(14) Comprehensive Income:
Comprehensive income consists of net income and other gains and losses affecting shareholders’ investment and pension/postretirement benefit (OPEB) liabilities that, under U.S. GAAP, are excluded from net income.
The components of accumulated other comprehensive loss, net of tax at December 31, 2013, 2012 and 2011 are as follows:
|
($ in thousands) |
Pension Costs |
OPEB Costs |
Deferred taxes on pension and OPEB costs |
All other |
Total |
||||||||||
|
Balance at January 1, 2011 |
$ |
(349,264) |
$ |
(13,369) |
$ |
132,752 |
$ |
332 |
$ |
(229,549) | |||||
|
Other comprehensive income before reclassifications |
(241,064) | (22,668) | 100,978 | (482) | (163,236) | ||||||||||
|
Amounts reclassified from accumulated other comprehensive loss |
15,165 | (5,774) | (3,569) |
- |
5,822 | ||||||||||
|
Net current-period other comprehensive income (loss) |
(225,899) | (28,442) | 97,409 | (482) | (157,414) | ||||||||||
|
Balance at December 31, 2011 |
(575,163) | (41,811) | 230,161 | (150) | (386,963) | ||||||||||
|
Other comprehensive income before reclassifications |
(152,402) | (29,922) | 68,871 |
- |
(113,453) | ||||||||||
|
Amounts reclassified from accumulated other comprehensive loss |
29,691 | (2,531) | (10,320) |
- |
16,840 | ||||||||||
|
Net current-period other comprehensive income (loss) |
(122,711) | (32,453) | 58,551 |
- |
(96,613) | ||||||||||
|
Balance at December 31, 2012 |
(697,874) | (74,264) | 288,712 | (150) | (483,576) | ||||||||||
|
Other comprehensive income before reclassifications |
205,341 | 67,289 | (100,951) | 2 | 171,681 | ||||||||||
|
Amounts reclassified from accumulated other comprehensive loss |
36,938 | 1,745 | (14,699) |
- |
23,984 | ||||||||||
|
Recognition of net actuarial loss for pension settlement costs |
44,163 |
- |
(16,782) |
- |
27,381 | ||||||||||
|
Net current-period other comprehensive income (loss) |
286,442 | 69,034 | (132,432) | 2 | 223,046 | ||||||||||
|
Balance at December 31, 2013 |
$ |
(411,432) |
$ |
(5,230) |
$ |
156,280 |
$ |
(148) |
$ |
(260,530) | |||||
The significant items reclassified from each component of accumulated other comprehensive loss for the years ended December 31, 2013, 2012 and 2011 are as follows:
|
($ in thousands) |
Amount Reclassified from |
||||||||||
|
Accumulated Other Comprehensive Loss (a) |
|||||||||||
|
Details about Accumulated Other Comprehensive Loss Components |
2013 |
2012 |
2011 |
Affected Line Item in the Statement Where Net Income is Presented |
|||||||
|
Amortization of Pension Cost Items (b) |
|||||||||||
|
Prior-service costs |
$ |
(8) |
$ |
199 |
$ |
199 | |||||
|
Actuarial gains/(losses) |
(36,930) | (29,890) | (15,364) | ||||||||
|
Pension settlement costs |
(44,163) |
- |
- |
||||||||
| (81,101) | (29,691) | (15,165) |
Income before income taxes |
||||||||
|
Tax impact |
30,818 | 11,282 | 5,763 |
Income tax (expense) benefit |
|||||||
|
$ |
(50,283) |
$ |
(18,409) |
$ |
(9,402) |
Net income |
|||||
|
Amortization of Postretirement Cost Items (b) |
|||||||||||
|
Prior-service costs |
$ |
6,101 |
$ |
10,068 |
$ |
10,198 | |||||
|
Actuarial gains/(losses) |
(7,846) | (7,537) | (4,424) | ||||||||
| (1,745) | 2,531 | 5,774 |
Income before income taxes |
||||||||
|
Tax impact |
663 | (962) | (2,194) |
Income tax (expense) benefit |
|||||||
|
$ |
(1,082) |
$ |
1,569 |
$ |
3,580 |
Net income |
|||||
(a) Amounts in parentheses indicate losses.
(b) These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement benefit cost (see Note 17 - Retirement Plans for additional details).