XML 25 R16.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Stockholders' Equity | 9 Months Ended
--- | ---
Sep. 30, 2017
Equity [Abstract] |
Stockholders' Equity | 10. STOCKHOLDERS’ EQUITY A summary of the changes in stockholders’ equity for the nine months ended September 30, 2017 is as follows:
(In thousands) |  | Stockholders’ Equity |
Balance, December 31, 2016 |  | $ | 479,517 |
Net income |  |  | 34,950 |
Dividend payments |  |  | (13,031 | )
Dividends accrued for unvested restricted stock units |  |  | (43 | )
Net unrealized gains on available-for-sale securities (net of tax) |  |  | 2,512 |
Net unrealized losses on cash flow hedges (net of tax) |  |  | (196 | )
Defined benefit plan adjustments (net of tax) |  |  | 214 |
Foreign currency translation adjustment |  |  | 5,402 |
Proceeds from stock option exercises |  |  | 6,606 |
Purchase of treasury stock |  |  | (17,348 | )
ASU 2016-09 adoption |  |  | 10 |
Stock-based compensation expense |  |  | 5,573 |
Balance, September 30, 2017 |  | $ | 504,166 |
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 nine months ended September 30, 2017, we repurchased 0.9 million shares of our common stock at an average price of $20.27 per share. As of September 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 0.4 million shares of treasury stock during the nine months ended September 30, 2017 to accommodate employee stock option exercises. The stock options had exercise prices ranging from $15.29 to $23.64. We received proceeds totaling $6.6 million from the exercise of these stock options during the nine months ended September 30, 2017. Dividend Payments During the nine months ended September 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 |
August 3, 2017 |  | August 17, 2017 |  | $ | 0.09 |  |  | $ | 4,312 |
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 September 30, 2017 and 2016:
|  | Three Months Ended September 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 |  | $ | 2,112 |  |  | $ | (338 | ) |  | $ | (4,876 | ) |  | $ | (3,714 | ) |  | $ | (6,816 | )
Other comprehensive income (loss) before reclassifications |  |  | 1,420 |  |  |  | (127 | ) |  |  | — |  |  |  | 1,541 |  |  |  | 2,834 |
Amounts reclassified from accumulated other comprehensive income |  |  | (616 | ) |  |  | 269 |  |  |  | 73 |  |  |  | — |  |  |  | (274 | )
Net current period other comprehensive income (loss) |  |  | 804 |  |  |  | 142 |  |  |  | 73 |  |  |  | 1,541 |  |  |  | 2,560 |
Ending balance |  | $ | 2,916 |  |  | $ | (196 | ) |  | $ | (4,803 | ) |  | $ | (2,173 | ) |  | $ | (4,256 | )
|  | Three Months Ended September 30, 2016 |
(In thousands) |  | Unrealized Gains (Losses) on Available- for-Sale Securities |  |  | Defined Benefit Plan Adjustments |  |  | Foreign Currency Adjustments |  |  | Total |
Beginning balance |  | $ | 1,512 |  |  | $ | (3,828 | ) |  | $ | (6,379 | ) |  | $ | (8,695 | )
Other comprehensive income (loss) before reclassifications |  |  | 1,028 |  |  |  | — |  |  |  | 575 |  |  |  | 1,603 |
Amounts reclassified from accumulated other comprehensive income |  |  | (770 | ) |  |  | 36 |  |  |  | — |  |  |  | (734 | )
Net current period other comprehensive income (loss) |  |  | 258 |  |  |  | 36 |  |  |  | 575 |  |  |  | 869 |
Ending balance |  | $ | 1,770 |  |  | $ | (3,792 | ) |  | $ | (5,804 | ) |  | $ | (7,826 | )
The following tables present the changes in accumulated other comprehensive income, net of tax, by component for the nine months ended September 30, 2017 and 2016:
|  | Nine Months Ended September 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 |  |  | 4,262 |  |  |  | (619 | ) |  |  | — |  |  |  | 5,402 |  |  |  | 9,045 |
Amounts reclassified from accumulated other comprehensive income |  |  | (1,750 | ) |  |  | 423 |  |  |  | 214 |  |  |  | — |  |  |  | (1,113 | )
Net current period other comprehensive income (loss) |  |  | 2,512 |  |  |  | (196 | ) |  |  | 214 |  |  |  | 5,402 |  |  |  | 7,932 |
Ending balance |  | $ | 2,916 |  |  | $ | (196 | ) |  | $ | (4,803 | ) |  | $ | (2,173 | ) |  | $ | (4,256 | )
|  | Nine Months Ended September 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 |  |  | 2,267 |  |  |  | — |  |  |  | 1,202 |  |  |  | 3,469 |
Amounts reclassified from accumulated other comprehensive income |  |  | (2,429 | ) |  |  | 103 |  |  |  | — |  |  |  | (2,326 | )
Net current period other comprehensive income (loss) |  |  | (162 | ) |  |  | 103 |  |  |  | 1,202 |  |  |  | 1,143 |
Ending balance |  | $ | 1,770 |  |  | $ | (3,792 | ) |  | $ | (5,804 | ) |  | $ | (7,826 | )
The following tables present the details of reclassifications out of accumulated other comprehensive income for the three months ended September 30, 2017 and 2016:
(In thousands) |  | Three Months Ended September 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 |  | $ | 1,066 |  |  | Net realized investment gain
Impairment expense |  |  | (57 | ) |  | Net realized investment gain
Net losses on derivatives designated as hedging instruments |  |  | (385 | ) |  | Cost of sales
Defined benefit plan adjustments – actuarial losses |  |  | (106 | ) |  | (1)
Total reclassifications for the period, before tax |  |  | 518 |  |  |
Tax (expense) benefit |  |  | (244 | ) |  |
Total reclassifications for the period, net of tax |  | $ | 274 |  |  |
(1) | Included in the computation of net periodic pension cost. See Note 4 of Notes to Consolidated Financial Statements.
(In thousands) |  | Three Months Ended September 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 |  | $ | 1,268 |  |  | Net realized investment gain
Impairment expense |  |  | (6 | ) |  | Net realized investment gain
Defined benefit plan adjustments – actuarial losses |  |  | (51 | ) |  | (1)
Total reclassifications for the period, before tax |  |  | 1,211 |  |  |
Tax (expense) benefit |  |  | (477 | ) |  |
Total reclassifications for the period, net of tax |  | $ | 734 |  |  |
(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 nine months ended September 30, 2017 and 2016:
(In thousands) |  | Nine Months Ended September 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 |  | $ | 3,031 |  |  | Net realized investment gain
Impairment expense |  |  | (162 | ) |  | Net realized investment gain
Net losses on derivatives designated as hedging instruments |  |  | (539 | ) |  | Cost of sales
Defined benefit plan adjustments – actuarial losses |  |  | (310 | ) |  | (1)
Total reclassifications for the period, before tax |  |  | 2,020 |  |  |
Tax (expense) benefit |  |  | (907 | ) |  |
Total reclassifications for the period, net of tax |  | $ | 1,113 |  |  |
(1) | Included in the computation of net periodic pension cost. See Note 4 of Notes to Consolidated Financial Statements.
(In thousands) |  | Nine Months Ended September 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 |  | $ | 4,383 |  |  | Net realized investment gain
Impairment expense |  |  | (401 | ) |  | Net realized investment gain
Defined benefit plan adjustments – actuarial losses |  |  | (149 | ) |  | (1)
Total reclassifications for the period, before tax |  |  | 3,833 |  |  |
Tax (expense) benefit |  |  | (1,507 | ) |  |
Total reclassifications for the period, net of tax |  | $ | 2,326 |  |  |
(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 September 30, 2017 and 2016:
|  | Three Months Ended |  |  | Three Months Ended |
|  | September 30, 2017 |  |  | September 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 |  | $ | 2,328 |  |  | $ | (908 | ) |  | $ | 1,420 |  |  | $ | 1,685 |  |  | $ | (657 | ) |  | $ | 1,028 |
Unrealized gains (losses) on cash flow hedges |  |  | (184 | ) |  |  | 57 |  |  |  | (127 | ) |  |  | — |  |  |  | — |  |  |  | — |
Reclassification adjustment for amounts related to available-for-sale investments included in net income |  |  | (1,009 | ) |  |  | 393 |  |  |  | (616 | ) |  |  | (1,262 | ) |  |  | 492 |  |  |  | (770 | )
Reclassification adjustment for amounts related to cash flow hedges included in net income |  |  | 385 |  |  |  | (116 | ) |  |  | 269 |  |  |  | — |  |  |  | — |  |  |  | — |
Reclassification adjustment for amounts related to defined benefit plan adjustments included in net income |  |  | 106 |  |  |  | (33 | ) |  |  | 73 |  |  |  | 51 |  |  |  | (15 | ) |  |  | 36 |
Foreign currency translation adjustment |  |  | 1,541 |  |  |  | — |  |  |  | 1,541 |  |  |  | 575 |  |  |  | — |  |  |  | 575 |
Total Other Comprehensive Income (Loss) |  | $ | 3,167 |  |  | $ | (607 | ) |  | $ | 2,560 |  |  | $ | 1,049 |  |  | $ | (180 | ) |  | $ | 869 |
The following table presents the tax effects related to the change in each component of other comprehensive income for the nine months ended September 30, 2017 and 2016:
|  | Nine Months Ended |  |  | Nine Months Ended |
|  | September 30, 2017 |  |  | September 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 |  | $ | 6,987 |  |  | $ | (2,725 | ) |  | $ | 4,262 |  |  | $ | 3,716 |  |  | $ | (1,449 | ) |  | $ | 2,267 |
Unrealized gains (losses) on cash flow hedges |  |  | (897 | ) |  |  | 278 |  |  |  | (619 | ) |  |  | — |  |  |  | — |  |  |  | — |
Reclassification adjustment for amounts related to available-for-sale investments included in net income |  |  | (2,869 | ) |  |  | 1,119 |  |  |  | (1,750 | ) |  |  | (3,982 | ) |  |  | 1,553 |  |  |  | (2,429 | )
Reclassification adjustment for amounts related to cash flow hedges included in net income |  |  | 539 |  |  |  | (116 | ) |  |  | 423 |  |  |  | — |  |  |  | — |  |  |  | — |
Reclassification adjustment for amounts related to defined benefit plan adjustments included in net income |  |  | 310 |  |  |  | (96 | ) |  |  | 214 |  |  |  | 149 |  |  |  | (46 | ) |  |  | 103 |
Foreign currency translation adjustment |  |  | 5,402 |  |  |  | — |  |  |  | 5,402 |  |  |  | 1,202 |  |  |  | — |  |  |  | 1,202 |
Total Other Comprehensive Income (Loss) |  | $ | 9,472 |  |  | $ | (1,540 | ) |  | $ | 7,932 |  |  | $ | 1,085 |  |  | $ | 58 |  |  | $ | 1,143 |

X
- References No definition available. + Details
Name: | us-gaap_EquityAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 + Details
Name: | us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration