STOCKHOLDERS' EQUITY

9 Months Ended

Sep. 30, 2019

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY

NOTE H – STOCKHOLDERS’ EQUITY

Accumulated Other Comprehensive Loss

Components of accumulated other comprehensive loss were as follows:

	September 30		December 31
	2019		2018
	(in thousands)
Pre-tax amounts:
Unrecognized net periodic benefit costs	$	(7,068)	$	(11,821)
Interest rate swap		(822)		801
Foreign currency translation		(2,402)		(2,816)
Total	$	(10,292)	$	(13,836)
After-tax amounts:
Unrecognized net periodic benefit costs	$	(5,249)	$	(12,749)
Interest rate swap		(607)		591
Foreign currency translation		(1,774)		(2,080)
Total	$	(7,630)	$	(14,238)

The following is a summary of the changes in accumulated other comprehensive loss, net of tax, by component for the nine months ended September 30, 2019 and 2018:

			Unrecognized			Interest	Foreign
			Net Periodic			Rate	Currency
	Total		Benefit Costs			Swap	Translation
	(in thousands)
Balances at December 31, 2018	$	(14,238)	$	(12,749)	$	591	$	(2,080)
Other comprehensive income (loss) before reclassifications		(1,183)		(291)		(1,198)		306
Amounts reclassified from accumulated other comprehensive loss		7,791		7,791		—		—
Net current-period other comprehensive income (loss)		6,608		7,500		(1,198)		306
Balances at September 30, 2019	$	(7,630)	$	(5,249)	$	(607)	$	(1,774)
Balances at December 31, 2017	$	(20,574)	$	(19,715)	$	292	$	(1,151)
Adjustment to beginning balance of accumulated other comprehensive loss for adoption of accounting standard(1)		(3,576)		(3,391)		63		(248)
Balances at January 1, 2018		(24,150)		(23,106)		355		(1,399)
Other comprehensive income (loss) before reclassifications		(1,206)		(1,987)		946		(165)
Amounts reclassified from accumulated other comprehensive loss		2,736		2,736		—		—
Net current-period other comprehensive income (loss)		1,530		749		946		(165)
Balances at September 30, 2018	$	(22,620)	$	(22,357)	$	1,301	$	(1,564)

(1) The Company elected to reclassify certain stranded income tax effects in accumulated other comprehensive loss to retained earnings as of January 1, 2018 as a result of adopting an amendment to ASC Topic 220.

The following is a summary of the significant reclassifications out of accumulated other comprehensive loss by component:

	Unrecognized Net Periodic
	Benefit Costs(1)(2)
	Nine Months Ended September 30
	2019		2018
	(in thousands)
Amortization of net actuarial loss(3)	$	(1,005)	$	(2,152)
Amortization of prior service credit		25		70
Pension settlement expense, including termination expense(3)(4)		(8,135)		(1,603)
Total, pre-tax		(9,115)		(3,685)
Tax benefit		1,324		949
Total, net of tax(3)	$	(7,791)	$	(2,736)

(1) Amounts in parentheses indicate increases in expense or loss.

(2) These components of accumulated other comprehensive loss are included in the computation of net periodic benefit cost as disclosed in Note G.

(3) For the nine months ended September 30, 2019, amounts included in accumulated other comprehensive loss related to the nonunion defined benefit pension plan were reclassed to net income in their entirety upon settlement of the pension plan obligations in third quarter 2019. These amounts include amortization of net actuarial loss of $0.3 million (pre-tax) and pension settlement expense, including termination expense, of $8.1 million (pre-tax) which were recognized in the “Other, net” line of other income (costs). These reclassifications impacted net income by $7.3 million for the nine months ended September 30, 2019.

(4) The nine months ended September 30, 2019 includes a $4.0 million noncash pension termination expense (with no tax benefit) related to an amount which was stranded in accumulated other comprehensive loss until the pension benefit obligation was settled upon plan termination (see Note G).

Dividends on Common Stock

The following table is a summary of dividends declared during the applicable quarter:

	2019				2018
	Per Share		Amount		Per Share		Amount
	(in thousands, except per share data)
First quarter	$	0.08	$	2,052	$	0.08	$	2,058
Second quarter	$	0.08	$	2,050	$	0.08	$	2,058
Third quarter	$	0.08	$	2,043	$	0.08	$	2,060

On October 29, 2019, the Company’s Board of Directors declared a dividend of $0.08 per share to stockholders of record as of November 12, 2019.

Treasury Stock

The Company has a program to repurchase its common stock in the open market or in privately negotiated transactions. The program has no expiration date but may be terminated at any time at the Board of Directors’ discretion. Repurchases may be made using the Company’s cash reserves or other available sources. As of December 31, 2018, the Company had $22.3 million remaining under the program for repurchases of its common stock. During the nine months ended September 30, 2019, the Company purchased 202,035 shares for an aggregate cost of $6.1 million, leaving $16.2 million available for repurchase of common stock under the program.