| Accumulated Other Comprehensive Loss |
NOTE 10 –
ACCUMULATED OTHER COMPREHENSIVE LOSS:
Net change
and ending balances for the various components of other
comprehensive income (loss) and for accumulated other comprehensive
loss as of and for the year ended December 31, 2012, 2013 and
2014 are summarized below.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign
Currency
Translation
Adjustments
|
|
|
Unrecognized
Components
of
Employee
Benefit
Plans
|
|
|
Unrealized
Holding Gains
(Losses) on
Securities
|
|
|
Derivatives |
|
|
Accumulated
Other
Comprehensive
Loss |
|
|
Balance at
January 1, 2012
|
|
$ |
(4,736 |
) |
|
$ |
(75,225 |
) |
|
$ |
562 |
|
|
$ |
109 |
|
|
$ |
(79,290 |
) |
|
Net Change
|
|
|
3,193 |
|
|
|
(6,558 |
) |
|
|
71 |
|
|
|
209 |
|
|
|
(3,085 |
) |
|
Balance at
December 31, 2012
|
|
|
(1,543 |
) |
|
|
(81,783 |
) |
|
|
633 |
|
|
|
318 |
|
|
|
(82,375 |
) |
|
Net Change
|
|
|
1,820 |
|
|
|
34,321 |
|
|
|
374 |
|
|
|
(5 |
) |
|
|
36,510 |
|
|
Balance at
December 31, 2013
|
|
|
277 |
|
|
|
(47,462 |
) |
|
|
1,007 |
|
|
|
313 |
|
|
|
(45,865 |
) |
|
Net Change
|
|
|
(4,703 |
) |
|
|
(17,934 |
) |
|
|
(23 |
) |
|
|
(228 |
) |
|
|
(22,888 |
) |
|
Balance at
December 31, 2014
|
|
$ |
(4,426 |
) |
|
$ |
(65,396 |
) |
|
$ |
984 |
|
|
$ |
85 |
|
|
$ |
(68,753 |
) |
The following
summarizes the line items affected on the consolidated statements
of operations for components reclassified from accumulated other
comprehensive loss for each of the years ended December 31.
Amounts in parentheses represent credits to net income
(loss).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014 |
|
|
2013 |
|
|
2012 |
|
|
Amortization of
unrecognized employee benefit costs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs of products sold
(excluding depreciation)
|
|
$ |
3,601 |
|
|
$ |
5,691 |
|
|
$ |
4,807 |
|
|
Selling and
administrative
|
|
|
1,524 |
|
|
|
2,241 |
|
|
|
1,939 |
|
|
Other income
(expense)
|
|
|
174 |
|
|
|
867 |
|
|
|
763 |
|
|
Total before income
tax
|
|
|
5,299 |
|
|
|
8,799 |
|
|
|
7,509 |
|
|
Income tax
provision
|
|
|
(1,841 |
) |
|
|
(3,156 |
) |
|
|
(3,547 |
) |
|
Net of income
tax
|
|
$ |
3,458 |
|
|
$ |
5,643 |
|
|
$ |
3,962 |
|
|
Realized gains on sale of
marketable securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and
administrative
|
|
$ |
(171 |
) |
|
$ |
(87 |
) |
|
$ |
(120 |
) |
|
Income tax
provision
|
|
|
60 |
|
|
|
30 |
|
|
|
42 |
|
|
Net of income
tax
|
|
$ |
(111 |
) |
|
$ |
(57 |
) |
|
$ |
(78 |
) |
|
Realized gains/losses
from settlement of cash flow hedges:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales (foreign
currency sales contracts)
|
|
$ |
33 |
|
|
$ |
0 |
|
|
$ |
(197 |
) |
|
Depreciation (foreign
currency purchase contracts)
|
|
|
(27 |
) |
|
|
(27 |
) |
|
|
(27 |
) |
|
Costs of products sold
(excluding depreciation) (futures contracts – copper and
aluminum)
|
|
|
146 |
|
|
|
419 |
|
|
|
398 |
|
|
Total before income
tax
|
|
|
152 |
|
|
|
392 |
|
|
|
174 |
|
|
Income tax
provision
|
|
|
(57 |
) |
|
|
(146 |
) |
|
|
(67 |
) |
|
Net of income
tax
|
|
$ |
95 |
|
|
$ |
246 |
|
|
$ |
107 |
|
|
The income tax expense
(benefit) associated with the various components of other
comprehensive income (loss) for each of the years ended
December 31 is summarized below. Foreign currency translation
adjustments exclude the effect of income taxes since earnings of
non-U.S. subsidiaries are deemed to be reinvested for an indefinite
period of time.
|
|
|
|
|
2014 |
|
|
2013 |
|
|
2012 |
|
|
Income tax expense
(benefit) associated with changes in:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrecognized employee
benefit costs
|
|
$ |
10,265 |
|
|
$ |
(15,890 |
) |
|
$ |
5,256 |
|
|
Unrealized holding gains
on marketable securities
|
|
|
(47 |
) |
|
|
(232 |
) |
|
|
(80 |
) |
|
Fair value of cash flow
hedges
|
|
|
206 |
|
|
|
149 |
|
|
|
(61 |
) |
|
Income tax expense
(benefit) associated with reclassification adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
unrecognized employee benefit costs
|
|
|
(1,841 |
) |
|
|
(3,156 |
) |
|
|
(3,547 |
) |
|
Realized gains from sale
of marketable securities
|
|
|
60 |
|
|
|
30 |
|
|
|
42 |
|
|
Realized gains/losses
from settlement of cash flow hedges
|
|
|
(57 |
) |
|
|
(146 |
) |
|
|
(67 |
) |
|