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Stockholders' Equity (Tables) | 9 Months Ended
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Sep. 30, 2017
Equity [Abstract] |
Summary of Changes in 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 |
Cash Dividends | 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 |
Changes in Accumulated Other Comprehensive Income, Net of Tax by Component | 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 | )
Reclassifications Out of Accumulated Other Comprehensive Income | 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.
Other Comprehensive Income | 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 |

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