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STOCKHOLDERS' EQUITY | 12 Months Ended
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Dec. 31, 2019
STOCKHOLDERS' EQUITY |
STOCKHOLDERS' EQUITY | NOTE J – STOCKHOLDERS’ EQUITY ​ Accumulated Other Comprehensive Income (Loss) ​ Components of accumulated other comprehensive income (loss) were as follows at December 31: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ |
​ |  | 2019 |  | 2018 |  | 2017 |
​ | ​ | (in thousands) |
Pre-tax amounts: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Unrecognized net periodic benefit credit (costs) | ​ | $ | 2,898 | ​ | $ | (11,821) | ​ | $ | (25,768) | ​
Interest rate swap | ​ | ​ | (563) | ​ | ​ | 801 | ​ | ​ | 481 | ​
Foreign currency translation | ​ |  | (2,075) | ​ |  | (2,816) | ​ |  | (1,894) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total | ​ | $ | 260 | ​ | $ | (13,836) | ​ | $ | (27,181) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
After-tax amounts: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Unrecognized net periodic benefit credit (costs)(1) | ​ | $ | 2,152 | ​ | $ | (12,749) | ​ | $ | (19,715) | ​
Interest rate swap | ​ | ​ | (416) | ​ | ​ | 591 | ​ | ​ | 292 | ​
Foreign currency translation | ​ |  | (1,533) | ​ |  | (2,080) | ​ |  | (1,151) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total | ​ | $ | 203 | ​ | $ | (14,238) | ​ | $ | (20,574) | ​
(1) | The years ended December 31, 2018 and 2017 include $4.0 million related to a previous valuation allowance on deferred tax assets for nonunion defined benefit pension liabilities which was recognized as pension termination expense during 2019 upon extinguishment of the nonunion defined benefit pension plan (see Note I). The reclassification of stranded income tax effects related to this item was not permitted by the amendment to ASC Topic 220 which the Company adopted as of January 1, 2018.
​ ​ The following is a summary of the changes in accumulated other comprehensive income (loss), net of tax, by component: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Unrecognized Net | ​ | ​ | Interest |  | Foreign | ​
​ | ​ | ​ | ​ | ​ | Periodic Benefit | ​ | ​ | Rate | ​ | Currency | ​
​ | ​ | Total |  | Credit (Costs) |  | ​ | Swap |  | Translation | ​
​ | ​ | (in thousands) | ​
Balances at December 31, 2017 | ​ | $ | (20,574) | ​ | $ | (19,715) | ​ | $ | 292 | ​ | $ | (1,151) | ​
Adjustment to beginning balance of accumulated other comprehensive loss for adoption of accounting standard(1) | ​ | ​ | (3,576) | ​ | ​ | (3,391) | ​ | ​ | 63 | ​ | ​ | (248) | ​
Balances at January 1, 2018 | ​ | ​ | (24,150) | ​ | ​ | (23,106) | ​ | ​ | 355 | ​ | ​ | (1,399) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other comprehensive income (loss) before reclassifications | ​ | ​ | (1,821) | ​ | ​ | (1,376) | ​ | ​ | 236 | ​ | ​ | (681) | ​
Amounts reclassified from accumulated other comprehensive loss | ​ | ​ | 11,733 | ​ | ​ | 11,733 | ​ | ​ | — | ​ | ​ | — | ​
Net current-period other comprehensive income (loss) | ​ | ​ | 9,912 | ​ | ​ | 10,357 | ​ | ​ | 236 | ​ | ​ | (681) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balances at December 31, 2018 | ​ | $ | (14,238) | ​ | $ | (12,749) | ​ | $ | 591 | ​ | $ | (2,080) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other comprehensive income (loss) before reclassifications | ​ |  | 6,197 | ​ |  | 6,657 | ​ | ​ | (1,007) | ​ |  | 547 | ​
Amounts reclassified from accumulated other comprehensive loss | ​ |  | 8,244 | ​ |  | 8,244 | ​ | ​ | — | ​ |  | — | ​
Net current-period other comprehensive income (loss) | ​ |  | 14,441 | ​ |  | 14,901 | ​ | ​ | (1,007) | ​ |  | 547 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balances at December 31, 2019 | ​ | $ | 203 | ​ | $ | 2,152 | ​ | $ | (416) | ​ | $ | (1,533) | ​
(1) | The Company elected to reclassify the stranded income tax effects in accumulated other comprehensive income (loss) to retained earnings as of January 1, 2018 as a result of adopting an amendment to ASC Topic 220.
​ The following is a summary of the significant reclassifications out of accumulated other comprehensive income (loss) by component for the years ended December 31: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Unrecognized Net Periodic | ​
​ | ​ | Benefit Costs(1)(2) |
​ |  | 2019 |  | 2018 |
​ | ​ | (in thousands) |
Amortization of net actuarial loss(3) | ​ | $ | (1,253) | ​ | $ | (2,968) | ​
Amortization of prior service credit | ​ | ​ | 33 | ​ |  | 93 | ​
Pension settlement expense, including termination expense(3)(4) | ​ | ​ | (8,505) | ​ |  | (12,925) | ​
Total, pre-tax | ​ | ​ | (9,725) | ​ |  | (15,800) | ​
Tax benefit | ​ | ​ | 1,481 | ​ |  | 4,067 | ​
Total, net of tax(3) | ​ | $ | (8,244) | ​ | $ | (11,733) | ​
(1) | Amounts in parentheses indicate increases in expense or loss.
(2) | These components of accumulated other comprehensive income (loss) are included in the computation of net periodic benefit cost (see Note I).
(3) | For the year ended December 31, 2019, amounts included in accumulated other comprehensive income related to the nonunion defined benefit pension plan were reclassed to net income in their entirety upon settlement of the pension benefit obligation. These amounts include amortization of net actuarial loss of $0.3 million (pre-tax) and pension settlement expense, including termination expense, of $8.1 million (pre-tax) which were recognized in the “Other, net” line of other income (costs). These reclassifications impacted net income by $7.3 million for the year ended December 31, 2019.
(4) | The year ended December 31, 2019 includes a $4.0 million noncash pension termination expense (with no tax benefit) related to an amount which was stranded in accumulated other comprehensive income until the pension benefit obligation was settled upon plan termination (see Note I).
​ Dividends on Common Stock ​ The following table is a summary of dividends declared during the applicable quarter: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2019 | ​ | 2018 | ​
​ |  | Per Share |  | Amount |  | Per Share |  | Amount |
​ | ​ | (in thousands, except per share data)
First quarter | ​ | $ | 0.08 | ​ | $ | 2,052 | ​ | $ | 0.08 | ​ | $ | 2,058 | ​
Second quarter | ​ | $ | 0.08 | ​ | $ | 2,050 | ​ | $ | 0.08 | ​ | $ | 2,058 | ​
Third quarter | ​ | $ | 0.08 | ​ | $ | 2,043 | ​ | $ | 0.08 | ​ | $ | 2,060 | ​
Fourth quarter | ​ | $ | 0.08 | ​ | $ | 2,042 | ​ | $ | 0.08 | ​ | $ | 2,068 | ​
​ On January 28, 2020, the Company’s Board of Directors declared a dividend of $0.08 per share payable to stockholders of record as of February 11, 2020. ​ Treasury Stock ​ The Company has a program to repurchase its common stock in the open market or in privately negotiated transactions. The program has no expiration date but may be terminated at any time at the Board of Directors’ discretion. Repurchases may be made using the Company’s cash reserves or other available sources. In October 2015, the Board of Directors extended the share repurchase program, making a total of $50.0 million available for purchases of the Company’s common stock. During 2019, the Company purchased 307,005 shares for an aggregate cost of $9.1 million, leaving $13.2 million available for repurchase under the program as of December 31, 2019. Treasury shares totaled 3,404,639 and 3,097,634 as of December 31, 2019 and 2018, respectively. ​ As of February 21, 2020, the Company had purchased an additional 50,000 shares of its common stock for an aggregate cost of $1.2 million, leaving $12.0 million available for repurchase under the current buyback program.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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