Changes in Shareholders' Equity (Tables)

9 Months Ended

Sep. 30, 2021

Stockholders' Equity Note [Abstract]

The following table summarizes changes in Shareholders’ Equity for the period December 31, 2020 to September 30, 2021:


	Class A Common Stock			Class B Common Stock			Additional paid-in capital		Retained earnings		Accumulated other comprehensive income		Class A Treasury Stock			Noncontrolling Interest		Total Equity
(in thousands)	Shares	Amount		Shares	Amount								Shares	Amount
December 31, 2020	39,115	$	39	1,618	$	2	$	433,696	$	770,746	$	(132,408)	8,391	$	(256,009)	$	3,799	$	819,865
Net income	—	—		—	—		—		27,582		—		—	—		27		27,609
Compensation and benefits paid or payable in shares	20	—		—	—		(13)		—		—		—	—		—		(13)
Options exercised	6	—		—	—		128		—		—		—	—		—		128
Dividends declared
Class A Common Stock, $0.20 per share	—	—		—	—		—		(6,150)		—		—	—		—		(6,150)
Class B Common Stock, $0.20 per share	—	—		—	—		—		(324)		—		—	—		—		(324)
Cumulative translation adjustments	—	—		—	—		—		—		(15,955)		—	—		(210)		(16,165)
Pension and postretirement liability adjustments	—	—		—	—		—		—		509		—	—		—		509
Derivative valuation adjustment	—	—		—	—		—		—		752		—	—		—		752
March 31, 2021	39,141	$	39	1,618	$	2	$	433,811	$	791,854	$	(147,102)	8,391	$	(256,009)	$	3,616	$	826,211
Net income	—	—		—	—		—		31,397		—		—	—		43		31,440
Compensation and benefits paid or payable in shares	—	—		—	—		692		—		—		—	—		—		692
Options exercised	1	—		—	—		21		—		—		—	—		—		21
Shares issued to Directors'	—	—		—	—		706		—		—		(11)	241		—		947
Dividends declared
Class A Common Stock, $0.20 per share	—	—		—	—		—		(6,150)		—		—	—		—		(6,150)
Class B Common Stock, $0.20 per share	—	—		—	—		—		(323)		—		—	—		—		(323)
Cumulative translation adjustments	—	—		—	—		—		—		13,774		—	—		183		13,957
Pension and postretirement liability adjustments	—	—		—	—		—		—		(130)		—	—		—		(130)
Derivative valuation adjustment	—	—		—	—		—		—		1,394		—	—		—		1,394
June 30, 2021	39,142	$	39	1,618	$	2	$	435,230	$	816,778	$	(132,064)	8,380	$	(255,768)	$	3,842	$	868,059
Net income	—	—		—	—		—		30,862		—		—	—		80		30,942
Compensation and benefits paid or payable in shares	—	—		—	—		845		—		—		—	—		—		845
Options exercised	1	—		—	—		4		—		—		—	—		—		4
Shares issued to Directors'	—	—		—	—		—		—		—		—	—		—		—
Dividends declared
Class A Common Stock, $0.20 per share	—	—		—	—		—		(6,478)		—		—	—		—		(6,478)
Class B Common Stock, $0.20 per share	—	—		—	—		—		—		—		—	—		—		—
Conversion of Class B shares to Class A shares (b)	1,617	2		(1,617)	(2)		—		—		—		—	—		—		—
Cumulative translation adjustments	—	—		—	—		—		—		(14,943)		—	—		(192)		(15,135)
Pension and postretirement liability adjustments	—	—		—	—		—		—		223		—	—		—		223
Derivative valuation adjustment	—	—		—	—		—		—		1,873		—	—		—		1,873
September 30, 2021	40,760	$	41	1	$	—	$	436,079	$	841,162	$	(144,911)	8,380	$	(255,768)	$	3,730	$	880,333

The following table summarizes changes in Shareholders’ Equity for the period December 31, 2019 to September 30, 2020:


	Class A Common Stock			Class B Common Stock			Additional paid-in capital		Retained earnings		Accumulated other comprehensive income		Class A Treasury Stock			Noncontrolling Interest		Total Equity
(in thousands)	Shares	Amount		Shares	Amount								Shares	Amount
December 31, 2019	39,099	$	39	1,618	$	2	$	432,518	$	698,496	$	(175,981)	8,409	$	(256,391)	$	4,006	$	702,689
Adoption of accounting standards (a)	—	—		—	—		—		(1,443)		—		—	—		—		(1,443)
Net income	—	—		—	—		—		9,109		—		—	—		(1,515)		7,594
Compensation and benefits paid or payable in shares	13	—		—	—		(682)		—		—		—	—		—		(682)
Options exercised	—				—		—		—		—		—	—		—		—
Shares issued to Directors'	—	—		—	—		—		—		—		—	—		—		—
Dividends declared
Class A Common Stock, $0.19 per share	—	—		—	—		—		(5,834)		—		—	—		—		(5,834)
Class B Common Stock, $0.19 per share	—	—		—	—		—		(307)		—		—	—		—		(307)
Cumulative translation adjustments	—	—		—	—		—		—		(25,747)		—	—		109		(25,638)
Pension and postretirement liability adjustments	—	—		—	—		—		—		890		—	—		—		890
Derivative valuation adjustment	—	—		—	—		—		—		(7,708)		—	—		—		(7,708)
March 31, 2020	39,112	$	39	1,618	$	2	$	431,836	$	700,021	$	(208,546)	8,409	$	(256,391)	$	2,600	$	669,561
Net income	—	—		—	—		—		32,354		—		—	—		95		32,449
Compensation and benefits paid or payable in shares	—	—		—	—		466		—		—		(15)	317		—		783
Options exercised	1	—		—	—		20		—		—		—	—		—		20
Shares issued to Directors'	—	—		—	—		416		—		—		—	—		—		416
Dividends declared
Class A Common Stock, $0.20 per share	—	—		—	—		—		(5,835)		—		—	—		—		(5,835)
Class B Common Stock, $0.20 per share	—	—		—	—		—		(307)		—		—	—		—		(307)
Cumulative translation adjustments	—	—		—	—		—		—		8,964		—	—		152		9,116
Pension and postretirement liability adjustments	—	—		—	—		—		—		142		—	—		—		142
Derivative valuation adjustment	—	—		—	—		—		—		(187)		—	—		—		(187)
June 30, 2020	39,113	$	39	1,618	$	2	$	432,738	$	726,233	$	(199,627)	8,394	$	(256,074)	$	2,847	$	706,158
Net income	—	—		—	—		—		29,589		—		—	—		1		29,590
Compensation and benefits paid or payable in shares	—	—		—	—		80		—		—		—	—		—		80
Options exercised	1	—		—	—		5		—		—		—	—		—		5
Shares issued to Directors'	—	—		—	—		—		—		—		—	—		—		—
Dividends declared
Class A Common Stock, $0.19 per share	—	—		—	—		—		(5,837)		—		—	—		—		(5,837)
Class B Common Stock, $0.19 per share	—	—		—	—		—		(307)		—		—	—		—		(307)
Cumulative translation adjustments	—	—		—	—		—		—		19,821		—	—		201		20,022
Pension and postretirement liability adjustments	—	—		—	—		—		—		(474)		—	—		—		(474)
Derivative valuation adjustment	—	—		—	—		—		—		621		—	—		—		621
September 30, 2020	39,114	$	39	1,618	$	2	$	432,823	$	749,678	$	(179,659)	8,394	$	(256,074)	$	3,049	$	749,858

(a)The Company adopted the provisions of ASC 326, Current Expected Credit Losses ("CECL") effective January 1, 2020, which resulted in a decrease to Retained earnings of $1.4 million.

(b)In the third quarter of 2021, Standish Family Holdings, LLC and J.S. Standish Company (the "Selling Stockholders") agreed to sell to J.P. Morgan Securities LLC 1,566,644 shares of the Company’s Class A Common Stock, par value $0.001 per share, to be issued upon conversion of an equal number of shares of the Company’s Class B common stock, par value $0.001 per share, at a price per share of $75.9656 (the "Transaction"). Immediately following the Transaction, the Selling Stockholders and related persons (including Christine L. Standish and John C. Standish) hold in the aggregate shares of the Company’s common stock entitling them to cast less than one percent of the combined votes entitled to be cast by all stockholders of the Company. Costs associated with the Transaction were borne directly by the Selling Stockholders.