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ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)
12 Months Ended
Dec. 31, 2022
Accumulated Other Comprehensive Loss
The following table sets forth the balance in accumulated other comprehensive loss for the periods indicated:
Risk-
Management
Assets/Liabilities (a)
Retirement and Other
Postretirement
Benefit Plan
Obligations (a) (b)
Risk-
Management
Assets/Liabilities of
Unconsolidated
Affiliates (a)
Accumulated
Other
Comprehensive
Loss (a)
(Thousands of dollars)
January 1, 2021$(377,446)$(157,635)$(16,368)$(551,449)
Other comprehensive income (loss) before reclassifications(203,868)31,897 3,088 (168,883)
Amounts reclassified to net income (c)228,999 18,079 1,903 248,981 
Other comprehensive income25,131 49,976 4,991 80,098 
December 31, 2021(352,315)(107,659)(11,377)(471,351)
Other comprehensive income before reclassifications93,451 41,140 15,183 149,774 
Amounts reclassified to net income (c)200,933 11,624 764 213,321 
Other comprehensive income294,384 52,764 15,947 363,095 
December 31, 2022$(57,931)$(54,895)$4,570 $(108,256)
(a) - All amounts are presented net of tax.
(b) - Includes amounts related to supplemental executive retirement plan.
(c) - See Note D for details of amounts reclassified to net income for risk-management assets/liabilities.
Schedule of Accumulated Other Comprehensive Loss for Risk-Management Assets/Liabilities [Table Text Block]
The following table sets forth information about the balance of accumulated other comprehensive loss at December 31, 2022, representing unrealized gains (losses) related to risk-management assets and liabilities, net of tax:
Risk-
Management
Assets/Liabilities (a)
(Thousands of dollars)
Commodity derivative instruments expected to be realized within the next 24 months (b)$32,611 
Settled interest-rate swaps to be recognized over the life of the long-term, fixed-rate debt (c)
(115,616)
Interest-rate swaps with future settlement dates expected to be amortized over the life of long-term debt (d)25,074 
Accumulated other comprehensive loss at December 31, 2022$(57,931)
(a) - All amounts are presented net of tax.
(b) - Based on commodity prices on December 31, 2022, we expect net gains of $28.7 million, net of tax, will be reclassified into earnings during the next 12 months.
(c) - We expect net losses of $18.0 million, net of tax, will be reclassified into earnings during the next 12 months.
(d) - Includes the interest rate swaps terminated in December 2022. See Note D for more details.