Shareholders' Equity and Accumulated Other Comprehensive Income

6 Months Ended

Jul. 01, 2022

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 July 1, 2022, and July 2, 2021, were as follows:

	For the Three Months Ended				For the Six Months Ended
	July 1, 2022		July 2, 2021		July 1, 2022		July 2, 2021
In thousands
Beginning balance	$	786,748	$	767,219	796,329		746,438
Comprehensive (loss) income	(5,297)		14,474		(5,725)		38,813
Dividends declared (per share of common stock, $0.20 and $0.20 and $0.40 and $0.40, respectively)	(5,597)		(5,565)		(11,187)		(11,127)
Employee stock plans and related tax benefit	481		648		1,266		1,528
Purchase of treasury shares	(123)		(46)		(698)		(390)
Share-based compensation expense	2,730		2,482		4,811		4,225
Impact of change in accounting standard	—		—		(5,854)		(275)
Ending balance	$	778,942	$	779,212	$	778,942	$	779,212

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

	For the Three Months Ended
	July 1, 2022		July 2, 2021
In thousands
Foreign currency translation and other:
Beginning balance	$	3,554	$	14,796
Net (gain) loss on foreign currency translation	(10,261)		1,719
Other comprehensive income (loss), net of tax	(10,261)		1,719
Ending balance	$	(6,707)	$	16,515
Pension and other post-retirement benefits(1):
Beginning balance	$	(119,395)	$	(129,262)
Amortization of net loss, net of tax expense of $269 and $266, respectively	900		899
Other comprehensive income, net of tax	900		899
Ending balance	$	(118,495)	$	(128,363)
Total accumulated other comprehensive loss	$	(125,202)	$	(111,848)

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

(See Note 14, Pension Plans for additional information.)

18. SHAREHOLDERS' EQUITY AND ACCUMULATED OTHER COMPREHENSIVE INCOME (CONTINUED)

	For the Six Months Ended
	July 1, 2022		July 2, 2021
In thousands
Foreign currency translation and other:
Beginning balance	$	8,772	$	(717)
Net gain on foreign currency translation	(15,479)		(5,603)
Reclassification to net income(1)	—		22,835
Other comprehensive income (loss), net of tax	(15,479)		17,232
Ending balance	$	(6,707)	$	16,515
Pension and other post-retirement benefits(2):
Beginning balance	$	(120,157)	$	(130,104)
Amortization of net loss, net of tax expense of $497 and $516, respectively	1,662		1,741
Other comprehensive income, net of tax	1,662		1,741
Ending balance	$	(118,495)	$	(128,363)
Total accumulated other comprehensive loss	$	(125,202)	$	(111,848)

(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 14, Pension Plans for additional information.)