NOTE 14: OTHER COMPREHENSIVE INCOME
Comprehensive income comprises two subsets: net earnings and other comprehensive income (OCI). The components of other comprehensive income are presented in the accompanying Consolidated Statements of Comprehensive Income and Consolidated Statements of Equity, net of applicable taxes.
Amounts in accumulated other comprehensive income (AOCI), net of tax, at December 31, are as follows:
|
in thousands |
2013 | 2012 | 2011 | |||||
|
AOCI |
||||||||
|
Cash flow hedges |
$ (25,178) |
$ (28,170) |
$ (31,986) |
|||||
|
Pension and postretirement plans |
(74,453) | (197,347) | (184,858) | |||||
|
Total |
$ (99,631) |
$ (225,517) |
$ (216,844) |
Changes in AOCI, net of tax, are as follows:
|
Pension and |
||||||||
|
Cash Flow |
Postretirement |
|||||||
|
in thousands |
Hedges |
Benefit Plans |
Total |
|||||
|
AOCI |
||||||||
|
Balance as of December 31, 2010 |
$ (39,137) |
$ (138,202) |
$ (177,339) |
|||||
|
Other comprehensive income (loss) |
||||||||
|
before reclassifications |
0 | (54,366) | (54,366) | |||||
|
Amounts reclassified from AOCI |
7,151 | 7,710 | 14,861 | |||||
|
Net current year OCI changes |
7,151 | (46,656) | (39,505) | |||||
|
Balance as of December 31, 2011 |
$ (31,986) |
$ (184,858) |
$ (216,844) |
|||||
|
Other comprehensive income (loss) |
||||||||
|
before reclassifications |
0 | (24,454) | (24,454) | |||||
|
Amounts reclassified from AOCI |
3,816 | 11,965 | 15,781 | |||||
|
Net current year OCI changes |
3,816 | (12,489) | (8,673) | |||||
|
Balance as of December 31, 2012 |
$ (28,170) |
$ (197,347) |
$ (225,517) |
|||||
|
Other comprehensive income (loss) |
||||||||
|
before reclassifications |
0 | 111,883 | 111,883 | |||||
|
Amounts reclassified from AOCI |
2,992 | 11,011 | 14,003 | |||||
|
Net current year OCI changes |
2,992 | 122,894 | 125,886 | |||||
|
Balance as of December 31, 2013 |
$ (25,178) |
$ (74,453) |
$ (99,631) |
Amounts reclassified from AOCI to earnings, are as follows:
|
in thousands |
2013 | 2012 | 2011 | |||||
|
Reclassification Adjustment for Cash Flow |
||||||||
|
Hedge Losses |
||||||||
|
Interest expense |
$ 5,077 |
$ 6,314 |
$ 11,657 |
|||||
|
Benefit from income taxes |
(2,085) | (2,498) | (4,506) | |||||
|
Total |
$ 2,992 |
$ 3,816 |
$ 7,151 |
|||||
|
Amortization of Pension and Postretirement Plan |
||||||||
|
Actuarial Loss and Prior Service Cost 1 |
||||||||
|
Cost of goods sold |
$ 14,516 |
$ 15,665 |
$ 9,458 |
|||||
|
Selling, administrative and general expenses |
3,616 | 4,109 | 3,027 | |||||
|
Benefit from income taxes |
(7,121) | (7,809) | (4,775) | |||||
|
Total |
$ 11,011 |
$ 11,965 |
$ 7,710 |
|||||
|
Total reclassifications from AOCI to earnings |
$ 14,003 |
$ 15,781 |
$ 14,861 |
|
1 |
See Note 10 for a breakdown of the 2013 reclassifications among the curtailment loss and amortization of actuarial loss and prior service cost. |