XML 60 R16.htm IDEA: XBRL DOCUMENT v2.4.0.8
Accumulated Other Comprehensive Income (Loss)
 6 Months Ended
Jun. 30, 2014
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated Other Comprehensive Income
ACCUMULATED OTHER COMPREHENSIVE INCOME
The other comprehensive (loss) income consists of the following components:
 
Three Months Ended June 30
  
2014
 
2013
  
Before-Tax
 
Income
 
After-Tax
 
Before-Tax
 
Income
 
After-Tax
(in thousands)
Amount
 
Tax
 
Amount
 
Amount
 
Tax
 
Amount
Foreign currency translation adjustments:
  
 
  
 
  
 
  
 
  
 
  
Translation adjustments arising during the period
$
1,920

 
$
—

 
$
1,920

 
$
(3,509
)
 
$
—

 
$
(3,509
)
Unrealized gains on available-for-sale securities:
  
 
  
 
  
 
  
 
  
 
  
Unrealized gains for the period, net
8,667

 
(3,466
)
 
5,201

 
31,423

 
(12,569
)
 
18,854

Reclassification adjustment for realization of (gain) loss on exchange, sale or write-down of available-for-sale securities included in net income
(266,059
)
 
106,424

 
(159,635
)
 
(333
)
 
133

 
(200
)
  
(257,392
)
 
102,958

 
(154,434
)
 
31,090

 
(12,436
)
 
18,654

Pension and other postretirement plans:
  
 
  
 
  
 
  
 
  
 
  
Amortization of net prior service credit included in net income
(102
)
 
41

 
(61
)
 
(384
)
 
153

 
(231
)
Amortization of net actuarial (gain) loss included in net income
(7,425
)
 
2,970

 
(4,455
)
 
2,004

 
(801
)
 
1,203

 
(7,527
)
 
3,011

 
(4,516
)
 
1,620

 
(648
)
 
972

Cash flow hedge:
  
 
  
 
  
 
  
 
  
 
  
Gain for the period
239

 
(95
)
 
144

 
214

 
(86
)
 
128

Other Comprehensive (Loss) Income
$
(262,760
)
 
$
105,874

 
$
(156,886
)
 
$
29,415

 
$
(13,170
)
 
$
16,245

  
Six Months Ended June 30
  
2014
 
2013
  
Before-Tax
 
Income
 
After-Tax
 
Before-Tax
 
Income
 
After-Tax
(in thousands)
Amount
 
Tax
 
Amount
 
Amount
 
Tax
 
Amount
Foreign currency translation adjustments:
  
 
  
 
  
 
  
 
  
 
  
Translation adjustments arising during the period
$
2,666

 
$
—

 
$
2,666

 
$
(7,700
)
 
$
—

 
$
(7,700
)
Unrealized gains on available-for-sale securities:
 
 
  
 
  
 
  
 
  
 
  
Unrealized gains for the period, net
36,405

 
(14,562
)
 
21,843

 
80,501

 
(32,200
)
 
48,301

Reclassification adjustment for realization of (gain) loss on exchange, sale or write-down of available-for-sale securities included in net income
(265,274
)
 
106,110

 
(159,164
)
 
(884
)
 
353

 
(531
)
  
(228,869
)
 
91,548

 
(137,321
)
 
79,617

 
(31,847
)
 
47,770

Pension and other postretirement plans:
  
 
  
 
  
 
  
 
  
 
  
Amortization of net prior service credit included in net income
(204
)
 
81

 
(123
)
 
(821
)
 
328

 
(493
)
Amortization of net actuarial (gain) loss included in net income
(14,607
)
 
5,843

 
(8,764
)
 
4,321

 
(1,728
)
 
2,593

Settlement gain included in net income
—

 
—

 
—

 
(3,471
)
 
1,388

 
(2,083
)
  
(14,811
)
 
5,924

 
(8,887
)
 
29

 
(12
)
 
17

Cash flow hedge:
 
 
  
 
  
 
  
 
  
 
  
Gain for the period
411

 
(164
)
 
247

 
244

 
(98
)
 
146

Other Comprehensive (Loss) Income
$
(240,603
)
 
$
97,308

 
$
(143,295
)
 
$
72,190

 
$
(31,957
)
 
$
40,233


The accumulated balances related to each component of other comprehensive income are as follows:
(in thousands, net of taxes)
Cumulative
Foreign
Currency
Translation
Adjustment
 
Unrealized Gain
on Available-for-
Sale Securities
 
Unrealized Gain
on Pensions
and Other
Postretirement
Plans
 
Cash Flow
Hedge
 
Accumulated
Other
Comprehensive
Income
Balance as of December 31, 2013
$
25,013

 
$
173,663

 
$
501,446

 
$
(628
)
 
$
699,494

Other comprehensive income (loss) before reclassifications
2,666

 
21,843

 
—

 
(10
)
 
24,499

Net amount reclassified from accumulated other comprehensive income
—

 
(159,164
)
 
(8,887
)
 
257

 
(167,794
)
Other comprehensive income, net of tax
2,666

 
(137,321
)
 
(8,887
)
 
247

 
(143,295
)
Balance as of June 30, 2014
$
27,679

 
$
36,342

 
$
492,559

 
$
(381
)
 
$
556,199


The amounts and line items of reclassifications out of Accumulated Other Comprehensive Income are as follows:
  
Three Months Ended 
 June 30
 
Six Months Ended 
 June 30
 
Affected Line Item in the Condensed Consolidated Statement of Operations
  
 
 
(in thousands)
2014
 
2013
 
2014
 
2013
 
Unrealized Gains on Available-for-sale Securities:
 
 
  
 
  
 
  
 
  
Realized (gain) loss for the period
$
(266,059
)
 
$
(333
)
 
$
(265,274
)
 
$
(884
)
 
Other income (expense), net
  
106,424

 
133

 
106,110

 
353

 
(1)
  
(159,635
)
 
(200
)
 
(159,164
)
 
(531
)
 
Net of Tax
Pension and Other Postretirement Plans:
  
 
  
 
 
 
  
 
  
Amortization of net prior service credit
(102
)
 
(384
)
 
(204
)
 
(821
)
 
(2)
Amortization of net actuarial (gain) loss
(7,425
)
 
2,004

 
(14,607
)
 
4,321

 
(2)
Settlement gain
—

 
—

 
—

 
(3,471
)
 
(2)
  
(7,527
)
 
1,620

 
(14,811
)
 
29

 
Before tax
  
3,011

 
(648
)
 
5,924

 
(12
)
 
Provision for Income Taxes
  
(4,516
)
 
972

 
(8,887
)
 
17

 
Net of Tax
Cash Flow Hedge
 
 
 
 
 
 
  
 
  
  
216

 
197

 
428

 
383

 
Interest expense
  
(86
)
 
(79
)
 
(171
)
 
(153
)
 
Provision for Income Taxes
  
130

 
118

 
257

 
230

 
Net of Tax
Total reclassification for the period
$
(164,021
)
 
$
890

 
$
(167,794
)
 
$
(284
)
 
Net of Tax
____________
(1)
Benefits of $0.9 million and $1.2 million were recorded in Provision for Income Taxes related to the realized loss for the three and six months ended June 30, 2014, respectively. The remaining $107.3 million for the three and six months ended June 30, 2014, relates to the reversal of income taxes previously recorded on the unrealized gain of the Company’s investment in Berkshire Hathaway Inc. marketable equity securities as part of the Berkshire exchange transaction (see Note 4). The amounts for the three and six months ended June 30, 2013 were recorded in Provision for Income Taxes.
(2)
These accumulated other comprehensive income components are included in the computation of net periodic pension and postretirement plan cost (see Note 9).