STOCKHOLDERS' EQUITY

9 Months Ended

Dec. 31, 2015

Equity [Abstract]

STOCKHOLDERS' EQUITY

(2) STOCKHOLDERS' EQUITY

Common Stock Repurchase Program

In May 2014, the company’s Board of Directors authorized the company to spend up to $200 million to repurchase shares of its common stock in open-market or privately-negotiated transactions. In May 2015, the company’s Board of Directors authorized an extension of its May 2014 common stock repurchase program from its original expiration date of June 30, 2015 to June 30, 2016. In fiscal 2015, $100 million was used to repurchase common stock under the May 2014 share repurchase program. No shares were repurchased by the company during the period from March 31, 2015 to December 31, 2015, and as of the end of this period $100 million remained authorized and available to repurchase shares under the May 2014 share repurchase program.

In January 2016, the company suspended its common stock repurchase program.

The aggregate dollar outlay for common stock repurchased, along with the number of shares repurchased, and average price paid per share, for the quarters and nine-month periods ended December 31 is as follows:

	Quarter Ended				Nine Months Ended
	December 31,				December 31,
(In thousands, except share and per share data)	2015		2014		2015		2014
Aggregate dollar outlay for common stock repurchased	$	—		99,999		—		99,999
Shares of common stock repurchased		—		2,841,976		—		2,841,976
Average price paid per common share	$	—		35.19		—		35.19

Dividends

The declaration of dividends is at the discretion of the company’s Board of Directors, and will depend on the company’s financial results, cash requirements, future prospects, and other factors deemed relevant by the Board of Directors. The Board of Directors declared the following dividends for the quarters and nine-month periods ended December 31:

	Quarter Ended				Nine Months Ended
	December 31,				December 31,
(In thousands, except dividend per share)	2015		2014		2015		2014
Dividends declared	$	11,811		12,029		34,965		37,229
Dividend per share		0.25		0.25		0.75		0.75

In January 2016, the company suspended the quarterly dividend program.

Accumulated Other Comprehensive Income (Loss)

The changes in accumulated other comprehensive income (loss) by component, net of tax for the quarters and nine month periods ended December 31, 2015 and 2014 are as follows:

	For the quarter ended December 31, 2015													For the nine months ended December 31, 2015
	Balance			Gains/(losses)		Reclasses			Net		Remaining			Balance			Gains/(losses)			Reclasses		Net			Remaining
	at			recognized		fromOCI to			period		balance			at			recognized			fromOCI to		period			balance
(in thousands)	9/30/15			in OCI		net income			OCI		12/31/15			3/31/15			in OCI			net income		OCI			12/31/15
Available for sale securities		(444	)		235		(24	)		211		(233	)		235			(569	)		101		(468	)		(233	)
Currency translation adjustment		(9,811	)		—		—			—		(9,811	)		(9,811	)		—			—		—			(9,811	)
Pension/Post- retirement benefits		(9,059	)		—		—			—		(9,059	)		(9,129	)		70			—		70			(9,059	)
Interest rate swaps		(1,314	)		—		180			180		(1,134	)		(1,673	)		—			539		539			(1,134	)
Total		(20,628	)		235		156			391		(20,237	)		(20,378	)		(499	)		640		141			(20,237	)

	For the quarter ended December 31, 2014														For the nine months ended December 31, 2014
	Balance			Gains/(losses)			Reclasses		Net			Remaining			Balance			Gains/(losses)			Reclasses		Net		Remaining
	at			recognized			fromOCI to		period			balance			at			recognized			fromOCI to		period		balance
(in thousands)	9/30/14			in OCI			net income		OCI			12/31/14			3/31/14			in OCI			net income		OCI		12/31/14
Available for sale securities		225			(73	)		19		(54	)		171			92			(76	)		155		79		171
Currency translation adjustment		(9,811	)		—			—		—			(9,811	)		(9,811	)		—			—		—		(9,811	)
Pension/Post- retirement benefits		15			—			—		—			15			(116	)		131			—		131		15
Interest rate swaps		(2,157	)		—			116		116			(2,041	)		(2,390	)		—			349		349		(2,041	)
Total		(11,728	)		(73	)		135		62			(11,666	)		(12,225	)		55			504		559		(11,666	)

The following table summarizes the reclassifications from accumulated other comprehensive income (loss) to the condensed consolidated statement of income for the quarters and nine month periods ended December 31, 2015 and 2014:

	Quarter Ended					Nine Months Ended
	December 31,					December 31				Affected line item in thecondensed
(In thousands)	2015			2014		2015		2014		consolidated statements of income
Realized gains on available for sale securities	$	(37	)		29		155		238	Interest income and other, net
Amortization of interest rate swap		277			178		829		537	Interest and other debt costs
Total pre-tax amounts		240			207		984		775
Tax effect		84			72		344		271
Total gains for the period, net of tax	$	156			135		640		504