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Supplemental Stockholders' Equity Information
 6 Months Ended
Jul. 01, 2018
Equity [Abstract]  
Supplemental Stockholders' Equity Information
SUPPLEMENTAL STOCKHOLDERS’ EQUITY INFORMATION
On January 14, 2015, the Board of Directors approved an authorization of $101.1 million to repurchase shares of the Company’s Class A Common Stock. The Company did not repurchase any shares during the second quarter of 2018. As of July 1, 2018, the Company had repurchased 6,690,905 Class A shares under this authorization for a cost of $84.9 million (excluding commissions) and $16.2 million remained. All purchases were made pursuant to our publicly announced share repurchase program. Our Board of Directors has authorized us to purchase shares under this authorization from time to time, subject to market conditions and other factors. There is no expiration date with respect to this authorization.
The following table summarizes the changes in AOCI by component as of July 1, 2018:
(In thousands)
 
Foreign Currency Translation Adjustments
 
Funded Status of Benefit Plans
 
Net Unrealized Loss on Available-For-Sale Securities
 
Total Accumulated Other Comprehensive Loss
Balance as of December 31, 2017
 
$
6,328

 
$
(427,819
)
 
$
(1,538
)
 
$
(423,029
)
Other comprehensive (loss)/income before reclassifications, before tax(1)(2)
 
(2,356
)
 
2,597

 
(1,098
)
 
(857
)
Amounts reclassified from accumulated other comprehensive loss, before tax(1)
 
—

 
14,244

 
—

 
14,244

Income tax expense/(benefit) (1)
 
(616
)
 
4,407

 
(287
)
 
3,504

Net current-period other comprehensive (loss)/income, net of tax
 
(1,740
)
 
12,434

 
(811
)
 
9,883

AOCI reclassification to retained earnings (3)
 
1,576

 
(95,378
)
 
(333
)
 
(94,135
)
Balance as of July 1, 2018
 
$
6,164

 
$
(510,763
)
 
$
(2,682
)
 
$
(507,281
)

(1) All amounts are shown net of noncontrolling interest.
(2) The Company recorded a curtailment of $2.6 million in AOCI in connection with the freezing of benefits for the RAP in the first quarter of 2018. This transaction does not have any impact to net income for the first quarter of 2018. See Note 10 for more information.
(3) As a result of adopting ASU 2018-02 in the first quarter of 2018, stranded tax effects of $94.1 million were reclassified from AOCI to “Retained earnings.” See Note 2 for more information.
The following table summarizes the reclassifications from AOCI for the first six months of 2018:
(In thousands)
 
 
 
 
Detail about accumulated other comprehensive loss components
 
 Amounts reclassified from accumulated other comprehensive loss
 
Affects line item in the statement where net income is presented
Funded status of benefit plans:
 
 
 
 
Amortization of prior service credit(1)
 
$
(4,154
)
 
Other components of net periodic benefit costs/(income)
Amortization of actuarial loss(1)
 
18,398

 
Other components of net periodic benefit costs/(income)
Total reclassification, before tax(2)
 
14,244

 
 
Income tax expense
 
3,727

 
Income tax expense
Total reclassification, net of tax
 
$
10,517

 
 
(1) These AOCI components are included in the computation of net periodic benefit cost for pension and other retirement benefits. See Note 10 for more information.
(2) There were no reclassifications relating to noncontrolling interest for the six months ended July 1, 2018.