SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2013

Summary of Asset Retirement Obligations Activity

The following table summarizes the activity for the Company’s asset retirement obligations for the periods indicated:



	Year Ended December 31,
	2013			2012
	(In Thousands)
Asset retirement obligations at beginning of period	$	58,585		$	78,938
Accretion expense	2,982			6,663
Liabilities incurred	2,362			1,412
Liabilities settled	(2,726		)	(5,650		)
Disposition of properties	(42,082		)	(27,418		)
Revisions of estimated liabilities	6,234			4,640
Asset retirement obligations at end of period	25,355			58,585
Less: current asset retirement obligations	(2,726		)	(2,430		)
Long-term asset retirement obligations	$	22,629		$	56,155

Schedule of Accounts Receivable

The components of accounts receivable are as follows:



	December 31,
	2013			2012
	(In Thousands)
Oil, natural gas, and NGL sales	$	22,293		$	50,679
Joint interest billings	5,222			5,845
Tax incentive refunds due from Texas	3,763			6,836
Other	5,494			5,619
Allowance for doubtful accounts	(1,118		)	(1,463		)
Total accounts receivable	$	35,654		$	67,516

Schedule of Earnings Per Share Reconciliation

The following reconciles net earnings (loss) as reported in the Consolidated Statements of Operations to net earnings (loss) used for calculating basic and diluted earnings (loss) per share for the periods presented.



	Year Ended December 31,
	2013								2012								2011
	Continuing Operations			Discontinued Operations		Total			Continuing Operations			Discontinued Operations		Total			Continuing Operations			Discontinued Operations			Total
	(In Thousands)
Net earnings (loss)	$	73,924		$	—	$	73,924		$	(1,288,931	)	$	—	$	(1,288,931	)	$	98,260		$	44,569		$	142,829
Less: net earnings attributable to noncontrolling interest	—			—		—			—			—		—			—			(4,987		)	(4,987		)
Less: net earnings attributable to participating securities	(2,099		)	—		(2,099		)	—			—		—			(2,037		)	(821		)	(2,858		)
Net earnings (loss) attributable to common stock for basic earnings (loss) per share	71,825			—		71,825			(1,288,931		)	—		(1,288,931		)	96,223			38,761			134,984
Adjustment for liability classified stock-based compensation awards	—			—		—			—			—		—			—			(707		)	(707		)
Net earnings (loss) for diluted earnings (loss) per share	$	71,825		$	—	$	71,825		$	(1,288,931	)	$	—	$	(1,288,931	)	$	96,223		$	38,054		$	134,277

Schedule of Weighted Average Number of Shares

The following reconciles basic weighted average common shares outstanding to diluted weighted average common shares outstanding for the periods presented.



	Year Ended December 31,
	2013	2012	2011
	(In Thousands)
Weighted average common shares outstanding during the period for basic earnings (loss) per share	116,125	114,958	111,690
Dilutive effects of potential common shares	—	—	1,178
Weighted average common shares outstanding during the period, including the effects of dilutive potential common shares, for diluted earnings (loss) per share	116,125	114,958	112,868

Schedule of Comprehensive Income (Loss)

The components of other comprehensive income (loss), both before-tax and net-of-tax, for the years ended December 31, 2013, 2012, and 2011 are as follows:



	Before-Tax			Tax (Expense) / Benefit				Net-of-Tax
	(In Thousands)
Year Ended December 31, 2013:
Defined benefit postretirement plans
Net periodic benefit cost components arising during the period	$	8,742		$	—			$	8,742
Actuarial losses reclassified from accumulated other comprehensive loss and included in net periodic benefit cost	1,374			—				1,374
Other comprehensive income	$	10,116		$	—		⁽¹⁾	$	10,116
Year Ended December 31, 2012:
Defined benefit postretirement plans
Net periodic benefit cost components arising during the period	$	(3,191	)	$	(323	)		$	(3,514	)
Actuarial losses reclassified from accumulated other comprehensive loss and included in net periodic benefit cost	1,155			117				1,272
Other comprehensive loss	$	(2,036	)	$	(206	)		$	(2,242	)
Year Ended December 31, 2011:
Defined benefit postretirement plans
Net periodic benefit cost components arising during the period	$	(11,058	)	$	3,979			$	(7,079	)
Actuarial losses reclassified from accumulated other comprehensive loss and included in net periodic benefit cost	641			(231		)		410
	(10,417		)	3,748				(6,669		)
Foreign currency translation losses
Foreign currency translation losses arising during the period	(27,852		)	—				(27,852		)
Amounts reclassified from accumulated other comprehensive loss	—			—				—
	(27,852		)	—				(27,852		)
Other comprehensive loss	$	(38,269	)	$	3,748			$	(34,521	)

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(1)	Tax expense of $3.6 million for the year ended December 31, 2013 is offset by an equal decrease in the valuation allowance.

Components of Accumulated Other Comprehensive Income (Loss)

The components of accumulated other comprehensive income (loss) attributable to Forest Oil Corporation common shareholders for the years ended December 31, 2013, 2012, and 2011 are as follows:



	Foreign Currency Translation			Defined Benefit Postretirement Plans			Accumulated Other Comprehensive Income (Loss)
	(In Thousands)
Balance at December 31, 2010	$	93,667		$	(11,603	)	$	82,064
Changes in ownership interest in Lone Pine Resources	(72,132		)	—			(72,132		)

Other comprehensive losses arising during the period, before reclassifications	(21,535		)	(7,079		)	(28,614		)
Amounts reclassified from accumulated other comprehensive loss	—			410			410
Other comprehensive loss	(21,535		)	(6,669		)	(28,204		)
Balance at December 31, 2011	—			(18,272		)	(18,272		)
Other comprehensive losses arising during the period, before reclassifications	—			(3,514		)	(3,514		)
Amounts reclassified from accumulated other comprehensive loss	—			1,272			1,272
Other comprehensive loss	—			(2,242		)	(2,242		)
Balance at December 31, 2012	—			(20,514		)	(20,514		)
Other comprehensive gains arising during the period, before reclassifications	—			8,742			8,742
Amounts reclassified from accumulated other comprehensive loss	—			1,374			1,374
Other comprehensive income	—			10,116			10,116
Balance at December 31, 2013	$	—		$	(10,398	)	$	(10,398	)