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STOCKHOLDERS' EQUITY | 9 Months Ended
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Dec. 31, 2015
Equity [Abstract] |
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 December 31, 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. In January 2016, the company suspended its common stock repurchase program. The aggregate dollar outlay for common stock repurchased, along with the number of shares repurchased, and average price paid per share, for the quarters and nine-month periods ended December 31 is as follows:
|  | Quarter Ended |  |  | Nine Months Ended |
|  | December 31, |  |  | December 31, |
(In thousands, except share and per share data) |  | 2015 |  |  | 2014 |  |  | 2015 |  |  | 2014 |
Aggregate dollar outlay for common stock repurchased |  | $ | — |  |  |  | 99,999 |  |  |  | — |  |  |  | 99,999 |
Shares of common stock repurchased |  |  | — |  |  |  | 2,841,976 |  |  |  | — |  |  |  | 2,841,976 |
Average price paid per common share |  | $ | — |  |  |  | 35.19 |  |  |  | — |  |  |  | 35.19 |
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 nine-month periods ended December 31:
|  | Quarter Ended |  |  | Nine Months Ended |
|  | December 31, |  |  | December 31, |
(In thousands, except dividend per share) |  | 2015 |  |  | 2014 |  |  | 2015 |  |  | 2014 |
Dividends declared |  | $ | 11,811 |  |  |  | 12,029 |  |  |  | 34,965 |  |  |  | 37,229 |
Dividend per share |  |  | 0.25 |  |  |  | 0.25 |  |  |  | 0.75 |  |  |  | 0.75 |
In January 2016, the company suspended the quarterly dividend program. Accumulated Other Comprehensive Income (Loss) The changes in accumulated other comprehensive income (loss) by component, net of tax for the quarters and nine month periods ended December 31, 2015 and 2014 are as follows:
|  | For the quarter ended December 31, 2015 |  |  | For the nine months ended December 31, 2015 |
|  | Balance |  |  | Gains/(losses) |  |  | Reclasses |  |  | Net |  |  | Remaining |  |  | Balance |  |  | Gains/(losses) |  |  | Reclasses |  |  | Net |  |  | Remaining |
|  | at |  |  | recognized |  |  | from OCI to |  |  | period |  |  | balance |  |  | at |  |  | recognized |  |  | from OCI to |  |  | period |  |  | balance |
(in thousands) |  | 9/30/15 |  |  | in OCI |  |  | net income |  |  | OCI |  |  | 12/31/15 |  |  | 3/31/15 |  |  | in OCI |  |  | net income |  |  | OCI |  |  | 12/31/15 |
Available for sale securities |  |  | (444 | ) |  |  | 235 |  |  |  | (24 | ) |  |  | 211 |  |  |  | (233 | ) |  |  | 235 |  |  |  | (569 | ) |  |  | 101 |  |  |  | (468 | ) |  |  | (233 | )
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 |  |  | (1,314 | ) |  |  | — |  |  |  | 180 |  |  |  | 180 |  |  |  | (1,134 | ) |  |  | (1,673 | ) |  |  | — |  |  |  | 539 |  |  |  | 539 |  |  |  | (1,134 | )
Total |  |  | (20,628 | ) |  |  | 235 |  |  |  | 156 |  |  |  | 391 |  |  |  | (20,237 | ) |  |  | (20,378 | ) |  |  | (499 | ) |  |  | 640 |  |  |  | 141 |  |  |  | (20,237 | )
|  | For the quarter ended December 31, 2014 |  |  | For the nine months ended December 31, 2014 |
|  | Balance |  |  | Gains/(losses) |  |  | Reclasses |  |  | Net |  |  | Remaining |  |  | Balance |  |  | Gains/(losses) |  |  | Reclasses |  |  | Net |  |  | Remaining |
|  | at |  |  | recognized |  |  | from OCI to |  |  | period |  |  | balance |  |  | at |  |  | recognized |  |  | from OCI to |  |  | period |  |  | balance |
(in thousands) |  | 9/30/14 |  |  | in OCI |  |  | net income |  |  | OCI |  |  | 12/31/14 |  |  | 3/31/14 |  |  | in OCI |  |  | net income |  |  | OCI |  |  | 12/31/14 |
Available for sale securities |  |  | 225 |  |  |  | (73 | ) |  |  | 19 |  |  |  | (54 | ) |  |  | 171 |  |  |  | 92 |  |  |  | (76 | ) |  |  | 155 |  |  |  | 79 |  |  |  | 171 |
Currency translation adjustment |  |  | (9,811 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (9,811 | ) |  |  | (9,811 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (9,811 | )
Pension/Post- retirement benefits |  |  | 15 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 15 |  |  |  | (116 | ) |  |  | 131 |  |  |  | — |  |  |  | 131 |  |  |  | 15 |
Interest rate swaps |  |  | (2,157 | ) |  |  | — |  |  |  | 116 |  |  |  | 116 |  |  |  | (2,041 | ) |  |  | (2,390 | ) |  |  | — |  |  |  | 349 |  |  |  | 349 |  |  |  | (2,041 | )
Total |  |  | (11,728 | ) |  |  | (73 | ) |  |  | 135 |  |  |  | 62 |  |  |  | (11,666 | ) |  |  | (12,225 | ) |  |  | 55 |  |  |  | 504 |  |  |  | 559 |  |  |  | (11,666 | )
The following table summarizes the reclassifications from accumulated other comprehensive income (loss) to the condensed consolidated statement of income for the quarters and nine month periods ended December 31, 2015 and 2014:
|  | Quarter Ended |  |  | Nine Months Ended |  |  |
|  | December 31, |  |  | December 31 |  |  | Affected line item in the condensed
(In thousands) |  | 2015 |  |  | 2014 |  |  | 2015 |  |  | 2014 |  |  | consolidated statements of income
Realized gains on available for sale securities |  | $ | (37 | ) |  |  | 29 |  |  |  | 155 |  |  |  | 238 |  |  | Interest income and other, net
Amortization of interest rate swap |  |  | 277 |  |  |  | 178 |  |  |  | 829 |  |  |  | 537 |  |  | Interest and other debt costs
Total pre-tax amounts |  |  | 240 |  |  |  | 207 |  |  |  | 984 |  |  |  | 775 |  |  |
Tax effect |  |  | 84 |  |  |  | 72 |  |  |  | 344 |  |  |  | 271 |  |  |
Total gains for the period, net of tax |  | $ | 156 |  |  |  | 135 |  |  |  | 640 |  |  |  | 504 |  |  |

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