STOCKHOLDERS' EQUITY (Tables)

12 Months Ended

Dec. 31, 2019

Components of 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.

Summary of changes in accumulated other comprehensive 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.

Summary of the significant reclassifications out of accumulated other comprehensive loss by component

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).

Summary of dividends declared


	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