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Accumulated Other Comprehensive Income (Loss) and Shareholders' Equity
 3 Months Ended
Mar. 28, 2020
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 Debt Securities
 
Pension and Post-retirement Liabilities
 
Derivative Financial Instruments
 
Accumulated Other Comprehensive Income (Loss)
Balance as of December 28, 2019
 
$
(2,912
)
 
$
95

 
$
(5,762
)
 
$
506

 
$
(8,073
)
Other comprehensive income (loss) before reclassifications
 
(600
)
 
75

 
—

 
(2,756
)
 
(3,281
)
Tax (expense) or benefit
 
—

 
(16
)
 
—

 
648

 
632

Amounts reclassified from accumulated other comprehensive income (loss), net of tax
 
—

 
—

 
—

 
(108
)
 
(108
)
Balance as of March 28, 2020
 
$
(3,512
)
 
$
154

 
$
(5,762
)
 
$
(1,710
)
 
$
(10,830
)
Amounts in parentheses indicate reductions to equity.

 
 
Foreign Currency Translation Adjustment
 
Unrealized Gains (Losses) on Debt 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.

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 paid a fixed rate of 1.29 percent and received one month LIBOR on a $150 million notional value. In August 2019, the agreement governing this interest rate swap was terminated, and the Corporation received cash proceeds of $0.5 million, the fair value of the interest rate swap on the termination date. The proceeds were recorded as cash provided by operating activities in the Condensed Consolidated Statement of Cash Flows. The $0.5 million gain from the termination of this interest rate swap agreement was recorded to "Accumulated other comprehensive income (loss)" and will be amortized to interest expense through January 2021, the remaining term of the original interest rate swap agreement.

In August 2019, concurrent with the termination of the previous interest rate swap, the Corporation entered into a new interest rate swap transaction to hedge $75 million of outstanding variable rate revolver borrowings against future interest rate volatility.  Under the terms of this interest rate swap, the Corporation pays a fixed rate of 1.42 percent and receives one month LIBOR on a $75 million notional value expiring August 2023.  As of March 28, 2020, the fair value of the Corporation's interest rate swap liability was $2.5 million. The unrecognized change in value of the interest rate swap, which includes the unamortized gain on the termination of the 2016 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) (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 28,
2020
 
March 30,
2019
Derivative financial instruments
 
 
 
Interest rate swap
Interest expense, net
$
114

 
$
460

 
Income tax expense
(6
)
 
(108
)
 
Net of tax
$
108

 
$
352


Amounts in parentheses indicate reductions to profit.

Dividend
The Corporation declared and paid cash dividends per common share as follows (in dollars):
 
Three Months Ended
 
March 28,
2020
 
March 30,
2019
Dividends per common share
$
0.305

 
$
0.295



Stock Repurchase
The following table summarizes shares repurchased and settled by the Corporation (in thousands, except share and per share data):
 
Three Months Ended
 
March 28,
2020
 
March 30,
2019
Shares repurchased
186,700

 
647,290

Average price per share
$
30.75

 
$
38.14

 
 
 
 
Cash purchase price
$
(5,741
)
 
$
(24,685
)
Purchases unsettled as of quarter end
276

 
1,170

Prior year purchases settled in current year
(374
)
 
(354
)
Shares repurchased per cash flow
$
(5,839
)
 
$
(23,869
)


As of March 28, 2020, approximately $158.9 million of the Corporation's Board of Directors' ("Board") current repurchase authorization remained unspent. In its COVID-19 response update on April 6th, the Corporation announced plans to temporarily suspend share repurchase activity to support free cash flow.