| Changes in AOCI by Component |
The changes in AOCI by component, net of tax, for the three-month periods ended June 30, 2019 and 2018 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Post-retirement benefit plans |
|
Currency translation adjustment |
|
Derivatives |
|
Total |
Attributable to Matthews: |
|
|
|
|
|
|
|
|
Balance, March 31, 2019 |
|
$ |
(36,413 |
) |
|
$ |
(147,390 |
) |
|
$ |
3,617 |
|
|
$ |
(180,186 |
) |
OCI before reclassification |
|
— |
|
|
2,639 |
|
|
(2,372 |
) |
|
267 |
|
Amounts reclassified from AOCI |
|
705 |
|
(a) |
— |
|
|
(660 |
) |
(b) |
45 |
|
Net current-period OCI |
|
705 |
|
|
2,639 |
|
|
(3,032 |
) |
|
312 |
|
Balance, June 30, 2019 |
|
$ |
(35,708 |
) |
|
$ |
(144,751 |
) |
|
$ |
585 |
|
|
$ |
(179,874 |
) |
Attributable to noncontrolling interest: |
|
|
|
|
|
|
|
|
|
|
|
|
Balance, March 31, 2019 |
|
— |
|
|
$ |
473 |
|
|
— |
|
|
$ |
473 |
|
OCI before reclassification |
|
— |
|
|
(5 |
) |
|
— |
|
|
(5 |
) |
Net current-period OCI |
|
— |
|
|
(5 |
) |
|
— |
|
|
(5 |
) |
Balance, June 30, 2019 |
|
— |
|
|
468 |
|
|
— |
|
|
468 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
1,256 |
|
(a) |
— |
|
|
(399 |
) |
(b) |
857 |
|
Net current-period OCI |
|
1,256 |
|
|
(38,669 |
) |
|
(6 |
) |
|
(37,419 |
) |
Reclassification of AOCI tax effects |
|
(9,884 |
) |
(c) |
— |
|
|
1,070 |
|
(c) |
(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 |
|
|
|
(a) |
Amounts were included in net periodic benefit cost for pension and other postretirement benefit plans (see Note 9). |
|
|
(b) |
Amounts were included in interest expense in the periods the hedged item affected earnings (see Note 6). |
|
|
(c) |
Amounts were reclassified from AOCI to retained earnings through adoption of ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220).
|
Note 10. Accumulated Other Comprehensive Income (continued)
The changes in AOCI by component, net of tax, for the nine-month periods ended June 30, 2019 and 2018 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Post-retirement benefit plans |
|
Currency translation adjustment |
|
Derivatives |
|
Total |
Attributable to Matthews: |
|
|
|
|
|
|
|
|
Balance, September 30, 2018 |
|
$ |
(37,876 |
) |
|
$ |
(134,960 |
) |
|
$ |
8,538 |
|
|
$ |
(164,298 |
) |
OCI before reclassification |
|
— |
|
|
(9,791 |
) |
|
(6,074 |
) |
|
(15,865 |
) |
Amounts reclassified from AOCI |
|
2,168 |
|
(a) |
— |
|
|
(1,879 |
) |
(b) |
289 |
|
Net current-period OCI |
|
2,168 |
|
|
(9,791 |
) |
|
(7,953 |
) |
|
(15,576 |
) |
Balance, June 30, 2019 |
|
$ |
(35,708 |
) |
|
$ |
(144,751 |
) |
|
$ |
585 |
|
|
$ |
(179,874 |
) |
Attributable to noncontrolling interest: |
|
|
|
|
|
|
|
|
|
|
|
|
Balance, September 30, 2018 |
|
— |
|
|
$ |
467 |
|
|
— |
|
|
$ |
467 |
|
OCI before reclassification |
|
— |
|
|
1 |
|
|
— |
|
|
1 |
|
Net current-period OCI |
|
— |
|
|
1 |
|
|
— |
|
|
1 |
|
Balance, June 30, 2019 |
|
— |
|
|
468 |
|
|
— |
|
|
468 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
3,296 |
|
(a) |
— |
|
|
(570 |
) |
(b) |
2,726 |
|
Net current-period OCI |
|
3,296 |
|
|
(19,658 |
) |
|
4,716 |
|
|
(11,646 |
) |
Reclassification of AOCI tax effects |
|
(9,884 |
) |
(c) |
— |
|
|
1,070 |
|
(c) |
(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 |
|
|
|
(a) |
Amounts were included in net periodic benefit cost for pension and other postretirement benefit plans (see Note 9). |
|
|
(b) |
Amounts were included in interest expense in the periods the hedged item affected earnings (see Note 6). |
(c)
Amounts were reclassified from AOCI to retained earnings through adoption of ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220).
|
| Reclassifications out of AOCI |
Reclassifications out of AOCI for the three and nine-month periods ended June 30, 2019 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount reclassified from AOCI |
|
Details about AOCI Components
|
|
Three Months Ended June 30, 2019 |
|
Nine Months Ended June 30, 2019 |
|
Affected line item in the Statement of income |
|
|
|
|
|
|
|
Postretirement benefit plans |
|
|
|
|
|
|
Prior service (cost) credit |
|
$ |
95 |
|
(a) |
$ |
285 |
|
|
|
Actuarial losses |
|
(1,066 |
) |
(a) |
(3,197 |
) |
|
|
|
|
(971 |
) |
(b) |
(2,912 |
) |
|
Income before income tax |
|
|
266 |
|
|
744 |
|
|
Income taxes |
|
|
$ |
(705 |
) |
|
$ |
(2,168 |
) |
|
Net income |
Derivatives |
|
|
|
|
|
|
|
|
Interest rate swap contracts |
|
$ |
874 |
|
|
$ |
2,489 |
|
|
Interest expense |
|
|
874 |
|
(b) |
2,489 |
|
|
Income before income tax |
|
|
(214 |
) |
|
(610 |
) |
|
Income taxes |
|
|
$ |
660 |
|
|
$ |
1,879 |
|
|
Net income |
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) |
Prior service cost 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. Actuarial losses are reported in other income (deductions), net. For additional information, see Note 9. |
(b)
For pre-tax items, positive amounts represent income and negative amounts represent expense.
|