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Note E - Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2014

NOTE E – ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following table summarizes reclassifications out of accumulated other comprehensive income (loss):

(Thousands of dollars)	Three Months Ended March 31,
	2014			2013
Pension and other postretirement benefits:
Recognized actuarial loss (a)	$	261		$	431
Settlement loss (b)		-			916
Settlement loss (c)		-			470
Total before income tax	$	261		$	1,817
Income tax		(87	)		(608	)
Net of income tax	$	174		$	1,209

(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 tables summarize changes in accumulated balances for each component of other comprehensive income (loss):

(Thousands of dollars)	Currency Translation Adjustments			Pension and Other Postretirement Benefits			Accumulated Other Comprehensive Income (Loss)
Balance at January 1, 2014	$	(1,062	)	$	(7,399	)	$	(8,461	)
Current period credit (charge)		(356	)		261			(95	)
Income tax expense		-			(87	)		(87	)
Balance at March 31, 2014	$	(1,418	)	$	(7,225	)	$	(8,643	)

(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)		(833	)		1,817			984
Income tax expense		-			(608	)		(608	)
Balance at March 31, 2013	$	(514	)	$	(15,392	)	$	(15,906	)