OTHER

6 Months Ended

Jun. 30, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

OTHER

Cash dividends

Dividends declared in the six months ended June 30, 2020 were as follows:

Dividend per share

Date declared

Date of record

Payment date

$0.0425

3/10/2020

11/16/2020

12/16/2020

$0.0425

6/25/2020

8/3/2020

8/17/2020

On February 14, 2020, the Company paid dividends of $0.9 million to shareholders of record on January 31, 2020.

In 2020, the Company declared dividends as follows:

•On March 10, 2020, the Board of Directors declared a quarterly dividend of $0.0425 per share payable on May 15, 2020 to shareholders of record on May 1, 2020. Subsequently, the Company issued a press release on April 23, 2020, announcing that the Board of Directors unanimously approved the rescheduling of the May quarterly dividend. Accordingly, shareholders of record as of November 16, 2020 will be eligible to receive a dividend of $0.0425 per share on December 16, 2020.

•On June 25, 2020, the Board of Directors declared a quarterly dividend of $0.0425 per share payable on August 17, 2020 to shareholders of record on August 3, 2020.

•On August 4, 2020, the Board of Directors declared a quarterly dividend of $0.0425 per share payable on November 16, 2020 to shareholders of record on November 2, 2020.

In the three months ended June 30, 2020, the Company reduced retained earnings for the accrual of $0.9 million relating to the dividend payable on August 17, 2020. For the six months ended June 30, 2020, the Company reduced retained earnings for the accrual of $1.8 million relating to the dividend payable on August 17, 2020 and December 16, 2020.

Supplemental cash flow information


	Six Months Ended June 30,
	2020		2019
	(in thousands)
Supplemental disclosure of cash flow information:
Cash paid for interest	$	8,070	$	9,066
Cash paid for taxes, net of refunds	173		993
Non-cash investing activities:
Translation loss adjustment	$	(7,207)	$	(1,647)

Components of accumulated other comprehensive loss, net


	Three Months Ended June 30,						Six Months Ended June 30,
	2020		2019		2020		2019
	(in thousands)
Accumulated translation adjustment:
Balance at beginning of period	$	(38,477)	$	(32,421)	$	(34,019)	$	(33,727)
Translation loss during period	(2,749)		(2,953)		(7,207)		(1,647)
Amounts reclassified from accumulated other comprehensive loss ⁽¹⁾	235		—		235		—
Translation Adjustment	(2,514)		(2,953)		(6,972)		(1,647)
Balance at end of period	$	(40,991)	$	(35,374)	$	(40,991)	$	(35,374)
Accumulated deferred gains on cash flow hedges:
Balance at beginning of period	$	(1,713)	$	757	$	1,164	$	161
Amounts reclassified from accumulated other comprehensive loss:
Settlement of cash flow hedge ⁽²⁾	240		(52)		359		(23)
Change in unrealized (losses) gains	(139)		1,034		(3,135)		1,601
Net change in cash flow hedges, net of taxes of $69, $306, $(929) and $495	101		982		(2,776)		1,578
Balance at end of period	$	(1,612)	$	1,739	$	(1,612)	$	1,739
Accumulated effect of retirement benefit obligations:
Balance at beginning of period	$	(1,580)	$	(1,037)	$	(1,600)	$	(1,050)
Amounts reclassified from accumulated other comprehensive loss:⁽³⁾
Amortization of actuarial gains, net of taxes	19		12		39		25
Balance at end of period	$	(1,561)	$	(1,025)	$	(1,561)	$	(1,025)
Total accumulated other comprehensive losses at end of period	$	(44,164)	$	(34,660)	$	(44,164)	$	(34,660)

⁽¹⁾Amount is recorded in equity in losses on the unaudited condensed consolidated statements of operations.

⁽²⁾Amounts reclassified are recorded in interest expense and cost of sales on the unaudited condensed consolidated statement of operations.

(3)Amounts are recorded in selling, general and administrative expense on the unaudited condensed consolidated statements of operations.