NOTE K — OTHER

Cash dividends

On March 4, 2015, the Board of Directors declared a quarterly dividend of $0.0375 per share payable on May 15, 2015 to shareholders of record on May 1, 2015. As of March 31, 2015, the Company accrued $520,000 for the payment of the dividend.

Supplemental cash flow information


	Three Months Ended March 31,
	2015		2014
	(in thousands)
Supplemental disclosure of cash flow information:
Cash paid for interest	$	1,151	$	1,099
Cash paid for taxes		6,018		4,340

Non-cash investing activities:
Translation adjustment	$	2,705	$	(690	)

Components of accumulated other comprehensive loss, net


	Three Months Ended March 31,
	2015			2014
	(in thousands)
Accumulated translation adjustment:
Balance at beginning of period	$	(7,680	)	$	(2,944	)
Translation gain (loss) during period		(2,705	)		690

Balance at end of period	$	(10,385	)	$	(2,254	)

Accumulated deferred losses on cash flow hedges:
Balance at beginning of period	$	(18	)	$	(31	)
Derivative fair value adjustment, net of taxes of $49 and $6 for the three months ended March 31, 2015 and 2014, respectively.		(54	)		9

Balance at end of period	$	(72	)	$	(22	)

Accumulated effect of retirement benefit obligations:
Balance at beginning of period	$	(2,224	)	$	(745	)
Amounts reclassified from accumulated other comprehensive loss:⁽¹⁾
Amortization of actuarial losses, net of taxes of $13 and $5 for the three months ended March 31, 2015 and 2014, respectively.		20			7

Balance at end of period	$	(2,204	)	$	(738	)

Total accumulated other comprehensive loss at end of period	$	(12,661	)	$	(3,014	)

(1)	Amounts are recorded in selling, general and administrative expense on the condensed consolidated statements of operations.

Subsequent Event

Reed and Barton

In February 2015, the Company entered into an asset purchase agreement to acquire the operating assets and to assume certain liabilities of Reed and Barton Corporation. The agreement provides that the Company will purchase the assets pursuant to Section 363 of the United States Bankruptcy Code. The transaction is subject to a number of conditions, including completion of an auction process and bankruptcy court approval. On April 28, 2015, the Bankruptcy Court selected an alternative bidder to purchase the operating assets and to assume certain liabilities of Reed and Barton Corporation. If the transaction with the alternative bidder does not close, the Company has agreed to serve as backup bidder for these assets, at the price and on the terms and conditions set forth in the asset purchase agreement.