Subsequent Events |
12 Months Ended |
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Dec. 31, 2015 | |
| Subsequent Events [Abstract] | |
| Subsequent Events |
Subsequent Events
On February 11, 2016, the Company's Board of Directors declared a quarterly dividend on its common stock of $0.15 per share. The dividend will be payable March 15, 2016 to shareholders of record on February 23, 2016.
On February 11, 2016, the Company's Board of Directors authorized an increase of $300 million to the Company's existing share repurchase program. Share repurchases will be completed in the open market or through privately negotiated transactions over a three-year period. The Company's share repurchase program does not obligate it to acquire any specific number of shares, and the Company may discontinue purchases at any time that management determines additional purchases are not warranted.
On January 20, 2016, the Company acquired 100 percent of privately held Cybex International, Inc. (Cybex), a leading manufacturer of commercial fitness equipment, which is based in Medway, Massachusetts. Cybex offers a full line of cardiovascular and strength products and had unaudited sales in 2015 of approximately $169 million. The addition of Cybex expands the Fitness segment's manufacturing footprint to meet current and future demand more effectively and increases the breadth and depth of the segment's product portfolio. Due to the recent timing of this acquisition, the Company has not yet allocated the purchase price to the fair value of the tangible and intangible assets and liabilities at the acquisition date. Cybex will be managed as part of the Company's Fitness segment.
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- References No definition available.
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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. No definition available.
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