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Equity
9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Equity

13. EQUITY

Accumulated Other Comprehensive Income

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

 

 

Three Months Ended September 30, 2024

 

(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 June 30, 2024

 

$

(382

)

 

$

(2,573

)

 

$

30,850

 

 

$

385

 

 

$

28,280

 

Other comprehensive (loss) income before
   reclassifications

 

 

(10

)

 

 

 

 

 

18,988

 

 

 

 

 

 

18,978

 

Amounts reclassified from accumulated other
   comprehensive income

 

 

10

 

 

 

109

 

 

 

 

 

 

 

 

 

119

 

Net current period other comprehensive gain

 

 

 

 

 

109

 

 

 

18,988

 

 

 

 

 

 

19,097

 

Balance as of September 30, 2024

 

$

(382

)

 

$

(2,464

)

 

$

49,838

 

 

$

385

 

 

$

47,377

 

 

 

 

Three Months Ended September 30, 2023

 

(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 June 30, 2023

 

$

(773

)

 

$

(958

)

 

$

42,831

 

 

$

385

 

 

$

41,485

 

Other comprehensive income (loss) before
   reclassifications

 

 

635

 

 

 

 

 

 

(29,715

)

 

 

 

 

 

(29,080

)

Amounts reclassified from accumulated other
   comprehensive income

 

 

(244

)

 

 

(83

)

 

 

 

 

 

 

 

 

(327

)

Net current period other comprehensive income (loss)

 

 

391

 

 

 

(83

)

 

 

(29,715

)

 

 

 

 

 

(29,407

)

Less: Comprehensive income attributable to non-controlling interest, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of September 30, 2023

 

$

(382

)

 

$

(1,041

)

 

$

13,116

 

 

$

385

 

 

$

12,078

 

 

 

 

Nine Months Ended September 30, 2024

 

(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, 2023

 

$

(382

)

 

$

(2,506

)

 

$

49,968

 

 

$

385

 

 

$

47,465

 

Other comprehensive loss before
   reclassifications

 

 

(134

)

 

 

 

 

 

(130

)

 

 

 

 

 

(264

)

Amounts reclassified from accumulated other
   comprehensive income

 

 

134

 

 

 

42

 

 

 

 

 

 

 

 

 

176

 

Net current period other comprehensive income (loss)

 

 

 

 

 

42

 

 

 

(130

)

 

 

 

 

 

(88

)

Balance as of September 30, 2024

 

$

(382

)

 

$

(2,464

)

 

$

49,838

 

 

$

385

 

 

$

47,377

 

 

 

 

 

Nine Months Ended September 30, 2023

 

(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, 2022

 

$

(836

)

 

$

(1,016

)

 

$

27,593

 

 

$

385

 

 

$

26,126

 

Other comprehensive income (loss) before
   reclassifications

 

 

733

 

 

 

 

 

 

(14,095

)

 

 

 

 

 

(13,362

)

Amounts reclassified from accumulated other
   comprehensive income

 

 

(279

)

 

 

(25

)

 

 

 

 

 

 

 

 

(304

)

Net current period other comprehensive income (loss)

 

 

454

 

 

 

(25

)

 

 

(14,095

)

 

 

 

 

 

(13,666

)

Less: Comprehensive income attributable to non-controlling
interest, net of tax

 

 

 

 

 

 

 

 

382

 

 

 

 

 

 

382

 

Balance as of September 30, 2023

 

$

(382

)

 

$

(1,041

)

 

$

13,116

 

 

$

385

 

 

$

12,078

 

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

 

 

 

Three Months Ended September 30, 2024

(In thousands)

 

Amount
Reclassified
from
Accumulated
Other
Comprehensive
Income

 

 

Affected Line Item in the
Statement Where Net
Loss Is Presented

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

 

 

 

 

 

Net realized loss on sales of securities

 

$

(13

)

 

Net investment gain (loss)

Defined benefit plan adjustments – actuarial loss

 

 

(158

)

 

(1)

Total reclassifications for the period, before tax

 

 

(171

)

 

 

Tax expense

 

 

52

 

 

 

Total reclassifications for the period, net of tax

 

$

(119

)

 

 

(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.

 

 

Three Months Ended September 30, 2023

(In thousands)

 

Amount
Reclassified
from
Accumulated
Other
Comprehensive
Income

 

 

Affected Line Item in the
Statement Where Net
Loss Is Presented

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

 

 

 

 

 

Net realized gain on sales of securities

 

$

321

 

 

Net investment gain (loss)

Defined benefit plan adjustments – actuarial gain

 

 

120

 

 

(1)

Total reclassifications for the period, before tax

 

 

441

 

 

 

Tax benefit

 

 

(114

)

 

 

Total reclassifications for the period, net of tax

 

$

327

 

 

 

(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.

 

 

 

 

Nine Months Ended September 30, 2024

(In thousands)

 

Amount
Reclassified
from
Accumulated
Other
Comprehensive
Loss

 

 

Affected Line Item in the
Statement Where Net Loss
Is Presented

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

 

 

 

 

 

Net realized loss on sales of securities

 

$

(181

)

 

Net investment gain (loss)

Defined benefit plan adjustments – actuarial loss

 

 

(61

)

 

(1)

Total reclassifications for the period, before tax

 

 

(242

)

 

 

Tax expense

 

 

66

 

 

 

Total reclassifications for the period, net of tax

 

$

(176

)

 

 

(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.

 

 

 

Nine Months Ended September 30, 2023

(In thousands)

 

Amount
Reclassified
from
Accumulated
Other
Comprehensive
Income

 

 

Affected Line Item in the
Statement Where Net Loss
Is Presented

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

 

 

 

 

 

Net realized gain on sales of securities

 

$

367

 

 

Net investment gain (loss)

Defined benefit plan adjustments – actuarial gain

 

 

36

 

 

(1)

Total reclassifications for the period, before tax

 

 

403

 

 

 

Tax benefit

 

 

(99

)

 

 

Total reclassifications for the period, net of tax

 

$

304

 

 

 

(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.

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

 

 

Three Months Ended

 

 

Three Months Ended

 

 

 

September 30, 2024

 

 

September 30, 2023

 

(In thousands)

 

Before-Tax
Amount

 

 

Tax
(Expense)
Benefit

 

 

Net-of-Tax
Amount

 

 

Before-Tax
Amount

 

 

Tax
(Expense)
Benefit

 

 

Net-of-Tax
Amount

 

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

 

$

(13

)

 

$

3

 

 

$

(10

)

 

$

836

 

 

$

(201

)

 

$

635

 

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

 

 

13

 

 

 

(3

)

 

 

10

 

 

 

(321

)

 

 

77

 

 

 

(244

)

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

 

 

158

 

 

 

(49

)

 

 

109

 

 

 

(120

)

 

 

37

 

 

 

(83

)

Foreign currency translation adjustments

 

 

18,988

 

 

 

 

 

 

18,988

 

 

 

(29,715

)

 

 

 

 

 

(29,715

)

Total Other Comprehensive Income (Loss)

 

$

19,146

 

 

$

(49

)

 

$

19,097

 

 

$

(29,320

)

 

$

(87

)

 

$

(29,407

)

 

 

 

Nine Months Ended

 

 

Nine Months Ended

 

 

 

September 30, 2024

 

 

September 30, 2023

 

(In thousands)

 

Before-Tax
Amount

 

 

Tax
(Expense)
Benefit

 

 

Net-of-Tax
Amount

 

 

Before-Tax
Amount

 

 

Tax
(Expense)
Benefit

 

 

Net-of-Tax
Amount

 

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

 

$

(181

)

 

$

47

 

 

$

(134

)

 

$

964

 

 

$

(231

)

 

$

733

 

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

 

 

181

 

 

 

(47

)

 

 

134

 

 

 

(367

)

 

 

88

 

 

 

(279

)

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

 

 

61

 

 

 

(19

)

 

 

42

 

 

 

(36

)

 

 

11

 

 

 

(25

)

Foreign currency translation adjustments

 

 

(130

)

 

 

 

 

 

(130

)

 

 

(14,095

)

 

 

 

 

 

(14,095

)

Total Other Comprehensive Loss

 

$

(69

)

 

$

(19

)

 

$

(88

)

 

$

(13,534

)

 

$

(132

)

 

$

(13,666

)