XML 46 R17.htm IDEA: XBRL DOCUMENT v2.4.1.9
Stockholders' Equity
 3 Months Ended
Apr. 30, 2015
Equity [Abstract]  
Stockholders' Equity
STOCKHOLDERS’ EQUITY

Accumulated Other Comprehensive Loss
(in millions)
April 30, 2015
 
January 31, 2015
 
April 30, 2014
Accumulated other comprehensive (loss) earnings, net of tax:
 
 
 
 
 
Foreign currency translation adjustments
$
(72.7
)
 
$
(76.3
)
 
$
34.0

Unrealized gain on marketable securities
3.0

 
1.9

 
3.4

Deferred hedging loss
(9.8
)
 
(5.4
)
 
(10.1
)
Net unrealized loss on benefit plans
(206.0
)
 
(210.7
)
 
(69.4
)
 
$
(285.5
)
 
$
(290.5
)
 
$
(42.1
)

Additions to and reclassifications out of accumulated other comprehensive earnings are as follows:
 
Three Months Ended April 30,
(in millions)
2015
 
2014
Foreign currency translation adjustments
$
3.8

 
$
17.3

Income tax expense
(0.2
)
 
(0.1
)
Foreign currency adjustments, net of tax
3.6

 
17.2

Unrealized gain on marketable securities
1.5

 
1.2

Income tax expense
(0.4
)
 
(0.4
)
Unrealized gain on marketable securities, net of tax
1.1

 
0.8

Unrealized (loss) gain on hedging instruments
(4.1
)
 
0.3

Reclassification adjustment for gain included in
net earnings a
(2.8
)
 
(5.5
)
Income tax benefit
2.5

 
1.7

Unrealized loss on hedging instruments, net of tax
(4.4
)
 
(3.5
)
Amortization of net loss included in net earnings b
7.8

 
3.4

Amortization of prior service credit included in
net earnings b
(0.2
)
 
(0.1
)
Income tax expense
(2.9
)
 
(1.3
)
Net unrealized gain on benefit plans, net of tax
4.7

 
2.0

Total other comprehensive earnings, net of tax
$
5.0

 
$
16.5


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

Stock Repurchase Program. In March 2014, the Company's Board of Directors approved a share repurchase program which authorizes the Company to repurchase up to $300.0 million of its Common Stock through open market transactions. Purchases are executed under a written plan for trading securities as specified under Rule 10b5-1 promulgated under the Securities Exchange Act of 1934, as amended, the terms of which are within the Company's discretion, subject to applicable securities laws, and are 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:
 
Three Months Ended April 30,
(in millions, except per share amounts)
2015
 
2014
Cost of repurchases
$
33.1

 
$
7.1

Shares repurchased and retired
0.4

 
0.1

Average cost per share
$
87.16

 
$
86.95



At April 30, 2015, $239.9 million remained available for share repurchases under this authorization.

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 April 30, 2015 and 2014.