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PARTII
ITEM8Financial Statements and Supplementary Data
NOTE17 Comprehensive Income
Comprehensive income is net earnings plus certain other items that are recorded directly to shareholders’ equity, such as foreign currency translation
adjustments, amounts related to cash ow hedging arrangements and certain amounts related to pension and other postretirement plans. Comprehensive
income was $406.2 million, $735.8 million and $1.2 billion in scal 2015, 2014 and 2013, respectively.
A summary of the components of other comprehensive income (loss) and the related tax effects for each of the years presented is as follows:
(Inthousands)
Location of Expense
(Income) Recognized
in Net Earnings
2015
Before Tax
Amount Tax
Net of Tax
Amount
Pension and other postretirement bene t plans:
Reclassi cation adjustments:
Amortization of prior service cost Operating expenses $ 11,279 $ 4,331 $ 6,948
Amortization of actuarial loss (gain), net Operating expenses 19,437 7,464 11,973
TOTAL RECLASSIFICATION ADJUSTMENTS 30,716 11,795 18,921
Other comprehensive income before reclassi cation adjustments:
Prior service cost arising in current year N/A (914) (351) (563)
Net actuarial gain arising in current year N/A (61,221) (23,509) (37,712)
TOTAL OTHER COMPREHENSIVE INCOME BEFORE
RECLASSIFICATION ADJUSTMENTS (62,135) (23,860) (38,275)
Foreign currency translation:
Other comprehensive income before reclassi cation adjustments:
Foreign currency translation adjustment N/A (232,185) - (232,185)
Interest rate swaps:
Reclassi cation adjustments:
Amortization of cash ow hedges Interest expense 8,305 3,189 5,116
Other comprehensive income before reclassi cation adjustments:
Change in fair value of cash ow hedges N/A (55,374) (21,263) (34,111)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS) $ (310,673) $ (30,139) $ (280,534)
(Inthousands)
Location of Expense
(Income) Recognized
in Net Earnings
2014
Before Tax
Amount Tax
Net of Tax
Amount
Pension and other postretirement bene t plans:
Reclassi cation adjustments:
Amortization of prior service cost Operating expenses $ 11,313 $ 4,343 $ 6,970
Amortization of actuarial loss (gain), net Operating expenses 16,184 6,216 9,968
TOTAL RECLASSIFICATION ADJUSTMENTS 27,497 10,559 16,938
Other comprehensive income before reclassi cation adjustments:
Prior service cost arising in current year N/A 347 133 214
Net actuarial gain arising in current year N/A (207,698) (79,756) (127,942)
TOTAL OTHER COMPREHENSIVE INCOME BEFORE
RECLASSIFICATION ADJUSTMENTS (207,351) (79,623) (127,728)
Foreign currency translation:
Other comprehensive income before reclassi cation adjustments:
Foreign currency translation adjustment N/A (3,106) - (3,106)
Interest rate swaps:
Reclassi cation adjustments:
Amortization of cash ow hedges Interest expense 625 240 385
Other comprehensive income before reclassi cation adjustments:
Change in fair value of cash ow hedges N/A (133,466) (51,251) (82,215)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS) $ (315,801) $ (120,075) $ (195,726)