Shareholders' Equity

6 Months Ended

Jul. 01, 2023

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 agreements, 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 Retained earnings. During the six month periods ended July 1, 2023 and July 2, 2022, the Company reissued 164,000 and 421,000 treasury shares, respectively, associated with the funding of employer 401K contributions and recorded the difference between the average cost and the reissuance price, $2.2 million and $6.8 million, respectively, as a reduction to Retained earnings.

Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive loss are as follows:

(In thousands)	July 1, 2023		December 31, 2022
Foreign Currency Translation Adjustments	$	(6,624)	$	(7,335)
Retirement Liability Adjustment – Before Tax	(4,101)		(4,473)
Tax Benefit of Retirement Liability Adjustment	2,282		2,282
Retirement Liability Adjustment – After Tax	(1,819)		(2,191)
Accumulated Other Comprehensive Loss	$	(8,443)	$	(9,526)

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

	Six Months Ended				Three Months Ended
(In thousands)	July 1, 2023		July 2, 2022		July 1, 2023		July 2, 2022
Foreign Currency Translation Adjustments	$	711	$	(1,567)	$	487	$	(1,386)
Retirement Liability Adjustments:
Reclassifications to Selling, General and Administrative Expense:
Amortization of Prior Service Cost	193		201		98		100
Amortization of Net Actuarial Losses	179		497		89		247
Retirement Liability Adjustment	372		698		187		347
Other Comprehensive Income (Loss)	$	1,083	$	(869)	$	674	$	(1,039)