| Comprehensive Income |
(13) Comprehensive Income:
Comprehensive income consists of net income and other gains and losses affecting shareholders’ investment and pension/postretirement benefit (OPEB) liabilities that, under U.S. GAAP, are excluded from net income.
The components of accumulated other comprehensive loss, net of tax at March 31, 2014 and 2013, and changes for the three months then ended, are as follows:
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($ in thousands)
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Pension Costs
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OPEB Costs
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Deferred taxes on pension and OPEB costs
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All other
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Total
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Balance at January 1, 2014
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$
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(411,432)
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$
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(5,230)
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$
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156,280
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$
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(148)
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$
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(260,530)
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Other comprehensive income before reclassifications
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-
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-
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-
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148
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148
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Amounts reclassified from accumulated other comprehensive loss
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4,830
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(168)
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(1,771)
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-
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2,891
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Net current-period other comprehensive income (loss)
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4,830
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(168)
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(1,771)
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148
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3,039
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Balance at March 31, 2014
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$
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(406,602)
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$
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(5,398)
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$
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154,509
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$
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-
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$
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(257,491)
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($ in thousands)
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Pension Costs
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OPEB Costs
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Deferred taxes on pension and OPEB costs
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All other
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Total
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Balance at January 1, 2013
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$
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(697,874)
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$
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(74,264)
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$
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288,712
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$
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(150)
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$
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(483,576)
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Other comprehensive income before reclassifications
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(229)
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-
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293
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-
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64
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Amounts reclassified from accumulated other comprehensive loss
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10,074
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703
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(4,095)
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-
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6,682
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Net current-period other comprehensive income (loss)
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9,845
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703
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(3,802)
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-
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6,746
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Balance at March 31, 2013
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$
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(688,029)
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$
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(73,561)
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$
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284,910
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$
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(150)
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$
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(476,830)
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The significant items reclassified from each component of accumulated other comprehensive loss for the three months ended March 31, 2014 and 2013 are as follows:
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($ in thousands)
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Amount Reclassified from
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Accumulated Other Comprehensive Loss (a)
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Details about Accumulated Other Comprehensive
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For the three months ended March 31,
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Affected Line Item in the Statement Where
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Loss Components
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2014
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2013
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Net Income is Presented
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Amortization of Pension Cost Items (b)
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Prior-service costs
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$
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(11)
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$
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(2)
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Actuarial gains/(losses)
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(4,819)
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(10,072)
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(4,830)
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(10,074)
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Income before income taxes
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Tax impact
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1,835
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3,828
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Income tax (expense) benefit
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$
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(2,995)
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$
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(6,246)
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Net income
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Amortization of OPEB Cost Items (b)
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Prior-service costs
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$
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890
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$
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1,525
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Actuarial gains/(losses)
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(722)
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(2,228)
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168
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(703)
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Income before income taxes
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Tax impact
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(64)
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267
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Income tax (expense) benefit
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$
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104
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$
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(436)
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Net income
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(a) Amounts in parentheses indicate losses.
(b) These accumulated other comprehensive loss components are included in the computation of net periodic pension and OPEB costs (see Note 14 - Retirement Plans for additional details).
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