Stockholders' Equity

3 Months Ended

Mar. 31, 2021

15. 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, 2021 and 2020, we did not repurchase any shares of our common stock. As of March 31, 2021, 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:

	Three Months Ended March 31, 2021
(In thousands)	Unrealized Gains (Losses) on Available- for-Sale Securities			Defined Benefit Plan Adjustments			Foreign Currency Adjustments			ASU 2018-02 Adoption		Total
As of December 31, 2020	$	32		$	(9,621	)	$	(2,435	)	$	385	$	(11,639	)
Other comprehensive loss before reclassifications		(57	)		—			(1,863	)		—		(1,920	)
Amounts reclassified from accumulated other comprehensive income (loss)		(135	)		99			—			—		(36	)
Net current period other comprehensive income (loss)		(192	)		99			(1,863	)		—		(1,956	)
As of March 31, 2021	$	(160	)	$	(9,522	)	$	(4,298	)	$	385	$	(13,595	)

	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		Total
As of December 31, 2019	$	(284	)	$	(9,226	)	$	(7,292	)	$	385	$	(16,417	)
Other comprehensive income (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	)

The following tables present the details of reclassifications out of accumulated other comprehensive loss:

	Three Months Ended March 31, 2021
(In thousands)	Amount Reclassified from Accumulated Other Comprehensive 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	$	178		Net investment gain (loss)
Defined benefit plan adjustments – actuarial losses		(143	)	⁽¹⁾
Total reclassifications for the period, before tax		35
Tax benefit		1
Total reclassifications for the period, net of tax	$	36

⁽¹⁾

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

	Three Months Ended March 31, 2020
(In thousands)	Amount Reclassified from Accumulated Other Comprehensive 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 5.

The following table presents the tax effects related to the change in each component of other comprehensive loss:

	Three Months Ended									Three Months Ended
	March 31, 2021									March 31, 2020
(In thousands)	Before-Tax Amount			Tax (Expense) Benefit			Net-of-Tax Amount			Before-Tax Amount			Tax (Expense) Benefit			Net-of-Tax Amount
Unrealized loss on available-for-sale securities	$	(75	)	$	18		$	(57	)	$	(1,258	)	$	327		$	(931	)
Reclassification adjustment for amounts related to available-for-sale investments included in net income (loss)		(178	)		43			(135	)		1,416			(368	)		1,048
Reclassification adjustment for amounts related to defined benefit plan adjustments included in net income (loss)		143			(44	)		99			204			(63	)		141
Foreign currency translation adjustment		(1,863	)		—			(1,863	)		(1,650	)		—			(1,650	)
Total Other Comprehensive Loss	$	(1,973	)	$	17		$	(1,956	)	$	(1,288	)	$	(104	)	$	(1,392	)