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Note E - Accumulated Other Comprehensive Income (Loss)
 9 Months Ended
Sep. 30, 2013
Disclosure Text Block [Abstract]  
Comprehensive Income (Loss) Note [Text Block]

NOTE E – ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)


The following table summarizes reclassifications out of accumulated other comprehensive income (loss) as reflected in the unaudited condensed consolidated statements of income:


(Thousands of dollars)

 

Three Months Ended

September 30,

   

Nine Months Ended

September 30,

 
   

2013

   

2012

   

2013

   

2012

 

Pension and other postretirement benefits:

                               

Recognized actuarial loss (a)

  $ 297     $ 450     $ 1,080     $ 1,346  

Settlement loss (b)

    324       -       2,298       -  

Settlement loss (c)

    166       -       1,179       -  

Total before income tax

  $ 787     $ 450     $ 4,557     $ 1,346  

Income tax

    (332 )     3       (1,524 )     5  

Net of income tax

  $ 455     $ 453     $ 3,033     $ 1,351  

 

(a)

The recognized actuarial loss is included in the computation of net periodic benefit cost. See Note D for additional details.


 

(b)

This portion of the settlement loss is included in Cost of products sold on the Statements of Income.


 

(c)

This portion of the settlement loss in included in Selling, general & administrative expenses on the Statements of Income.


The following table summarizes changes in accumulated balances for each component of other comprehensive income (loss) as reflected in the unaudited condensed consolidated balance sheets:


(Thousands of dollars)

 

Currency

Translation

Adjustments

   

Pension and

Other

Postretirement

Benefits

   

Accumulated

Other

Comprehensive

Income (Loss)

 

Balance at January 1, 2013

  $ 319     $ (16,601 )   $ (16,282 )

Current period credit (charge)

    (879 )     4,557       3,678  

Income tax expense

    -       (1,524 )     (1,524 )

Balance at September 30, 2013

  $ (560 )   $ (13,568 )   $ (14,128 )

(Thousands of dollars)

 

Currency

Translation

Adjustments

   

Pension and

Other

Postretirement

Benefits

   

Accumulated

Other

Comprehensive

Income (Loss)

 

Balance at January 1, 2012

  $ (118 )   $ (15,926 )   $ (16,044 )

Current period credit (charge)

    489       1,346       1,835  

Income tax expense

            5       5  

Balance at September 30, 2012

  $ 371     $ (14,575 )   $ (14,204 )