Other Comprehensive Income

9 Months Ended

Sep. 30, 2013

Equity [Abstract]

Other Comprehensive Income

Note C—Other Comprehensive Income

The difference between comprehensive income and net income was due to foreign currency translation adjustments and pension and other post-retirement benefit adjustments, as summarized below. The decrease in other comprehensive income for the nine months ended September 30, 2013 as compared to 2012 is attributed to fluctuations in the Australian dollar and Canadian dollar exchange rates in 2013.

	Three Months Ended Sept. 30,						Nine Months Ended Sept. 30,
	2013			2012			2013			2012
	(in thousands)						(in thousands)
Net income	$	173,746		$	172,943		$	534,492		$	487,816
Other comprehensive income (loss):
Foreign currency translation		5,369			25,802			(116,900	)		29,727
Pension and other post-retirement benefit adjustments:
Recognition of prior service credit, net of tax		(1,314	)		(1,241	)		(3,956	)		(3,715	)
Recognition of actuarial loss, net of tax		12,726			10,812			38,906			32,955
Net actuarial gain, net of tax		1,790			2,226			1,790			2,226
Total other comprehensive income (loss)		18,571			37,599			(80,160	)		61,193
Comprehensive income	$	192,317		$	210,542		$	454,332		$	549,009

The following table presents the changes in accumulated other comprehensive loss by component for the nine months ended September 30, 2013:

	Changes in Accumulated Other Comprehensive Loss by Component
	Pension and Other Post- Retirement Benefits			Foreign Currency Translation			Total
	(in thousands)
Beginning balance, January 1, 2013	$	(632,576	)	$	131,084		$	(501,492	)
Other comprehensive income (loss) before reclassifications, net of tax		1,790			(116,900	)		(115,110	)
Amounts reclassified from accumulated other comprehensive loss, net of tax		34,950			—			34,950
Net current period other comprehensive income (loss)		36,740			(116,900	)		(80,160	)
Ending balance, September 30, 2013	$	(595,836	)	$	14,184		$	(581,652	)

The accumulated other comprehensive loss components related to the pension and other post-retirement benefits are included in the computation of net periodic benefit cost (see employee benefit plans footnote for additional details).