Accumulated Other Comprehensive Income (Loss) and Shareholders' Equity

3 Months Ended

Apr. 01, 2017

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss) and Shareholders' Equity

Accumulated Other Comprehensive Income (Loss) and Shareholders' Equity

The following table summarizes the components of accumulated other comprehensive income (loss) and the changes in accumulated other comprehensive income (loss), net of tax, as applicable for the three months ended April 1, 2017:

(In thousands)	Foreign Currency Translation Adjustment			Unrealized Gains (Losses) on Marketable Securities			Pension Postretirement Liability			Derivative Financial Instruments			Accumulated Other Comprehensive Income (Loss)
Balance at December 31, 2016	$	(1,188	)	$	(105	)	$	(5,167	)	$	1,460		$	(5,000	)
Other comprehensive income (loss) before reclassifications	345			27			—			226			598
Tax (expense) or benefit	—			(9		)	—			(83		)	(92		)
Amounts reclassified from accumulated other comprehensive (income) loss, net of tax	—			—			—			121			121
Balance at April 1, 2017	$	(843	)	$	(87	)	$	(5,167	)	$	1,724		$	(4,373	)

Amounts in parentheses indicate reductions in equity.

The following table summarizes the components of accumulated other comprehensive income (loss) and the changes in accumulated other comprehensive income (loss), net of tax, as applicable for the three months ended April 2, 2016:

(In thousands)	Foreign Currency Translation Adjustment		Unrealized Gains (Losses) on Marketable Securities			Pension Postretirement Liability			Derivative Financial Instruments			Accumulated Other Comprehensive Income (Loss)
Balance at January 2, 2016	$	322	$	(2	)	$	(5,506	)	$	—		$	(5,186	)
Other comprehensive income (loss) before reclassifications	157		77			—			(920		)	(686		)
Tax (expense) or benefit	—		(27		)	—			338			311
Amounts reclassified from accumulated other comprehensive (income) loss net of tax	—		—			—			59			59
Balance at April 2, 2016	$	479	$	48		$	(5,506	)	$	(523	)	$	(5,502	)

Amounts in parentheses indicate reductions in equity.

In March 2016, the Corporation entered into an interest rate swap transaction to hedge $150 million of outstanding variable rate revolver borrowings against future interest rate volatility. Under the terms of the interest rate swap, the Corporation pays a fixed rate of 1.29 percent and receives one month LIBOR on a $150 million notional value expiring January 2021. As of April 1, 2017, the fair value of the Corporation's interest rate swap was an asset of $2.7 million, which is reflected in "Other Assets" in the Condensed Consolidated Balance Sheets. The interest rate swap is reported net of tax as $1.7 million in "Accumulated other comprehensive income (loss)" in the Condensed Consolidated Balance Sheets.

The following table details the reclassifications from accumulated other comprehensive income (loss) for the three months ended April 1, 2017 and April 2, 2016 (in thousands):

		Three Months Ended
Details about Accumulated Other Comprehensive Income (Loss) Components	Affected Line Item in the Statement Where Net Income is Presented	April 1, 2017			April 2, 2016
Derivative financial instruments
Interest rate swap	Interest (expense) or income	$	(192	)	$	(93	)
	Tax (expense) or benefit	71			34
	Net of tax	$	(121	)	$	(59	)

Amounts in parentheses indicate reductions to profit.

During the three months ended April 1, 2017, the Corporation repurchased 234,375 shares of its common stock at a cost of approximately $11.7 million.  During the three months ended April 2, 2016, the Corporation repurchased 49,400 shares of its common stock at a cost of approximately $1.7 million. As of April 1, 2017, $125.2 million of the Corporation's Board of Directors' ("Board") current repurchase authorization remained unspent.

During the three months ended April 1, 2017 and April 2, 2016, the Corporation paid dividends to shareholders of $0.275 and $0.265 per share, respectively.