| Schedule of share repurchase activity |
The Company’s recent share repurchase activity is presented in the following table: | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | June 30, | | June 30, | | 2016 | | 2015 | | 2016 | | 2015 | Number of shares repurchased (1) | 66,087 |
| | 1,244,010 |
| | 532,910 |
| | 5,328,600 |
| Cash paid for repurchased shares (in thousands) (2) | $ | 6,480 |
| | $ | 117,400 |
| | $ | 51,967 |
| | $ | 441,442 |
|
(1) The average purchase price for repurchased shares was $98.03 and $84.00 for the three and six months ended June 30, 2016, respectively, and $84.03 and $82.34 for the three and six months ended June 30, 2015, respectively.
(2) The cash paid for the six months ended June 30, 2016 includes $7.2 million for share repurchases that were executed in late December 2015 and were settled in early January 2016. |
| Schedule of the changes in AOCI by component (net of tax) |
The following tables disclose information about changes in AOCL/I by component and the related amounts reclassified out of AOCL/I to income during the periods indicated (net of tax, in thousands) (1):
For the three months ended June 30, 2016: | | | | | | | | | | | | | | | | | | Interest Rate Swaps | | Defined Benefit Pension Plans | | Foreign Currency Translation Adjustments | | Total | Balance - March 31, 2016 | $ | (10,212 | ) | | $ | (4,795 | ) | | $ | (34,423 | ) | | $ | (49,430 | ) | Changes during the period: | |
| | |
| | |
| | |
| Change in AOCL/I before reclassifications to income | (3,095 | ) | | — |
| | 3,335 |
| | 240 |
| Reclassifications from AOCL/I to income during the period (2), (3) | 1,149 |
| | 38 |
| | — |
| | 1,187 |
| Other comprehensive income for the period | (1,946 | ) | | 38 |
| | 3,335 |
| | 1,427 |
| Balance – June 30, 2016 | $ | (12,158 | ) | | $ | (4,757 | ) | | $ | (31,088 | ) | | $ | (48,003 | ) |
For the three months ended June 30, 2015: | | | | | | | | | | | | | | | | | | Interest Rate
Swaps | | Defined
Benefit
Pension Plans | | Foreign
Currency
Translation
Adjustments | | Total | Balance – March 31, 2015 | $ | (2,844 | ) | | $ | (5,975 | ) | | $ | (33,509 | ) | | $ | (42,328 | ) | Changes during the period: | | | | | | | | Change in AOCL/I before reclassifications to income | (596 | ) | | — |
| | 6,224 |
| | 5,628 |
| Reclassifications from AOCL/I to income during the period (2), (3) | 1,030 |
| | 53 |
| | — |
| | 1,083 |
| Other comprehensive income for the period | 434 |
| | 53 |
| | 6,224 |
| | 6,711 |
| Balance – June 30, 2015 | $ | (2,410 | ) | | $ | (5,922 | ) | | $ | (27,285 | ) | | $ | (35,617 | ) |
For the six months ended June 30, 2016: | | | | | | | | | | | | | | | | | | Interest Rate
Swaps | | Defined
Benefit
Pension Plans | | Foreign
Currency
Translation
Adjustments | | Total | Balance – December 31, 2015 | $ | (3,079 | ) | | $ | (4,832 | ) | | $ | (36,491 | ) | | $ | (44,402 | ) | Changes during the period: | | | | | | | | Change in AOCL/I before reclassifications to income | (11,452 | ) | | — |
| | 5,403 |
| | (6,049 | ) | Reclassifications from AOCL/I to income during the period (2), (3) | 2,373 |
| | 75 |
| | — |
| | 2,448 |
| Other comprehensive loss for the period | (9,079 | ) | | 75 |
| | 5,403 |
| | (3,601 | ) | Balance – June 30, 2016 | $ | (12,158 | ) | | $ | (4,757 | ) | | $ | (31,088 | ) | | $ | (48,003 | ) |
For the six months ended June 30, 2015:
| | | | | | | | | | | | | | | | | | Interest Rate
Swaps | | Defined
Benefit
Pension Plans | | Foreign
Currency
Translation
Adjustments | | Total | Balance – December 31, 2014 | $ | (1,740 | ) | | $ | (6,028 | ) | | $ | (13,402 | ) | | $ | (21,170 | ) | Changes during the period: | | | | | | | | Change in AOCL/I before reclassifications to income | (2,453 | ) | | — |
| | (13,883 | ) | | (16,336 | ) | Reclassifications from AOCL/I to income during the period (2), (3) | 1,783 |
| | 106 |
| | — |
| | 1,889 |
| Other comprehensive loss for the period | (670 | ) | | 106 |
| | (13,883 | ) | | (14,447 | ) | Balance – June 30, 2015 | $ | (2,410 | ) | | $ | (5,922 | ) | | $ | (27,285 | ) | | $ | (35,617 | ) |
| | (1) | Amounts in parentheses represent debits (deferred losses). |
| | (2) | The reclassifications related to interest rate swaps (cash flow hedges) were recorded in Interest expense, net of tax effect. See Note 9 – Derivatives and Hedging for information regarding the hedges. |
| | (3) | The reclassifications related to defined benefit pension plans were recorded in Selling, general and administrative expense, net of tax effect. See Note 11 – Employee Benefits for information regarding the Company’s defined benefit pension plans. |
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