|
Thousands of dollars, except per-share amounts and numbers of shares
| 12 |
Other Comprehensive Income (Loss) |
The components of Accumulated other comprehensive loss are
as follows:
| |
2004 |
|
2003 |
|
 |
| Foreign currency translation adjustments |
$ |
(72,671 |
) |
$ |
(156,193 |
) |
| Minimum pension liability adjustment |
|
(93,639 |
) |
|
(86,909 |
) |
| Unrealized gains on investments |
|
9,963 |
|
|
9,721 |
|
| Unrealized losses on cash flow hedges |
|
(12,353 |
) |
|
(9,892 |
) |
|
| |
$ |
(168,700 |
) |
$ |
(243,273 |
) |
|
The income tax provision recorded in fiscal year 2004 and
2003 for the unrealized gains on investments was $285 and
$6,700, respectively. The income tax benefits recorded in fiscal
years 2004 and 2003 for cash flow hedges were $3,100 and
$5,500, respectively. The income tax benefit amounts recorded
in fiscal year 2004 and 2003 for the minimum pension liability
adjustment were $4,000 and $300, respectively. Income taxes
are generally not provided for translation adjustments.
The unrealized gains on investments included in other comprehensive loss for 2002 are net of reclassification adjustments of $8,000, net of tax, for recognized losses as defined by SFAS No. 115. The tax expense associated with these reclassification adjustments was $5,600. Reclassification adjustments related to investments were not significant in 2004 or 2003.
The unrealized losses on cash flow hedges included in other comprehensive loss for 2004 and 2003 are net of reclassification adjustments of $15,000 and $6,800, net of tax, respectively, for realized net hedge losses recorded to revenues. These amounts had been included in Accumulated other comprehensive loss in prior periods. The tax benefit associated with these reclassification adjustments in 2004 and 2003 was $9,200 and $4,800, respectively.
|
