| Capital and Accumulated Other Comprehensive Income (Loss) |
Note J — Capital and Accumulated Other Comprehensive
Income (Loss)
Common Stock outstanding is net of shares held in treasury which
are, in substance, retired. There were 4,250,851 treasury shares at
September 2013, 2,530,401 at December 2012 and 2,524,771 at
September 2012. The excess of the cost of treasury shares acquired
over the $1 per share stated value of Common Stock is deducted from
retained earnings. In addition, 176,416 shares of Common Stock at
September 2013, 187,456 shares at December 2012 and 187,226 shares
at September 2012 were held in connection with deferred
compensation plans. These shares, having a cost of $8.2 million,
$8.8 million and $8.6 million at the respective dates, are treated
as treasury shares for financial reporting purposes.
The deferred components of other comprehensive income (loss) are
reported in accumulated other comprehensive income (loss) in
stockholders’ equity, net of related income taxes, as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
| In thousands |
|
September
2013 |
|
|
December
2012 |
|
|
September
2012 |
|
|
Foreign currency translation
|
|
$ |
55,746 |
|
|
$ |
(4,068 |
) |
|
$ |
(48,135 |
) |
|
Defined benefit pension plans
|
|
|
(381,608 |
) |
|
|
(420,538 |
) |
|
|
(322,596 |
) |
|
Derivative financial instruments
|
|
|
(40,199 |
) |
|
|
(29,430 |
) |
|
|
(15,715 |
) |
|
Marketable securities
|
|
|
91 |
|
|
|
141 |
|
|
|
(407 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated other comprehensive income (loss)
|
|
$ |
(365,970 |
) |
|
$ |
(453,895 |
) |
|
$ |
(386,853 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
The changes in accumulated other comprehensive income (loss) are as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended September
2013 |
|
| In thousands |
|
Foreign
Currency
Translation |
|
|
Defined
Benefit
Pension Plans |
|
|
Derivative
Financial
Instruments |
|
|
Marketable
Securities |
|
|
Total |
|
|
Balance, June 2013
|
|
$ |
(42,716 |
) |
|
$ |
(394,785 |
) |
|
$ |
(3,170 |
) |
|
$ |
(200 |
) |
|
$ |
(440,871 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss) before reclassifications
|
|
|
98,462 |
|
|
|
— |
|
|
|
(33,041 |
) |
|
|
291 |
|
|
|
65,712 |
|
|
Amounts reclassified from accumulated other comprehensive income
(loss)
|
|
|
— |
|
|
|
13,177 |
|
|
|
(3,988 |
) |
|
|
— |
|
|
|
9,189 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net other comprehensive income (loss)
|
|
|
98,462 |
|
|
|
13,177 |
|
|
|
(37,029 |
) |
|
|
291 |
|
|
|
74,901 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, September 2013
|
|
$ |
55,746 |
|
|
$ |
(381,608 |
) |
|
$ |
(40,199 |
) |
|
$ |
91 |
|
|
$ |
(365,970 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Nine Months Ended September
2013 |
|
| In thousands |
|
Foreign
Currency
Translation |
|
|
Defined
Benefit
Pension Plans |
|
|
Derivative
Financial
Instruments |
|
|
Marketable
Securities |
|
|
Total |
|
|
Balance, December 2012
|
|
$ |
(4,068 |
) |
|
$ |
(420,538 |
) |
|
$ |
(29,430 |
) |
|
$ |
141 |
|
|
$ |
(453,895 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss) before reclassifications
|
|
|
59,814 |
|
|
|
— |
|
|
|
(1,235 |
) |
|
|
(50 |
) |
|
|
58,529 |
|
|
Amounts reclassified from accumulated other comprehensive income
(loss)
|
|
|
— |
|
|
|
38,930 |
|
|
|
(9,534 |
) |
|
|
— |
|
|
|
29,396 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net other comprehensive income (loss)
|
|
|
59,814 |
|
|
|
38,930 |
|
|
|
(10,769 |
) |
|
|
(50 |
) |
|
|
87,925 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, September 2013
|
|
$ |
55,746 |
|
|
$ |
(381,608 |
) |
|
$ |
(40,199 |
) |
|
$ |
91 |
|
|
$ |
(365,970 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reclassifications out of accumulated other comprehensive income
(loss) are as follows:
|
|
|
|
|
|
|
|
|
|
|
| In thousands |
|
Affected Line Item in the
Consolidated Statements
of Income (Loss)
|
|
Amount Reclassified From Accumulated
Other Comprehensive Income (Loss)
|
|
|
Details About Accumulated Other
Comprehensive Income (Loss) Components
|
|
|
| |
|
Three Months
Ended September 2013 |
|
|
Nine Months
Ended September 2013 |
|
|
Amortization of defined benefit pension plans:
|
|
|
|
|
|
|
|
|
|
|
|
Net deferred actuarial losses
|
|
(a) |
|
$ |
(21,333 |
) |
|
$ |
(64,021 |
) |
|
Deferred prior service cost
|
|
(a) |
|
|
(317 |
) |
|
|
(974 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total before tax |
|
|
(21,650 |
) |
|
|
(64,995 |
) |
|
|
Tax benefit (expense) |
|
|
8,473 |
|
|
|
26,065 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net of tax |
|
$ |
(13,177 |
) |
|
$ |
(38,930 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Gains and losses on derivative financial instruments:
|
|
|
|
|
|
|
|
|
|
|
|
Foreign exchange contracts
|
|
Net sales |
|
$ |
6,195 |
|
|
$ |
7,418 |
|
|
Foreign exchange contracts
|
|
Cost of goods sold |
|
|
3,574 |
|
|
|
11,115 |
|
|
Foreign exchange contracts
|
|
Other income (expense), net |
|
|
(2,218 |
) |
|
|
83 |
|
|
Interest rate contracts
|
|
Interest expense |
|
|
(980 |
) |
|
|
(2,909 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total before tax |
|
|
6,571 |
|
|
|
15,707 |
|
|
|
Tax benefit (expense) |
|
|
(2,583 |
) |
|
|
(6,173 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net of tax |
|
|
3,988 |
|
|
|
9,534 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total reclassifications for the period
|
|
Net of tax |
|
$ |
(9,189 |
) |
|
$ |
(29,396 |
) |
|
|
|
|
|
|
|
|
|
|
|
| (a) |
These accumulated other comprehensive
income (loss) components are included in the computation of net
periodic pension cost (see Note H for additional details). |
|