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 )