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EQUITY | 6 Months Ended
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Jun. 30, 2016
Stockholders' Equity Note [Abstract] |
EQUITY | EQUITY Changes in equity for the six months ended June 30, 2016 are as follows:
| Shareholders’ Equity |  | Non-controlling Interests |  | Total Equity
Balance at December 31, 2015 | $ | 931,587 |  |  | $ | 861 |  |  | $ | 932,448 |
Comprehensive income (loss): |  |  |  |  |  |  |  |
Net income (loss) | 84,955 |  |  | (22 | ) |  | 84,933 |
Other comprehensive income (loss) | 9,713 |  |  | (35 | ) |  | 9,678 |
Total comprehensive income (loss) | 94,668 |  |  | (57 | ) |  | 94,611 |
Cash dividends declared - $0.64 per share | (43,792 | ) |  | — |  |  | (43,792 | )
Issuance of shares under benefit plans | 12,080 |  |  | — |  |  | 12,080 |
Purchase of shares for treasury | (202,933 | ) |  | — |  |  | (202,933 | )
Balance at June 30, 2016 | $ | 791,610 |  |  | $ | 804 |  |  | $ | 792,414 |
In April 2016, 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 55 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 and six month period ended June 30, 2016, the Company purchased a total of 1.7 million and 3.6 million shares, respectively. As of June 30, 2016, there remained 11.1 million common shares available for repurchase under this program. The repurchased common shares remain in treasury and have not been retired. 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 June 30, 2016 and 2015:
|  | Three Months Ended June 30, 2016
|  | Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges |  | Defined benefit pension plan activity |  | Currency translation adjustment |  | Total
Balance at March 31, 2016 |  | $ | 1,384 |  |  | $ | (98,158 | ) |  | $ | (172,805 | ) |  | $ | (269,579 | )
Other comprehensive income (loss) before reclassification |  | (339 | ) |  | 5 |  |  | (21,790 | ) | 3 |  | (22,124 | )
Amounts reclassified from AOCI |  | (306 | ) | 1 |  | 2,612 |  | 2 |  | 2,843 |  | 4 |  | 5,149 |
Net current-period other comprehensive income (loss) |  | (645 | ) |  | 2,617 |  |  | (18,947 | ) |  | (16,975 | )
Balance at June 30, 2016 |  | $ | 739 |  |  | $ | (95,541 | ) |  | $ | (191,752 | ) |  | $ | (286,554 | )
|  | Three Months Ended June 30, 2015
|  | Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges |  | Defined benefit pension plan activity |  | Currency translation adjustment |  | Total
Balance at March 31, 2015 |  | $ | 1,091 |  |  | $ | (194,355 | ) |  | $ | (146,731 | ) |  | $ | (339,995 | )
Other comprehensive income (loss) before reclassification |  | (893 | ) |  | — |  |  | 15,123 |  | 3 |  | 14,230 |
Amounts reclassified from AOCI |  | 314 |  | 1 |  | 3,571 |  | 2 |  | — |  |  | 3,885 |
Net current-period other comprehensive income (loss) |  | (579 | ) |  | 3,571 |  |  | 15,123 |  |  | 18,115 |
Balance at June 30, 2015 |  | $ | 512 |  |  | $ | (190,784 | ) |  | $ | (131,608 | ) |  | $ | (321,880 | )
1 | During the 2016 period, this AOCI reclassification is a component of Net sales of $(152) (net of tax of $(69)) and Cost of goods sold of $(154) (net of tax of $(16)); during the 2015 period, the reclassification is a component of Net sales of $8 (net of tax of $(75)) and Cost of goods sold of $306 (net of tax of $205). (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 $1,132 and $1,975 during the three months ended June 30, 2016 and 2015, respectively). (See Note 12 - Retirement and Postretirement Benefit Plans for additional details.)
3 | The Other comprehensive income (loss) before reclassifications excludes $(51) and $27 attributable to Non-controlling interests in the three months ended June 30, 2016 and 2015, respectively.
4 | The reclassification from AOCI reflects foreign currency translation losses recognized due to the Company's deconsolidation of its Venezuelan subsidiary. (See Note 1 - Significant Accounting Policies for additional details.)
The following tables set forth the total changes in AOCI by component, net of taxes for the six months ended June 30, 2016 and 2015:
|  | Six Months Ended June 30, 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 |  | 1,360 |  |  | (15 | ) |  | 2,444 |  | 3 |  | 3,789 |
Amounts reclassified from AOCI |  | (1,169 | ) | 1 |  | 4,250 |  | 2 |  | 2,843 |  | 4 |  | 5,924 |
Net current-period other comprehensive income (loss) |  | 191 |  |  | 4,235 |  |  | 5,287 |  |  | 9,713 |
Balance at June 30, 2016 |  | $ | 739 |  |  | $ | (95,541 | ) |  | $ | (191,752 | ) |  | $ | (286,554 | )
|  | Six Months Ended June 30, 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 |  | 429 |  |  | — |  |  | (40,888 | ) | 3 |  | (40,459 | )
Amounts reclassified from AOCI |  | 92 |  | 1 |  | 7,109 |  | 2 |  | — |  |  | 7,201 |
Net current-period other comprehensive income (loss) |  | 521 |  |  | 7,109 |  |  | (40,888 | ) |  | (33,258 | )
Balance at June 30, 2015 |  | $ | 512 |  |  | $ | (190,784 | ) |  | $ | (131,608 | ) |  | $ | (321,880 | )
1 | During the 2016 period, this AOCI reclassification is a component of Net sales of $(939) (net of tax of $(347)) and Cost of goods sold of $(230) (net of tax of $6); during the 2015 period, the reclassification is a component of Net sales of $(521) (net of tax of $(324)) and Cost of goods sold of $613 (net of tax of $407). (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 $2,043 and $4,370 during the six months ended June 30, 2016 and 2015, respectively). (See Note 12 - Retirement and Postretirement Benefit Plans for additional details.)
3 | The Other comprehensive income (loss) before reclassifications excludes $(36) and $(514) attributable to Non-controlling interests in the six months ended June 30, 2016 and 2015, respectively.
4 | The reclassification from AOCI reflects foreign currency translation losses recognized due to the Company's deconsolidation of its Venezuelan subsidiary. (See Note 1 - Significant Accounting Policies for additional details.)

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