Stockholders' Equity

12 Months Ended

Dec. 31, 2020

Stockholders' Equity [Abstract]

Stockholders' Equity

(5) Stockholders’ Equity

Exchange Offer

The Company issued 7,026 shares of its common stock on March 27, 2020 in connection with the Exchange Offer (see Note 2 - Debt). The issuance of these shares was recorded using the fair value of the Company's common stock on the date the shares were issued and resulted in an increase in the par value of common stock and additional paid-in capital of $70 and $25,239, respectively. The shares were issued in exchange for 5.00%/7.00% Convertible Notes, and, as such, the Company received no cash proceeds as part of the exchange.

Authorized Shares of Common Stock

On June 30, 2020, the Company's shareholders approved a proposal to amend the Company's charter to authorize an increase in the Company's authorized shares of common stock. Subsequent to this approval, also on June 30, 2020, the Company filed articles of amendment with the Secretary of State of the State of Maryland, which amended its Articles of Amendment and Restatement effective on such date to increase the Company's authorized common stock shares from 200,000 shares of common stock at $0.01 par value per share to 400,000 shares of common stock at $0.01 par value per share. The Company concluded that as of June 30, 2020 the conversion option associated with its 3.00%/5.00% Convertible Notes qualified for equity classification and the bifurcated derivative liability no longer needed to be accounted for as a separate derivative on a prospective basis from the date of reassessment. On June 30, 2020, the fair value of the conversion option of $36,952 was classified to equity as additional paid-in capital.

The Company has classified the fair value of the conversion option associated with its 3.00%/5.00% Convertible Notes as additional paid-in capital. Similarly, the interest paid-in kind attributable to the fair value conversion option of the 3.00%/5.00% Convertible Notes is classified as additional paid-in capital. Interest paid-in kind attributable to the fair value of the conversion option recognized as additional paid-in capital was $788 in the year ended December 31, 2020, net of the tax impact of $281, and $3,547, net of the tax impact of $1,086, in the year ended December 31, 2019.

Reverse Stock Split

On December 28, 2020, the Company filed articles of amendment to effect a reverse stock split of the Company’s outstanding shares of common stock, pursuant to Section 2-309(e) of the Maryland General Corporation Law, whereby each 10 shares of common stock issued and outstanding as of December 29, 2020 was combined into one whole share of common stock (the “Reverse Split”). No fractional shares of common stock were issued as a result of the Reverse Split. In lieu of issuing any fractional shares to any stockholder as a result of the Reverse Split, the Company made, to any stockholder that would otherwise hold a fractional share after giving effect to the Reverse Split, a cash payment in an amount equal to $0.70 multiplied by the number of pre-split shares held by such stockholder with respect to which a fractional share would have been issued. Stockholders of record who owned less than 10 shares of common stock prior to the Reverse Split were cashed out and are no longer stockholders of the Company.

Accumulated Comprehensive Loss

The components of accumulated other comprehensive loss are as follows:

	December 31,
	2020		2019
Unrecognized pension and postretirement costs, net of tax	$	(8,002)	$	(7,071)
Foreign currency translation losses, net of tax		(3,760)		(6,303)
Total accumulated other comprehensive loss, net of tax	$	(11,762)	$	(13,374)

Changes in accumulated other comprehensive (loss) income by component are as follows:

	Defined Benefit Pension and
	Postretirement Items				Foreign Currency Items				Total
	Year Ended December 31,				Year Ended December 31,				Year Ended December 31,
	2020		2019		2020		2019		2020		2019
Beginning Balance	$	(7,071)	$	(9,153)	$	(6,303)	$	(5,195)	$	(13,374)	$	(14,348)
Other comprehensive (loss) income before reclassifications, net of tax		(1,030)		1,990		2,543		(1,108)		1,513		882
Amounts reclassified from accumulated other comprehensive loss, net of tax (a)		99		92		—		—		99		92
Net current period other comprehensive (loss) income		(931)		2,082		2,543		(1,108)		1,612		974
Ending Balance	$	(8,002)	$	(7,071)	$	(3,760)	$	(6,303)	$	(11,762)	$	(13,374)

(a) See reclassifications from accumulated other comprehensive loss table below for details of reclassification from accumulated other comprehensive loss for the years ended December 31, 2020 and December 31, 2019.

Reclassifications from accumulated other comprehensive loss are as follows:

	December 31,
	2020		2019
Unrecognized pension and postretirement benefit items:
Prior service credit	$	(2)	$	(2)
Actuarial loss		101		94
Total before tax		99		92
Tax effect		—		—
Total reclassifications for the period, net of tax(a)	$	99	$	92

(a) The total reclassifications for the period are included in other (income) expense, net.