Accumulated Other Comprehensive Income (Loss) and Shareholders' Equity

9 Months Ended

Sep. 26, 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	368		341		—		(3,236)		(2,527)
Tax (expense) or benefit	—		(72)		—		758		686

Amounts reclassified from accumulated other comprehensive income (loss), net of tax	—		—		—		85		85
Balance as of September 26, 2020	$	(2,544)	$	364	$	(5,762)	$	(1,887)	$	(9,829)

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	(406)		319		—		(2,272)		(2,359)
Tax (expense) or benefit	—		(67)		—		661		594
Reclassification of stranded tax impact	—		—		(1,185)		446		(739)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax	—		—		—		(947)		(947)
Balance as of September 28, 2019	$	(3,379)	$	96	$	(4,114)	$	347	$	(7,050)

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 September 26, 2020, the fair value of the Corporation's interest rate swap liability was $2.6 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 $(1.9) 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						Nine Months Ended
Details about Accumulated Other Comprehensive Income (Loss) Components	Affected Line Item in the Statement Where Net Income is Presented	September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
Derivative financial instruments
Interest rate swap	Interest expense, net	$	(147)	$	315	$	(107)	$	1,220
	Income taxes	33		(60)		22		(273)
	Net of tax	$	(114)	$	255	$	(85)	$	947

Amounts in parentheses indicate reductions to profit.

Dividend

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


	Nine Months Ended
	September 26, 2020		September 28, 2019
Dividends per common share	$	0.915	$	0.905

Stock Repurchase

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


	Nine Months Ended
	September 26, 2020		September 28, 2019
Shares repurchased	214,200		1,797,448
Average price per share	$	29.83	$	36.09

Cash purchase price	$	(6,390)	$	(64,877)
Purchases unsettled as of quarter end	—		125
Prior year purchases settled in current year	(374)		(354)
Shares repurchased per cash flow	$	(6,764)	$	(65,106)

As of September 26, 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 available cash flow.