Other Comprehensive Income

3 Months Ended

Mar. 31, 2013

Equity [Abstract]

Other Comprehensive Income

Note C –Other Comprehensive Income

Comprehensive income was $147.9 million and $174.8 million for the three months ended March 31, 2013 and 2012, respectively. 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 March 31,
	2013			2012
	(in thousands)
Net income	$	144,389		$	146,255
Other comprehensive (loss) income:
Foreign currency translation		(8,220	)		18,677
Pension and other post-retirement benefit adjustments:
Recognition of prior service credit, net of tax		(1,323	)		(1,239	)
Recognition of actuarial loss, net of tax		13,101			11,081
Total other comprehensive income		3,558			28,519
Comprehensive income	$	147,947		$	174,774

The following table presents the changes in accumulated other comprehensive loss by component for the three months ended March 31, 2013:

	Changes in Accumulated Other Comprehensive Loss by Component
	Pension and Other Post- Retirement Benefits			Foreign Currency Items			Total
	(in thousands)
Beginning balance, January 1, 2013	$	(632,576	)	$	131,084		$	(501,492	)
Other comprehensive loss before reclassifications, net of tax		—			(8,220	)		(8,220	)
Amounts reclassified from accumulated other comprehensive loss, net of tax		11,778			—			11,778
Net current period other comprehensive income (loss)		11,778			(8,220	)		3,558
Ending balance, March 31, 2013	$	(620,798	)	$	122,864		$	(497,934	)

The accumulated other comprehensive loss components related to the pension and other post-retirement benefits are included in the computation of net periodic benefit cost (see employee benefit plans footnote for additional details).