Shareholders' Equity and Accumulated Other Comprehensive Income

6 Months Ended

Jul. 02, 2021

Stockholders' Equity Note [Abstract]

Shareholders' Equity and Accumulated Other Comprehensive Income

SHAREHOLDERS' EQUITY AND ACCUMULATED OTHER COMPREHENSIVE INCOME

Changes in shareholders’ equity for the three-month and six-month fiscal periods ended July 2, 2021, and July 3, 2020, were as follows:

	For the Three Months Ended				For the Six Months Ended
	July 2, 2021		July 3, 2020		July 2, 2021		July 3, 2020
In thousands
Beginning balance	$	767,219	$	797,229	$	746,438	$	823,202
Comprehensive income (loss)	14,474		9,302		38,813		(132)
Dividends declared (per share of common stock, $0.20 and $0.20 and $0.40 and $0.40, respectively)	(5,565)		(5,527)		(11,127)		(11,082)
Employee stock plans and related tax benefit	648		531		1,528		1,986
Purchase of treasury shares	(46)		(96)		(390)		(14,168)
Share-based compensation expense	2,482		1,957		4,225		3,590
Impact of change in tax accounting standard	—		—		(275)		—
Ending balance	$	779,212	$	803,396	$	779,212	$	803,396

The components of accumulated other comprehensive income (loss) are shown below:

	For the Three Months Ended
	July 2, 2021		July 3, 2020
In thousands
Foreign currency translation and other:
Beginning balance	$	14,796	$	(27,177)
Net loss on foreign currency translation	1,719		8,295
Other comprehensive income (loss), net of tax	1,719		8,295
Ending balance	$	16,515	$	(18,882)
Pension and other post-retirement benefits(1):
Beginning balance	$	(129,262)	$	(133,435)
Amortization of net loss, net of tax expense of $266 and $330, respectively	899		1,107
Other comprehensive income, net of tax	899		1,107
Ending balance	$	(128,363)	$	(132,328)
Total accumulated other comprehensive loss	$	(111,848)	$	(151,210)

(1) These accumulated other comprehensive income components are included in the computation of net periodic pension cost.

(See Note 13, Pension Plans for additional information.)

17. SHAREHOLDERS' EQUITY AND ACCUMULATED OTHER COMPREHENSIVE INCOME (CONTINUED)

	For the Six Months Ended
	July 2, 2021		July 3, 2020
In thousands
Foreign currency translation and other:
Beginning balance	$	(717)	$	(16,351)
Net loss on foreign currency translation	(5,603)		(2,531)
Reclassification to net income(1)	22,835		—
Other comprehensive income (loss), net of tax	17,232		(2,531)
Ending balance	$	16,515	$	(18,882)
Pension and other post-retirement benefits(2):
Beginning balance	$	(130,104)	$	(134,542)
Amortization of net loss, net of tax expense of $516 and $660, respectively	1,741		2,214
Other comprehensive income, net of tax	1,741		2,214
Ending balance	$	(128,363)	$	(132,328)
Total accumulated other comprehensive loss	$	(111,848)	$	(151,210)

(1) The foreign currency translation reclassified to net income relates to the sale of the Company's UK Composites business. This balance was included in the loss accrual recorded in impairment on assets held for sale on the Company's Consolidated Statement of Operations in the year ended December 31, 2020 (see Note 3, Disposals, for additional information).

(2) These accumulated other comprehensive income components are included in the computation of net periodic pension cost.

(See Note 13, Pension Plans for additional information.)