Accumulated Other Comprehensive Income (Loss) and Shareholders' Equity

3 Months Ended

Mar. 30, 2024

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:

	Foreign Currency Translation Adjustment		Unrealized Gains (Losses) on Debt Securities		Pension and Post-retirement Liabilities		Derivative Financial Instrument		Accumulated Other Comprehensive Income (Loss)
Balance as of December 30, 2023	$	(6.5)	$	(0.3)	$	(1.2)	$	(2.7)	$	(10.6)
Other comprehensive income (loss) before reclassifications	0.0		(0.1)		—		2.0		1.9
Tax (expense) or benefit	—		0.0		—		(0.5)		(0.5)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax	—		0.0		—		(0.1)		(0.1)
Balance as of March 30, 2024	$	(6.5)	$	(0.3)	$	(1.2)	$	(1.3)	$	(9.3)

Amounts in parentheses indicate reductions to equity.

	Foreign Currency Translation Adjustment		Unrealized Gains (Losses) on Debt Securities		Pension and Post-retirement Liabilities		Derivative Financial Instrument		Accumulated Other Comprehensive Income (Loss)
Balance as of December 31, 2022	$	(6.4)	$	(0.6)	$	(1.1)	$	0.1	$	(8.0)
Other comprehensive income (loss) before reclassifications	0.1		0.2		—		—		0.2
Tax (expense) or benefit	—		(0.0)		—		—		(0.0)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax	—		0.0		—		(0.1)		(0.1)
Balance as of April 1, 2023	$	(6.3)	$	(0.5)	$	(1.1)	$	—	$	(7.9)

Amounts in parentheses indicate reductions to equity.

Interest Rate Swap

During the normal course of business, the Corporation is subjected to market risk associated with interest rate movements. Interest rate risk arises from variable interest debt obligations. Interest rate swap derivative instruments are periodically held and used by the Corporation as a tool for managing interest rate risk. They are not used for trading or speculative purposes.

In November 2023, the Corporation entered into an interest rate swap transaction to hedge $100 million of outstanding variable rate term loan borrowings against future interest rate volatility. Under the terms of this interest rate swap, the Corporation pays a fixed rate of 4.7 percent and receives one-month SOFR on a $100 million notional value expiring June 14, 2027. As of March 30, 2024, the fair value of the Corporation’s interest rate swap was comprised of a current asset of $0.2 million and a non-current liability of $1.9 million; see "Note 9. Fair Value Measurements of Financial Instruments." The unrecognized change in value of the interest rate swap is reported net of tax as $(1.3) million in "Accumulated other comprehensive income (loss)" in the Consolidated Balance Sheets.

In April 2022, the Corporation terminated its prior interest rate swap agreement and received cash proceeds of $0.4 million, the fair value of the swap on the termination date. The $0.4 million gain from the termination of this interest rate swap agreement was recorded to "Accumulated other comprehensive income (loss)" and was amortized to interest expense through April 1, 2023, the remaining term of the original interest rate swap agreement.

The following table details the reclassifications from accumulated other comprehensive income (loss):

		Three Months Ended
Details about Accumulated Other Comprehensive Income (Loss) Components	Affected Line Item in the Statement Where Net Income is Presented	March 30, 2024		April 1, 2023
Derivative financial instrument
Interest rate swap	Interest expense, net	$	0.2	$	0.1
	Income taxes	(0.0)		(0.0)
Unrealized gains (losses) on debt securities
Gain (loss) on sale of debt securities	Selling and administrative expenses	(0.0)		0.0
	Income taxes	0.0		(0.0)
	Net of tax	$	0.1	$	0.1

Amounts in parentheses indicate reductions to profit.

Dividend

The Corporation declared and paid cash dividends per common share as follows:

	Three Months Ended
	March 30, 2024		April 1, 2023
Dividends per common share	$	0.32	$	0.32

Stock Repurchase

The following table summarizes shares repurchased and settled by the Corporation:

	Three Months Ended
	March 30, 2024		April 1, 2023
Shares repurchased	0.1		—
Average price per share	$	42.32	$	—
Cash purchase price	$	(2.5)	$	—
Purchases unsettled as of quarter end	0.0		—
Prior year purchases settled in current year	(0.1)		—
Shares repurchased per cash flow	$	(2.6)	$	—

As of March 30, 2024, $231.0 million of the Corporation’s stock repurchase authorization by the Board of Directors remained available.