| Shareholders' Equity and Accumulated Other Comprehensive Income |
SHAREHOLDERS' EQUITY AND ACCUMULATED OTHER COMPREHENSIVE INCOMEChanges in shareholders’ equity for the three-month and six-month fiscal periods ended June 30, 2023, and July 1, 2022, were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the Three Months Ended | | For the Six Months Ended | | | June 30, 2023 | | July 1, 2022 | | June 30, 2023 | | July 1, 2022 | | In thousands | | | | | | | | | Beginning balance(1) | | $ | 679,983 | | | $ | 785,719 | | | $ | 680,756 | | | $ | 795,453 | | | Comprehensive income (loss) | | 9,584 | | | (5,587) | | | 12,443 | | | (6,168) | | Dividends declared (per share of common stock, $0.20 and $0.20 and $0.40 and $0.40, respectively) | | (5,638) | | | (5,597) | | | (11,265) | | | (11,187) | | | Employee stock plans and related tax benefit | | 475 | | | 481 | | | 970 | | | 1,266 | | | Purchase of treasury shares | | — | | | (123) | | | (503) | | | (698) | | | Share-based compensation expense | | 1,925 | | | 2,730 | | | 3,928 | | | 4,811 | | Impact of change in accounting standard(2) | | — | | | — | | | — | | | (5,854) | | | Ending balance | | $ | 686,329 | | | $ | 777,623 | | | $ | 686,329 | | | $ | 777,623 | |
(1) For the three-month and six-month fiscal periods ended July 1, 2022, the Company revised its previously issued financial statements for errors related to (1) the accounting for certain labor costs at one business in the Precision Products segment and (2) the net realizable value on certain portions of the Company's inventory at another business in the Structures segment. The impact of these items on the beginning shareholders' equity and accumulated other comprehensive income balances noted above was approximately $1.0 million and $0.9 million, respectively. Refer to Note 2, Accounting Changes, for further information. (2) 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. 17. SHAREHOLDERS' EQUITY AND ACCUMULATED OTHER COMPREHENSIVE INCOME (CONTINUED)
The components of accumulated other comprehensive income (loss) are shown below: | | | | | | | | | | | | | | | | | For the Three Months Ended | | | | June 30, 2023 | | July 1, 2022 | | In thousands | | | | | | Foreign currency translation: | | | | | | Beginning balance | | $ | 467 | | | $ | 3,547 | | | Net gain (loss) on foreign currency translation | | 931 | | | (10,254) | | | Other comprehensive income (loss), net of tax | | 931 | | | (10,254) | | | Ending balance | | $ | 1,398 | | | $ | (6,707) | | | | | | | Pension and other post-retirement benefits(1): | | | | | | Beginning balance | | $ | (154,909) | | | $ | (119,395) | | Amortization of net loss, net of tax expense of $457 and $269, respectively | | 1,515 | | | 900 | | | Other comprehensive income, net of tax | | 1,515 | | | 900 | | | Ending balance | | $ | (153,394) | | | $ | (118,495) | | | | | | | Derivative instruments(2): | | | | | | Beginning balance | | $ | (351) | | | $ | 7 | | Gain on derivative instruments, net of tax expense of $632 and $0, respectively | | 2,098 | | | — | | Reclassification to net income, net of tax benefit of $(64) and $0, respectively | | (215) | | | (7) | | | Other comprehensive income (loss), net of tax | | 1,883 | | | (7) | | | Ending balance | | $ | 1,532 | | | $ | — | | | | | | | Total accumulated other comprehensive loss | | $ | (150,464) | | | $ | (125,202) | |
(1) These accumulated other comprehensive income components are included in the computation of net periodic pension cost. (See Note 13, Pension Plans, for additional information.) (2) See Note 9, Derivative Financial Instruments, for additional information regarding derivative instruments. 17. SHAREHOLDERS' EQUITY AND ACCUMULATED OTHER COMPREHENSIVE INCOME (CONTINUED)
| | | | | | | | | | | | | | | | | For the Six Months Ended | | | June 30, 2023 | | July 1, 2022 | | In thousands | | | | | | Foreign currency translation: | | | | | | Beginning balance | | $ | (2,071) | | | $ | 8,765 | | | Net gain (loss) on foreign currency translation | | 3,469 | | | (15,472) | | | Other comprehensive income (loss), net of tax | | 3,469 | | | (15,472) | | | Ending balance | | $ | 1,398 | | | $ | (6,707) | | | | | | | Pension and other post-retirement benefits(1): | | | | | | Beginning balance | | $ | (156,350) | | | $ | (120,157) | | Amortization of net loss, net of tax expense of $891 and $497, respectively | | 2,956 | | | 1,662 | | | Other comprehensive income, net of tax | | 2,956 | | | 1,662 | | | Ending balance | | $ | (153,394) | | | $ | (118,495) | | | | | | | Derivative instruments(2): | | | | | | Beginning balance | | $ | — | | | $ | 7 | | Gain on derivative instruments, net of tax expense of $554 and $0, respectively | | 1,838 | | | — | | Reclassification to net income, net of tax benefit of $(92) and $0, respectively | | (306) | | | (7) | | | Other comprehensive income (loss), net of tax | | 1,532 | | | (7) | | | Ending balance | | $ | 1,532 | | | $ | — | | | | | | | | Total accumulated other comprehensive loss | | $ | (150,464) | | | $ | (125,202) | |
(1) These accumulated other comprehensive income components are included in the computation of net periodic pension cost. (See Note 13, Pension Plans, for additional information.) (2) See Note 9, Derivative Financial Instruments, for additional information regarding derivative instruments.
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