Stockholders' Equity

3 Months Ended

Mar. 31, 2020

13. STOCKHOLDERS’ EQUITY

Stock Repurchase Program

Since 1997, the Company’s Board of Directors has approved multiple share repurchase programs that have authorized repurchases of its 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, 2020, we did not repurchase shares of our common stock. As of March 31, 2020, we had 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 Loss

The following tables present the changes in accumulated other comprehensive loss, net of tax, by component for the three months ended March 31, 2020 and 2019:

	Three Months Ended March 31, 2020
(In thousands)	Unrealized Gains (Losses) on Available- for-Sale Securities			Defined Benefit Plan Adjustments			Foreign Currency Adjustments			ASU 2018-02 Adoption ⁽¹⁾		Total
As of December 31, 2019	$	(284	)	$	(9,226	)	$	(7,292	)	$	385	$	(16,417	)
Other comprehensive loss before reclassifications		(931	)		—			(1,650	)		—		(2,581	)
Amounts reclassified from accumulated other comprehensive income (loss)		1,048			141			—			—		1,189
Net current period other comprehensive income (loss)		117			141			(1,650	)		—		(1,392	)
As of March 31, 2020	$	(167	)	$	(9,085	)	$	(8,942	)	$	385	$	(17,809	)

	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 (1)		Total
As of December 31, 2018	$	(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	)
As of March 31, 2019	$	(378	)	$	(7,920	)	$	(6,972	)	$	385	$	(14,885	)

⁽¹⁾

^{With the adoption of ASU 2018-02 on January 1, 2019, stranded tax effects related to the Tax Cuts and Jobs Act of 2017 were reclassified to retained earnings.}

The following tables present the details of reclassifications out of accumulated other comprehensive loss for the three months ended March 31, 2020 and 2019:

	Three Months Ended March 31, 2020
(In thousands)	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 losses on sales of securities	$	(1,416	)	Net investment gain (loss)
Defined benefit plan adjustments – actuarial losses		(204	)	⁽¹⁾
Total reclassifications for the period, before tax		(1,620	)
Tax benefit		431
Total reclassifications for the period, net of tax	$	(1,189	)

⁽¹⁾

^{Included in the computation of net periodic pension cost. See Note 4.}

	Three Months Ended March 31, 2019
(In thousands)	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 gains 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 4.}

The following table presents the tax effects related to the change in each component of other comprehensive loss for the three months ended March 31, 2020 and 2019:

	Three Months Ended									Three Months Ended
	March 31, 2020									March 31, 2019
(In thousands)	Before-Tax Amount			Tax (Expense) Benefit			Net-of-Tax Amount			Before-Tax Amount			Tax (Expense) Benefit			Net-of-Tax Amount
Unrealized gain (loss) on available-for-sale securities	$	(1,258	)	$	327		$	(931	)	$	312		$	(81	)	$	231
Reclassification adjustment for amounts related to available-for-sale investments included in net income (loss)		1,416			(368	)		1,048			(62	)		16			(46	)
Reclassification adjustment for amounts related to defined benefit plan adjustments included in net income (loss)		204			(63	)		141			175			(54	)		121
Foreign currency translation adjustment		(1,650	)		—			(1,650	)		(1,160	)		—			(1,160	)
Total Other Comprehensive Loss	$	(1,288	)	$	(104	)	$	(1,392	)	$	(735	)	$	(119	)	$	(854	)