Napa Auto Parts 2015 Annual Report Download - page 55

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Genuine Parts Company and Subsidiaries
Notes to Consolidated Financial Statements — (Continued)
December 31, 2015
The guarantees related to borrowings are discussed further in the guarantees footnote.
Self-Insurance
The Company is self-insured for the majority of group health insurance costs. A reserve for claims incurred
but not reported is developed by analyzing historical claims data provided by the Company’s claims admin-
istrators. These reserves are included in accrued expenses in the accompanying consolidated balance sheets as the
expenses are expected to be paid within one year.
Long-term insurance liabilities consist primarily of reserves for the workers’ compensation program. In
addition, the Company carries various large risk deductible workers’ compensation policies for the majority of
workers’ compensation liabilities. The Company records the workers’ compensation reserves based on an analy-
sis performed by an independent actuary. The analysis calculates development factors, which are applied to total
reserves as provided by the various insurance companies who underwrite the program. While the Company
believes that the assumptions used to calculate these liabilities are appropriate, significant differences in actual
experience or significant changes in these assumptions may materially affect workers’ compensation costs.
Accumulated Other Comprehensive Loss
Accumulated other comprehensive loss is comprised of the following:
December 31
2015 2014
(In Thousands)
Foreign currency translation ...................................... $(394,984) $(186,998)
Unrecognized net actuarial loss, net of tax ........................... (540,018) (538,614)
Unrecognized prior service credit, net of tax ......................... 4,384 5,401
Total accumulated other comprehensive loss ......................... $(930,618) $(720,211)
The following table presents the changes in accumulated other comprehensive loss by component for the
years ended on December 31, 2015 and 2014:
Changes in Accumulated Other Comprehensive
Loss by Component
Pension
Benefits
Other
Post-
Retirement
Benefits
Foreign
Currency
Translation Total
(In Thousands)
Beginning balance, January 1, 2014 ......................... $(359,079) $ (957) $ (37,619) $(397,655)
Other comprehensive loss before reclassifications, net of tax . . . (193,182) (39) (149,379) (342,600)
Amounts reclassified from accumulated other comprehensive
loss, net of tax ...................................... 20,192 (148) — 20,044
Net current period other comprehensive loss ................ (172,990) (187) (149,379) (322,556)
Ending balance, December 31, 2014 ......................... (532,069) (1,144) (186,998) (720,211)
Other comprehensive loss before reclassifications, net of tax . . . (25,558) (111) (207,986) (233,655)
Amounts reclassified from accumulated other comprehensive
loss, net of tax ...................................... 23,412 (164) — 23,248
Net current period other comprehensive loss ................ (2,146) (275) (207,986) (210,407)
Ending balance, December 31, 2015 ......................... $(534,215) $(1,419) $(394,984) $(930,618)
F-12