Stockholders' Equity and Accumulated Other Comprehensive Income (Tables)

9 Months Ended

Sep. 30, 2020

Schedule of Stockholders' Equity and Accumulated Other Comprehensive Income

Changes in stockholders' equity for the three and nine-month periods ended September 30, 2020 were as follows:


	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
In thousands	2020		2019		2020		2019
Beginning Balance	$	253,262	$	387,105	$	318,420	$	369,275
Comprehensive (loss) income, net of tax	(5,477)		(5,849)		(72,474)		10,773
Stock repurchased	(23)		(7)		(31)		(62)
Stock issued under employee plans	—		5		4		5
Stock-based compensation expense	551		417		2,006		1,611
Stock issued to directors	—		—		388		252
Adoption of ASC 606 (1)	—		—		—		(183)



Ending Balance	$	248,313	$	381,671	$	248,313	$	381,671

The components of accumulated other comprehensive (loss) income are shown below:


	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
In Thousands	2020		2019		2020		2019
Foreign currency translation:
Beginning balance	$	(22,833)	$	(16,128)	$	(18,022)	$	(18,458)
Net gain (loss) on foreign currency translation	8,245		(8,726)		3,434		(6,396)
Other comprehensive income (loss), net of tax	8,245		(8,726)		3,434		(6,396)
Ending balance	(14,588)		(24,854)		(14,588)		(24,854)

Pension and other postretirement benefit plans:
Beginning balance	(2,749)		(2,879)		(3,080)		(22,253)
Amounts reclassified from accumulated other comprehensive (loss) income (2)	(49)		21		282		19,395
Other comprehensive (loss) income, net of tax	(49)		21		282		19,395
Ending balance	(2,798)		(2,858)		(2,798)		(2,858)

Unrealized gain/(loss) on derivative instruments:
Beginning balance	(5,116)		(4,000)		(4,877)		(1,974)
Net loss on derivative instruments (3)	(2,669)		(148)		(3,306)		(2,174)
Amounts reclassified from accumulated other comprehensive income (4)	706		—		1,104		—
Other comprehensive loss, net of tax	(1,963)		(148)		(2,202)		(2,174)
Ending balance	(7,079)		(4,148)		(7,079)		(4,148)

Total accumulated other comprehensive loss	$	(24,465)	$	(31,860)	$	(24,465)	$	(31,860)

(1) During the three-month period ended March 31, 2019, the Company recorded an adjustment reducing retained earnings and contract assets by $0.2 million to correct an error in the adoption of ASC 606.

(2) For the three-months ended September 30, 2020 and 2019, amount represents routine amortization of actuarial gains and losses in net periodic benefit cost and other activity of less than $0.1 million, net of less than $0.1 million tax benefit. For the nine-months ended September 30, 2020, amount represents the settlement of the ISS Pension Plan in the first quarter of 2020 of $0.4 million, net of $0.1 million tax benefit, and routine amortization of actuarial gains and losses in net periodic benefit cost and other activity of less than $0.1 million, net of less than $0.1 million tax benefit. For the nine-months ended September 30, 2019, amount represents the settlement of the Lydall Pension Plan in the second quarter of 2019 of $19.0 million, net of $11.5 million tax benefit, and routine amortization of actuarial losses in net periodic benefit cost during the first five months of fiscal year 2019 prior to the plan termination of $0.4 million, net of $0.1 million tax benefit.

(3) Amount represents unrealized losses on the fair value of hedging activities, net of tax benefits of $0.8 million and less than $0.1 million for the three-month periods ended September 30, 2020 and 2019, respectively, and $1.0 million and $0.7 million for the nine-month periods ended September 30, 2020 and 2019, respectively.

(4) Amounts represents the impact of de-designation of the interest rate swap agreement, net of tax expenses of $0.2 million and $0.3 million, for the three-month and nine-month periods ended September 30, 2020, respectively.