Shareholders' Equity and Accumulated Other Comprehensive Income

9 Months Ended

Sep. 30, 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 and nine-month fiscal periods ended September 30, 2022, and October 1, 2021, were as follows:

	For the Three Months Ended				For the Nine Months Ended
	September 30, 2022		October 1, 2021		September 30, 2022		October 1, 2021
In thousands
Beginning balance	$	778,942	$	779,212	796,329		746,438
Comprehensive (loss) income	(8,429)		11,193		(14,154)		50,006
Dividends declared (per share of common stock, $0.20 and $0.20 and $0.60 and $0.60, respectively)	(5,604)		(5,569)		(16,791)		(16,696)
Employee stock plans and related tax benefit	430		523		1,696		2,051
Purchase of treasury shares	(64)		(69)		(762)		(459)
Share-based compensation expense	1,334		1,459		6,145		5,684
Impact of change in accounting standard	—		—		(5,854)		(275)
Ending balance	$	766,609	$	786,749	$	766,609	$	786,749

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

	For the Three Months Ended
	September 30, 2022		October 1, 2021
In thousands
Foreign currency translation and other:
Beginning balance	$	(6,707)	$	16,515
Net loss on foreign currency translation	(9,875)		(4,342)
Other comprehensive loss, net of tax	(9,875)		(4,342)
Ending balance	$	(16,582)	$	12,173
Pension and other post-retirement benefits(1):
Beginning balance	$	(118,495)	$	(128,363)
Amortization of net loss, net of tax expense of $259 and $257, respectively	821		868
Other comprehensive income, net of tax	821		868
Ending balance	$	(117,674)	$	(127,495)
Total accumulated other comprehensive loss	$	(134,256)	$	(115,322)

(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 Nine Months Ended
	September 30, 2022		October 1, 2021
In thousands
Foreign currency translation and other:
Beginning balance	$	8,772	$	(717)
Net loss on foreign currency translation	(25,354)		(9,945)
Reclassification to net income(1)	—		22,835
Other comprehensive (loss) income, net of tax	(25,354)		12,890
Ending balance	$	(16,582)	$	12,173
Pension and other post-retirement benefits(2):
Beginning balance	$	(120,157)	$	(130,104)
Amortization of net loss, net of tax expense of $756 and $773, respectively	2,483		2,609
Other comprehensive income, net of tax	2,483		2,609
Ending balance	$	(117,674)	$	(127,495)
Total accumulated other comprehensive loss	$	(134,256)	$	(115,322)

(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.)