Annual report pursuant to Section 13 and 15(d)

Shareholders' Equity

v3.3.1.900
Shareholders' Equity
 12 Months Ended
Dec. 31, 2015
Equity [Abstract]  
Shareholders' Equity
SHAREHOLDERS’ EQUITY
Reserved Common Stock
At December 31, 2015, approximately 9.8 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)
2015
 
2014
Foreign Currency Translation Adjustments
$
(7,971
)
 
$
(3,354
)
Retirement Liability Adjustment – Before Tax
(10,912
)
 
(13,223
)
Tax Benefit
3,819

 
4,628

Retirement Liability Adjustment – After Tax
(7,093
)
 
(8,595
)
Accumulated Other Comprehensive Loss
$
(15,064
)
 
$
(11,949
)

The components of other comprehensive income (loss) are as follows:
(In thousands)
2015
 
2014
 
2013
Foreign Currency Translation Adjustments
$
(4,617
)
 
$
(4,638
)
 
$
(131
)
Reclassification to Interest Expense
—

 
103

 
109

Mark to Market Adjustments for Derivatives
—

 
4

 
2

Tax Expense
—

 
(38
)
 
(38
)
Mark to Market Adjustments for Derivatives
—

 
69

 
73

Retirement Liability Adjustment
2,311

 
(5,800
)
 
1,893

Tax Benefit (Expense)
(809
)
 
2,031

 
(663
)
Retirement Liability Adjustment
1,502

 
(3,769
)
 
1,230

Other Comprehensive (Loss) Income
$
(3,115
)
 
$
(8,338
)
 
$
1,172