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EQUITY | 3 Months Ended
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Mar. 31, 2016
Stockholders' Equity Note [Abstract] |
EQUITY | EQUITY Changes in equity for the three months ended March 31, 2016 are as follows:
| Shareholders’ Equity |  | Non-controlling Interests |  | Total Equity
Balance, December 31, 2015 | $ | 931,587 |  |  | $ | 861 |  |  | $ | 932,448 |
Comprehensive income (loss): |  |  |  |  |  |  |  |
Net income (loss) | 53,638 |  |  | (14 | ) |  | 53,624 |
Other comprehensive income | 26,688 |  |  | 15 |  |  | 26,703 |
Total comprehensive income | 80,326 |  |  | 1 |  |  | 80,327 |
Cash dividends declared - $0.32 per share | (22,145 | ) |  | — |  |  | (22,145 | )
Issuance of shares under benefit plans | 4,527 |  |  | — |  |  | 4,527 |
Purchase of shares for treasury | (102,488 | ) |  | — |  |  | (102,488 | )
Balance, March 31, 2016 | $ | 891,807 |  |  | $ | 862 |  |  | $ | 892,669 |
In July 2013, the Company's Board of Directors authorized a new share repurchase program, which increased the total number of the Company's common shares authorized to be repurchased to 45 million shares. At management’s discretion, the Company repurchases its common shares from time to time in the open market, depending on market conditions, stock price and other factors. During the three month period ended March 31, 2016, the Company purchased a total of 1.9 million shares. As of March 31, 2016, there remained 2.8 million common shares available for repurchase under this program. The repurchased common shares remain in treasury and have not been retired. In April 2016, the Company's Board of Directors authorized a new share repurchase program for up to an additional 10 million of the Company's common shares. The following tables set forth the total changes in accumulated other comprehensive income (loss) ("AOCI") by component, net of taxes for the three months ended March 31, 2016 and 2015:
|  | Three Months Ended March 31, 2016
|  | Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges |  | Defined benefit pension plan activity |  | Currency translation adjustment |  | Total
Balance at December 31, 2015 |  | $ | 548 |  |  | $ | (99,776 | ) |  | $ | (197,039 | ) |  | $ | (296,267 | )
Other comprehensive income (loss) before reclassification |  | 1,699 |  |  | (20 | ) |  | 24,234 |  | 3 |  | 25,913 |
Amounts reclassified from AOCI |  | (863 | ) | 1 |  | 1,638 |  | 2 |  | — |  |  | 775 |
Net current-period other comprehensive income (loss) |  | 836 |  |  | 1,618 |  |  | 24,234 |  |  | 26,688 |
Balance at March 31, 2016 |  | $ | 1,384 |  |  | $ | (98,158 | ) |  | $ | (172,805 | ) |  | $ | (269,579 | )
|  | Three Months Ended March 31, 2015
|  | Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges |  | Defined benefit pension plan activity |  | Currency translation adjustment |  | Total
Balance at December 31, 2014 |  | $ | (9 | ) |  | $ | (197,893 | ) |  | $ | (90,720 | ) |  | $ | (288,622 | )
Other comprehensive income (loss) before reclassification |  | 1,322 |  |  | — |  |  | (56,011 | ) | 3 |  | (54,689 | )
Amounts reclassified from AOCI |  | (222 | ) | 1 |  | 3,538 |  | 2 |  | — |  |  | 3,316 |
Net current-period other comprehensive income (loss) |  | 1,100 |  |  | 3,538 |  |  | (56,011 | ) |  | (51,373 | )
Balance at March 31, 2015 |  | $ | 1,091 |  |  | $ | (194,355 | ) |  | $ | (146,731 | ) |  | $ | (339,995 | )
1 | During the 2016 period, this AOCI reclassification is a component of Net sales of $(787) (net of tax of $(278)) and Cost of goods sold of $(76) (net of tax of $22); during the 2015 period, the reclassification is a component of Net sales of $(529) (net of tax of $(249)) and Cost of goods sold of $307 (net of tax of $202). (See Note 15 - Derivatives for additional details.)
2 | This AOCI component is included in the computation of net periodic pension costs (net of tax of $911 and $2,395 during the three months ended March 31, 2016 and 2015, respectively). (See Note 13 - Retirement and Postretirement Benefit Plans for additional details.)
3 | The Other comprehensive income (loss) before reclassifications excludes $15 and $(541) attributable to Non-controlling interests in the three months ended March 31, 2016 and 2015, respectively.
The following tables set forth the total changes in AOCI by component, net of taxes for the three months ended March 31, 2016 and 2015:
|  | Three Months Ended March 31, 2016
|  | Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges |  | Defined benefit pension plan activity |  | Currency translation adjustment |  | Total
Balance at December 31, 2015 |  | $ | 548 |  |  | $ | (99,776 | ) |  | $ | (197,039 | ) |  | $ | (296,267 | )
Other comprehensive income (loss) before reclassification |  | 1,699 |  |  | (20 | ) |  | 24,234 |  | 3 |  | 25,913 |
Amounts reclassified from AOCI |  | (863 | ) | 1 |  | 1,638 |  | 2 |  | — |  |  | 775 |
Net current-period other comprehensive income (loss) |  | 836 |  |  | 1,618 |  |  | 24,234 |  |  | 26,688 |
Balance at March 31, 2016 |  | $ | 1,384 |  |  | $ | (98,158 | ) |  | $ | (172,805 | ) |  | $ | (269,579 | )
|  | Three Months Ended March 31, 2015
|  | Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges |  | Defined benefit pension plan activity |  | Currency translation adjustment |  | Total
Balance at December 31, 2014 |  | $ | (9 | ) |  | $ | (197,893 | ) |  | $ | (90,720 | ) |  | $ | (288,622 | )
Other comprehensive income (loss) before reclassification |  | 1,322 |  |  | — |  |  | (56,011 | ) | 3 |  | (54,689 | )
Amounts reclassified from AOCI |  | (222 | ) | 1 |  | 3,538 |  | 2 |  | — |  |  | 3,316 |
Net current-period other comprehensive income (loss) |  | 1,100 |  |  | 3,538 |  |  | (56,011 | ) |  | (51,373 | )
Balance at March 31, 2015 |  | $ | 1,091 |  |  | $ | (194,355 | ) |  | $ | (146,731 | ) |  | $ | (339,995 | )
1 | During the 2016 period, this AOCI reclassification is a component of Net sales of $(787) (net of tax of $(278)) and Cost of goods sold of $(76) (net of tax of $22); during the 2015 period, the reclassification is a component of Net sales of $(529) (net of tax of $(249)) and Cost of goods sold of $307 (net of tax of $202). (See Note 14 - Derivatives for additional details.)
2 | This AOCI component is included in the computation of net periodic pension costs (net of tax of $911 and $2,395 during the three months ended March 31, 2016 and 2015, respectively). (See Note 12 - Retirement and Postretirement Benefit Plans for additional details.)
3 | The Other comprehensive income (loss) before reclassifications excludes $15 and $(541) attributable to Non-controlling interests in the three months ended March 31, 2016 and 2015, respectively.

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