Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2014

Equity [Abstract]

Other Comprehensive Income (Loss)

Note C – Other Comprehensive Income (Loss)

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.

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
	(in thousands)						(in thousands)
Net income	$	197,727		$	216,357		$	355,211		$	360,746
Other comprehensive income:
Foreign currency translation		38,537			(114,049	)		38,639			(122,269	)
Pension and other post-retirement benefit adjustments:
Recognition of prior service credit, net of tax		(493	)		(1,319	)		(980	)		(2,642	)
Recognition of actuarial loss, net of tax		4,303			13,079			8,581			26,180
Total other comprehensive income (loss)		42,347			(102,289	)		46,240			(98,731	)
Comprehensive income	$	240,074		$	114,068		$	401,451		$	262,015

The following tables present the changes in accumulated other comprehensive (loss) income by component for the six months ended June 30:

	2014
	Changes in Accumulated Other Comprehensive (Loss) Income by Component
	Pension and Other Post- Retirement Benefits			Foreign Currency Translation			Total
	(in thousands)
Beginning balance, January 1	$	(360,036	)	$	(37,619	)	$	(397,655	)
Other comprehensive income before reclassifications, net of tax		—			38,639			38,639
Amounts reclassified from accumulated other comprehensive (loss) income, net of tax		7,601			—			7,601
Net current period other comprehensive income		7,601			38,639			46,240
Ending balance, June 30	$	(352,435	)	$	1,020		$	(351,415	)

	2013
	Changes in Accumulated Other Comprehensive (Loss) Income by Component
	Pension and Other Post- Retirement Benefits			Foreign Currency Translation			Total
	(in thousands)
Beginning balance, January 1	$	(632,576	)	$	131,084		$	(501,492	)
Other comprehensive loss before reclassifications, net of tax		—			(122,269	)		(122,269	)
Amounts reclassified from accumulated other comprehensive (loss) income, net of tax		23,538			—			23,538
Net current period other comprehensive income (loss)		23,538			(122,269	)		(98,731	)
Ending balance, June 30	$	(609,038	)	$	8,815		$	(600,223	)

The accumulated other comprehensive (loss) income components related to the pension benefits are included in the computation of net periodic benefit (income) cost in the employee benefit plans footnote.