Annual report pursuant to Section 13 and 15(d)

Shareholders' Equity

v3.6.0.2
Shareholders' Equity
 12 Months Ended
Dec. 31, 2016
Equity [Abstract]  
Shareholders' Equity
SHAREHOLDERS’ EQUITY

Share Buyback Program
On February 24, 2016, the Company’s Board of Directors authorized the repurchase of up to $50 million of common stock (the “Buyback Program”). The Buyback Program allows the Company to purchase shares of its common stock in accordance with applicable securities laws on the open market or through privately negotiated transactions. The Buyback Program may be suspended or discontinued at any time. Under this program the Company has repurchased approximately 523,000 shares for $17.6 million.
Reserved Common Stock
At December 31, 2016, approximately 11.4 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)
2016
 
2015
Foreign Currency Translation Adjustments
$
(8,597
)
 
$
(7,971
)
Retirement Liability Adjustment – Before Tax
(10,611
)
 
(10,912
)
Tax Benefit
3,714

 
3,819

Retirement Liability Adjustment – After Tax
(6,897
)
 
(7,093
)
Accumulated Other Comprehensive Loss
$
(15,494
)
 
$
(15,064
)

The components of other comprehensive income (loss) are as follows:
(In thousands)
2016
 
2015
 
2014
Foreign Currency Translation Adjustments
$
(626
)
 
$
(4,617
)
 
$
(4,638
)
Reclassification to Interest Expense
—

 
—

 
103

Mark to Market Adjustments for Derivatives
—

 
—

 
4

Tax Expense
—

 
—

 
(38
)
Mark to Market Adjustments for Derivatives
—

 
—

 
69

Retirement Liability Adjustment
301

 
2,311

 
(5,800
)
Tax Benefit (Expense)
(105
)
 
(809
)
 
2,031

Retirement Liability Adjustment
196

 
1,502

 
(3,769
)
Other Comprehensive (Loss) Income
$
(430
)
 
$
(3,115
)
 
$
(8,338
)