Shareholders’ Equity

Preferred Stock

We have authorized the issuance of 10 million shares of preferred stock with no par value. In the event of a liquidation, dissolution, or winding up of the affairs of the corporation, whether voluntary or involuntary, the holders of any outstanding preferred stock will be entitled to be paid a preferential amount per share to be determined by our Board of Directors prior to any payment to holders of common stock. There was no preferred stock issued or outstanding at December 31, 2017, 2016, and 2015.

Stock Repurchase Plan

On February 23, 2017, our Board of Directors authorized the Company to repurchase up to $50 million of our common stock over a 12-month period, beginning February 23, 2017. There were no repurchases of common stock made prior to plan termination on February 23, 2018.

Other Comprehensive Income (Loss)

The changes in the components of AOCI, net of tax, were as follows:



	Foreign Currency Translation Adjustments			Net Unrealized Gain (Loss) on Derivative Instruments			Net Unrealized Gain (Loss) on Nonderivative Instruments			Pension Benefit Obligation Adjustments			Accumulated Other Comprehensive Income (Loss)
	(in thousands)
Balances at January 1, 2015	$	(85,080	)	$	(768	)	$	(14,380	)	$	(34,832	)	$	(135,060	)
OCI before reclassifications	(73,891		)	76			—			4,570			(69,245		)
Amounts reclassified from AOCI	962			1,010			—			1,726			3,698
Total other comprehensive income (loss)	(72,929		)	1,086			—			6,296			(65,547		)
Balances at December 31, 2015	$	(158,009	)	$	318		$	(14,380	)	$	(28,536	)	$	(200,607	)
OCI before reclassifications	(23,570		)	(1,087		)	—			(6,191		)	(30,848		)
Amounts reclassified from AOCI	(1,407		)	812			—			2,723			2,128
Total other comprehensive income (loss)	(24,977		)	(275		)	—			(3,468		)	(28,720		)
Balances at December 31, 2016	$	(182,986	)	$	43		$	(14,380	)	$	(32,004	)	$	(229,327	)
OCI before reclassifications	53,854			360			—			2,354			56,568
Amounts reclassified from AOCI	484			563			—			1,234			2,281
Total other comprehensive income (loss)	54,338			923			—			3,588			58,849
Balances at December 31, 2017	$	(128,648	)	$	966		$	(14,380	)	$	(28,416	)	$	(170,478	)

The before-tax, income tax (provision) benefit, and net-of-tax amounts related to each component of OCI during the reporting periods were as follows:



	Year Ended December 31,
	2017			2016			2015
	(in thousands)
Before-tax amount
Foreign currency translation adjustment	$	54,218		$	(23,280	)	$	(74,219	)
Foreign currency translation adjustment reclassified into net income on disposal	484			(1,407		)	962
Net unrealized gain (loss) on derivative instruments designated as cash flow hedges	585			(1,768		)	123
Net hedging (gain) loss reclassified to net income	916			1,322			1,639
Net unrealized gain (loss) on defined benefit plans	3,401			(6,256		)	6,512
Net defined benefit plan loss reclassified to net income	1,782			2,752			2,459
Total other comprehensive income (loss), before tax	61,386			(28,637		)	(62,524		)

Tax (provision) benefit
Foreign currency translation adjustment	(364		)	(290		)	328
Foreign currency translation adjustment reclassified into net income on disposal	—			—			—
Net unrealized gain (loss) on derivative instruments designated as cash flow hedges	(225		)	681			(47		)
Net hedging (gain) loss reclassified into net income	(353		)	(510		)	(629		)
Net unrealized gain (loss) on defined benefit plans	(1,047		)	65			(1,942		)
Net defined benefit plan loss reclassified to net income	(548		)	(29		)	(733		)
Total other comprehensive income (loss) tax (provision) benefit	(2,537		)	(83		)	(3,023		)

Net-of-tax amount
Foreign currency translation adjustment	53,854			(23,570		)	(73,891		)
Foreign currency translation adjustment reclassified into net income on disposal	484			(1,407		)	962
Net unrealized gain (loss) on derivative instruments designated as cash flow hedges	360			(1,087		)	76
Net hedging (gain) loss reclassified into net income	563			812			1,010
Net unrealized gain (loss) on defined benefit plans	2,354			(6,191		)	4,570
Net defined benefit plan loss reclassified to net income	1,234			2,723			1,726
Total other comprehensive income (loss), net of tax	$	58,849		$	(28,720	)	$	(65,547	)