TIFFANY & CO | 2013 | FY | 3

M.    STOCKHOLDERS' EQUITY

Accumulated Other Comprehensive Loss
 
 
January 31,
 
(in thousands)
2014

 
2013

Accumulated other comprehensive earnings (loss), net of tax:
 
 
 
Foreign currency translation adjustments
$
16,846

 
$
44,064

Unrealized gain on marketable securities
2,677

 
1,849

Deferred hedging loss
(6,607
)
 
(3,207
)
Net unrealized loss on benefit plans
(71,464
)
 
(136,581
)
 
$
(58,548
)
 
$
(93,875
)

Additions to and reclassifications out of accumulated other comprehensive earnings are as follows: 
 
Years Ended January 31,
 
(in thousands)
2014
2013
2012
Foreign currency translation adjustments
$
(31,742
)
$
(11,567
)
$
9,997

Income tax benefit (expense)
4,524

6,422

(2,203
)
Foreign currency adjustments, net of tax
(27,218
)
(5,145
)
7,794

Unrealized gain (loss) on marketable securities
1,234

2,640

(73
)
Reclassification for loss included in net earnings a
—

6

54

Income tax (expense) benefit
(406
)
(927
)
7

Unrealized gain (loss) on marketable securities, net of tax
828

1,719

(12
)
Unrealized gain (loss) on hedging instruments
8,716

(4,439
)
(17,951
)
Reclassification adjustment for (gain) loss included in
net earnings b
(13,950
)
12,168

5,901

Income tax benefit (expense)
1,834

(2,207
)
4,513

Unrealized (loss) gain on hedging instruments, net of tax
(3,400
)
5,522

(7,537
)
Net actuarial gain (loss)
86,310

(34,520
)
(125,814
)
Amortization of net loss included in net earnings c
19,217

15,993

7,042

Amortization of prior service cost included in
net earnings c
313

356

406

Income tax (expense) benefit
(40,723
)
7,330

45,556

Net unrealized gain (loss) on benefit plans, net of tax
65,117

(10,841
)
(72,810
)
Total other comprehensive earnings (loss), net of tax
$
35,327

$
(8,745
)
$
(72,565
)

a
These losses are reclassified into Other income, net.
b
These (gains) losses are reclassified into Interest expense and financing costs and Cost of sales (see "Note I - Hedging Instruments" for additional details).
c
These accumulated other comprehensive income components are included in the computation of net periodic pension costs (see "Note O - Employee Benefit Plans" for additional details).

Stock Repurchase Program

In January 2011, the Company's Board of Directors approved a stock repurchase program ("2011 Program") and terminated a previously existing program. The 2011 Program authorized the Company to repurchase up to $400,000,000 of its Common Stock through open market or private transactions. The timing of repurchases and the actual number of shares to be repurchased depended on a variety of discretionary factors such as stock price, cash-flow forecasts and other market conditions. The Company suspended share repurchases during the second quarter of 2012. In January 2013, the Board of Directors extended the expiration date of the 2011 Program to January 31, 2014. The 2011 Program expired on January 31, 2014.

The Company's share repurchase activity was as follows:
 
Years Ended January 31,
 
(in thousands, except per share amounts)
2014

2013

2012

Cost of repurchases
$
—

$
54,107

$
174,118

Shares repurchased and retired
—

813

2,629

Average cost per share
$
—

$
66.54

$
66.23



In March 2014 the Company's Board of Directors approved a new stock repurchase program (the "2014 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.

Cash Dividends

The Company's Board of Directors declared quarterly dividends which, on an annual basis, totaled $1.34, $1.25 and $1.12 per share of Common Stock in 2013, 2012 and 2011.

On February 20, 2014, the Company's Board of Directors declared a quarterly dividend of $0.34 per share of Common Stock. This dividend will be paid on April 10, 2014 to stockholders of record on March 20, 2014.

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