Accumulated Other Comprehensive Loss

12 Months Ended

Dec. 31, 2016

Accumulated Other Comprehensive Loss [Abstract]

Accumulated Other Comprehensive Loss

Note P – Accumulated Other Comprehensive Loss

The components of Accumulated Other Comprehensive Loss on the Consolidated Balance Sheets at December 31, 2016 and December 31, 2015 and the changes during 2016 and 2015 are presented net of taxes in the following table.

(Thousands of dollars)	Foreign Currency Translation Gains (Losses)1			Retirement and Postretirement Benefit Plan Adjustments1		Deferred Loss on Interest Rate Derivative Hedges1		Total1
Balance at December 31, 2014	$	33,701		(189,752)		(14,204)		(170,255)
2015 components of other comprehensive income (loss):
Before reclassifications to income		(588,450)		(5,468)		–		(593,918)
Reclassifications to income		41,745	2	15,960	3	1,926	4	59,631
Net other comprehensive income (loss)		(546,705)		10,492		1,926		(534,287)
Balance at December 31, 2015		(513,004)		(179,260)		(12,278)		(704,542)
2016 components of other comprehensive income (loss):
Before reclassifications to income		66,449		(3,763)		–		62,686
Reclassifications to income		–		11,718	3	1,926	4	13,644
Net other comprehensive income		66,449		7,955		1,926		76,330
Balance at December 31, 2016	$	(446,555)		(171,305)		(10,352)		(628,212)

¹ All amounts are presented net of income taxes.

² Reclassification for the year ended December 31, 2015 are included in discontinued operations and primarily relate to financial adjustments recognized upon selling all operational assets in the U.K.

³ Reclassifications before taxes of $21,721 and $18,036are included in the computation of net periodic benefit expense in 2015 and 2016, respectively.  See Note K for additional information.  Related income taxes of $5,761and $6,318are included in income tax expense in 2015 and 2016, respectively.

⁴ Reclassifications before taxes of $2,963 are included in Interest expense in both 2015 and 2016.  Related income taxes of $1,037 are included in income tax expense in 2015 and 2016.  See Note L for additional information.