Stockholders' Equity

9 Months Ended

Sep. 30, 2021

14. 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 nine months ended September 30, 2021, we did not repurchase any shares of our common stock. As of September 30, 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.

Accumulated Other Comprehensive Income (Loss)

The following tables present the changes in accumulated other comprehensive loss, net of tax, by component:


	Three Months Ended September 30, 2021
(In thousands)	Unrealized Losses on Available- for-Sale Securities			Defined Benefit Plan Adjustments			Foreign Currency Adjustments			ASU 2018-02 Adoption		Total
As of June 30, 2021	$	(255	)	$	(9,310	)	$	(3,960	)	$	385	$	(13,140	)
Other comprehensive loss before reclassifications		(29	)		—			(1,389	)		—		(1,418	)
Amounts reclassified from accumulated other comprehensive income (loss)		(32	)		124			—			—		92
Net current period other comprehensive income (loss)		(61	)		124			(1,389	)		—		(1,326	)
As of September 30, 2021	$	(316	)	$	(9,186	)	$	(5,349	)	$	385	$	(14,466	)


	Three Months Ended September 30, 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 June 30, 2020	$	206		$	(8,894	)	$	(7,043	)	$	385	$	(15,346	)
Other comprehensive income before reclassifications		494			—			2,469			—		2,963
Amounts reclassified from accumulated other comprehensive income (loss)		(539	)		244			—			—		(295	)
Net current period other comprehensive income (loss)		(45	)		244			2,469			—		2,668
As of September 30, 2020	$	161		$	(8,650	)	$	(4,574	)	$	385	$	(12,678	)


	Nine Months Ended September 30, 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		(358	)		—			(2,914	)		—		(3,272	)
Amounts reclassified from accumulated other comprehensive income		10			435			—			—		445
Net current period other comprehensive income (loss)		(348	)		435			(2,914	)		—		(2,827	)
As of September 30, 2021	$	(316	)	$	(9,186	)	$	(5,349	)	$	385	$	(14,466	)


	Nine Months Ended September 30, 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 before reclassifications		444			—			2,718			—		3,162
Amounts reclassified from accumulated other comprehensive income		1			576			—			—		577
Net current period other comprehensive income		445			576			2,718			—		3,739
As of September 30, 2020	$	161		$	(8,650	)	$	(4,574	)	$	385	$	(12,678	)

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


	Three Months Ended September 30, 2021
(In thousands)	Amount Reclassified from Accumulated Other Comprehensive Income (Loss)			Affected Line Item in the Statement Where Net Income Is Presented
Unrealized gain (loss) on available-for-sale securities:
Net realized loss on sales of securities	$	42		Net investment gain (loss)
Defined benefit plan adjustments – actuarial gain		(180	)	(1)
Total reclassifications for the period, before tax		(138	)
Tax expense		46
Total reclassifications for the period, net of tax	$	(92	)

(1)

A part of the computation of net periodic pension cost, which is included in other income (expense), net in the Condensed Consolidated Statements of Income (Loss).


	Three Months Ended September 30, 2020
(In thousands)	Amount Reclassified from Accumulated Other Comprehensive Income (Loss)			Affected Line Item in the Statement Where Net Income Is Presented
Unrealized gain (loss) on available-for-sale securities:
Net realized loss on sales of securities	$	728		Net investment gain (loss)
Defined benefit plan adjustments – actuarial gain		(354	)	(1)
Total reclassifications for the period, before tax		374
Tax benefit		(79	)
Total reclassifications for the period, net of tax	$	295

(1)

A part of the computation of net periodic pension cost, which is included in other income (expense), net in the Condensed Consolidated Statements of Income (Loss).


	Nine Months Ended September 30, 2021
(In thousands)	Amount Reclassified from Accumulated Other Comprehensive Income (Loss)			Affected Line Item in the Statement Where Net Income Is Presented
Unrealized gain (loss) on available-for-sale securities:
Net realized gain on sales of securities	$	(13	)	Net investment gain (loss)
Defined benefit plan adjustments – actuarial gain		(630	)	(1)
Total reclassifications for the period, before tax		(643	)
Tax expense		198
Total reclassifications for the period, net of tax	$	(445	)

(1)

A part of the computation of net periodic pension cost, which is included in other income (expense), net in the Condensed Consolidated Statements of Income (Loss).


	Nine Months Ended September 30, 2020
(In thousands)	Amount Reclassified from Accumulated Other Comprehensive Income (Loss)			Affected Line Item in the Statement Where Net Income Is Presented
Unrealized gain (loss) on available-for-sale securities:
Net realized gain on sales of securities	$	(1	)	Net investment gain (loss)
Defined benefit plan adjustments – actuarial gain		(835	)	(1)
Total reclassifications for the period, before tax		(836	)
Tax expense		259
Total reclassifications for the period, net of tax	$	(577	)

(1)

A part of the computation of net periodic pension cost, which is included in other income (expense), net in the Condensed Consolidated Statements of Income (Loss).

The following tables present the tax effects related to the change in each component of other comprehensive income (loss):


	Three Months Ended									Three Months Ended
	September 30, 2021									September 30, 2020
(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	$	(38	)	$	9		$	(29	)	$	668		$	(174	)	$	494
Reclassification adjustment for amounts related to available-for-sale investments included in net income (loss)		(42	)		10			(32	)		(728	)		189			(539	)
Reclassification adjustment for amounts related to defined benefit plan adjustments included in net income (loss)		180			(56	)		124			354			(110	)		244
Foreign currency translation adjustment		(1,389	)		—			(1,389	)		2,469			—			2,469
Total Other Comprehensive Income (Loss)	$	(1,289	)	$	(37	)	$	(1,326	)	$	2,763		$	(95	)	$	2,668


	Nine Months Ended									Nine Months Ended
	September 30, 2021									September 30, 2020
(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	$	(471	)	$	113		$	(358	)	$	600	$	(156	)	$	444
Reclassification adjustment for amounts related to available-for-sale investments included in net income (loss)		13			(3	)		10			1		—			1
Reclassification adjustment for amounts related to defined benefit plan adjustments included in net income (loss)		630			(195	)		435			835		(259	)		576
Foreign currency translation adjustment		(2,914	)		—			(2,914	)		2,718		—			2,718
Total Other Comprehensive Income (Loss)	$	(2,742	)	$	(85	)	$	(2,827	)	$	4,154	$	(415	)	$	3,739