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Accumulated Other Comprehensive Income (Loss) and Shareholders' Equity
 3 Months Ended
Apr. 02, 2016
Equity [Abstract]  
Accumulated Other Comprehensive Income (Loss) and Shareholders' Equity
Accumulated Other Comprehensive Income (Loss) and Shareholders' Equity

The following table summarizes the components of accumulated other comprehensive income (loss) and the changes in accumulated other comprehensive income (loss), net of tax, as applicable for the three months ended April 2, 2016:
 
 
 
 
(In thousands)
 
Foreign Currency Translation Adjustment
 
Unrealized Gains (Losses) on Marketable Securities
 
 
Pension Postretirement Liability
 
 
Derivative Financial Instruments
 
Accumulated Other Comprehensive Income (Loss)
Balance at January 2, 2016
 
$
322

 
$
(2
)
 
$
(5,506
)
 
$
—

 
$
(5,186
)
Other comprehensive income (loss) before reclassifications
 
157

 
50

 


 
(582
)
 
(375
)
Amounts reclassified from accumulated other comprehensive (income)loss
 


 


 


 
59

 
59

Balance at April 2, 2016
 
$
479

 
$
48

 
$
(5,506
)
 
$
(523
)
 
$
(5,502
)

All amounts are net-of tax. Amounts in parentheses indicate debits.

In March 2016, the Corporation entered in to an interest rate swap transaction to hedge $150 million of outstanding variable rate revolver borrowings against future interest rate volatility. Under the terms of the interest rate swap, the Corporation pays a fixed rate of 1.29 percent and receives 1 month LIBOR on a $150 million notional value expiring January 2021. As of April 2, 2016, the fair value of the Corporation's interest rate swap was a liability of $0.8 million reported net of tax as $0.5 million in accumulated other comprehensive income.

The following table details the reclassifications from accumulated other comprehensive income (loss) for the three months ended April 2, 2016 and April 4, 2015 (in thousands):
 
 
 
 
Three Months Ended
Details about Accumulated Other Comprehensive Income (Loss) Components
 
Affected Line Item in the Statement Where Net Income Is Presented
 
April 2, 2016
 
April 4, 2015
Derivative financial instruments
 
 
 
 
 
 
Interest rate swap
 
Selling and administrative expenses
 
$
(93
)
 
$
—

 
 
Tax (expense) or benefit
 
34

 
—

 
 
Net of tax
 
$
(59
)
 
$
—

 
 
 
 
 
 
 
Diesel hedge
 
Selling and administrative expenses
 
$
—

 
$
(694
)
 
 
Tax (expense) or benefit
 
—

 
232

 
 
Net of tax
 
$
—

 
$
(462
)
Net
 
 
 
$
(59
)
 
$
(462
)

Amounts in parentheses indicate reductions to profit.

During the three months ended April 2, 2016, the Corporation repurchased 49,400 shares of its common stock at a cost of approximately $1.7 million.  As of April 2, 2016, $191.0 million of the Corporation's Board of Directors' ("Board") current repurchase authorization remained unspent.

During the three months ended April 2, 2016, the Corporation paid dividends to shareholders of $0.265 per share.