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Shareholders' Equity
 6 Months Ended
Jul. 02, 2022
Equity [Abstract]  
Shareholders' Equity Shareholders' Equity
Share Buyback and Reissuance
The Company’s Board of Directors from time to time authorizes the repurchase of common stock, which allows the Company to purchase shares of its common stock in accordance with applicable securities laws on the open market or through privately negotiated transactions. Common shares repurchased by the Company are recorded at cost as treasury shares and result in a reduction of equity. Under its current credit agreement, and as described further in Note 7, the Company is currently restricted from further stock repurchases.
When treasury shares are reissued, the Company determines the cost using an average cost method. The difference between the average cost of the treasury shares and reissuance price is included in Additional paid-in capital or Retained earnings. During the six months ended July 2, 2022, the Company reissued 421,000 treasury shares and recorded the difference between the average cost and the reissuance price, $6.8 million, as a reduction to Retained earnings.
Comprehensive (Loss) Income and Accumulated Other Comprehensive Loss
The components of accumulated other comprehensive loss are as follows:
(In thousands)July 2, 2022December 31, 2021
Foreign Currency Translation Adjustments$(6,974)$(5,407)
Retirement Liability Adjustment – Before Tax(10,672)(11,370)
Tax Benefit of Retirement Liability Adjustment2,282 2,282 
Retirement Liability Adjustment – After Tax(8,390)(9,088)
Accumulated Other Comprehensive Loss$(15,364)$(14,495)
The components of other comprehensive (loss) income are as follows:
Six Months EndedThree Months Ended
(In thousands)July 2, 2022July 3, 2021July 2, 2022July 3, 2021
Foreign Currency Translation Adjustments$(1,567)$(22)$(1,386)$615 
Retirement Liability Adjustments:
Reclassifications to General and Administrative Expense:
Amortization of Prior Service Cost
201 201 100 100 
Amortization of Net Actuarial Losses
497 667 247 334 
Retirement Liability Adjustment698 868 347 434 
Other Comprehensive (Loss) Income$(869)$846 $(1,039)$1,049