Accumulated Other Comprehensive Income (Loss) and Shareholders' Equity

6 Months Ended

Jun. 27, 2020

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	(555)		382		—		(3,229)		(3,402)
Tax (expense) or benefit	—		(80)		—		759		679

Amounts reclassified from accumulated other comprehensive income (loss), net of tax	—		—		—		(29)		(29)
Balance as of June 27, 2020	$	(3,467)	$	397	$	(5,762)	$	(1,993)	$	(10,825)

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	630		273		—		(1,817)		(914)
Tax (expense) or benefit	—		(57)		—		427		370
Reclassification of stranded tax impact	—		—		(1,185)		446		(739)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax	—		—		—		(692)		(692)
Balance as of June 29, 2019	$	(2,343)	$	60	$	(4,114)	$	823	$	(5,574)

Amounts in parentheses indicate reductions to equity.

Interest Rate Swap

In August 2019, concurrent with the termination of a 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 June 27, 2020, the fair value of the Corporation's interest rate swap liability was $2.8 million. The unrecognized change in value of the interest rate swap, which includes the unamortized gain on the termination of the previous interest rate swap, is reported net of tax as $(2.0) 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						Six Months Ended
Details about Accumulated Other Comprehensive Income (Loss) Components	Affected Line Item in the Statement Where Net Income is Presented	June 27, 2020		June 29, 2019		June 27, 2020		June 29, 2019
Derivative financial instruments
Interest rate swap	Interest expense, net	$	(74)	$	445	$	40	$	905
	Income tax expense	(5)		(105)		(11)		(213)
	Net of tax	$	(79)	$	340	$	29	$	692

Amounts in parentheses indicate reductions to profit.

Dividend

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


	Six Months Ended
	June 27, 2020		June 29, 2019
Dividends per common share	$	0.610	$	0.600

Stock Repurchase

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


	Six Months Ended
	June 27, 2020		June 29, 2019
Shares repurchased	214,200		1,576,608
Average price per share	$	29.83	$	36.59

Cash purchase price	$	(6,390)	$	(57,684)
Purchases unsettled as of quarter end	—		681
Prior year purchases settled in current year	(374)		(354)
Shares repurchased per cash flow	$	(6,764)	$	(57,357)

As of June 27, 2020, approximately $158.3 million of the Corporation's Board of Directors' ("Board") current repurchase authorization remained unspent. As announced in the April 6, 2020 COVID-19 response update, the Corporation temporarily suspended share repurchase activity to support free cash flow.