STOCKHOLDERS' EQUITY

9 Months Ended

Sep. 30, 2020

NOTE H – STOCKHOLDERS’ EQUITY

Accumulated Other Comprehensive Income (Loss)

Components of accumulated other comprehensive income (loss) were as follows:


	September 30		December 31
	2020		2019

	(in thousands)
Pre-tax amounts:
Unrecognized net periodic benefit credit	$	2,535	$	2,898
Interest rate swap		(1,964)		(563)
Foreign currency translation		(2,435)		(2,075)

Total	$	(1,864)	$	260

After-tax amounts:
Unrecognized net periodic benefit credit	$	1,883	$	2,152
Interest rate swap		(1,451)		(416)
Foreign currency translation		(1,799)		(1,533)

Total	$	(1,367)	$	203

The following is a summary of the changes in accumulated other comprehensive income (loss), net of tax, by component for the nine months ended September 30, 2020 and 2019:


			Unrecognized			Interest	Foreign
			Net Periodic			Rate	Currency
	Total		Benefit Costs			Swap	Translation

	(in thousands)
Balances at December 31, 2019	$	203	$	2,152	$	(416)	$	(1,533)

Other comprehensive loss before reclassifications		(1,309)		(8)		(1,035)		(266)
Amounts reclassified from accumulated other comprehensive income		(261)		(261)		—		—
Net current-period other comprehensive loss		(1,570)		(269)		(1,035)		(266)

Balances at September 30, 2020	$	(1,367)	$	1,883	$	(1,451)	$	(1,799)

Balances at December 31, 2018	$	(14,238)	$	(12,749)	$	591	$	(2,080)

Other comprehensive income (loss) before reclassifications		(1,183)		(291)		(1,198)		306
Amounts reclassified from accumulated other comprehensive loss		7,791		7,791		—		—
Net current-period other comprehensive income (loss)		6,608		7,500		(1,198)		306

Balances at September 30, 2019	$	(7,630)	$	(5,249)	$	(607)	$	(1,774)

The following is a summary of the significant reclassifications out of accumulated other comprehensive income (loss) by component:


	Unrecognized Net Periodic
	Benefit Credit (Costs)⁽¹⁾⁽²⁾
	Nine Months Ended September 30
	2020		2019

	(in thousands)
Amortization of net actuarial gain (loss)	$	441	$	(1,005)
Amortization of prior service credit		—		25
Pension settlement expense, including termination expense⁽³⁾⁽⁴⁾		(89)		(8,135)
Total, pre-tax		352		(9,115)
Tax benefit (expense)		(91)		1,324
Total, net of tax	$	261	$	(7,791)

(1)	Amounts in parentheses indicate increases in expense or loss.

(2)	These components of accumulated other comprehensive loss are included in the computation of net periodic benefit cost as disclosed in Note G.

(3)	For the nine months ended September 30, 2020, pension settlement expense is related to the supplemental benefit plan (see Note G).

(4)

For the nine months ended September 30, 2019, amounts included in accumulated other comprehensive loss related to the nonunion defined benefit pension plan were reclassed to net income in their entirety upon settlement of the pension plan obligations in third quarter 2019. 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 nine months ended September 30, 2019. The nine months ended September 30, 2019 also includes a $4.0 million noncash pension termination expense (with no tax benefit) related to an amount which was stranded in accumulated other comprehensive loss until the pension benefit obligation was settled upon plan termination (see Note G).

Dividends on Common Stock

The following table is a summary of dividends declared during the applicable quarter:


	2020				2019
	Per Share		Amount		Per Share		Amount

	(in thousands, except per share data)
First quarter	$	0.08	$	2,033	$	0.08	$	2,052
Second quarter	$	0.08	$	2,049	$	0.08	$	2,050
Third quarter	$	0.08	$	2,040	$	0.08	$	2,043

On October 30, 2020, the Company’s Board of Directors declared a dividend of $0.08 per share to stockholders of record as of November 13, 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. As of December 31, 2019, the Company had $13.2 million remaining under the program for repurchases of its common stock. During the nine months ended September 30, 2020, the Company purchased 227,460 shares for an aggregate cost of $5.7 million, leaving $7.5 million available for repurchase of common stock under the program.