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Stockholders' Equity (Tables)

9 Months Ended

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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14A
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+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
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+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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