Stockholders' Equity

3 Months Ended

Mar. 31, 2019

13. STOCKHOLDERS’ EQUITY

Stock Repurchase Program

Since 1997, our Board of Directors has approved multiple share repurchase programs that have authorized open market repurchase transactions of our common stock, which are implemented through open market or private purchases from time to time as conditions warrant. During the three months ended March 31, 2019, we repurchased 13,000 shares of our common stock at an average price of $14.06 per share. As of March 31, 2019, we have the authority to purchase an additional 2.5 million shares of our common stock under the current authorization of up to 5.0 million shares.

Other Comprehensive Income

Other comprehensive income consists of unrealized gains (losses) on available-for-sale debt securities; 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, 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 March 31, 2019 and 2018:

	Three Months Ended March 31, 2019
(In thousands)	Unrealized Gains (Losses) on Available- for-Sale Securities			Defined Benefit Plan Adjustments			Foreign Currency Adjustments			ASU 2018-02 Adoption		Total
Beginning balance	$	(563	)	$	(8,041	)	$	(5,812	)	$	—	$	(14,416	)
Other comprehensive income (loss) before reclassifications		231			—			(1,160	)		—		(929	)
Amounts reclassified from accumulated other comprehensive income (loss)		(46	)		121			—			—		75
Amounts reclassified to retained earnings ⁽¹⁾		—			—			—			385		385
Net current period other comprehensive income (loss)		185			121			(1,160	)		385		(469	)
Ending balance	$	(378	)	$	(7,920	)	$	(6,972	)	$	385	$	(14,885	)

⁽¹⁾

^{With the adoption of ASU 2018-02, the stranded tax effects related to the Tax Cuts and Jobs Act of 2017 were reclassified to retained earnings. See Note 1.}

	Three Months Ended March 31, 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		(257	)		—			842			585
Amounts reclassified from accumulated other comprehensive income (loss)		65			62			—			127
Amounts reclassified to retained earnings ⁽¹⁾		(3,220	)		—			—			(3,220	)
Net current period other comprehensive income (loss)		(3,412	)		62			842			(2,508	)
Ending balance	$	(845	)	$	(4,224	)	$	(734	)	$	(5,803	)

⁽¹⁾

^{With the adoption of ASU 2016-01, the unrealized gains on our equity investments were reclassified to retained earnings.
See Note 7.}

The following tables present the details of reclassifications out of accumulated other comprehensive income (loss) for the three months ended March 31, 2019 and 2018:

	Three Months Ended March 31, 2019
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 on available-for-sale securities:
Net realized gain on sales of securities	$	62		Net investment gain (loss)
Defined benefit plan adjustments – actuarial losses		(175	)	⁽¹⁾
Total reclassifications for the period, before tax		(113	)
Tax benefit		38
Total reclassifications for the period, net of tax	$	(75	)

⁽¹⁾

^{Included in the computation of net periodic pension cost. See Note 5.}

	Three Months Ended March 31, 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 losses on available-for-sale securities:
Net realized loss on sales of securities	$	(73	)	Net investment gain (loss)
Defined benefit plan adjustments – actuarial losses		(90	)	⁽¹⁾
Total reclassifications for the period, before tax		(163	)
Tax benefit		36
Total reclassifications for the period, net of tax	$	(127	)

⁽¹⁾

^{Included in the computation of net periodic pension cost. See Note 5.}

The following table presents the tax effects related to the change in each component of other comprehensive income (loss) for the three months ended March 31, 2019 and 2018:

	Three Months Ended									Three Months Ended
	March 31, 2019									March 31, 2018
(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	$	312		$	(81	)	$	231		$	(347	)	$	90		$	(257	)
Reclassification adjustment for amounts related to available-for-sale investments included in net income		(62	)		16			(46	)		73			(8	)		65
Reclassification adjustment for amounts related to cash flow hedges included in net income		—			—			—			(3,220	)		—			(3,220	)
Reclassification adjustment for amounts related to defined benefit plan adjustments included in net income		175			(54	)		121			90			(28	)		62
Foreign currency translation adjustment		(1,160	)		—			(1,160	)		842			—			842
Total Other Comprehensive Income (Loss)	$	(735	)	$	(119	)	$	(854	)	$	(2,562	)	$	54		$	(2,508	)