OTHER

9 Months Ended

Sep. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

OTHER

Cash dividends

Dividends declared in the nine months ended September 30, 2023 were as follows:

Dividend per share

Date declared

Date of record

Payment date

$0.0425

3/8/2023

5/1/2023

5/15/2023

$0.0425

6/22/2023

8/1/2023

8/15/2023

$0.0425

8/2/2023

11/1/2023

11/15/2023

During the nine months ended September 30, 2023, the Company paid dividends of $2.8 million. This included payments made on February 15, 2023, May 15, 2023 and August 15, 2023 of $0.9 million, $0.9 million and $0.9 million to stockholders of record on February 1, 2023, May 1, 2023, and August 1, 2023 respectively, and payments of $0.1 million for dividends payable upon the vesting of restricted shares and performance shares.

In the three months ended September 30, 2023, the Company reduced retained earnings for the accrual of $0.9 million relating to the dividend payable on November 15, 2023.

On November 7, 2023, the Board declared a quarterly dividend of 0.0425 per share of common stock payable on February 15, 2024 to stockholders of record on February 1, 2024.

Stock repurchase program

On March 14, 2022, the Company announced that its Board authorized the repurchase of up to $20.0 million of the Company’s common stock, replacing the Company’s previously-authorized $10.0 million share repurchase program. The repurchase authorization permits the Company to effect the repurchases from time to time through open market purchases and privately negotiated transactions. During the nine months ended September 30, 2023, the Company repurchased 320,204 shares for a total cost of $2.5 million and thereafter retired the shares. No repurchases were effected during the three months ended September 30, 2023. As of September 30, 2023, the remaining dollar amount available for repurchases under the Board authorized plan was $11.1 million.

Supplemental cash flow information


	Nine Months Ended September 30,
	2023		2022
	(in thousands)
Supplemental disclosure of cash flow information:
Cash paid for interest	$	15,204	$	10,804
Cash paid for taxes, net of refunds	4,388		6,527

Components of accumulated other comprehensive loss, net


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	(in thousands)
Accumulated translation adjustment:
Balance at beginning of period	$	(33,274)	$	(36,175)	$	(36,072)	$	(31,752)
Translation adjustment during period	(1,242)		(2,686)		1,556		(7,109)


Balance at end of period	$	(34,516)	$	(38,861)	$	(34,516)	$	(38,861)
Accumulated deferred (losses) gains on cash flow hedges:
Balance at beginning of period	$	(530)	$	1,636	$	923	$	78
Change in unrealized gains (losses)	254		624		(257)		2,201
Amounts reclassified from accumulated other comprehensive loss:
Settlement of cash flow hedge (1)	181		(270)		(761)		(289)
Net change in cash flow hedges, net of taxes of $0, $92, $(2), $505	435		354		(1,018)		1,912
Balance at end of period	$	(95)	$	1,990	$	(95)	$	1,990
Accumulated effect of retirement benefit obligations:
Balance at beginning of period	$	(682)	$	(1,817)	$	(705)	$	(1,875)
Amounts reclassified from accumulated other comprehensive loss: (2)
Amortization of actuarial loss, net of taxes of $(4), $(10), $(12), $(29)	12		29		35		87
Balance at end of period	$	(670)	$	(1,788)	$	(670)	$	(1,788)
Total accumulated other comprehensive loss at end of period	$	(35,281)	$	(38,659)	$	(35,281)	$	(38,659)

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

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