Shareholders' Equity

9 Months Ended

Sep. 28, 2019

Equity [Abstract]

Shareholders' Equity

Shareholders' Equity

Share Buyback Program

On February 24, 2016, the Company’s Board of Directors authorized the repurchase of up to $50 million of common stock (the “Buyback Program”). The Buyback Program allowed the Company to purchase shares of its common stock in accordance with applicable securities laws on the open market or through privately negotiated transactions. The Company has repurchased approximately 1,675,000 shares and has completed that program. On December 12, 2017, the Company’s Board of Directors authorized an additional repurchase of up to $50 million. The Company has repurchased approximately 1,823,000 shares and has completed that program in the third quarter of 2019. On September 17, 2019, the Company’s Board of Directors authorized an additional repurchase of up to $50 million. No amounts have been repurchased under the new program as of September 28, 2019.

Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive loss are as follows: 

(In thousands)	September 28, 2019		December 31, 2018
Foreign Currency Translation Adjustments	$	(7,878)	$	(7,156)
Retirement Liability Adjustment – Before Tax	(7,256)		(7,814)
Tax Benefit of Retirement Liability Adjustment	1,524		1,641
Retirement Liability Adjustment – After Tax	(5,732)		(6,173)
Accumulated Other Comprehensive Loss	$	(13,610)	$	(13,329)

The components of other comprehensive income (loss) are as follows: 

	Nine Months Ended				Three Months Ended
(In thousands)	September 28, 2019		September 29, 2018		September 28, 2019		September 29, 2018
Foreign Currency Translation Adjustments	$	(722)	$	(1,346)	$	(1,336)	$	226
Retirement Liability Adjustments:
Reclassifications to General and Administrative Expense:
Amortization of Prior Service Cost	302		303		101		101
Amortization of Net Actuarial Losses	256		515		85		172
Tax Benefit	(117)		(172)		(39)		(57)
Retirement Liability Adjustment	441		646		147		216
Other Comprehensive Income (Loss)	$	(281)	$	(700)	$	(1,189)	$	442