Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2015

Accumulated Other Comprehensive Income (Loss) [Abstract]

Accumulated Other Comprehensive Income (Loss)

Note P – Accumulated Other Comprehensive Income (Loss)

The components of Accumulated Other Comprehensive Income(Loss) on the Consolidated Balance Sheets at December 31, 2015 and December 31, 2014 and the changes during 2015 and 2014 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, 2013	$	305,192		(116,956)		(16,117)		172,119
2014 components of other comprehensive income (loss):
Before reclassifications to income		(271,491)		(79,403)		–		(350,894)
Reclassifications to income		–		6,607	3	1,913	4	8,520
Net other comprehensive income (loss)		(271,491)		(72,796)		1,913		(342,374)
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)

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 $9,813 and $21,721 are included in the computation of net periodic benefit expense in 2014 and 2015, respectively.  See Note K for additional information.  Related income taxes of $3,206and $5,761are included in income tax expense in 2014 and 2015, respectively.

⁴ Reclassifications before taxes of $2,963 are included in Interest expense in both 2014 and 2015.  Related income taxes of $1,028 and $1,037 are included in income tax expense in 2014 and 2015, respectively.