Annual report pursuant to Section 13 and 15(d)

ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)

v3.19.3
ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)
12 Months Ended
Sep. 30, 2019
Equity [Abstract]  
Change in AOCI by Component, Net of Tax
Accumulated other comprehensive loss at September 30, 2019 and 2018 consisted of the following:
 
2019
 
2018
Cumulative foreign currency translation
$
(156,214
)
 
$
(134,960
)
Fair value of derivatives, net of tax of $131 and $2,771, respectively
(404
)
 
8,538

Minimum pension liabilities, net of tax of $23,195 and $12,076, respectively
(71,743
)
 
(37,876
)
 
$
(228,361
)
 
$
(164,298
)


The changes in AOCI by component, net of tax, for the years ended September 30, 2019, 2018, and 2017 were as follows:
 
 
Postretirement 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
 
6,536

 
9,352

 
7,043

 
22,931

Amounts reclassified from AOCI
 
5,891

(a) 

 
(1,069
)
(b) 
4,822

Net current-period OCI
 
12,427

 
9,352

 
5,974

  
27,753

Balance, September 30, 2017
 
$
(43,623
)
 
$
(112,907
)
 
$
2,415

  
$
(154,115
)
OCI before reclassification
 
10,584

 
(22,053
)
 
6,095

  
(5,374
)
Amounts reclassified from AOCI
 
5,047

(a) 

 
(1,042
)
(b) 
4,005

Net current-period OCI
 
15,631

 
(22,053
)
 
5,053

  
(1,369
)
Reclassification of AOCI tax effects
 
(9,884
)
(c) 

 
1,070

(c) 
(8,814
)
Balance, September 30, 2018
 
$
(37,876
)
  
$
(134,960
)
 
$
8,538

  
$
(164,298
)
OCI before reclassification
 
(36,784
)
  
(21,254
)
 
(6,540
)
  
(64,578
)
Amounts reclassified from AOCI
 
2,917

(a) 

 
(2,402
)
(b) 
515

Net current-period OCI
 
(33,867
)
  
(21,254
)
  
(8,942
)
 
(64,063
)
Balance, September 30, 2019
 
$
(71,743
)
 
$
(156,214
)
  
$
(404
)
 
$
(228,361
)
 
 
 
 
 
 
 
 
 
Attributable to noncontrolling interest:
 
 

 
 

 
 

 
 

Balance, September 30, 2016
 
$

 
$
277

 
$

 
$
277

OCI before reclassification
 

 
119

 

 
119

Net current-period OCI
 

 
119

 

 
119

Balance, September 30, 2017
 
$

 
$
396

 
$

 
$
396

OCI before reclassification
 

 
71

 

 
71

Net current-period OCI
 

 
71

 

 
71

Balance, September 30, 2018
 
$

 
$
467

 
$

 
$
467

OCI before reclassification
 

 
(92
)
 

 
(92
)
Net current-period OCI
 

 
(92
)
 

 
(92
)
Balance, September 30, 2019
 
$

 
$
375

 
$

 
$
375

(a) 
Amounts were included in net periodic benefit cost for pension and other postretirement benefit plans (see Note 13).
(b) 
Amounts were included in interest expense in the periods the hedged item affected earnings (see Note 9).
(c) 
Amounts were reclassified from AOCI to retained earnings through adoption of ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220) (see Note 3).
Reclassifications out of AOCI
Reclassifications out of AOCI for the years ended September 30, 2019, 2018 and 2017 were as follows:

 Details about AOCI Components
 
September 30, 2019
 
September 30, 2018
 
September 30, 2017
 
Affected line item in the Statement of Income
Postretirement benefit plans
 
 
 
 
 
 
 
   
Prior service (cost) credit
 
$
381

(a) 
$
333

 
$
376

 
 
Actuarial losses
 
(4,245
)
(a) 
(7,018
)
 
(10,034
)
 
 
 
 
(3,864
)
(b) 
(6,685
)
 
(9,658
)
 
Income before income tax
 
 
947

  
1,638

 
3,767

 
Income taxes
 
 
$
(2,917
)
  
$
(5,047
)
 
$
(5,891
)
 
Net income
Derivatives
 
 

  
 

 
 

 
   
Interest rate swap contracts
 
$
3,181

  
$
1,380

 
$
1,752

 
Interest expense
 
 
3,181

(b) 
1,380

 
1,752

 
Income before income tax
 
 
(779
)
 
(338
)
 
(683
)
 
Income taxes
 
 
$
2,402

 
$
1,042

 
$
1,069

 
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 13.
(b) 
For pre-tax items, positive amounts represent income and negative amounts represent expense.