Shareholders' Equity and Accumulated Other Comprehensive Income

3 Months Ended

Apr. 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 fiscal periods ended April 2, 2021, and April 3, 2020, were as follows:

	For the Three Months Ended
	April 2, 2021		April 3, 2020
In thousands
Beginning balance	$	746,438	$	823,202
Comprehensive income (loss)	24,339		(9,434)
Dividends declared (per share of common stock, $0.20 and $0.20, respectively)	(5,562)		(5,555)
Employee stock plans and related tax benefit	880		1,455
Purchase of treasury shares	(344)		(14,072)
Share-based compensation expense	1,743		1,633
Impact of change in tax accounting standard	(275)		—
Ending balance	$	767,219	$	797,229

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

	For the Three Months Ended
	April 2, 2021		April 3, 2020
In thousands
Foreign currency translation and other:
Beginning balance	$	(717)	$	(16,351)
Net loss on foreign currency translation	(7,322)		(10,826)
Reclassification to net income(1)	22,835		—
Other comprehensive income (loss), net of tax	15,513		(10,826)
Ending balance	$	14,796	$	(27,177)
Pension and other post-retirement benefits(2):
Beginning balance	$	(130,104)	$	(134,542)
Amortization of net loss, net of tax expense of $250 and $330, respectively	842		1,107
Other comprehensive income, net of tax	842		1,107
Ending balance	$	(129,262)	$	(133,435)
Total accumulated other comprehensive loss	$	(114,466)	$	(160,612)

(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.)