Annual report pursuant to Section 13 and 15(d)

Shareholders' Equity

v2.4.1.9
Shareholders' Equity
12 Months Ended
Dec. 31, 2014
Equity [Abstract]  
Shareholders' Equity

NOTE 11 — SHAREHOLDERS’ EQUITY

Reserved Common Stock

At December 31, 2014, approximately 8.7 million shares of common stock were reserved for issuance upon conversion of the Class B stock, exercise of stock options and purchases under the Employee Stock Purchase Plan. Class B Stock is identical to Common Stock, except Class B Stock has ten votes per share, is automatically converted to Common Stock on a one-for-one basis when sold or transferred other than via gift, devise or bequest and cannot receive dividends unless an equal or greater amount of dividends is declared on Common Stock.

Comprehensive Income and Accumulated Other Comprehensive Income (Loss)

Comprehensive income consists of net income and the after-tax impact of currency translation adjustments, mark to market adjustments for derivatives and retirement liability adjustments. Income taxes related to derivatives and retirement liability adjustments within other comprehensive income are generally recorded based on an effective tax rate of approximately 35%. No income tax effect is recorded for currency translation adjustments.

 

The components of accumulated other comprehensive income (loss) are as follows:

 

(In thousands)    2014      2013  

Foreign Currency Translation Adjustments

   $ (3,354    $ 1,284   
  

 

 

    

 

 

 

Mark to Market Adjustments for Derivatives – Before Tax

  —        (107

Tax Benefit

  —        38   
  

 

 

    

 

 

 

Mark to Market Adjustments for Derivatives – After Tax

  —        (69
  

 

 

    

 

 

 

Retirement Liability Adjustment – Before Tax

  (13,223   (7,423

Tax Benefit

  4,628      2,597   
  

 

 

    

 

 

 

Retirement Liability Adjustment – After Tax

  (8,595   (4,826
  

 

 

    

 

 

 

Accumulated Other Comprehensive Loss

$ (11,949 $ (3,611
  

 

 

    

 

 

 

The components of other comprehensive income (loss) are as follows:

 

(In thousands)    2014      2013      2012  

Foreign Currency Translation Adjustments

   $ (4,638    $ (131    $ 183   
  

 

 

    

 

 

    

 

 

 

Reclassification to Interest Expense

  103      109      209   

Mark to Market Adjustments for Derivatives

  4      2      (34

Tax Expense

  (38   (38   (61
  

 

 

    

 

 

    

 

 

 

Mark to Market Adjustments for Derivatives

  69      73      114   
  

 

 

    

 

 

    

 

 

 

Retirement Liability Adjustment

  (5,800   1,893      (6,451

Tax Benefit (Expense)

  2,031      (663   2,257   
  

 

 

    

 

 

    

 

 

 

Retirement Liability Adjustment

  (3,769   1,230      (4,194
  

 

 

    

 

 

    

 

 

 

Other Comprehensive (Loss) Income

$ (8,338 $ 1,172    $ (3,897