Stockholders' Equity

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Stockholders' Equity

STOCKHOLDERS' EQUITY

On February 4, 2022, our Board of Directors (“Board”) approved a plan to initiate a regular quarterly cash dividend of $0.075 per share on the Company’s common stock. The first declared dividend is payable on April 29, 2022 to shareholders of record on April 8, 2022. Subsequent dividend declarations, if any, including the amounts and timing of future dividends, are subject to approval by the Board and will depend on future business conditions, financial conditions, results of operations and other factors.

Accumulated other comprehensive loss—Accumulated other comprehensive loss consisted of the following:

(in thousands)	Foreign Currency Translation		Defined Pension and Other Post-Retirement Benefits		Cash Flow Hedges		Accumulated Other Comprehensive Income (Loss)
December 31, 2019	$	(35,210)	$	(8,827)	$	—	$	(44,037)
Other comprehensive income (loss) before reclassifications, net of tax	20,245		(5,504)		(2,320)		12,421
Reclassification adjustment for net losses included in net income, net of tax	—		861		—		861
Other comprehensive income (loss), net of tax	20,245		(4,643)		(2,320)		13,282
December 31, 2020	(14,965)		(13,470)		(2,320)		(30,755)
Other comprehensive income (loss) before reclassifications, net of tax	(4,465)		8,712		3,601		7,848
Reclassification adjustment for net losses included in net income, net of tax	—		1,282		—		1,282
Other comprehensive income (loss), net of tax	(4,465)		9,994		3,601		9,130
December 31, 2021	$	(19,430)	$	(3,476)	$	1,281	$	(21,625)

Reclassifications from accumulated comprehensive loss—Reclassification adjustments from accumulated other comprehensive loss to net income related to defined pension and other post-retirement benefits consisted of the following:

	Years Ended December 31,						Affected line items on the consolidated statements of income
(in thousands)	2021		2020		2019
Amortization of actuarial loss and net transition obligation(1)	$	1,532	$	492	$	364	Other expense, net
Amortization of prior service cost (1)	77		—		2		Other expense, net
Settlement loss (1)	—		698		508		Other expense, net
	1,609		1,190		874		Income before income taxes
	(327)		(329)		(230)		Provision for (benefit from) income taxes
	$	1,282	$	861	$	644	Net income

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(1)     These accumulated comprehensive loss components are included in the computation of net periodic benefit cost (See Note 12—Employee Benefit Plans for additional information).