Accumulated Other Comprehensive Income (Loss) and Shareholders' Equity

3 Months Ended

Mar. 30, 2019

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss) and Shareholders' Equity

Accumulated Other Comprehensive Income (Loss) and Shareholders' Equity

The following tables summarize the components of accumulated other comprehensive income (loss) and the changes in accumulated other comprehensive income (loss), net of tax, as applicable (in thousands):

	Foreign Currency Translation Adjustment			Unrealized Gains (Losses) on Marketable Securities			Pension and Post-retirement Liabilities			Derivative Financial Instruments			Accumulated Other Comprehensive Income (Loss)
Balance as of December 29, 2018	$	(2,973	)	$	(156	)	$	(2,929	)	$	2,459		$	(3,599	)
Other comprehensive income (loss) before reclassifications	963			114			—			(527		)	550
Tax (expense) or benefit	—			(24		)	—			124			100
Reclassification of stranded tax impact	—			—			(1,185		)	446			(739		)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax	—			—			—			(352		)	(352		)
Balance as of March 30, 2019	$	(2,010	)	$	(66	)	$	(4,114	)	$	2,150		$	(4,040	)

Amounts in parentheses indicate reductions to equity.

	Foreign Currency Translation Adjustment		Unrealized Gains (Losses) on Marketable Securities			Pension and Post-retirement Liabilities			Derivative Financial Instruments			Accumulated Other Comprehensive Income (Loss)
Balance as of December 30, 2017	$	31	$	(132	)	$	(5,630	)	$	2,120		$	(3,611	)
Other comprehensive income (loss) before reclassifications	1		(100		)	—			1,476			1,377
Tax (expense) or benefit	—		21			—			(362		)	(341		)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax	—		—			—			(87		)	(87		)
Balance as of March 31, 2018	$	32	$	(211	)	$	(5,630	)	$	3,147		$	(2,662	)

Amounts in parentheses indicate reductions to equity.

Interest Rate Swap

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 March 30, 2019, the fair value of the Corporation's interest rate swap was an asset of $2.8 million, which is reflected in "Other Assets" in the Condensed Consolidated Balance Sheets. The unrecognized change in value of the interest rate swap is reported net of tax as $2.2 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) (in thousands):

		Three Months Ended
Details about Accumulated Other Comprehensive Income (Loss) Components	Affected Line Item in the Statement Where Net Income is Presented	March 30, 2019			March 31, 2018
Derivative financial instruments
Interest rate swap	Interest (expense) or income	$	460		$	115
	Tax (expense) or benefit	(108		)	(28		)
	Net of tax	$	352		$	87

Amounts in parentheses indicate reductions to profit.

Dividend

The Corporation declared and paid cash dividends per share as follows (in dollars):

	Three Months Ended
	March 30, 2019		March 31, 2018
Common shares	$	0.295	$	0.285

Stock Repurchase

The following table summarizes shares repurchased and settled by the Corporation (in thousands, except share data):

	Three Months Ended
	March 30, 2019			March 31, 2018
Shares repurchased	647,290			152,822
Average price per share	$	38.14		$	39.02
Cash purchase price	$	(24,685	)	$	(5,964	)
Purchases unsettled as of quarter end	1,170			—
Prior year purchases settled in current year	(354		)	(1,381		)
Shares repurchased per cash flow	$	(23,869	)	$	(7,345	)

As of March 30, 2019, approximately $223.9 million of the Corporation's Board of Directors' ("Board") current repurchase authorization remained unspent.