Note 10 - Accumulated Other Comprehensive Loss

The following tables set forth the components of “Accumulated other comprehensive loss” (“AOCL”) for the years ended December 31, 2015 and 2014 and changes in AOCL by component for the year ended December 31, 2015. All amounts within the tables are shown net of tax.

	Gains /			Defined
	(Losses) on			Benefit			Foreign
	Cash Flow			Pension			Currency
	Hedges ⁽¹⁾			Items ⁽²⁾			Items			Total
Balance at December 31, 2013	$	—		$	(58,598	)	$	(23,566	)	$	(82,164	)
Activity during period:
Other comprehensive income (loss) before reclassifications		(4,286	)		(30,952	)		(118	)		(35,356	)
Amounts reclassified from AOCL		4,286			9,338			—			13,624
Net other comprehensive income (loss)		—			(21,614	)		(118	)		(21,732	)
Spin-off of Paragon Offshore ⁽³⁾		—			21,772			12,706			34,478
Balance at December 31, 2014	$	—		$	(58,440	)	$	(10,978	)	$	(69,418	)
Activity during period:
Other comprehensive income (loss) before reclassifications		2,414			7,099			(5,278	)		4,235
Amounts reclassified from AOCL		(2,414	)		4,422			—			2,008
Net other comprehensive income (loss)		—			11,521			(5,278	)		6,243
Balance at December 31, 2015	$	—		$	(46,919	)	$	(16,256	)	$	(63,175	)

(1)	Gains on cash flow hedges are related to our foreign currency forward contracts. Reclassifications from AOCL are recognized through “contract drilling services” expense on our Consolidated Statements of Income. See Note 16 for additional information.

(2)

Defined benefit pension items relate to actuarial changes, the amortization of prior service costs and curtailment and settlement expenses. Reclassifications from AOCL are recognized as expense on our Consolidated Statements of Income through either “contract drilling services” or “general and administrative.” See Note 15 for additional information.

(3)	Reclassifications for the Spin-off of Paragon Offshore represent accumulated balances in AOCL that were transferred as part of the Spin-off.