Other Comprehensive Loss

9 Months Ended

Sep. 30, 2015

Equity [Abstract]

Other Comprehensive Loss

Note C – Other Comprehensive 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 September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
	(in thousands)						(in thousands)
Net income	$	188,016		$	190,516		$	544,399		$	545,727
Other comprehensive loss:
Foreign currency translation		(110,874	)		(94,957	)		(211,868	)		(56,318	)
Pension and other post-retirement benefit adjustments:
Recognition of prior service credit, net of tax		(240	)		(490	)		(721	)		(1,470	)
Recognition of actuarial loss, net of tax		6,029			4,424			18,214			13,005
Net actuarial loss, net of tax		—			(4,416	)		—			(4,416	)
Total other comprehensive loss		(105,085	)		(95,439	)		(194,375	)		(49,199	)
Comprehensive income	$	82,931		$	95,077		$	350,024		$	496,528

The following tables present the changes in accumulated other comprehensive loss by component for the nine months ended September 30:

	2015
	Changes in Accumulated Other Comprehensive Loss by Component
	Pension and Other Post- Retirement Benefits			Foreign Currency Translation			Total
	(in thousands)
Beginning balance, January 1	$	(533,213	)	$	(186,998	)	$	(720,211	)
Other comprehensive loss before reclassifications, net of tax		—			(211,868	)		(211,868	)
Amounts reclassified from accumulated other comprehensive loss, net of tax		17,493			—			17,493
Net current period other comprehensive income (loss)		17,493			(211,868	)		(194,375	)
Ending balance, September 30	$	(515,720	)	$	(398,866	)	$	(914,586	)

	2014
	Changes in Accumulated Other Comprehensive Loss 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 loss before reclassifications, net of tax		(4,416	)		(56,318	)		(60,734	)
Amounts reclassified from accumulated other comprehensive loss, net of tax		11,535			—			11,535
Net current period other comprehensive income (loss)		7,119			(56,318	)		(49,199	)
Ending balance, September 30	$	(352,917	)	$	(93,937	)	$	(446,854	)

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