Stockholders’ Equity

The Company’s Class B convertible common stock carries ten votes per share. The common stock carries one vote per share. Class B shares are transferable only to certain permitted transferees while the common stock is freely transferable. Class B shares are convertible on a one-for-one basis at any time into shares of common stock. Transfers of Class B shares other than to permitted transferees result in the automatic conversion of the Class B shares into common stock.

The Board of Directors may only declare dividends or other distributions with respect to the common stock or the Class B convertible common stock if it grants such dividends or distributions in the same amount per share with respect to the other class of stock. As discussed in Note 7, the Company is restricted from paying cash dividends. Stock dividends or distributions, on any class of stock, are payable only in shares of stock of that class. Shares of either common stock or Class B convertible common stock cannot be split, divided, or combined unless the other is also split, divided, or combined equally.

The Board of Directors is authorized, without further stockholder approval, to issue from time to time up to an aggregate of 1,000,000 shares of preferred stock in one or more series. The Board of Directors may fix or alter the designation, preferences, rights and any qualification, limitations, restrictions of the shares of any series, including the dividend rights, dividend rates, conversion rights, voting rights, redemption terms and prices, liquidation preferences and the number of shares constituting any series. No shares of the Company’s preferred stock are currently outstanding.

Other Comprehensive Income (Loss)

The cumulative balance of each component of other comprehensive income (loss) and the income tax effects allocated to each component are as follows (in thousands):



	Beginning Balance			Before-Tax Amount			Tax Effect			Net-of-Tax Amount			Ending Balance
December 31, 2017
Pension and other postretirement actuarial items	$	(7,145	)	$	(1,465	)	$	112		$	(1,353	)	$	(8,498	)
Reclassification adjustment for recognition of actuarial items				583			(145		)	438			438
Foreign currency translation adjustment	(33,192		)	5,654			148			5,802			(27,390		)
	$	(40,337	)	$	4,772		$	115		$	4,887		$	(35,450	)
December 31, 2018
Pension and other postretirement actuarial items	$	(8,060	)	$	1,392		$	(18	)	$	1,374		$	(6,686	)
Reclassification adjustment for recognition of actuarial items				685			(145		)	540			540
Foreign currency translation adjustment	(27,390		)	(3,857		)	(72		)	(3,929		)	(31,319		)
	$	(35,450	)	$	(1,780	)	$	(235	)	$	(2,015	)	$	(37,465	)
December 31, 2019
Pension and other postretirement actuarial items	$	(6,146	)	$	(1,310	)	$	194		$	(1,116	)	$	(7,262	)
Reclassification adjustment for recognition of actuarial items				359			(39		)	320			320
Foreign currency translation adjustment	(31,319		)	(290		)	21			(269		)	(31,588		)
Reclassification adjustment for foreign currency translation				827			$	—		827			827
	$	(37,465	)	$	(414	)	$	176		$	(238	)	$	(37,703	)

Reclassification of foreign currency translation adjustment for gain on liquidation of a subsidiary is included in other income (expense) other ( See Note 15). Reclassifications of pension and other postretirement actuarial items out of accumulated other comprehensive income (loss) are included in the computation of net periodic benefit cost (see Note 9).