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Stockholders' Equity

6 Months Ended

Jun. 30, 2017

Equity [Abstract]

Stockholders' Equity

10. STOCKHOLDERS’ EQUITY

A summary of the changes in stockholders’ equity for the six months ended June 30, 2017 is as follows:

(In thousands)		Stockholders’ Equity
Balance, December 31, 2016		$	479,517
Net income			19,052
Dividend payments			(8,719	)
Dividends accrued for unvested restricted stock units			(19	)
Net unrealized gains on available-for-sale securities (net of tax)			1,708
Net unrealized losses on cash flow hedges			(338	)
Defined benefit plan adjustments (net of tax)			141
Foreign currency translation adjustment			3,861
Proceeds from stock option exercises			1,722
Purchase of treasury stock			(17,311	)
ASU 2016-09 adoption			10
Stock-based compensation expense			3,739
Balance, June 30, 2017		$	483,363

Stock Repurchase Program

Since 1997, our Board of Directors has approved multiple share repurchase programs that have authorized open market repurchase transactions of up to 50.0 million shares of our common stock, which will be implemented through open market or private purchases from time to time as conditions warrant. During the six months ended June 30, 2017, we repurchased 0.9 million shares of our common stock at an average price of $20.27 per share. As of June 30, 2017, we have the authority to purchase an additional 3.6 million shares of our common stock under the current plans approved by the Board of Directors.

Stock Option Exercises

We issued 0.1 million shares of treasury stock during the six months ended June 30, 2017 to accommodate employee stock option exercises. The stock options had exercise prices ranging from $15.29 to $23.02. We received proceeds totaling $1.7 million from the exercise of these stock options during the six months ended June 30, 2017.

Dividend Payments

During the six months ended June 30, 2017, we paid cash dividends as follows (in thousands except per share amounts):

Record Date		Payment Date		Per Share Amount				Total Dividend Paid
February 2, 2017		February 16, 2017		$	0.09			$	4,369
May 4, 2017		May 18, 2017		$	0.09			$	4,350

Other Comprehensive Income

Other comprehensive income consists of unrealized gains (losses) on available-for-sale securities, unrealized gains (losses) on cash flow hedges, reclassification adjustments for amounts included in net income related to impairments of available-for-sale securities, realized gains (losses) on available-for-sale securities, realized gains (losses) on cash flow hedges, and amortization of actuarial gains (losses) related to our defined benefit plan, defined benefit plan adjustments, and foreign currency translation adjustments.

The following tables present the changes in accumulated other comprehensive income, net of tax, by component for the three months ended June 30, 2017 and 2016:

		Three Months Ended June 30, 2017
(In thousands)		Unrealized Gains (Losses) on Available- for-Sale Securities				Unrealized Gains (Losses) on Cash Flow Hedges				Defined Benefit Plan Adjustments				Foreign Currency Adjustments				Total
Beginning balance		$	1,739			$	79			$	(4,962	)		$	(6,333	)		$	(9,477	)
Other comprehensive income (loss) before    reclassifications			1,222				(571	)			—				2,619				3,270
Amounts reclassified from accumulated other    comprehensive income			(849	)			154				86				—				(609	)
Net current period other comprehensive income    (loss)			373				(417	)			86				2,619				2,661
Ending balance		$	2,112			$	(338	)		$	(4,876	)		$	(3,714	)		$	(6,816	)

		Three Months Ended June 30, 2016
(In thousands)		Unrealized Gains (Losses) on Available- for-Sale Securities				Defined Benefit Plan Adjustments				Foreign Currency Adjustments				Total
Beginning balance		$	1,677			$	(3,850	)		$	(5,778	)		$	(7,951	)
Other comprehensive income (loss) before    reclassifications			481				—				(601	)			(120	)
Amounts reclassified from accumulated other    comprehensive income			(646	)			22				—				(624	)
Net current period other comprehensive income (loss)			(165	)			22				(601	)			(744	)
Ending balance		$	1,512			$	(3,828	)		$	(6,379	)		$	(8,695	)

The following tables present the changes in accumulated other comprehensive income, net of tax, by component for the six months ended June 30, 2017 and 2016:

		Six Months Ended June 30, 2017
(In thousands)		Unrealized Gains (Losses) on Available- for-Sale Securities				Unrealized Gains (Losses) on Cash Flow Hedges				Defined Benefit Plan Adjustments				Foreign Currency Adjustments				Total
Beginning balance		$	404			$	—			$	(5,017	)		$	(7,575	)		$	(12,188	)
Other comprehensive income (loss) before    reclassifications			2,842				(492	)			—				3,861				6,211
Amounts reclassified from accumulated other    comprehensive income			(1,134	)			154				141				—				(839	)
Net current period other comprehensive income (loss)			1,708				(338	)			141				3,861				5,372
Ending balance		$	2,112			$	(338	)		$	(4,876	)		$	(3,714	)		$	(6,816	)

		Six Months Ended June 30, 2016
(In thousands)		Unrealized Gains (Losses) on Available- for-Sale Securities				Defined Benefit Plan Adjustments				Foreign Currency Adjustments				Total
Beginning balance		$	1,932			$	(3,895	)		$	(7,006	)		$	(8,969	)
Other comprehensive income (loss) before    reclassifications			1,239				—				627				1,866
Amounts reclassified from accumulated other    comprehensive income			(1,659	)			67				—				(1,592	)
Net current period other comprehensive income (loss)			(420	)			67				627				274
Ending balance		$	1,512			$	(3,828	)		$	(6,379	)		$	(8,695	)

The following tables present the details of reclassifications out of accumulated other comprehensive income for the three months ended June 30, 2017 and 2016:

(In thousands)		Three Months Ended June 30, 2017
Details about Accumulated Other Comprehensive Income Components		Amount Reclassified from Accumulated Other Comprehensive Income				Affected Line Item in the Statement Where Net Income Is Presented
Unrealized gains (losses) on available-for-    sale securities:
Net realized gain on sales of securities		$	1,393			Net realized investment gain
Impairment expense			(2	)		Net realized investment gain
Net losses on derivatives designated as hedging    instruments			(154	)		Cost of sales
Defined benefit plan adjustments – actuarial losses			(124	)		(1)
Total reclassifications for the period, before tax			1,113
Tax (expense) benefit			(504	)
Total reclassifications for the period, net    of tax		$	609

⁽¹⁾ Included in the computation of net periodic pension cost. See Note 4 of Notes to Consolidated Financial Statements.

(In thousands)		Three Months Ended June 30, 2016
Details about Accumulated Other Comprehensive Income Components		Amount Reclassified from Accumulated Other Comprehensive Income				Affected Line Item in the Statement Where Net Income Is Presented
Unrealized gains (losses) on available-for-    sale securities:
Net realized gain on sales of securities		$	1,354			Net realized investment gain
Impairment expense			(295	)		Net realized investment gain
Defined benefit plan adjustments – actuarial    losses			(33	)		(1)
Total reclassifications for the period, before    tax			1,026
Tax (expense) benefit			(402	)
Total reclassifications for the period, net    of tax		$	624

⁽¹⁾ Included in the computation of net periodic pension cost. See Note 4 of Notes to Consolidated Financial Statements.

The following tables present the details of reclassifications out of accumulated other comprehensive income for the six months ended June 30, 2017 and 2016:

(In thousands)		Six Months Ended June 30, 2017
Details about Accumulated Other Comprehensive Income Components		Amount Reclassified from Accumulated Other Comprehensive Income				Affected Line Item in the Statement Where Net Income Is Presented
Unrealized gains (losses) on available-for-    sale securities:
Net realized gain on sales of securities		$	1,965			Net realized investment gain
Impairment expense			(105	)		Net realized investment gain
Net losses on derivatives designated as hedging    instruments			(154	)		Cost of sales
Defined benefit plan adjustments – actuarial    losses			(204	)		(1)
Total reclassifications for the period, before    tax			1,502
Tax (expense) benefit			(663	)
Total reclassifications for the period, net    of tax		$	839

⁽¹⁾ Included in the computation of net periodic pension cost. See Note 4 of Notes to Consolidated Financial Statements.

(In thousands)		Six Months Ended June 30, 2016
Details about Accumulated Other Comprehensive Income Components		Amount Reclassified from Accumulated Other Comprehensive Income				Affected Line Item in the Statement Where Net Income Is Presented
Unrealized gains (losses) on available-for-    sale securities:
Net realized gain on sales of securities		$	3,115			Net realized investment gain
Impairment expense			(395	)		Net realized investment gain
Defined benefit plan adjustments – actuarial    losses			(98	)		(1)
Total reclassifications for the period, before    tax			2,622
Tax (expense) benefit			(1,030	)
Total reclassifications for the period, net    of tax		$	1,592

⁽¹⁾ Included in the computation of net periodic pension cost. See Note 4 of Notes to Consolidated Financial Statements.

The following table presents the tax effects related to the change in each component of other comprehensive income for the three months ended June 30, 2017 and 2016:

		Three Months Ended												Three Months Ended
		June 30, 2017												June 30, 2016
(In thousands)		Before-Tax Amount				Tax (Expense) Benefit				Net-of-Tax Amount				Before-Tax Amount				Tax (Expense) Benefit				Net-of-Tax Amount
Unrealized gains (losses) on available-for-sale    securities		$	2,003			$	(781	)		$	1,222			$	789			$	(308	)		$	481
Unrealized gains (losses) on cash flow hedges			(571	)			—				(571	)			—				—				—
Reclassification adjustment for amounts related to    available-for-sale investments included in net    income			(1,391	)			542				(849	)			(1,059	)			413				(646	)
Reclassification adjustment for amounts related to    cash flow hedges included in net income			154				—				154				—				—				—
Reclassification adjustment for amounts related to    defined benefit plan adjustments included in net    income			124				(38	)			86				33				(11	)			22
Foreign currency translation adjustment			2,619				—				2,619				(601	)			—				(601	)
Total Other Comprehensive Income (Loss)		$	2,938			$	(277	)		$	2,661			$	(838	)		$	94			$	(744	)

The following table presents the tax effects related to the change in each component of other comprehensive income for the six months ended June 30, 2017 and 2016:

		Six Months Ended												Six Months Ended
		June 30, 2017												June 30, 2016
(In thousands)		Before-Tax Amount				Tax (Expense) Benefit				Net-of-Tax Amount				Before-Tax Amount				Tax (Expense) Benefit				Net-of-Tax Amount
Unrealized gains (losses) on available-for-sale    securities		$	4,659			$	(1,817	)		$	2,842			$	2,031			$	(792	)		$	1,239
Unrealized gains (losses) on cash flow hedges			(492	)			—				(492	)			—				—				—
Reclassification adjustment for amounts related to    available-for-sale investments included in net    income			(1,860	)			726				(1,134	)			(2,720	)			1,061				(1,659	)
Reclassification adjustment for amounts related to    cash flow hedges included in net income			154				—				154				—				—				—
Reclassification adjustment for amounts related to    defined benefit plan adjustments included in net    income			204				(63	)			141				98				(31	)			67
Foreign currency translation adjustment			3,861				—				3,861				627				—				627
Total Other Comprehensive Income (Loss)		$	6,526			$	(1,154	)		$	5,372			$	36			$	238			$	274

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- References

No definition available.

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- 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/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI http://asc.fasb.org/topic&trid=2208762

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