period OCI |
|
— |
|
|
(1 |
) |
|
— |
|
|
(1 |
) |
Balance, March 31, 2016 |
|
— |
|
|
$ |
312 |
|
|
— |
|
|
$ |
312 |
|
|
|
(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). |
Note 9. Accumulated Other Comprehensive Income (continued)
The changes in AOCI by component, net of tax, for the six-month periods ended March 31, 2017 and 2016 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
— |
|
|
(27,234 |
) |
|
7,065 |
|
|
(20,169 |
) |
Amounts reclassified from AOCI |
(a) |
2,998 |
|
|
— |
|
(b) |
(799 |
) |
|
2,199 |
|
Net current-period OCI |
|
2,998 |
|
|
(27,234 |
) |
|
6,266 |
|
|
(17,970 |
) |
Balance, March 31, 2017 |
|
$ |
(53,052 |
) |
|
$ |
(149,493 |
) |
|
$ |
2,707 |
|
|
$ |
(199,838 |
) |
Attributable to noncontrolling interest: |
|
|
|
|
|
|
|
|
|
|
|
|
Balance, September 30, 2016 |
|
— |
|
|
$ |
277 |
|
|
— |
|
|
$ |
277 |
|
OCI before reclassification |
|
— |
|
|
68 |
|
|
— |
|
|
68 |
|
Net current-period OCI |
|
— |
|
|
68 |
|
|
— |
|
|
68 |
|
Balance, March 31, 2017 |
|
— |
|
|
$ |
345 |
|
|
— |
|
|
$ |
345 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Post-retirement benefit plans |
|
Currency translation adjustment |
|
Derivatives |
|
Total |
Attributable to Matthews: |
|
|
|
|
|
|
|
|
Balance, September 30, 2015 |
|
$ |
(43,474 |
) |
|
$ |
(104,604 |
) |
|
$ |
(2,248 |
) |
|
$ |
(150,326 |
) |
OCI before reclassification |
|
— |
|
|
5,343 |
|
|
(2,218 |
) |
|
3,125 |
|
Amounts reclassified from AOCI |
(a) |
2,160 |
|
|
— |
|
(b) |
961 |
|
|
3,121 |
|
Net current-period OCI |
|
2,160 |
|
|
5,343 |
|
|
(1,257 |
) |
|
6,246 |
|
Balance, March 31, 2016 |
|
$ |
(41,314 |
) |
|
$ |
(99,261 |
) |
|
$ |
(3,505 |
) |
|
$ |
(144,080 |
) |
Attributable to noncontrolling interest: |
|
|
|
|
|
|
|
|
|
|
|
|
Balance, September 30, 2015 |
|
— |
|
|
$ |
366 |
|
|
— |
|
|
$ |
366 |
|
OCI before reclassification |
|
— |
|
|
(54 |
) |
|
— |
|
|
(54 |
) |
Net current-period OCI |
|
— |
|
|
(54 |
) |
|
— |
|
|
(54 |
) |
Balance, March 31, 2016 |
|
— |
|
|
$ |
312 |
|
|
— |
|
|
$ |
312 |
|
|
|
(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). |
|
| Reclassifications out of AOCI |
Reclassifications out of AOCI for the three and six-month periods ended March 31, 2017 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount reclassified from AOCI |
|
Details about AOCI Components
|
|
Three Months Ended March 31, 2017 |
|
Six Months Ended March 31, 2017 |
|
Affected line item in the Statement of income |
|
|
|
|
|
|
|
Postretirement benefit plans |
|
|
|
|
|
|
Prior service (cost) credit |
|
$ |
94 |
|
(a) |
$ |
188 |
|
|
|
Actuarial losses |
|
(2,509 |
) |
(a) |
(5,018 |
) |
|
|
|
|
(2,415 |
) |
(b) |
(4,830 |
) |
|
Income before income tax |
|
|
(953 |
) |
|
(1,832 |
) |
|
Income taxes |
|
|
$ |
(1,462 |
) |
|
$ |
(2,998 |
) |
|
Net income |
Derivatives |
|
|
|
|
|
|
|
|
Interest rate swap contracts |
|
$ |
503 |
|
|
$ |
1,310 |
|
|
Interest expense |
|
|
503 |
|
(b) |
1,310 |
|
|
Income before income tax |
|
|
197 |
|
|
511 |
|
|
Income taxes |
|
|
$ |
306 |
|
|
$ |
799 |
|
|
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 six-month periods ended March 31, 2016 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount reclassified from AOCI |
|
Details about AOCI Components
|
|
Three Months Ended
March 31, 2016 |
|
Six Months Ended
March 31, 2016 |
|
Affected line item in the Statement of income |
|
|
|
|
|
|
|
Postretirement benefit plans |
|
|
|
|
|
|
Prior service (cost) credit |
|
$ |
95 |
|
(a) |
$ |
190 |
|
|
|
Actuarial losses |
|
(1,866 |
) |
(a) |
(3,732 |
) |
|
|
|
|
(1,771 |
) |
(b) |
(3,542 |
) |
|
Income before income tax |
|
|
(713 |
) |
|
(1,382 |
) |
|
Income taxes |
|
|
$ |
(1,058 |
) |
|
$ |
(2,160 |
) |
|
Net income |
Derivatives |
|
|
|
|
|
|
|
|
Interest rate swap contracts |
|
$ |
(746 |
) |
|
$ |
(1,576 |
) |
|
Interest expense |
|
|
(746 |
) |
(b) |
(1,576 |
) |
|
Income before income tax |
|
|
(291 |
) |
|
(615 |
) |
|
Income taxes |
|
|
$ |
(455 |
) |
|
$ |
(961 |
) |
|
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. |
|