XML 44 R17.htm IDEA: XBRL DOCUMENT v2.4.0.8
Stockholders' Equity
 6 Months Ended
Jul. 31, 2014
Equity [Abstract]  
Stockholders' Equity
10.
STOCKHOLDERS’ EQUITY

Accumulated Other Comprehensive Loss
 
(in thousands)
 
July 31,
2014
 
January 31,
2014
 
July 31,
2013
Accumulated other comprehensive earnings (loss),
   net of tax:
 
 
 
 
 
 
Foreign currency translation adjustments
 
$
29,042

 
$
16,846

 
$
13,280

Unrealized gain on marketable securities
 
2,931

 
2,677

 
1,744

Deferred hedging loss
 
(11,383
)
 
(6,607
)
 
(3,397
)
Net unrealized loss on benefit plans
 
(67,863
)
 
(71,464
)
 
(130,945
)
 
 
$
(47,273
)
 
$
(58,548
)
 
$
(119,318
)

Additions to and reclassifications out of accumulated other comprehensive loss are as follows: 
 
 
Three Months Ended July 31,
 
Six Months Ended July 31,
(in thousands)
 
2014
 
2013
 
2014
 
2013
Foreign currency translation
adjustments
 
$
(5,116
)
 
$
(15,459
)
 
$
12,232

 
$
(33,352
)
Income tax benefit (expense)
 
161

 
113

 
(36
)
 
2,568

Foreign currency translation adjustments, net of tax
 
(4,955
)
 
(15,346
)
 
12,196

 
(30,784
)
Unrealized (loss) gain on
marketable securities
 
(393
)
 
(1,076
)
 
826

 
190

Income tax (expense) benefit
 
(120
)
 
156

 
(572
)
 
(295
)
Unrealized (loss) gain on marketable
securities, net of tax
 
(513
)
 
(920
)
 
254

 
(105
)
Unrealized gain (loss) on hedging
instruments
 
1,987

 
(2,232
)
 
2,255

 
3,238

Reclassification adjustment for gain included in net earnings a
 
(3,868
)
 
(2,407
)
 
(9,365
)
 
(3,289
)
Income tax benefit (expense)
 
584

 
1,662

 
2,334

 
(139
)
Unrealized loss on hedging
instruments, net of tax
 
(1,297
)
 
(2,977
)
 
(4,776
)
 
(190
)
Prior service cost
 
(483
)
 
—

 
(483
)
 
—

Amortization of net loss included
in net earnings b
 
3,166

 
4,315

 
6,574

 
9,611

Amortization of prior service
(credit) cost included in net earnings b
 
(92
)
 
78

 
(200
)
 
156

Income tax expense
 
(1,032
)
 
(1,681
)
 
(2,290
)
 
(4,131
)
Net unrealized gain on benefit plans,
net of tax
 
1,559

 
2,712

 
3,601

 
5,636

Total other comprehensive (loss)
earnings, net of tax
 
$
(5,206
)
 
$
(16,531
)
 
$
11,275

 
$
(25,443
)

a 
These gains are reclassified into Interest and other expenses, net and Cost of sales (see "Note 7. Hedging Instruments" for additional details).
b 
These accumulated other comprehensive loss components are included in the computation of net periodic pension costs (see "Note 11. Employee Benefit Plans" for additional details).

Cash Dividends. The Company's Board of Directors declared quarterly dividends of $0.38 and $0.34 per share of Common Stock in the three months ended July 31, 2014 and 2013 and $0.72 and $0.66 per share of Common Stock in the six months ended July 31, 2014 and 2013.

Share Repurchase Program. In March 2014, the Company's Board of Directors approved a share repurchase program which authorizes the Company to repurchase up to $300,000,000 of its Common Stock through open market transactions. Purchases are discretionary and will be made from time to time based on market conditions and the Company's liquidity needs. The program will expire on March 31, 2017.

The Company's share repurchase activity was as follows:
 
(in thousands, except per share amounts)
Three Months Ended   
July 31, 2014
 
Six Months Ended   
July 31, 2014
Cost of repurchases
$
9,256

 
$
16,402

Shares repurchased and retired
102

 
184

Average cost per share
$
90.98

 
$
89.18



At July 31, 2014, approximately $283,598,000 remained available for share repurchases under this authorization.