| 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.
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Three Months
Ended
September 30, |
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Nine Months
Ended
September 30, |
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2015 |
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2014 |
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2015 |
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2014 |
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(in thousands) |
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(in thousands) |
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Net income
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$ |
188,016 |
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$ |
190,516 |
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$ |
544,399 |
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$ |
545,727 |
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Other comprehensive loss:
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Foreign currency translation
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(110,874 |
) |
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(94,957 |
) |
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(211,868 |
) |
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(56,318 |
) |
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Pension and other post-retirement benefit adjustments:
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Recognition of prior service credit, net of tax
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(240 |
) |
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(490 |
) |
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(721 |
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(1,470 |
) |
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Recognition of actuarial loss, net of tax
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6,029 |
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4,424 |
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18,214 |
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13,005 |
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Net actuarial loss, net of tax
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— |
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(4,416 |
) |
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— |
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(4,416 |
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Total other comprehensive loss
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(105,085 |
) |
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(95,439 |
) |
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(194,375 |
) |
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(49,199 |
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Comprehensive income
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$ |
82,931 |
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$ |
95,077 |
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$ |
350,024 |
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$ |
496,528 |
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The following tables present the changes in accumulated other
comprehensive loss by component for the nine months ended
September 30:
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2015 |
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Changes in Accumulated Other
Comprehensive Loss by Component |
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Pension and
Other Post-
Retirement
Benefits |
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Foreign
Currency
Translation |
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Total |
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(in thousands) |
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Beginning balance, January 1
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$ |
(533,213 |
) |
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$ |
(186,998 |
) |
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$ |
(720,211 |
) |
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Other comprehensive loss before reclassifications, net of tax
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— |
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(211,868 |
) |
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(211,868 |
) |
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Amounts reclassified from accumulated other comprehensive loss, net
of tax
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17,493 |
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— |
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17,493 |
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Net current period other comprehensive income (loss)
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17,493 |
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(211,868 |
) |
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(194,375 |
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Ending balance, September 30
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$ |
(515,720 |
) |
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$ |
(398,866 |
) |
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$ |
(914,586 |
) |
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2014 |
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Changes in Accumulated Other
Comprehensive Loss by Component |
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Pension and
Other Post-
Retirement
Benefits |
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Foreign
Currency
Translation |
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Total |
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(in thousands) |
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Beginning balance, January 1
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$ |
(360,036 |
) |
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$ |
(37,619 |
) |
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$ |
(397,655 |
) |
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Other comprehensive loss before reclassifications, net of tax
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(4,416 |
) |
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(56,318 |
) |
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(60,734 |
) |
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Amounts reclassified from accumulated other comprehensive loss, net
of tax
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11,535 |
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— |
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11,535 |
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Net current period other comprehensive income (loss)
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7,119 |
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(56,318 |
) |
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(49,199 |
) |
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Ending balance, September 30
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$ |
(352,917 |
) |
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$ |
(93,937 |
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$ |
(446,854 |
) |
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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.
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