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STOCKHOLDERS' EQUITY
6 Months Ended
Sep. 30, 2015
STOCKHOLDERS' EQUITY
(2)

STOCKHOLDERS’ EQUITY

Common Stock Repurchase Program

In May 2014, the company’s Board of Directors authorized the company to spend up to $200 million to repurchase shares of its common stock in open-market or privately-negotiated transactions. In May 2015, the company’s Board of Directors authorized an extension of its May 2014 common stock repurchase program from its original expiration date of June 30, 2015 to June 30, 2016. In fiscal 2015, $100 million was used to repurchase common stock under the May 2014 share repurchase program. No shares were repurchased by the company during the period from March 31, 2015 to September 30, 2015, and as of the end of this period $100 million remained authorized and available to repurchase shares under the May 2014 share repurchase program. If shares are purchased in open market or privately-negotiated transactions pursuant to this share repurchase program, the company will use its available cash and/or, when considered advantageous, borrowings under its revolving credit facility or other borrowings to fund any share repurchases. The company evaluates share repurchase opportunities relative to other investment opportunities, the company’s own liquidity and in the context of current conditions in the credit and capital markets.

Dividends

The declaration of dividends is at the discretion of the company’s Board of Directors, and will depend on the company’s financial results, cash requirements, future prospects, and other factors deemed relevant by the Board of Directors. The Board of Directors declared the following dividends for the quarters and six-month periods ended September 30:

 

    

Quarter Ended
September 30,

         

Six Months Ended

September 30,

 

(In thousands, except dividend per share)

     2015                 2014                2015                 2014   

 

 

Dividends declared

   $         11,814                 12,611                23,154                 25,199   

Dividend per share

     0.25                 0.25                0.50                 0.50   

 

 

 

Accumulated Other Comprehensive Income (Loss)

The changes in accumulated other comprehensive income (loss) by component, net of tax for the quarters and six month periods ended September 30, 2015 and 2014 are as follows:

 

     For the quarter ended September 30, 2015          For the six months ended September 30, 2015  
  

 

 

      

 

 

 
(in thousands)   

Balance
at

6/30/15

   

Gains/(losses)
recognized

in OCI

  Reclasses
from OCI to
net income
   Net
period
OCI
    Remaining
balance
9/30/15
        

Balance
at

3/31/15

   

Gains/(losses)
recognized

in OCI

  Reclasses
from OCI to
net income
   Net
period
OCI
    Remaining    
balance    
9/30/15    
 

 

 

Available for sale securities

     183      (690)     63      (627     (444        235      (804)   125      (679     (444)       

Currency translation adjustment

     (9,811     ---     ---      ---        (9,811        (9,811     ---    ---      ---        (9,811)       

Pension/Post-retirement benefits

     (9,059     ---     ---      ---        (9,059        (9,129     70    ---      70        (9,059)       

Interest rate swaps

     (1,494     ---   180      180        (1,314        (1,673     ---   359      359        (1,314)       

 

 

Total

     (20,181   (690)   243      (447     (20,628        (20,378   (734)   484      (250     (20,628)       

 

 
                         
     For the quarter ended September 30, 2014          For the six months ended September 30, 2014  
(in thousands)    Balance
at
6/30/14
   

Gains/(losses)
recognized

in OCI

  Reclasses
from OCI to
net income
   Net
period
OCI
    Remaining
balance
9/30/14
         Balance
at
3/31/14
   

Gains/(losses)
recognized

in OCI

  Reclasses
from OCI to
net income
   Net
period
OCI
    Remaining    
balance    
9/30/14    
 

 

 

Available for sale securities

     193      (35)     67      32        225           92        (3)   136      133        225       

Currency translation adjustment

     (9,811   ---   ---      ---        (9,811        (9,811   ---   ---      ---        (9,811)       

Pension/Post-retirement benefits

     15      ---   ---      ---        15           (116   131   ---      131        15       

Interest rate swaps

     (2,274   ---   117      117        (2,157        (2,390   ---   233      233        (2,157)       

 

 

Total

     (11,877   (35)   184      149        (11,728        (12,225   128   369      497        (11,728)       

 

 

The following table summarizes the reclassifications from accumulated other comprehensive income (loss) to the condensed consolidated statement of income for the quarters and six month periods ended September 30, 2015 and 2014:

 

    

Quarter Ended

September 30,

          Six Months Ended
September 30,
    

Affected line item in the condensed    

consolidated statements of income    

(In thousands)    2015      2014           2015      2014     

 

Realized gains on available for sale securities

     $        97                 103            192           209         Interest income and other, net    

Amortization of interest rate swap

     277                 180            552           358         Interest and other debt costs    

 

Total pre-tax amounts

     374                 283            744           567        

Tax effect

     131                 99            260           198        

 

Total gains for the period, net of tax

     $        243                 184            484           369