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Stockholders' Equity
 12 Months Ended
Dec. 31, 2015
Stockholders' Equity.  
Stockholders' Equity

 

Note 14 — Stockholders’ Equity

 

Accumulated Other Comprehensive Income

 

The following table presents the changes in the balances of each component of AOCI, net of tax:

 

 

 

 

Foreign

 

 

 

Minimum

 

 

 

Unrealized

 

 

 

 

 

 

 

 

Currency

 

 

 

Pension

 

 

 

Gains (losses) on

 

 

 

 

 

 

 

 

Translation

 

 

 

Liability

 

 

 

AFS Securities

 

 

 

Total

 

 

 

 

(in thousands)

 

Balance at December 31, 2012

 

 

$
6,701

 

 

 

$
(775

)

 

 

$
47

 

 

 

$
5,973

 

Other comprehensive income (loss) before reclassifications

 

 
(1,322

)

 

 
125

 

 

 
34

 

 

 
(1,163

)

Benefit (expense) for income taxes

 

 
(53

)

 

 
(86

)

 

 
11

 

 

 
(128

)

Amounts reclassified from AOCI

 

 

—

 

 

 

—

 

 

 
(61

)

 

 
(61

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss)

 

 
(1,375

)

 

 
39

 

 

 
(16

)

 

 
(1,352

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2013

 

 
5,326

 

 

 
(736

)

 

 
31

 

 

 
4,621

 

Other comprehensive income (loss) before reclassifications

 

 
149

 

 

 
(145

)

 

 
51

 

 

 
55

 

Amounts reclassified from AOCI

 

 
(3,142

)

 

 

—

 

 

 
(65

)

 

 
(3,207

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss)

 

 
(2,993

)

 

 
(145

)

 

 
(14

)

 

 
(3,152

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2014

 

 
2,333

 

 

 
(881

)

 

 
17

 

 

 
1,469

 

Other comprehensive income (loss)

 

 
(87

)

 

 
15

 

 

 
(49

)

 

 
(121

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2015

 

 

$
2,246

 

 

 

$
(866

)

 

 

$
(32

)

 

 

$
1,348

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The Company did not allocate tax expense to other comprehensive income in 2015 or 2014 as the Company is in a full valuation allowance position such that a deferred tax asset related to amounts recognized in other comprehensive income is not regarded as realizable on a more-likely-than-not basis.

 

During 2015, there were minimal realized gains reclassified from Accumulated Other Comprehensive Income to “Other, net” on the Consolidated Statements of Operations.

 

During 2014, the Company completed its plan to liquidate its subsidiary in Japan, since the Company moved to a distributor model to serve its customers in that region. As a result of the liquidation, a cumulative translation gain of $3.1 million was reclassified from Other Comprehensive Income to “Other, net” on the Consolidated Statements of Operations.

 

Preferred Stock

 

The Board of Directors has authority under the Company’s Certificate of Incorporation to issue shares of preferred stock with voting and economic rights to be determined by the Board of Directors.

 

Treasury Stock

 

On October 28, 2015, the Board of Directors authorized the repurchase of up to $100 million of the Company’s outstanding common stock to be completed over the next two years. Repurchases are expected to be made from time to time on the open market or in privately negotiated transactions in accordance with applicable federal securities laws. During 2015 the Company purchased 0.5 million shares for $9.2 million, $0.3 million of which had not been cash settled at December 31, 2015 and is included in “Accrued expenses and other current liabilities” on the Consolidated Balance Sheet.  At December 31, 2015, $90.8 million remains available for future stock repurchases under this program.

 

The Company records treasury stock purchases under the cost method using the first-in, first-out (FIFO) method. Upon reissuance of treasury stock, amounts in excess of the acquisition cost are credited to additional paid in capital. If the Company reissues treasury stock at an amount below its acquisition cost and additional paid in capital associated with prior treasury stock transactions is insufficient to cover the difference between the acquisition cost and the reissue price, this difference is recorded against retained earnings.