EQUITY

6 Months Ended

Jun. 30, 2016

Stockholders' Equity Note [Abstract]

EQUITY

EQUITY

Changes in equity for the six months endedJune 30, 2016 are as follows:

	Shareholders’ Equity			Non-controlling Interests			Total Equity
Balance at December 31, 2015	$	931,587		$	861		$	932,448
Comprehensive income (loss):
Net income (loss)	84,955			(22		)	84,933
Other comprehensive income (loss)	9,713			(35		)	9,678
Total comprehensive income (loss)	94,668			(57		)	94,611
Cash dividends declared - $0.64 per share	(43,792		)	—			(43,792		)
Issuance of shares under benefit plans	12,080			—			12,080
Purchase of shares for treasury	(202,933		)	—			(202,933		)
Balance at June 30, 2016	$	791,610		$	804		$	792,414

In April 2016, the Company's Board of Directors authorized a new share repurchase program, which increased the total number of the Company's common shares authorized to be repurchased to 55 million shares.  At management’s discretion, the Company repurchases its common shares from time to time in the open market, depending on market conditions, stock price and other factors.  During the three and six month period ended June 30, 2016, the Company purchased a total of 1.7 million and 3.6 million shares, respectively.  As of June 30, 2016, there remained 11.1 million common shares available for repurchase under this program.  The repurchased common shares remain in treasury and have not been retired.

The following tables set forth the total changes in accumulated other comprehensive income (loss) ("AOCI") by component, net of taxes for the three months ended June 30, 2016 and 2015:

	Three Months Ended June 30, 2016
	Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges				Defined benefit pension plan activity				Currency translation adjustment				Total
Balance at March 31, 2016	$	1,384			$	(98,158	)		$	(172,805	)		$	(269,579	)
Other comprehensive income (loss) before reclassification	(339		)		5				(21,790		)	3	(22,124		)
Amounts reclassified from AOCI	(306		)	1	2,612			2	2,843			4	5,149
Net current-period other comprehensive income (loss)	(645		)		2,617				(18,947		)		(16,975		)
Balance at June 30, 2016	$	739			$	(95,541	)		$	(191,752	)		$	(286,554	)
	Three Months Ended June 30, 2015
	Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges				Defined benefit pension plan activity				Currency translation adjustment				Total
Balance at March 31, 2015	$	1,091			$	(194,355	)		$	(146,731	)		$	(339,995	)
Other comprehensive income (loss) before reclassification	(893		)		—				15,123			3	14,230
Amounts reclassified from AOCI	314			1	3,571			2	—				3,885
Net current-period other comprehensive income (loss)	(579		)		3,571				15,123				18,115
Balance at June 30, 2015	$	512			$	(190,784	)		$	(131,608	)		$	(321,880	)

1 During the 2016 period, this AOCI reclassification is a component of Net sales of $(152) (net of tax of $(69)) and Cost of goods sold of $(154) (net of tax of $(16)); during the 2015 period, the reclassification is a component of Net sales of $8 (net of tax of $(75)) and Cost of goods sold of $306 (net of tax of $205). (See Note 14 - Derivatives for additional details.)

2 This AOCI component is included in the computation of net periodic pension costs (net of tax of $1,132 and $1,975 during the three months ended June 30, 2016 and 2015, respectively). (See Note 12 - Retirement and Postretirement Benefit Plans for additional details.)

3 The Other comprehensive income (loss) before reclassifications excludes $(51) and $27 attributable to Non-controlling interests in the three months ended June 30, 2016 and 2015, respectively.

4 The reclassification from AOCI reflects foreign currency translation losses recognized due to the Company's deconsolidation of its Venezuelan subsidiary. (See Note 1 - Significant Accounting Policies for additional details.)

The following tables set forth the total changes in AOCI by component, net of taxes for the six months ended June 30, 2016 and 2015:

	Six Months Ended June 30, 2016
	Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges				Defined benefit pension plan activity				Currency translation adjustment				Total
Balance at December 31, 2015	$	548			$	(99,776	)		$	(197,039	)		$	(296,267	)
Other comprehensive income (loss) before reclassification	1,360				(15		)		2,444			3	3,789
Amounts reclassified from AOCI	(1,169		)	1	4,250			2	2,843			4	5,924
Net current-period other comprehensive income (loss)	191				4,235				5,287				9,713
Balance at June 30, 2016	$	739			$	(95,541	)		$	(191,752	)		$	(286,554	)
	Six Months Ended June 30, 2015
	Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges				Defined benefit pension plan activity				Currency translation adjustment				Total
Balance at December 31, 2014	$	(9	)		$	(197,893	)		$	(90,720	)		$	(288,622	)
Other comprehensive income (loss) before reclassification	429				—				(40,888		)	3	(40,459		)
Amounts reclassified from AOCI	92			1	7,109			2	—				7,201
Net current-period other comprehensive income (loss)	521				7,109				(40,888		)		(33,258		)
Balance at June 30, 2015	$	512			$	(190,784	)		$	(131,608	)		$	(321,880	)

1 During the 2016 period, this AOCI reclassification is a component of Net sales of $(939) (net of tax of $(347)) and Cost of goods sold of $(230) (net of tax of $6); during the 2015 period, the reclassification is a component of Net sales of $(521) (net of tax of $(324)) and Cost of goods sold of $613 (net of tax of $407). (See Note 14 - Derivatives for additional details.)

2 This AOCI component is included in the computation of net periodic pension costs (net of tax of $2,043 and $4,370 during the six months ended June 30, 2016 and 2015, respectively). (See Note 12 - Retirement and Postretirement Benefit Plans for additional details.)

3 The Other comprehensive income (loss) before reclassifications excludes $(36) and $(514) attributable to Non-controlling interests in the six months ended June 30, 2016 and 2015, respectively.

4 The reclassification from AOCI reflects foreign currency translation losses recognized due to the Company's deconsolidation of its Venezuelan subsidiary. (See Note 1 - Significant Accounting Policies for additional details.)