FLOWSERVE CORP | 2013 | FY | 3

ACCUMULATED OTHER COMPREHENSIVE LOSS
The following presents the components of accumulated other comprehensive loss, net of related tax effects:
(Amounts in thousands)
Foreign currency translation items(1)(2)
 
Pension and other postretirement effects
 
Cash flow hedging activity(3)
 
Total(1)
 
 
Balance - January 1, 2013
$
(61,083
)
 
$
(161,757
)
 
$
(254
)
 
$
(223,094
)
Other comprehensive (loss) income before reclassifications, net of taxes
(30,087
)
 
18,951

 
(1,501
)
 
(12,637
)
Amounts reclassified from accumulated other comprehensive loss, net of taxes
1,217

 
13,278

 
941

 
15,436

Net current-period other comprehensive (loss) income, net of taxes
(28,870
)
 
32,229

 
(560
)
 
2,799

Balance - December 31, 2013
$
(89,953
)
 
$
(129,528
)
 
$
(814
)
 
$
(220,295
)
_______________________________________
(1)
Includes foreign currency translation adjustments attributable to noncontrolling interests of $1.2 million for both December 31, 2013 and 2012, and $1.3 million at 2011.
(2)
Foreign currency translation adjustments in 2013 primarily represents the weakening of the Argentinian peso, Mexican peso, Indian rupee, Canadian dollar and Australian dollar exchange rates versus the U.S. dollar at December 31, 2013 as compared with December 31, 2012.
(3)
Other comprehensive loss before reclassifications, net of taxes was $0.4 million and amounts reclassified from accumulated other comprehensive loss, net of taxes was $0.9 million for the twelve months ended December 31, 2012 for cash flow hedging activity.

The following table presents the reclassifications out of accumulated other comprehensive loss for the year ended December 31, 2013:

(Amounts in thousands)
Amount reclassified from accumulated other comprehensive loss (1)
 
Affected line item in the statement of income
Foreign currency translation items
 
 
 
Release of cumulative translation adjustments upon sale of equity method investment
$
(1,217
)
 
Net earnings from affiliates
 
—

 
Tax (expense) benefit
 
$
(1,217
)
 
 Net of tax
 
 
 
 
Cash flow hedging activity
 
 
 
Interest rate swaps
$
(1,506
)
 
Interest expense
 
565

 
Tax benefit
 
$
(941
)
 
 Net of tax
 
 
 
 
Pension and other postretirement effects
 
 
 
Amortization of actuarial losses
$
(19,669
)
 
(2)
 
6,391

 
Tax benefit
 
$
(13,278
)
 
Net of tax
______________________________________
(1) Amounts in parentheses indicate decreases to income. None of the reclass amounts have a noncontrolling interest component.
(2) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. See Note 12 for additional details.
At December 31, 2013, we expect to recognize losses of $0.9 million, net of deferred taxes, into earnings in the next twelve months related to interest rate swap agreements based on their fair values at December 31, 2013.

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