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Stockholders' Equity
 3 Months Ended
Mar. 31, 2022
Equity [Abstract]  
Stockholders' Equity

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 the Company's 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, 2022, we did not repurchase any shares of our common stock. As of March 31, 2022, 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 (Loss) Income

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

 

 

 

Three Months Ended March 31, 2022

 

(In thousands)

 

Unrealized
(Losses) Gains
on
Available-
for-Sale
Securities

 

 

Defined
Benefit Plan
Adjustments

 

 

Foreign
Currency
Adjustments

 

 

ASU 2018-02 Adoption

 

 

Total

 

Balance as of December 31, 2021

 

$

(552

)

 

$

(5,613

)

 

$

(6,134

)

 

$

385

 

 

$

(11,914

)

Other comprehensive loss before
   reclassifications

 

 

(975

)

 

 

—

 

 

 

(905

)

 

 

—

 

 

 

(1,880

)

Amounts reclassified from accumulated other
   comprehensive income (loss)

 

 

251

 

 

 

(13

)

 

 

—

 

 

 

—

 

 

 

238

 

Balance as of March 31, 2022

 

$

(1,276

)

 

$

(5,626

)

 

$

(7,039

)

 

$

385

 

 

$

(13,556

)

 

 

 

 

 

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

 

Balance 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 (loss) income

 

 

(135

)

 

 

99

 

 

 

—

 

 

 

—

 

 

 

(36

)

Balance as of March 31, 2021

 

$

(160

)

 

$

(9,522

)

 

$

(4,298

)

 

$

385

 

 

$

(13,595

)

 

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

 

 

 

Three Months Ended March 31, 2022

(In thousands)

 

Amount
Reclassified
from
Accumulated
Other
Comprehensive
(Loss) Income

 

 

Affected Line Item in the
Statement Where Net
(Loss) Income Is Presented

Unrealized gain (loss) on available-for-sale securities:

 

 

 

 

 

Net realized loss on sales of securities

 

$

(330

)

 

Net investment gain (loss)

Defined benefit plan adjustments – actuarial gain

 

 

19

 

 

(1)

Total reclassifications for the period, before tax

 

 

(311

)

 

 

Tax benefit

 

 

73

 

 

 

Total reclassifications for the period, net of tax

 

$

(238

)

 

 
(1)
A part of the computation of net periodic pension cost, which is included in other (expense) income, net in the Condensed Consolidated Statements of (Loss) Income.

 

 

 

Three Months Ended March 31, 2021

(In thousands)

 

Amount
Reclassified
from
Accumulated
Other
Comprehensive
(Loss) Income

 

 

Affected Line Item in the
Statement Where Net
(Loss) Income Is Presented

Unrealized gain (loss) on available-for-sale securities:

 

 

 

 

 

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

 

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

 

 

Three Months Ended

 

 

Three Months Ended

 

 

 

March 31, 2022

 

 

March 31, 2021

 

(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

 

$

(1,283

)

 

$

308

 

 

$

(975

)

 

$

(75

)

 

$

18

 

 

$

(57

)

Reclassification adjustment for amounts related to
   available-for-sale investments included in net
   (loss) income

 

 

330

 

 

 

(79

)

 

 

251

 

 

 

(178

)

 

 

43

 

 

 

(135

)

Reclassification adjustment for amounts related to
   defined benefit plan adjustments included in net
   (loss) income

 

 

(19

)

 

 

6

 

 

 

(13

)

 

 

143

 

 

 

(44

)

 

 

99

 

Foreign currency translation adjustment

 

 

(905

)

 

 

—

 

 

 

(905

)

 

 

(1,863

)

 

 

—

 

 

 

(1,863

)

Total Other Comprehensive (Loss) Income

 

$

(1,877

)

 

$

235

 

 

$

(1,642

)

 

$

(1,973

)

 

$

17

 

 

$

(1,956

)