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Stockholders' Equity
 6 Months Ended
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