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Stockholders' Equity | 6 Months Ended
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Sep. 30, 2014
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 $200.0 million to repurchase shares of its common stock in open-market or privately-negotiated transactions. The effective period for this authorization is July 1, 2014 through June 30, 2015. The company uses its available cash and, 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 and in the context of current conditions in the credit and capital markets. No shares have been repurchased under the May 2014 program. In May 2013, 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. The effective period for this authorization was July 1, 2013 through June 30, 2014. No shares were repurchased under the May 2013 program. Dividends The declaration of dividends is at the discretion of the company’s 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) |  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
Dividends declared |  | $ | 12,611 |  |  |  | 12,536 |  |  |  | 25,199 |  |  |  | 25,035 |
Dividend per share |  |  | 0.25 |  |  |  | 0.25 |  |  |  | 0.50 |  |  |  | 0.50 |
Accumulated Other Comprehensive Loss The changes in accumulated other comprehensive income by component, net of tax for the quarters and six month periods ended September 30, 2014 and 2013 are as follows:
|  | For the quarter ended September 30, 2014 |  | For the six months ended September 30, 2014
|  | Balance at |  | Gains/(losses) recognized |  | Reclasses from OCI to |  | Net period |  | Remaining balance |  | Balance at |  | Gains/(losses) recognized |  | Reclasses from OCI to |  | Net period |  | Remaining balance
(in thousands) |  | 6/30/14 |  | in OCI |  | net income |  | OCI |  | 9/30/14 |  | 3/31/14 |  | in OCI |  | net income |  | OCI |  | 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) |
|  | For the quarter ended September 30, 2013 |  | For the six months ended September 30, 2013
|  | Balance at |  | Gains/(losses) recognized |  | Reclasses from OCI to |  | Net period |  | Remaining balance |  | Balance at |  | Gains/(losses) recognized |  | Reclasses from OCI to |  | Net period |  | Remaining balance
(in thousands) |  | 6/30/13 |  | in OCI |  | net income |  | OCI |  | 9/30/13 |  | 3/31/13 |  | in OCI |  | net income |  | OCI |  | 9/30/13
Available for sale securities |  |  |  | (10 | ) |  |  |  | (237 | ) |  |  |  | 64 |  |  |  |  | (173 | ) |  |  |  | (183 | ) |  |  |  | (121 | ) |  |  |  | (206 | ) |  |  |  | 144 |  |  |  |  | (62 | ) |  |  |  | (183) |
Currency translation adjustment |  |  |  | (9,811 | ) |  |  |  | --- |  |  |  |  | --- |  |  |  |  | --- |  |  |  |  | (9,811 | ) |  |  |  | (9,811 | ) |  |  |  | --- |  |  |  |  | --- |  |  |  |  | --- |  |  |  |  | (9,811) |
Pension/Post-retirement benefits |  |  |  | (4,353 | ) |  |  |  | --- |  |  |  |  | --- |  |  |  |  | --- |  |  |  |  | (4,353 | ) |  |  |  | (4,353 | ) |  |  |  | --- |  |  |  |  | --- |  |  |  |  | --- |  |  |  |  | (4,353) |
Interest rate swaps |  |  |  | (2,739 | ) |  |  |  | --- |  |  |  |  | 116 |  |  |  |  | 116 |  |  |  |  | (2,623 | ) |  |  |  | (2,856 | ) |  |  |  | --- |  |  |  |  | 233 |  |  |  |  | 233 |  |  |  |  | (2,623) |
Total |  |  |  | (16,913 | ) |  |  |  | (237 | ) |  |  |  | 180 |  |  |  |  | (57 | ) |  |  |  | (16,970 | ) |  |  |  | (17,141 | ) |  |  |  | (206 | ) |  |  |  | 377 |  |  |  |  | 171 |  |  |  |  | (16,970) |
The following table summarizes the reclassifications from accumulated other comprehensive loss to the condensed consolidated statement of income for the quarters and six month periods ended September 30, 2014 and 2013:
|  |  |  | Quarter Ended |  | Six Months Ended |  |
|  |  |  | September 30, |  | September 30, |  | Affected line item in the condensed
(In thousands) |  |  |  | 2014 |  | 2013 |  | 2014 |  | 2013 |  | consolidated statements of income
Realized gains on available for sale securities |  |  |  | $ |  |  |  |  | 103 |  |  |  |  | 99 |  |  |  |  | 209 |  |  |  |  | 222 |  |  | Interest income and other, net
Amortization of interest rate swap |  |  |  |  |  |  |  |  | 180 |  |  |  |  | 178 |  |  |  |  | 358 |  |  |  |  | 358 |  |  | Interest and other debt costs
Total pre-tax amounts |  |  |  |  |  |  |  |  | 283 |  |  |  |  | 277 |  |  |  |  | 567 |  |  |  |  | 580 |  |  |
Tax effect |  |  |  |  |  |  |  |  | 99 |  |  |  |  | 97 |  |  |  |  | 198 |  |  |  |  | 203 |  |  |
Total gains for the period, net of tax |  |  |  | $ |  |  |  |  | 184 |  |  |  |  | 180 |  |  |  |  | 369 |  |  |  |  | 377 |  |  |

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