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Note F - Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2014

NOTE F – ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

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

(Thousands of dollars)	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Pension and other postretirement benefits:
Recognized actuarial loss (a)	$	77		$	352		$	338		$	783
Settlement loss (b)		-			1,058			-			1,974
Settlement loss (c)		-			543			-			1,013
Total before income tax		77			1,953			338			3,770
Income tax		(40	)		(584	)		(127	)		(1,192	)
Net of income tax	$	37		$	1,369		$	211		$	2,578

(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)		(149	)		338			187
Income tax expense		-			(127	)		(127	)
Balance at June 30, 2014	$	(1,211	)	$	(7,188	)	$	(8,399	)

(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)		(1,558	)		3,770			2,212
Income tax expense		-			(1,192	)		(1,192	)
Balance at June 30, 2013	$	(1,239	)	$	(14,023	)	$	(15,262	)