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STOCKHOLDERS' EQUITY
 3 Months Ended
Jun. 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 June 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 ended June 30:

 

     Quarter Ended
     June 30,
(In thousands, except dividend per share)    2015      2014        

Dividends declared

    $ 11,340         12,589      

Dividend per share

      0.25         0.25        

 

Accumulated Other Comprehensive Loss

The changes in accumulated other comprehensive loss by component, net of tax for the quarter ended June 30, 2015 and 2014 are as follows:

 

     For the quarter ended June 30, 2014    For the quarter ended June 30, 2015
(in thousands)   

Balance

at

3/31/14

   

Gains/(losses)
recognized

in OCI

    Reclasses
from OCI to
net income		    Net
period
OCI		    Remaining
balance
6/30/14		    Balance
at
3/31/15		   

Gains/(losses)
recognized

in OCI

    Reclasses
from OCI to
net income		    Net
period
OCI		    Remaining
balance
6/30/15
   

Available for sale securities

        92            31            70            101            193            235            (114)           62            (52)           183    

Currency translation adjustment

        (9,811)           —            —            —            (9,811)           (9,811)           —            —            —            (9,811)   

Pension/Post-retirement benefits

        (116)           131            —            131            15            (9,129)           70            —            70            (9,059)   

Interest rate swap

        (2,390)           —            116            116            (2,274)           (1,673)           —            179            179            (1,494)   
   

Total

        (12,225)          162           186           348           (11,877)          (20,378)          (44)          241           197           (20,181)  
                                                                                                               

The following table summarizes the reclassifications from accumulated other comprehensive loss to the condensed consolidated statement of income for the quarters ended June 30, 2015 and 2014:

 

     Quarter Ended       
     June 30,      Affected line item in the condensed
(In thousands)    2015      2014      consolidated statements of income

Realized gains on available for sale securities

    $ 62         108       Interest income and other, net

Amortization of interest rate swap

      179         178       Interest and other debt costs, net

Total pre-tax amounts

      241         286      

Tax effect

      —         100        

Total gains for the period, net of tax

    $ 241         186