XML 26 R17.htm IDEA: XBRL DOCUMENT v3.10.0.1

Stockholders' Equity

9 Months Ended

Sep. 30, 2018

Equity [Abstract]

Stockholders' Equity

11. STOCKHOLDERS’ EQUITY

A summary of the changes in stockholders’ equity for the nine months ended September 30, 2018 is as follows:

(In thousands)		Stockholders’ Equity
Balance, December 31, 2017		$	497,911
Net income (loss)			(10,895	)
Dividend payments			(12,976	)
Dividends accrued for unvested restricted stock units			(15	)
Net unrealized gains (losses) on available-for-sale securities (net of tax)			(3,340	)
Defined benefit plan adjustments (net of tax)			104
Foreign currency translation adjustment			(3,033	)
Proceeds from stock option exercises			1,321
Purchase of treasury stock			(14,185	)
Adoption of new accounting standards (see Note 1)			3,499
Stock-based compensation expense			5,243
RSU's and restricted stock vested			(33	)
Balance, September 30, 2018		$	463,601

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 that are implemented through open market or private purchases from time to time as conditions warrant. During the nine months ended September 30, 2018, we repurchased 0.9 million shares of our common stock at an average price of $15.75 per share. As of September 30, 2018, we have the authority to purchase an additional 2.7 million shares of our common stock under the current plans approved by the Board of Directors.

Stock Option Exercises

We issued 0.1 million shares of treasury stock during the nine months ended September 30, 2018 to accommodate employee stock option exercises. The stock options had exercise prices ranging from $15.29 to $18.97. We received proceeds totaling $1.3 million from the exercise of these stock options during the nine months ended September 30, 2018.

Dividend Payments

During the nine months ended September 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
August 1, 2018		August 15, 2018		$	0.09			$	4,297

Other Comprehensive Income

Other comprehensive income consists of unrealized gains (losses) on available-for-sale debt securities; unrealized gains (losses) on cash flow hedges; reclassification adjustments for amounts included in net income related to impairments of available-for-sale debt securities, realized gains (losses) on available-for-sale debt 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 (loss), net of tax, by component for the three months ended September 30, 2018 and 2017:

		Three Months Ended September 30, 2018
(In thousands)		Unrealized Gains (Losses) on Available- for-Sale Securities				Defined Benefit Plan Adjustments				Foreign Currency Adjustments				Total
Beginning balance		$	(741	)		$	(4,219	)		$	(4,158	)		$	(9,118	)
Other comprehensive income (loss) before    reclassifications			1,208				—				(451	)			757
Amounts reclassified from accumulated other    comprehensive income (loss)			(1,240	)			37				—				(1,203	)
Net current period other comprehensive income (loss)			(32	)			37				(451	)			(446	)
Ending balance		$	(773	)		$	(4,182	)		$	(4,609	)		$	(9,564	)

		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 (loss)			(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	)

The following tables present the changes in accumulated other comprehensive income (loss), net of tax, by component for the nine months ended September 30, 2018 and 2017:

		Nine Months Ended September 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			869				—				(3,033	)			(2,164	)
Amounts reclassified from accumulated other    comprehensive income (loss)			(989	)			104				—				(885	)
Amounts reclassified to retained earnings (1)			(3,220	)			—				—				(3,220	)
Net current period other comprehensive income (loss)			(3,340	)			104				(3,033	)			(6,269	)
Ending balance		$	(773	)		$	(4,182	)		$	(4,609	)		$	(9,564	)

^{(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.}

		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 (loss)			(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	)

The following tables present the details of reclassifications out of accumulated other comprehensive income (loss) for the three months ended September 30, 2018 and 2017:

(In thousands)		Three Months Ended September 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		$	1,676			Net investment gain
Defined benefit plan adjustments – actuarial losses			(54	)		(1)
Total reclassifications for the period, before tax			1,622
Tax (expense) benefit			(419	)
Total reclassifications for the period, net of tax		$	1,203

^{(1) Included in the computation of net periodic pension cost. See Note 5 of Notes to Consolidated Financial Statements.}

(In thousands)		Three Months Ended September 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		$	1,066			Net investment gain
Impairment expense			(57	)		Net 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 5 of Notes to Consolidated Financial Statements.}

The following tables present the details of reclassifications out of accumulated other comprehensive income (loss) for the nine months ended September 30, 2018 and 2017:

(In thousands)		Nine Months Ended September 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		$	1,352			Net investment gain
Defined benefit plan adjustments – actuarial losses			(151	)		(1)
Total reclassifications for the period, before tax			1,201
Tax (expense) benefit			(316	)
Total reclassifications for the period, net of tax		$	885

^{(1) Included in the computation of net periodic pension cost. See Note 5 of Notes to Consolidated Financial Statements.}

(In thousands)		Nine Months Ended September 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		$	3,031			Net investment gain
Impairment expense			(162	)		Net 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 5 of Notes to Consolidated Financial Statements.}

The following table presents the tax effects related to the change in each component of other comprehensive income (loss) for the three months ended September 30, 2018 and 2017: 

		Three Months Ended												Three Months Ended
		September 30, 2018												September 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		$	1,632			$	(424	)		$	1,208			$	2,328			$	(908	)		$	1,420
Unrealized gains (losses) on cash flow hedges			—				—				—				(184	)			57				(127	)
Reclassification adjustment for amounts related to    available-for-sale investments included in net    income			(1,676	)			436				(1,240	)			(1,009	)			393				(616	)
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			54				(17	)			37				106				(33	)			73
Foreign currency translation adjustment			(451	)			—				(451	)			1,541				—				1,541
Total Other Comprehensive Income (Loss)		$	(441	)		$	(5	)		$	(446	)		$	3,167			$	(607	)		$	2,560

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, 2018 and 2017:

		Nine Months Ended												Nine Months Ended
		September 30, 2018												September 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		$	1,174			$	(305	)		$	869			$	6,987			$	(2,725	)		$	4,262
Unrealized gains (losses) on cash flow hedges			—				—				—				(897	)			278				(619	)
Reclassification adjustment for amounts related to    available-for-sale investments included in net    income			(1,352	)			363				(989	)			(2,869	)			1,119				(1,750	)
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			—				—				—				539				(116	)			423
Reclassification adjustment for amounts related to    defined benefit plan adjustments included in net    income			151				(47	)			104				310				(96	)			214
Foreign currency translation adjustment			(3,033	)			—				(3,033	)			5,402				—				5,402
Total Other Comprehensive Income (Loss)		$	(6,280	)		$	11			$	(6,269	)		$	9,472			$	(1,540	)		$	7,932

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://fasb.org/us-gaap/role/ref/legacyRef
-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