Note O – Accumulated Other Comprehensive Income
The components of Accumulated Other Comprehensive Income (AOCI) on the Consolidated Balance Sheets at December 31, 2013 and December 31, 2012 and the changes during 2013 are presented net of taxes in the following table.
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(Thousands of dollars) |
Foreign Currency Translation Gains (Losses)1 |
Retirement and Postretirement Benefit Plan Adjustments1 |
Deferred Loss on Interest Rate Derivative Hedges1 |
Total1 | ||||||||||||
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Balance at December 31, 2012 |
$ | 613,492 | (186,539 | ) | (18,052 | ) | 408,901 | |||||||||
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Components of other comprehensive income (loss): |
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Before reclassifications to income |
(240,300 | ) | 59,145 | 0 | (181,155 | ) | ||||||||||
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Reclassifications to income |
(68,000 | )2 | 10,438 | 3 | 1,935 | 4 | 55,627 | |||||||||
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Net other comprehensive income (loss) |
(308,300 | ) | 69,583 | 1,935 | (236,782 | ) | ||||||||||
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Balance at December 31, 2013 |
$ | 305,192 | (116,956 | ) | (16,117 | ) | 172,119 | |||||||||
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| 1 |
All amounts are presented net of income taxes. |
| 2 |
Reclassification is included in income from discontinued operations, net of income taxes. |
| 3 |
Reclassifications before taxes of $18,570 are included in the computation of net periodic benefit expense. Related income taxes of $8,132 are included in Income tax expense. |
| 4 |
Reclassifications before taxes of $2,963 are included in Interest expense. Related income taxes of $1,028 for the year ended December 31, 2013 are included in Income tax expense. |
At December 31, 2013, the net foreign currency translation gain of $305,192,000 was primarily related to exploration and production operations in Canada.