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OTHER COMPREHENSIVE INCOME ITEMS
 6 Months Ended
Apr. 30, 2014
OTHER COMPREHENSIVE INCOME ITEMS  
OTHER COMPREHENSIVE INCOME ITEMS

(4)               The after-tax changes in accumulated other comprehensive income (loss) in millions of dollars follow:

 

 

 

Retirement
Benefits
Adjustment

 

Cumulative
Translation
Adjustment

 

Unrealized
Gain (Loss)
on
Derivatives

 

Unrealized
Gain (Loss)
on
Investments

 

Total
Accumulated
Other
Comprehensive
Income (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance October 31, 2013

 

$     (2,809)

 

$       113

 

$        (3)

 

$         6

 

$       (2,693)

 

Other comprehensive income (loss) items before reclassification

 

12

 

(62)

 

(7)

 

1

 

(56)

 

Amounts reclassified from accumulated other comprehensive income

 

76

 

 

 

9

 

 

 

85

 

Net current period other comprehensive income (loss)

 

88

 

(62)

 

2

 

1

 

29

 

Balance April 30, 2014

 

$     (2,721)

 

$         51

 

$        (1)

 

$         7

 

$       (2,664)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The details about reclassifications of gains (losses) out of accumulated other comprehensive income (loss) in millions of dollars follows:

 

 

 

 

Three Months Ended
April 30, 2014

 

Six Months Ended
April 30, 2014

 

 

 

 

 

 

 

Loss on derivatives

 

 

 

 

 

Interest rate contracts – Interest expense

 

$          (3)

 

$          (8)

 

Foreign exchange contracts – Other expense

 

(1)

 

(6)

 

Total

 

(4)

 

(14)

 

Tax credit

 

1

 

5

 

After-tax amount

 

(3)

 

(9)

 

 

 

 

 

 

 

Amortization of retirement benefit adjustments *

 

 

 

 

 

Pensions

 

 

 

 

 

Actuarial losses

 

(43)

 

(86)

 

Prior service costs

 

(6)

 

(12)

 

Settlements/curtailments

 

(4)

 

(6)

 

Health care and life insurance

 

 

 

 

 

Actuarial losses

 

(8)

 

(17)

 

Prior service credit

 

1

 

2

 

Total

 

(60)

 

(119)

 

Tax credit

 

22

 

43

 

After-tax amount

 

(38)

 

(76)

 

 

 

 

 

 

 

Total after-tax reclassifications for the period

 

$         (41)

 

$         (85)

 

 

 

 

 

 

 

 

*                These accumulated other comprehensive income amounts are included in net periodic postretirement costs.  See Note 7 for additional detail.

 

The items included in other comprehensive income (loss) and the related tax effects in millions of dollars follow:

 

Three Months Ended April 30, 2014

 

Before
Tax
Amount

 

Tax
(Expense)
Credit

 

After
Tax
Amount

 

Net unrealized gain on retirement benefits adjustment

 

$

60.2

 

 

$

(22.6

)

 

$

37.6

 

 

Cumulative translation adjustment

 

106.7

 

 

(.2

)

 

106.5

 

 

Net unrealized loss on derivatives

 

(.9

)

 

.3

 

 

(.6

)

 

Net unrealized gain on investments

 

3.7

 

 

(1.3

)

 

2.4

 

 

Total other comprehensive income (loss)

 

$

169.7

 

 

$

(23.8

)

 

$

145.9

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended April 30, 2013

 

 

 

 

 

 

 

 

 

 

Net unrealized gain on retirement benefits adjustment

 

$

126.8

 

 

$

(45.8

)

 

$

81.0

 

 

Cumulative translation adjustment

 

(58.3

)

 

(1.5

)

 

(59.8

)

 

Net unrealized gain on derivatives

 

2.9

 

 

(.9

)

 

2.0

 

 

Net unrealized gain on investments

 

3.6

 

 

(1.3

)

 

2.3

 

 

Total other comprehensive income (loss)

 

$

75.0

 

 

$

(49.5

)

 

$

25.5

 

 

 

In the second quarter of 2014 and 2013, the noncontrolling interests’ comprehensive income was $.5 million and $.1 million, respectively, which consisted of net income of $.5 million in 2014 and $.1 million in 2013.

 

Six Months Ended April 30, 2014

 

Before
Tax
Amount

 

Tax
(Expense)
Credit

 

After
Tax
Amount

 

Net unrealized gain on retirement benefits adjustment

 

$

138.0

 

 

$

(50.3

)

 

$

87.7

 

 

Cumulative translation adjustment

 

(62.6

)

 

1.1

 

 

(61.5

)

 

Net unrealized gain on derivatives

 

3.6

 

 

(1.3

)

 

2.3

 

 

Net unrealized gain on investments

 

1.6

 

 

(.5

)

 

1.1

 

 

Total other comprehensive income (loss)

 

$

80.6

 

 

$

(51.0

)

 

$

29.6

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended April 30, 2013

 

 

 

 

 

 

 

 

 

 

Net unrealized gain on retirement benefits adjustment

 

$

239.0

 

 

$

(87.9

)

 

$

151.1

 

 

Cumulative translation adjustment

 

(45.2

)

 

5.6

 

 

(39.6

)

 

Net unrealized gain on derivatives

 

8.7

 

 

(2.9

)

 

5.8

 

 

Net unrealized gain on investments

 

.2

 

 

 

 

 

.2

 

 

Total other comprehensive income (loss)

 

$

202.7

 

 

$

(85.2

)

 

$

117.5

 

 

 

In the first six months of 2014 and 2013, the noncontrolling interests’ comprehensive income was $.7 million and $.1 million, respectively, which consisted of net income of $.7 million in 2014 and $.1 million in 2013.