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Stockholders' Equity (Tables)

6 Months Ended

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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