Shareholders' Equity

9 Months Ended

Oct. 01, 2022

Equity [Abstract]

Shareholders' Equity

Shareholders' Equity

Share Buyback and Reissuance

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. Common shares repurchased by the Company are recorded at cost as treasury shares and result in a reduction of equity. Under its current credit agreement, and as described further in Note 7, the Company is currently restricted from further stock repurchases.

When treasury shares are reissued, the Company determines the cost using an average cost method. The difference between the average cost of the treasury shares and reissuance price is included in Additional paid-in capital or Retained earnings. During the nine months ended October 1, 2022, the Company reissued 545,000 treasury shares and recorded the difference between the average cost and the reissuance price, $9.2 million, as a reduction to Retained earnings.

Comprehensive Loss and Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive loss are as follows:

(In thousands)	October 1, 2022		December 31, 2021
Foreign Currency Translation Adjustments	$	(8,648)	$	(5,407)
Retirement Liability Adjustment – Before Tax	(10,324)		(11,370)
Tax Benefit of Retirement Liability Adjustment	2,282		2,282
Retirement Liability Adjustment – After Tax	(8,042)		(9,088)
Accumulated Other Comprehensive Loss	$	(16,690)	$	(14,495)

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

	Nine Months Ended				Three Months Ended
(In thousands)	October 1, 2022		October 2, 2021		October 1, 2022		October 2, 2021
Foreign Currency Translation Adjustments	$	(3,241)	$	(1,165)	$	(1,674)	$	(1,143)
Retirement Liability Adjustments:
Reclassifications to General and Administrative Expense:
Amortization of Prior Service Cost	302		302		101		101
Amortization of Net Actuarial Losses	744		1,000		247		333
Retirement Liability Adjustment	1,046		1,302		348		434
Other Comprehensive (Loss) Income	$	(2,195)	$	137	$	(1,326)	$	(709)