Shareholders' Equity and Accumulated Other Comprehensive Income

3 Months Ended

Mar. 31, 2023

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 March 31, 2023, and April 1, 2022, were as follows:

	For the Three Months Ended
	March 31, 2023		April 1, 2022
In thousands
Beginning balance	$	683,979	$	796,329
Comprehensive income (loss)	3,609		(428)
Dividends declared (per share of common stock, $0.20 and $0.20, respectively)	(5,627)		(5,590)
Employee stock plans and related tax benefit	495		785
Purchase of treasury shares	(503)		(575)
Share-based compensation expense	2,003		2,081
Impact of change in accounting standard(1)	—		(5,854)
Ending balance	$	683,956	$	786,748

(1) At January 1, 2022, the Company adopted Accounting Standard Update 2020-06, "Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity" ("ASU 2020-06"). Refer to Note 1, Summary of Significant Accounting Policies, of the Company's Annual Report on Form 10-K for the year ended December 31, 2022 for further information on the adoption of ASU 2020-06.

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

	For the Three Months Ended
	March 31, 2023		April 1, 2022
In thousands
Foreign currency translation:
Beginning balance	$	(2,071)	$	8,765
Net gain (loss) on foreign currency translation	2,538		(5,218)
Other comprehensive income (loss), net of tax	2,538		(5,218)
Ending balance	$	467	$	3,547
Pension and other post-retirement benefits(1):
Beginning balance	$	(156,350)	$	(120,157)
Amortization of net loss, net of tax expense of $434 and $228, respectively	1,441		762
Other comprehensive income, net of tax	1,441		762
Ending balance	$	(154,909)	$	(119,395)
Derivative instruments(2):
Beginning balance	$	—	$	7
Loss on derivative instruments, net of tax benefit of $78 and $0, respectively	(260)		—
Reclassification to net income, net of tax benefit of $28 and $0, respectively	$	(91)	$	—
Other comprehensive (loss) income, net of tax	(351)		—
Ending balance	$	(351)	$	7
Total accumulated other comprehensive loss	$	(154,793)	$	(115,841)

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

(See Note 11, Pension Plans, for additional information.)

(2) See Note 8, Derivative Financial Instruments, for additional information regarding derivative instruments.