ENS
#It is going to come down to what the stock price is at the time.
We will always make that assessment.
It will depend on what the likelihood if it is not 2017 what the likelihood of a deal is in 2018.
So it is very difficult to give you a flavor for that as we sit here today, but we'll assess it.
We are open minded.
One-time dividends, changing our dividend rate going forward, it is all on the table.
Nothing's off the table.
We will just see what the situation is, but obviously the job ---+ our job is to emphasize M&A.
That's what we are trying to do.
And <UNK> if I could add just a little color to that, sometimes if we were looking at a large transaction that would be material non-public information which would preclude us from being out in the market buying our shares.
So sometimes even if the share price looked like it was below the intrinsic value of our stock we may not be able to participate.
As we know, there is a better part of the year where our window is closed for normal operating results and the timing of the window and when those are made public.
But to Dave's point, M&A would be first.
There is so much uncertainty right now on what the tax situation might be, not only in the U.S., but throughout Europe with the [beps] initiatives.
We have no idea what type of reactions other countries might have if the U.S. makes changes in their trade policies.
So I think it would cause us to really want to assess the situation carefully before jumping out in a big way.
That's the credit facility in which we don't get full credit for those overseas funds.
The logic there was if you brought down the debt you'd have to pay that US tax rate it has largely gone untaxed at.
If overseas profits were taxed under any of the plans that are being discussed on the U.S. basis, then you have suddenly taken that off the table.
And that's where you would say, okay, in that case you may ---+ and if interest expense, I think whether that gets grand fathered as not ---+ if it ever becomes non deductible, it would make interest expense a much higher priority if you had an expense that was not tax deductible.
You could have debt repayment and you could be looking at dividend changes, M&A, as we discussed, and of course share buy backs are still an option.
We did not acquire any shares in this quarter.
We have an authorization that is available and it is approximately $20 million.
So relatively modest.
It is the annual acquisition that we typically will try to make to offset the dilution that comes from our stock compensation programs.
But other than that we have nothing further and have not made anything in this fiscal year to date.
Thank you.
Thanks, Bridget.
I just want to thank everyone for attending the call today.
We look forward to seeing you at the New York Stock Exchange on the 28th and have a great day, everyone.
Take care.
