XML 27 R16.htm IDEA: XBRL DOCUMENT
v3.21.2

STOCKHOLDERS' EQUITY | 9 Months Ended
--- | ---
Sep. 30, 2021
STOCKHOLDERS' EQUITY |
STOCKHOLDERS' EQUITY | NOTE H – STOCKHOLDERS’ EQUITY ​ Accumulated Other Comprehensive Income ​ Components of accumulated other comprehensive income were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | September 30 |  | December 31 | ​
​ |  | 2021 |  | 2020 |
​ | ​ | (in thousands) | ​
Pre-tax amounts: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Unrecognized net periodic benefit credit | ​ | $ | 3,986 | ​ | $ | 4,390 | ​
Interest rate swap | ​ | ​ | (444) | ​ | ​ | (1,622) | ​
Foreign currency translation | ​ |  | (1,009) | ​ |  | (1,182) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total | ​ | $ | 2,533 | ​ | $ | 1,586 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
After-tax amounts: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Unrecognized net periodic benefit credit | ​ | $ | 2,960 | ​ | $ | 3,260 | ​
Interest rate swap | ​ | ​ | (329) | ​ | ​ | (1,198) | ​
Foreign currency translation | ​ |  | (744) | ​ |  | (872) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total | ​ | $ | 1,887 | ​ | $ | 1,190 | ​
​ ​ ​ 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, 2021 and 2020: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Unrecognized | ​ | Interest | ​ | Foreign | ​
​ | ​ | ​ | ​ | ​ | Net Periodic | ​ | Rate | ​ | Currency | ​
​ |  | Total |  | Benefit Credit |  | Swap |  | Translation |
​ | ​ | (in thousands) | ​
Balances at December 31, 2020 | ​ | $ | 1,190 | ​ | $ | 3,260 | ​ | $ | (1,198) | ​ | $ | (872) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other comprehensive income before reclassifications | ​ |  | 997 | ​ |  | — | ​ | ​ | 869 | ​ |  | 128 | ​
Amounts reclassified from accumulated other comprehensive income | ​ |  | (300) | ​ |  | (300) | ​ | ​ | — | ​ |  | — | ​
Net current-period other comprehensive income (loss) | ​ |  | 697 | ​ |  | (300) | ​ | ​ | 869 | ​ |  | 128 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balances at September 30, 2021 | ​ | $ | 1,887 | ​ | $ | 2,960 | ​ | $ | (329) | ​ | $ | (744) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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) | ​
​ The following is a summary of the significant reclassifications out of accumulated other comprehensive income by component: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Unrecognized Net Periodic | ​
​ | ​ | Benefit Credit(1)(2) |
​ | ​ | Nine Months Ended September 30 | ​
​ |  | 2021 |  | 2020 |
​ | ​ | (in thousands) |
Amortization of net actuarial gain | ​ | $ | 404 | ​ | $ | 441 | ​
Pension settlement expense(3) | ​ | ​ | — | ​ |  | (89) | ​
Total, pre-tax | ​ | ​ | 404 | ​ |  | 352 | ​
Tax expense | ​ | ​ | (104) | ​ |  | (91) | ​
Total, net of tax | ​ | $ | 300 | ​ | $ | 261 | ​
​
(1) | Amounts in parentheses indicate increases in expense or loss.
(2) | These components of accumulated other comprehensive income 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).
​ Dividends on Common Stock ​ The following table is a summary of dividends declared during the applicable quarter: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2021 | ​ | 2020 | ​
​ |  | Per Share |  | Amount |  | Per Share |  | Amount |
​ | ​ | (in thousands, except per share data)
First quarter | ​ | $ | 0.08 | ​ | $ | 2,037 | ​ | $ | 0.08 | ​ | $ | 2,033 | ​
Second quarter | ​ | $ | 0.08 | ​ | $ | 2,058 | ​ | $ | 0.08 | ​ | $ | 2,049 | ​
Third quarter | ​ | $ | 0.08 | ​ | $ | 2,050 | ​ | $ | 0.08 | ​ | $ | 2,040 | ​
​ On November 1, 2021, the Company’s Board of Directors declared a dividend of $0.08 per share to stockholders of record as of November 12, 2021. ​ 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, 2020, the Company had $6.6 million remaining under the program for repurchases of its common stock. On January 28, 2021 the Board of Directors extended the share repurchase program by authorizing a total of $50.0 million to be available for purchases of the Company’s common stock. During the nine months ended September 30, 2021, the Company purchased 126,289 shares for an aggregate cost of $8.1 million, leaving $41.9 million available for repurchase of common stock under the program. On November 1, 2021, the Company announced that its Board of Directors authorized the Company to enter into an accelerated share repurchase program (“ASR”) and, on November 2, 2021, the Company entered into a fixed dollar ASR with a third-party financial institution to effect an accelerated repurchase of $100.0 million of the Company’s common stock. See Note L for further disclosure of the ASR.

X
- References No definition available. + Details
Name: | us-gaap_StockholdersEquityNoteAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 16 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
Name: | us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration