Hess 2014 Annual Report Download - page 68

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53 53
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
STATEMENT OF CONSOLIDATED COMPREHENSIVE INCOME
Years Ended December 31,
2014 2013 2012
(In millions)
NET INCOME .................................................................................. $ 2,374 $ 5,222 $ 2,063
OTHER COMPREHENSIVE INCOME (LOSS):
Derivatives designated as cash flow hedges
Effect of hedge (gains) losses reclassified to income ........... (137) (33 ) 676
Income taxes on effect of hedge (gains) losses reclassified
to income ......................................................................... 51 18 (252)
Net effect of hedge (gains) losses reclassified to income (86) (15 ) 424
Change in fair value of cash flow hedges ............................. 128 68 (156)
Income taxes on change in fair value of cash flow hedges ... (48) (25 ) 60
Net change in fair value of cash flow hedges .................. 80 43 (96)
Change in derivatives designated as cash flow hedges,
after-tax ............................................................................... (6) 28 328
Pension and other postretirement plans
Reduction (increase) of unrecognized actuarial losses ......... (534) 414 (100)
Income taxes on actuarial changes in plan liabilities ............ 186 (157 ) 39
Reduction (increase) in unrecognized actuarial losses,
net................................................................................ (348) 257 (61)
Amortization of net actuarial losses ...................................... 56 63 85
Income taxes on amortization of net actuarial losses ............ (18) (23 ) (32)
Net effect of amortization of net actuarial losses ............. 38 40 53
Change in pension and other postretirement plans, after-
tax ......................................................................................... (310) 297 (8)
Foreign currency translation adjustment
Foreign currency translation adjustment ............................... (756) (283 ) 256
Reclassified to Gains on asset sales, net ............................... — 119 —
Change in foreign currency translation adjustment............. (756) (164 ) 256
TOTAL OTHER COMPREHENSIVE INCOME (LOSS) ...... (1,072) 161 576
COMPREHENSIVE INCOME ....................................................... 1,302 5,383 2,639
Less: Comprehensive income (loss) attributable to
noncontrolling interests ............................................................. 57 176 40
COMPREHENSIVE INCOME ATTRIBUTABLE TO HESS
CORPORATION ......................................................................... $ 1,245 $ 5,207 $ 2,599
See accompanying Notes to the Consolidated Financial Statements.