Annual report pursuant to Section 13 and 15(d)

SHAREHOLDERS' EQUITY

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SHAREHOLDERS' EQUITY
 12 Months Ended
Dec. 31, 2013
Equity [Abstract]  
SHAREHOLDERS' EQUITY

NOTE 11 — SHAREHOLDERS’ EQUITY

Reserved Common Stock

At December 31, 2013, approximately 7.9 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, 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)    2013     2012  

Foreign Currency Translation Adjustments

    $ 1,284      $ 1,415   
  

 

 

    

 

 

  

Mark to Market Adjustments for Derivatives – Before Tax

      (107 )      (218 ) 

Tax Benefit

      38        76   
  

 

 

    

 

 

  

Mark to Market Adjustments for Derivatives – After Tax

      (69 )      (142 ) 
  

 

 

    

 

 

  

Retirement Liability Adjustment – Before Tax

      (7,423 )      (9,316 ) 

Tax Benefit

      2,597        3,260   
  

 

 

    

 

 

  

Retirement Liability Adjustment – After Tax

      (4,826 )      (6,056 ) 
  

 

 

    

 

 

  
    
  

 

 

    

 

 

  

Accumulated Other Comprehensive Loss

    $ (3,611 )    $ (4,783 ) 
  

 

 

    

 

 

  

 

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

 

(In thousands)    2013     2012     2011  

Foreign Currency Translation Adjustments

    $ (131 )    $ 183      $ (90 ) 
  

 

 

    

 

 

    

 

 

  

Reclassification to Interest Expense

      109        209        298   

Mark to Market Adjustments for Derivatives

      2        (34 )      (171 ) 

Tax Benefit (Expense)

      (38 )      (61 )      (45 ) 
  

 

 

    

 

 

    

 

 

  

Mark to Market Adjustments for Derivatives

      73        114        82   
  

 

 

    

 

 

    

 

 

  

Retirement Liability Adjustment

      1,893        (6,451 )      (1,348 ) 

Tax Benefit (Expense)

      (663 )      2,257        472   
  

 

 

    

 

 

    

 

 

  

Retirement Liability Adjustment

      1,230        (4,194 )      (876 ) 
  

 

 

    

 

 

    

 

 

  
      
  

 

 

    

 

 

    

 

 

  

Other Comprehensive (Loss) Income

    $ 1,172      $ (3,897 )    $ (884 )