XML 24 R13.htm IDEA: XBRL DOCUMENT v3.5.0.2
EQUITY
 9 Months Ended
Sep. 30, 2016
Stockholders' Equity Note [Abstract]  
EQUITY
EQUITY
Changes in equity for the nine months ended September 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)
145,004

 
(32
)
 
144,972

Other comprehensive income (loss)
7,827

 
(41
)
 
7,786

Total comprehensive income (loss)
152,831

 
(73
)
 
152,758

 
 
 
 
 
 
Cash dividends declared - $0.96 per share
(65,043
)
 
—

 
(65,043
)
Issuance of shares under benefit plans
21,348

 
—

 
21,348

Purchase of shares for treasury
(288,594
)
 
—

 
(288,594
)
Balance at September 30, 2016
$
752,129

 
$
788

 
$
752,917

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 nine month period ended September 30, 2016, the Company purchased a total of 1.4 million and 5.0 million shares, respectively.  As of September 30, 2016, there remained 9.7 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 September 30, 2016 and 2015:
 
 
Three Months Ended September 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 June 30, 2016
 
$
739

 
$
(95,541
)
 
$
(191,752
)
 
$
(286,554
)
Other comprehensive income (loss)
before reclassification
 
170

 
—

 
(3,024
)
3 

(2,854
)
Amounts reclassified from AOCI
 
(345
)
1 

1,313

2 

—

 
968

Net current-period other
comprehensive income (loss)
 
(175
)
 
1,313

 
(3,024
)
 
(1,886
)
Balance at September 30, 2016
 
$
564

 
$
(94,228
)
 
$
(194,776
)
 
$
(288,440
)
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended September 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 June 30, 2015
 
$
512

 
$
(190,784
)
 
$
(131,608
)
 
$
(321,880
)
Other comprehensive income (loss)
before reclassification
 
(51
)
 
—

 
(47,149
)
3 

(47,200
)
Amounts reclassified from AOCI
 
(159
)
1 

80,766

2 

—

 
80,607

Net current-period other
comprehensive income (loss)
 
(210
)
 
80,766

 
(47,149
)
 
33,407

Balance at September 30, 2015
 
$
302

 
$
(110,018
)
 
$
(178,757
)
 
$
(288,473
)
 
 
 
 
 
 
 
 
 
1
During the 2016 period, this AOCI reclassification is a component of Net sales of $(174) (net of tax of $(71)) and Cost of goods sold of $(171) (net of tax of $(46)); during the 2015 period, the reclassification is a component of Net sales of $(279) (net of tax of $(105)) and Cost of goods sold of $120 (net of tax of $90). (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 $778 and $50,079 during the three months ended September 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 $(6) and $(76) attributable to Non-controlling interests in the three months ended September 30, 2016 and 2015, respectively.
The following tables set forth the total changes in AOCI by component, net of taxes for the nine months ended September 30, 2016 and 2015:
 
 
Nine Months Ended September 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
 
1,530

 
(15
)
 
(580
)
3 

935

Amounts reclassified from AOCI
 
(1,514
)
1 

5,563

2 

2,843

4 

6,892

Net current-period other
comprehensive income (loss)
 
16

 
5,548

 
2,263

 
7,827

Balance at September 30, 2016
 
$
564

 
$
(94,228
)
 
$
(194,776
)
 
$
(288,440
)
 
 
 
 
 
 
 
 
 
 
 
Nine Months Ended September 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
 
378

 
—

 
(88,037
)
3 

(87,659
)
Amounts reclassified from AOCI
 
(67
)
1 

87,875

2 

—

 
87,808

Net current-period other
comprehensive income (loss)
 
311

 
87,875

 
(88,037
)
 
149

Balance at September 30, 2015
 
$
302

 
$
(110,018
)
 
$
(178,757
)
 
$
(288,473
)
 
 
 
 
 
 
 
 
 
1
During the 2016 period, this AOCI reclassification is a component of Net sales of $(1,113) (net of tax of $(418)) and Cost of goods sold of $(401) (net of tax of $(41)); during the 2015 period, the reclassification is a component of Net sales of $(800) (net of tax of $(429)) and Cost of goods sold of $733 (net of tax of $497). (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 $2,821 and $54,449 during the nine months ended September 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 $(41) and $(590) attributable to Non-controlling interests in the nine months ended September 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.)