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Stockholders' Equity (Tables) | 6 Months Ended
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Jun. 30, 2018
Equity [Abstract] |
Summary of Changes in Stockholders' Equity | A summary of the changes in stockholders’ equity for the six months ended June 30, 2018 is as follows:
(In thousands) |  | Stockholders’ Equity |
Balance, December 31, 2017 |  | $ | 497,911 |
Net income (loss) |  |  | (18,484 | )
Dividend payments |  |  | (8,679 | )
Dividends accrued for unvested restricted stock units |  |  | 5 |
Net unrealized gains (losses) on available-for-sale securities (net of tax) |  |  | (3,308 | )
Defined benefit plan adjustments (net of tax) |  |  | 67 |
Foreign currency translation adjustment |  |  | (2,582 | )
Proceeds from stock option exercises |  |  | 369 |
Purchase of treasury stock |  |  | (12,774 | )
Adoption of new accounting standards (see Note 1) |  |  | 3,499 |
Stock-based compensation expense |  |  | 3,603 |
Balance, June 30, 2018 |  | $ | 459,627 |
Cash Dividends | During the six months ended June 30, 2018, we paid cash dividends as follows (in thousands except per share amounts):
Record Date |  | Payment Date |  | Per Share Amount |  |  | Total Dividend Paid |
January 31, 2018 |  | February 14, 2018 |  | $ | 0.09 |  |  | $ | 4,367 |
May 2, 2018 |  | May 16, 2018 |  | $ | 0.09 |  |  | $ | 4,312 |
Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax by Component | The following tables present the changes in accumulated other comprehensive income (loss), net of tax, by component for the three months ended June 30, 2018 and 2017:
|  | Three Months Ended June 30, 2018 |
(In thousands) |  | Unrealized Gains (Losses) on Available- for-Sale Securities |  |  | Defined Benefit Plan Adjustments |  |  | Foreign Currency Adjustments |  |  | Total |
Beginning balance |  | $ | (845 | ) |  | $ | (4,224 | ) |  | $ | (734 | ) |  | $ | (5,803 | )
Other comprehensive income (loss) before reclassifications |  |  | (82 | ) |  |  | — |  |  |  | (3,424 | ) |  |  | (3,506 | )
Amounts reclassified from accumulated other comprehensive income (loss) |  |  | 186 |  |  |  | 5 |  |  |  | — |  |  |  | 191 |
Net current period other comprehensive income (loss) |  |  | 104 |  |  |  | 5 |  |  |  | (3,424 | ) |  |  | (3,315 | )
Ending balance |  | $ | (741 | ) |  | $ | (4,219 | ) |  | $ | (4,158 | ) |  | $ | (9,118 | )
|  | 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 (loss) |  |  | (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 | )
The following tables present the changes in accumulated other comprehensive income (loss), net of tax, by component for the six months ended June 30, 2018 and 2017:
|  | Six Months Ended June 30, 2018 |
(In thousands) |  | Unrealized Gains (Losses) on Available- for-Sale Securities |  |  | Defined Benefit Plan Adjustments |  |  | Foreign Currency Adjustments |  |  | Total |
Beginning balance |  | $ | 2,567 |  |  | $ | (4,286 | ) |  | $ | (1,576 | ) |  | $ | (3,295 | )
Other comprehensive income (loss) before reclassifications |  |  | (339 | ) |  |  | — |  |  |  | (2,582 | ) |  |  | (2,921 | )
Amounts reclassified from accumulated other comprehensive income (loss) |  |  | 251 |  |  |  | 67 |  |  |  | — |  |  |  | 318 |
Amounts reclassified to retained earnings (1) |  |  | (3,220 | ) |  |  | — |  |  |  | — |  |  |  | (3,220 | )
Net current period other comprehensive income (loss) |  |  | (3,308 | ) |  |  | 67 |  |  |  | (2,582 | ) |  |  | (5,823 | )
Ending balance |  | $ | (741 | ) |  | $ | (4,219 | ) |  | $ | (4,158 | ) |  | $ | (9,118 | )
| (1) | With the adoption of ASU 2016-01, the unrealized gains on our equity investments were reclassified to retained earnings. See Note 1 for more information.
|  | 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 (loss) |  |  | (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 | )
Reclassifications Out of Accumulated Other Comprehensive Income (Loss) | The following tables present the details of reclassifications out of accumulated other comprehensive income (loss) for the three months ended June 30, 2018 and 2017:
(In thousands) |  | Three Months Ended June 30, 2018
Details about Accumulated Other Comprehensive Income (Loss) Components |  | Amount Reclassified from Accumulated Other Comprehensive Income (Loss) |  |  | Affected Line Item in the Statement Where Net Income Is Presented
Unrealized gains (losses) on available-for-sale securities: |  |  |  |  |  |
Net realized gain (loss) on sales of securities |  | $ | (251 | ) |  | Net realized investment gain
Defined benefit plan adjustments – actuarial losses |  |  | (7 | ) |  | (1)
Total reclassifications for the period, before tax |  |  | (258 | ) |  |
Tax (expense) benefit |  |  | 67 |  |  |
Total reclassifications for the period, net of tax |  | $ | (191 | ) |  |
(1) | Included in the computation of net periodic pension cost. See Note 5 of Notes to Consolidated Financial Statements.
(In thousands) |  | Three Months Ended June 30, 2017
Details about Accumulated Other Comprehensive Income (Loss) Components |  | Amount Reclassified from Accumulated Other Comprehensive Income (Loss) |  |  | Affected Line Item in the Statement Where Net Income Is Presented
Unrealized gains (losses) on available-for-sale securities: |  |  |  |  |  |
Net realized gain (loss) 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 5 of Notes to Consolidated Financial Statements.
The following tables present the details of reclassifications out of accumulated other comprehensive income (loss) for the six months ended June 30, 2018 and 2017:
(In thousands) |  | Six Months Ended June 30, 2018
Details about Accumulated Other Comprehensive Income (Loss) Components |  | Amount Reclassified from Accumulated Other Comprehensive Income (Loss) |  |  | Affected Line Item in the Statement Where Net Income Is Presented
Unrealized gains (losses) on available-for-sale securities: |  |  |  |  |  |
Net realized gain (loss) on sales of securities |  | $ | (324 | ) |  | Net realized investment gain
Defined benefit plan adjustments – actuarial losses |  |  | (97 | ) |  | (1)
Total reclassifications for the period, before tax |  |  | (421 | ) |  |
Tax (expense) benefit |  |  | 103 |  |  |
Total reclassifications for the period, net of tax |  | $ | (318 | ) |  |
| (1) | Included in the computation of net periodic pension cost. See Note 5 of Notes to Consolidated Financial Statements.
(In thousands) |  | Six Months Ended June 30, 2017
Details about Accumulated Other Comprehensive Income (Loss) Components |  | Amount Reclassified from Accumulated Other Comprehensive Income (Loss) |  |  | Affected Line Item in the Statement Where Net Income Is Presented
Unrealized gains (losses) on available-for- sale securities: |  |  |  |  |  |
Net realized gain (loss) 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 5 of Notes to Consolidated Financial Statements.
Other Comprehensive Income (Loss) | The following table presents the tax effects related to the change in each component of other comprehensive income (loss) for the three months ended June 30, 2018 and 2017:
|  | Three Months Ended |  |  | Three Months Ended |
|  | June 30, 2018 |  |  | June 30, 2017 |
(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 |  | $ | (111 | ) |  | $ | 29 |  |  | $ | (82 | ) |  | $ | 2,003 |  |  | $ | (781 | ) |  | $ | 1,222 |
Unrealized gains (losses) on cash flow hedges |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (571 | ) |  |  | — |  |  |  | (571 | )
Reclassification adjustment for amounts related to available-for-sale investments included in net income |  |  | 251 |  |  |  | (65 | ) |  |  | 186 |  |  |  | (1,391 | ) |  |  | 542 |  |  |  | (849 | )
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 |  |  | 7 |  |  |  | (2 | ) |  |  | 5 |  |  |  | 124 |  |  |  | (38 | ) |  |  | 86 |
Foreign currency translation adjustment |  |  | (3,424 | ) |  |  | — |  |  |  | (3,424 | ) |  |  | 2,619 |  |  |  | — |  |  |  | 2,619 |
Total Other Comprehensive Income (Loss) |  | $ | (3,277 | ) |  | $ | (38 | ) |  | $ | (3,315 | ) |  | $ | 2,938 |  |  | $ | (277 | ) |  | $ | 2,661 |
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, 2018 and 2017:
|  | Six Months Ended |  |  | Six Months Ended |
|  | June 30, 2018 |  |  | June 30, 2017 |
(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 |  | $ | (458 | ) |  | $ | 119 |  |  | $ | (339 | ) |  | $ | 4,659 |  |  | $ | (1,817 | ) |  | $ | 2,842 |
Unrealized gains (losses) on cash flow hedges |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (492 | ) |  |  | — |  |  |  | (492 | )
Reclassification adjustment for amounts related to available-for-sale investments included in net income |  |  | 324 |  |  |  | (73 | ) |  |  | 251 |  |  |  | (1,860 | ) |  |  | 726 |  |  |  | (1,134 | )
Reclassification adjustment for amounts reclassed to retained earnings related to the adoption of ASU 2016-01 |  |  | (3,220 | ) |  |  | — |  |  |  | (3,220 | ) |  |  | — |  |  |  | — |  |  |  | — |
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 |  |  | 97 |  |  |  | (30 | ) |  |  | 67 |  |  |  | 204 |  |  |  | (63 | ) |  |  | 141 |
Foreign currency translation adjustment |  |  | (2,582 | ) |  |  | — |  |  |  | (2,582 | ) |  |  | 3,861 |  |  |  | — |  |  |  | 3,861 |
Total Other Comprehensive Income (Loss) |  | $ | (5,839 | ) |  | $ | 16 |  |  | $ | (5,823 | ) |  | $ | 6,526 |  |  | $ | (1,154 | ) |  | $ | 5,372 |

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