UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
|
x |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended December 31, 2015
|
o |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to .
Commission file number: 1-6311
Tidewater Inc.
(Exact name of registrant as specified in its charter)
|
Delaware |
|
72-0487776 |
|
(State of incorporation) |
|
(I.R.S. Employer Identification No.) |
601 Poydras St., Suite 1500
New Orleans, Louisiana 70130
(Address of principal executive offices) (zip code)
Registrant’s telephone number, including area code: (504) 568-1010
Not Applicable
(Former name or former address, if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or of such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of “large accelerated filer,” “accelerated filer” and smaller reporting company in Rule 12b-2 of the Exchange Act.
|
Large accelerated filer x |
Accelerated filer o |
Non-accelerated filer o |
Smaller reporting company o |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x
46,969,590 shares of Tidewater Inc. common stock $.10 par value per share were outstanding on January 22, 2016. Registrant has no other class of common stock outstanding.
|
ITEM 1. |
FINANCIAL STATEMENTS |
TIDEWATER INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except share and par value data)
|
|
|
December 31, |
|
|
March 31, |
|
||
|
ASSETS |
|
2015 |
|
|
2015 |
|
||
|
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
47,980 |
|
|
|
78,568 |
|
|
Trade and other receivables, net |
|
|
261,209 |
|
|
|
303,096 |
|
|
Due from affiliate |
|
|
336,474 |
|
|
|
420,365 |
|
|
Marine operating supplies |
|
|
38,719 |
|
|
|
49,005 |
|
|
Other current assets |
|
|
60,819 |
|
|
|
17,781 |
|
|
Total current assets |
|
|
745,201 |
|
|
|
868,815 |
|
|
Investments in, at equity, and advances to unconsolidated companies |
|
|
45,663 |
|
|
|
65,844 |
|
|
Properties and equipment: |
|
|
|
|
|
|
|
|
|
Vessels and related equipment |
|
|
4,681,306 |
|
|
|
4,717,132 |
|
|
Other properties and equipment |
|
|
120,969 |
|
|
|
119,879 |
|
|
|
|
|
4,802,275 |
|
|
|
4,837,011 |
|
|
Less accumulated depreciation and amortization |
|
|
1,194,974 |
|
|
|
1,090,704 |
|
|
Net properties and equipment |
|
|
3,607,301 |
|
|
|
3,746,307 |
|
|
Other assets |
|
|
82,350 |
|
|
|
75,196 |
|
|
Total assets |
|
$ |
4,480,515 |
|
|
|
4,756,162 |
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
61,019 |
|
|
|
54,011 |
|
|
Accrued expenses |
|
|
96,604 |
|
|
|
146,255 |
|
|
Due to affiliate |
|
|
169,943 |
|
|
|
185,657 |
|
|
Accrued property and liability losses |
|
|
3,443 |
|
|
|
3,669 |
|
|
Current portion of long-term debt |
|
|
9,810 |
|
|
|
10,181 |
|
|
Other current liabilities |
|
|
66,253 |
|
|
|
82,461 |
|
|
Total current liabilities |
|
|
407,072 |
|
|
|
482,234 |
|
|
Long-term debt |
|
|
1,441,924 |
|
|
|
1,524,295 |
|
|
Deferred income taxes |
|
|
35,600 |
|
|
|
23,276 |
|
|
Accrued property and liability losses |
|
|
9,748 |
|
|
|
10,534 |
|
|
Other liabilities and deferred credits |
|
|
210,239 |
|
|
|
235,108 |
|
|
|
|
|
|
|
|
|
|
|
|
Commitments and Contingencies (Note 7) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity: |
|
|
|
|
|
|
|
|
|
Common stock of $0.10 par value, 125,000,000 shares authorized, issued 46,969,590 shares at December 31, 2015 and 47,029,359 shares at March 31, 2015 |
|
|
4,697 |
|
|
|
4,703 |
|
|
Additional paid-in capital |
|
|
168,753 |
|
|
|
159,940 |
|
|
Retained earnings |
|
|
2,216,862 |
|
|
|
2,330,223 |
|
|
Accumulated other comprehensive loss |
|
|
(20,237 |
) |
|
|
(20,378 |
) |
|
Total stockholders’ equity |
|
|
2,370,075 |
|
|
|
2,474,488 |
|
|
Noncontrolling Interests |
|
|
5,857 |
|
|
|
6,227 |
|
|
Total equity |
|
|
2,375,932 |
|
|
|
2,480,715 |
|
|
Total liabilities and equity |
|
$ |
4,480,515 |
|
|
|
4,756,162 |
|
The accompanying notes are an integral part of the condensed consolidated financial statements.
2
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
(In thousands, except share and per share data)
|
|
|
Quarter Ended |
|
|
Nine Months Ended |
|
||||||||||
|
|
|
December 31, |
|
|
December 31, |
|
||||||||||
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
||||
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel revenues |
|
$ |
212,908 |
|
|
|
378,126 |
|
|
|
775,352 |
|
|
|
1,150,588 |
|
|
Other operating revenues |
|
|
5,283 |
|
|
|
9,428 |
|
|
|
19,536 |
|
|
|
20,167 |
|
|
|
|
|
218,191 |
|
|
|
387,554 |
|
|
|
794,888 |
|
|
|
1,170,755 |
|
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating costs |
|
|
125,094 |
|
|
|
210,365 |
|
|
|
462,987 |
|
|
|
640,428 |
|
|
Costs of other operating revenues |
|
|
3,778 |
|
|
|
8,395 |
|
|
|
15,624 |
|
|
|
19,616 |
|
|
General and administrative |
|
|
35,598 |
|
|
|
46,642 |
|
|
|
116,837 |
|
|
|
144,464 |
|
|
Vessel operating leases |
|
|
8,441 |
|
|
|
7,165 |
|
|
|
25,325 |
|
|
|
20,247 |
|
|
Depreciation and amortization |
|
|
45,422 |
|
|
|
43,331 |
|
|
|
137,058 |
|
|
|
130,150 |
|
|
Gain on asset dispositions, net |
|
|
(5,883 |
) |
|
|
(4,699 |
) |
|
|
(19,345 |
) |
|
|
(13,092 |
) |
|
Asset impairments |
|
|
15,141 |
|
|
|
6,236 |
|
|
|
61,771 |
|
|
|
8,096 |
|
|
Goodwill impairment |
|
|
— |
|
|
|
283,699 |
|
|
|
— |
|
|
|
283,699 |
|
|
Restructuring charge |
|
|
— |
|
|
|
— |
|
|
|
7,586 |
|
|
|
— |
|
|
|
|
|
227,591 |
|
|
|
601,134 |
|
|
|
807,843 |
|
|
|
1,233,608 |
|
|
Operating loss |
|
|
(9,400 |
) |
|
|
(213,580 |
) |
|
|
(12,955 |
) |
|
|
(62,853 |
) |
|
Other income (expenses): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign exchange gain (loss) |
|
|
(469 |
) |
|
|
4,334 |
|
|
|
(3,758 |
) |
|
|
8,453 |
|
|
Equity in net earnings (losses) of unconsolidated companies |
|
|
(1,710 |
) |
|
|
— |
|
|
|
(7,070 |
) |
|
|
9,104 |
|
|
Interest income and other, net |
|
|
609 |
|
|
|
434 |
|
|
|
1,754 |
|
|
|
1,555 |
|
|
Interest and other debt costs, net |
|
|
(13,312 |
) |
|
|
(12,239 |
) |
|
|
(39,741 |
) |
|
|
(37,927 |
) |
|
|
|
|
(14,882 |
) |
|
|
(7,471 |
) |
|
|
(48,815 |
) |
|
|
(18,815 |
) |
|
Loss before income taxes |
|
|
(24,282 |
) |
|
|
(221,051 |
) |
|
|
(61,770 |
) |
|
|
(81,668 |
) |
|
Income tax expense (benefit) |
|
|
(4,679 |
) |
|
|
(60,070 |
) |
|
|
16,996 |
|
|
|
(25,211 |
) |
|
Net Loss |
|
$ |
(19,603 |
) |
|
|
(160,981 |
) |
|
|
(78,766 |
) |
|
|
(56,457 |
) |
|
Less: Net losses attributable to noncontrolling interests |
|
$ |
(94 |
) |
|
|
(287 |
) |
|
|
(370 |
) |
|
|
(343 |
) |
|
Net loss attributable to Tidewater Inc. |
|
$ |
(19,509 |
) |
|
|
(160,694 |
) |
|
|
(78,396 |
) |
|
|
(56,114 |
) |
|
Basic loss per common share |
|
$ |
(0.42 |
) |
|
|
(3.31 |
) |
|
|
(1.67 |
) |
|
|
(1.14 |
) |
|
Diluted loss per common share |
|
$ |
(0.42 |
) |
|
|
(3.31 |
) |
|
|
(1.67 |
) |
|
|
(1.14 |
) |
|
Weighted average common shares outstanding |
|
|
46,943,705 |
|
|
|
48,481,722 |
|
|
|
46,956,041 |
|
|
|
49,213,712 |
|
|
Dilutive effect of stock options and restricted stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Adjusted weighted average common shares |
|
|
46,943,705 |
|
|
|
48,481,722 |
|
|
|
46,956,041 |
|
|
|
49,213,712 |
|
The accompanying notes are an integral part of the condensed consolidated financial statements.
3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(Unaudited)
(In thousands)
|
|
|
Quarter Ended |
|
|
Nine Months Ended |
|
||||||||||
|
|
|
December 31, |
|
|
December 31, |
|
||||||||||
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
||||
|
Net loss |
|
$ |
(19,603 |
) |
|
|
(160,981 |
) |
|
|
(78,766 |
) |
|
|
(56,457 |
) |
|
Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gains (losses) on available for sale securities, net of tax of $0, $(29), $0 and $43 |
|
|
212 |
|
|
|
(54 |
) |
|
|
(467 |
) |
|
|
79 |
|
|
Amortization of loss on derivative contract, net of tax of $0, $62, $0 and $188 |
|
|
180 |
|
|
|
116 |
|
|
|
538 |
|
|
|
349 |
|
|
Change in other benefit plan minimum liability, net of tax of $0, $0, $0 and $70 |
|
|
— |
|
|
|
— |
|
|
|
70 |
|
|
|
131 |
|
|
Total comprehensive loss |
|
$ |
(19,211 |
) |
|
|
(160,919 |
) |
|
|
(78,625 |
) |
|
|
(55,898 |
) |
The accompanying notes are an integral part of the condensed consolidated financial statements.
4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
|
|
|
Nine Months Ended |
|
|||||
|
|
|
December 31, |
|
|||||
|
|
|
2015 |
|
|
2014 |
|
||
|
Operating activities: |
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(78,766 |
) |
|
|
(56,457 |
) |
|
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
137,058 |
|
|
|
130,150 |
|
|
Provision (benefit) for deferred income taxes |
|
|
192 |
|
|
|
(77,278 |
) |
|
Gain on asset dispositions, net |
|
|
(19,345 |
) |
|
|
(13,092 |
) |
|
Asset impairments |
|
|
61,771 |
|
|
|
8,096 |
|
|
Goodwill impairment |
|
|
— |
|
|
|
283,699 |
|
|
Equity in earnings (losses) of unconsolidated companies, less dividends |
|
|
22,087 |
|
|
|
(1,550 |
) |
|
Compensation expense - stock-based |
|
|
9,960 |
|
|
|
16,395 |
|
|
Changes in assets and liabilities, net: |
|
|
|
|
|
|
|
|
|
Trade and other receivables |
|
|
38,726 |
|
|
|
(48,876 |
) |
|
Changes in due to/from affiliate, net |
|
|
68,177 |
|
|
|
78,881 |
|
|
Marine operating supplies |
|
|
9,786 |
|
|
|
1,243 |
|
|
Other current assets |
|
|
1,711 |
|
|
|
3,090 |
|
|
Accounts payable |
|
|
6,862 |
|
|
|
(29,052 |
) |
|
Accrued expenses |
|
|
(51,068 |
) |
|
|
(6,856 |
) |
|
Accrued property and liability losses |
|
|
(226 |
) |
|
|
(366 |
) |
|
Other current liabilities |
|
|
(17,239 |
) |
|
|
(437 |
) |
|
Other liabilities and deferred credits |
|
|
2,406 |
|
|
|
(3,025 |
) |
|
Other, net |
|
|
(699 |
) |
|
|
(9,006 |
) |
|
Net cash provided by operating activities |
|
|
191,393 |
|
|
|
275,559 |
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Proceeds from sales of assets |
|
|
8,428 |
|
|
|
5,160 |
|
|
Proceeds from sale/leaseback of assets |
|
|
— |
|
|
|
110,694 |
|
|
Additions to properties and equipment |
|
|
(152,225 |
) |
|
|
(231,685 |
) |
|
Refunds from cancelled vessel construction contracts |
|
|
36,190 |
|
|
|
— |
|
|
Other |
|
|
(210 |
) |
|
|
127 |
|
|
Net cash used in investing activities |
|
|
(107,817 |
) |
|
|
(115,704 |
) |
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Principal payment on long-term debt |
|
|
(109,163 |
) |
|
|
(27,206 |
) |
|
Debt borrowings |
|
|
31,338 |
|
|
|
20,000 |
|
|
Proceeds from exercise of stock options |
|
|
— |
|
|
|
1,025 |
|
|
Cash dividends |
|
|
(35,378 |
) |
|
|
(36,997 |
) |
|
Repurchases of common stock |
|
|
— |
|
|
|
(99,999 |
) |
|
Other |
|
|
(961 |
) |
|
|
351 |
|
|
Net cash used in financing activities |
|
|
(114,164 |
) |
|
|
(142,826 |
) |
|
Net change in cash and cash equivalents |
|
|
(30,588 |
) |
|
|
17,029 |
|
|
Cash and cash equivalents at beginning of period |
|
|
78,568 |
|
|
|
60,359 |
|
|
Cash and cash equivalents at end of period |
|
$ |
47,980 |
|
|
|
77,388 |
|
|
Supplemental disclosure of cash flow information: |
|
|
|
|
|
|
|
|
|
Cash paid during the period for: |
|
|
|
|
|
|
|
|
|
Interest, net of amounts capitalized |
|
$ |
47,608 |
|
|
|
48,046 |
|
|
Income taxes |
|
$ |
38,208 |
|
|
|
57,987 |
|
|
Supplemental disclosure of non-cash investing activities: |
|
|
|
|
|
|
|
|
|
Additions to properties and equipment |
|
$ |
146 |
|
|
|
3,386 |
|
The accompanying notes are an integral part of the condensed consolidated financial statements.
5
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited)
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional |
|
|
|
|
|
|
other |
|
|
Non |
|
|
|
|
|
|||
|
|
|
Common |
|
|
paid-in |
|
|
Retained |
|
|
comprehensive |
|
|
controlling |
|
|
|
|
|
|||||
|
|
|
stock |
|
|
capital |
|
|
earnings |
|
|
loss |
|
|
interest |
|
|
Total |
|
||||||
|
Balance at March 31, 2015 |
|
$ |
4,703 |
|
|
|
159,940 |
|
|
|
2,330,223 |
|
|
|
(20,378 |
) |
|
|
6,227 |
|
|
|
2,480,715 |
|
|
Total comprehensive loss |
|
|
— |
|
|
|
— |
|
|
|
(78,396 |
) |
|
|
141 |
|
|
|
(370 |
) |
|
|
(78,625 |
) |
|
Stock option expense |
|
|
— |
|
|
|
609 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
609 |
|
|
Cash dividends declared ($.75 per share) |
|
|
— |
|
|
|
— |
|
|
|
(34,965 |
) |
|
|
— |
|
|
|
— |
|
|
|
(34,965 |
) |
|
Amortization of restricted stock units |
|
|
1 |
|
|
|
7,843 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
7,844 |
|
|
Amortization/cancellation of restricted stock |
|
|
(7 |
) |
|
|
361 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
354 |
|
|
Balance at December 31, 2015 |
|
$ |
4,697 |
|
|
|
168,753 |
|
|
|
2,216,862 |
|
|
|
(20,237 |
) |
|
|
5,857 |
|
|
|
2,375,932 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at March 31, 2014 |
|
$ |
4,973 |
|
|
|
142,381 |
|
|
|
2,544,255 |
|
|
|
(12,225 |
) |
|
|
5,987 |
|
|
|
2,685,371 |
|
|
Total comprehensive loss |
|
|
— |
|
|
|
— |
|
|
|
(56,114 |
) |
|
|
559 |
|
|
|
(343 |
) |
|
|
(55,898 |
) |
|
Exercise of stock options |
|
|
3 |
|
|
|
1,022 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,025 |
|
|
Cash dividends declared ($.75 per share) |
|
|
— |
|
|
|
— |
|
|
|
(37,229 |
) |
|
|
— |
|
|
|
— |
|
|
|
(37,229 |
) |
|
Retirement of common stock |
|
|
(284 |
) |
|
|
— |
|
|
|
(99,715 |
) |
|
|
— |
|
|
|
— |
|
|
|
(99,999 |
) |
|
Amortization of restricted stock units |
|
|
1 |
|
|
|
12,495 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
12,496 |
|
|
Amortization/cancellation of restricted stock |
|
|
(4 |
) |
|
|
2,603 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,599 |
|
|
Cash received from noncontrolling interests |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
450 |
|
|
|
450 |
|
|
Cash paid to noncontrolling interests |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(50 |
) |
|
|
(50 |
) |
|
Balance at December 31, 2014 |
|
$ |
4,689 |
|
|
|
158,501 |
|
|
|
2,351,197 |
|
|
|
(11,666 |
) |
|
|
6,044 |
|
|
|
2,508,765 |
|
The accompanying notes are an integral part of the condensed consolidated financial statements.
6
The unaudited condensed consolidated financial statements for the interim periods presented herein have been prepared in conformity with United States generally accepted accounting principles and, in the opinion of management, include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of the unaudited condensed consolidated financial statements at the dates and for the periods indicated as required by Rule 10-01 of Regulation S‑X of the Securities and Exchange Commission (SEC). Results of operations for interim periods are not necessarily indicative of results of operations for the respective full years. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto in the company’s Annual Report on Form 10-K for the year ended March 31, 2015, filed with the SEC on May 28, 2015.
The unaudited condensed consolidated financial statements include the accounts of Tidewater Inc. and its subsidiaries. Intercompany balances and transactions are eliminated in consolidation. The company uses the equity method to account for equity investments over which the company exercises significant influence but does not exercise control and is not the primary beneficiary. Unless otherwise specified, all per share information included in this document is on a diluted earnings per share basis.
The company made certain reclassifications to prior period amounts to conform to the current year presentation, specifically, the separate disclosure on the income statement and related schedules of asset impairments, which historically were included as part of gain on asset dispositions, net. These reclassifications did not have a material effect on the condensed consolidated statements of earnings, balance sheets or cash flows.
|
(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 |
|
7
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 |
|
|
from OCI to |
|
|
period |
|
|
balance |
|
|
at |
|
|
recognized |
|
|
from OCI 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 |
|
|
from OCI to |
|
|
period |
|
|
balance |
|
|
at |
|
|
recognized |
|
|
from OCI to |
|
|
|||||||||||||||