Shareholders' Equity and Accumulated Other Comprehensive Income

3 Months Ended

Apr. 01, 2016

Stockholders' Equity Note [Abstract]

Stockholders' Equity and Accumulated Other Comprehensive Income

SHAREHOLDERS' EQUITY AND ACCUMULATED OTHER COMPREHENSIVE INCOME

Changes in shareholders’ equity for the three-month fiscal periods ended April 1, 2016, and April 3, 2015, were as follows:

	For the Three Months Ended
	April 1, 2016			April 3, 2015
In thousands
Beginning balance	$	543,077		$	517,665
Comprehensive income	18,438			8,952
Dividends declared	(4,875		)	(4,895		)
Employee stock plans and related tax benefit	2,339			911
Purchase of treasury shares	(4,427		)	(671		)
Share-based compensation expense	1,494			1,605
Ending balance	$	556,046		$	523,567

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

	For the Three Months Ended
	April 1, 2016			April 3, 2015
In thousands
Foreign currency translation:
Beginning balance	$	(22,625	)	$	(20,676	)
Net gain/(loss) on foreign currency translation	7,213			(5,460		)
Reclassification to net income	—			—
Other comprehensive income/(loss), net of tax	7,213			(5,460		)
Ending balance	$	(15,412	)	$	(26,136	)
Pension and other post-retirement benefits(a):
Beginning balance	$	(117,455	)	$	(105,264	)
Reclassifications to net income:
Amortization of prior service cost, net of tax expense of $0 and $5, respectively	—			9
Amortization of net loss, net of tax expense of $1,213 and $956, respectively	2,005			1,579
Other comprehensive income/(loss), net of tax	2,005			1,588
Ending balance	$	(115,450	)	$	(103,676	)
Derivative instruments(b):
Beginning balance	$	(58	)	$	(321	)
Net loss on derivative instruments, net of tax benefit of $437 and $28, respectively	(722		)	(45		)
Reclassification to net income, net of tax expense of $100 and $73, respectively	165			120
Other comprehensive income/(loss), net of tax	(557		)	75
Ending balance	$	(615	)	$	(246	)
Total accumulated other comprehensive income (loss)	$	(131,477	)	$	(130,058	)

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

(See Note 9, Pension Plans for additional information.)

^(b)See Note 6, Derivative Financial Instruments, for additional information regarding our derivative instruments.