Shareholders' Equity

6 Months Ended

Jun. 27, 2020

Equity [Abstract]

Shareholders' Equity

Shareholders' Equity

Share Buyback Program

The Company’s Board of Directors from time to time authorizes the repurchase of common stock, which allows the Company to purchase shares of its common stock in accordance with applicable securities laws on the open market or through privately negotiated transactions. Most recently, on September 17, 2019, the Company’s Board of Directors authorized a repurchase of up to $50 million. Approximately 282,000 shares were repurchased in the first quarter of 2020 at a cost of $7.7 million before the 10b5-1 plan associated with the share repurchase program was terminated on February 3, 2020.

Comprehensive (Loss) Income and Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive loss are as follows: 

(In thousands)	June 27, 2020		December 31, 2019
Foreign Currency Translation Adjustments	$	(8,536)	$	(7,042)
Retirement Liability Adjustment – Before Tax	(10,323)		(10,868)
Tax Benefit of Retirement Liability Adjustment	2,167		2,282
Retirement Liability Adjustment – After Tax	(8,156)		(8,586)
Accumulated Other Comprehensive Loss	$	(16,692)	$	(15,628)

The components of other comprehensive (loss) income are as follows: 

	Six Months Ended				Three Months Ended
(In thousands)	June 27, 2020		June 29, 2019		June 27, 2020		June 29, 2019
Foreign Currency Translation Adjustments	$	(1,494)	$	614	$	810	$	884
Retirement Liability Adjustments:
Reclassifications to General and Administrative Expense:
Amortization of Prior Service Cost	201		201		100		100
Amortization of Net Actuarial Losses	344		171		173		86
Tax Benefit	(115)		(78)		(58)		(42)
Retirement Liability Adjustment	430		294		215		144
Other Comprehensive (Loss) Income	$	(1,064)	$	908	$	1,025	$	1,028