Components of accumulated other comprehensive income (loss) were as follows at December 31:

(1)

The year ended December 31, 2018 includes $4.0 million related to a previous valuation allowance on deferred tax assets for nonunion defined benefit pension liabilities which was recognized as pension termination expense during 2019 upon extinguishment of the nonunion defined benefit pension plan (see Note I). The reclassification of stranded income tax effects related to this item was not permitted by the amendment to ASC Topic 220, Comprehensive Income, which the Company adopted as of January 1, 2018.

The following is a summary of the changes in accumulated other comprehensive income (loss), net of tax, by component:


			Unrecognized Net			Interest	Foreign
			Periodic Benefit			Rate	Currency
	Total		Credit (Costs)			Swap	Translation

	(in thousands)
Balances at December 31, 2018	$	(14,238)	$	(12,749)	$	591	$	(2,080)

Other comprehensive income (loss) before reclassifications		6,197		6,657		(1,007)		547
Amounts reclassified from accumulated other comprehensive loss		8,244		8,244		—		—
Net current-period other comprehensive income (loss)		14,441		14,901		(1,007)		547

Balances at December 31, 2019	$	203	$	2,152	$	(416)	$	(1,533)


Other comprehensive income (loss) before reclassifications		1,359		1,480		(782)		661
Amounts reclassified from accumulated other comprehensive income		(372)		(372)		—		—
Net current-period other comprehensive income (loss)		987		1,108		(782)		661

Balances at December 31, 2020	$	1,190	$	3,260	$	(1,198)	$	(872)

The following is a summary of the significant reclassifications out of accumulated other comprehensive income (loss) by component for the years ended December 31:


	Unrecognized Net Periodic
	Benefit Credit (Costs)⁽¹⁾⁽²⁾
	2020		2019

	(in thousands)
Amortization of net actuarial gain (loss)	$	589	$	(1,253)
Amortization of prior service credit		1		33
Pension settlement expense, including termination expense⁽³⁾⁽⁴⁾		(89)		(8,505)
Total, pre-tax		501		(9,725)
Tax benefit (expense)		(129)		1,481
Total, net of tax	$	372	$	(8,244)

(1)	Amounts in parentheses indicate increases in expense or loss.

(2)	These components of accumulated other comprehensive income (loss) are included in the computation of net periodic benefit cost (see Note I).

(3)

For the year ended December 31, 2019, amounts included in accumulated other comprehensive income related to the nonunion defined benefit pension plan were reclassed to net income in their entirety upon settlement of the pension benefit obligation. These amounts include amortization of net actuarial loss of $0.3 million (pre-tax) and pension settlement expense, including termination expense, of $8.1 million (pre-tax) which were recognized in the “Other, net” line of other income (costs). These reclassifications impacted net income by $7.3 million for the year ended December 31, 2019.

(4)	The year ended December 31, 2019 includes a $4.0 million noncash pension termination expense (with no tax benefit) related to an amount which was stranded in accumulated other comprehensive income until the pension benefit obligation was settled upon plan termination (see Note I).

Dividends on Common Stock

The following table is a summary of dividends declared during the applicable quarter:


	2020				2019
	Per Share		Amount		Per Share		Amount

	(in thousands, except per share data)
First quarter	$	0.08	$	2,033	$	0.08	$	2,052
Second quarter	$	0.08	$	2,049	$	0.08	$	2,050
Third quarter	$	0.08	$	2,040	$	0.08	$	2,043
Fourth quarter	$	0.08	$	2,035	$	0.08	$	2,042

On January 28, 2021, the Company’s Board of Directors declared a dividend of $0.08 per share payable to stockholders of record as of February 11, 2021.

Treasury Stock

The Company has a program to repurchase its common stock in the open market or in privately negotiated transactions. The program has no expiration date but may be terminated at any time at the Board of Directors’ discretion. Repurchases may be made using the Company’s cash reserves or other available sources. In October 2015, the Board of Directors extended the share repurchase program, making a total of $50.0 million available for purchases of the Company’s common stock. During 2020, the Company purchased 252,299 shares for an aggregate cost of $6.6 million, leaving $6.6 million available for repurchase under the program as of December 31, 2020. Treasury shares totaled 3,656,938 and 3,404,639 as of December 31, 2020 and 2019, respectively.

As previously announced in the Company’s Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission on January 28, 2021, the Board of Directors extended the share repurchase program by authorizing a total of $50.0 million to be available for purchases of the Company’s common stock.