ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The following table presents the changes in the balance of accumulated other comprehensive income (loss) for the year ended December 31, 2013. Defined benefit pension and postretirement plan items are the only component of our accumulated comprehensive income (loss). All amounts in the following table are presented net of tax.
|
| | | | |
| | For the Year Ended December 31, 2013 |
(in thousands) | | |
Beginning balance | | $ | (5,062 | ) |
Other comprehensive income before reclassifications | | 2,251 |
|
Amounts reclassified from accumulated other comprehensive loss | | 278 |
|
Net current-period other comprehensive income | | 2,529 |
|
Ending balance | | $ | (2,533 | ) |
The following table presents amounts reclassified out of accumulated other comprehensive loss for the year ended December 31, 2013.
|
| | | | |
| | For the Year Ended December 31, 2013 |
(in thousands) | | |
Amortization of defined benefit pension and postretirement plan items: | | |
Prior service cost (1) | | $ | 60 |
|
Net gain (1) | | (523 | ) |
Total before tax | | (463 | ) |
Tax cost | | 185 |
|
Benefit, net of tax | | $ | (278 | ) |
| |
(1) | These amounts are included in the computation of net periodic benefits See Note 16, Employee Benefit Plans, for additional details. |
Amortization of defined benefit pension and postretirement plan items are included in operations expense in the accompanying consolidated statements of income. Tax cost is included in income tax expense in the accompanying consolidated statements of income.
