Shareholder's equity

12 Months Ended

Dec. 31, 2018

14.	Shareholders’ equity

Dividends

The Company has not paid dividends to holders of its common stock in the past. Certain subsidiaries of the Company have restrictions on their ability to pay dividends in certain circumstances pursuant to the Amended Credit Agreement. In the event that the Company decides to pay a dividend to holders of its common stock in the future with dividends received from its subsidiaries, the Company may, based on prevailing rates of taxation, be required to pay additional withholding and income tax on such amounts received from its subsidiaries.

Share Repurchase Plan

In August 2015, the Company’s Board of Directors authorized a share repurchase plan, authorizing the purchase of up to $75 million of the Company’s common stock. The Company completed the share repurchase plan in 2016. Under the program, common shares repurchased consisted of open market transactions at prevailing market prices in accordance with the guidelines specified under Rule 10b-18 of the Exchange Act, as amended. Repurchases were made from cash on hand and cash generated from operations. For the year ended December 31, 2016, the Company repurchased 1,544,681 shares of common stock for $63.4 million with an average price per share of $41.06, which were all retired upon repurchase.

Accumulated Other Comprehensive Income

Accumulated other comprehensive income is comprised of foreign currency translation adjustments and the unrealized gains (losses) on the Company’s debt security. The components of and changes in accumulated other comprehensive income are as follows:

(U.S. Dollars, in thousands)	Currency Translation Adjustments			Debt Security			Accumulated Other Comprehensive Income (Loss)
Balance at December 31, 2016	$	(5,115	)	$	(1,465	)	$	(6,580	)
Other comprehensive income		4,552			3,830			8,382
Income taxes		—			(1,475	)		(1,475	)
Reclassification adjustments to:
Other expense, net		—			5,585			5,585
Income taxes		—			(2,125	)		(2,125	)
Balance at December 31, 2017	$	(563	)	$	4,350		$	3,787
Other comprehensive income (loss)		(1,823	)		1,770			(53	)
Income taxes		—			(438	)		(438	)
Balance at December 31, 2018	$	(2,386	)	$	5,682		$	3,296