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Accumulated Other Comprehensive Income (Loss) and Shareholders' Equity
 9 Months Ended
Oct. 01, 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 nine months ended October 1, 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
 
(678
)
 
17

 
—

 
(2,506
)
 
(3,167
)
Tax (expense) or benefit
 
—

 
(6
)
 
—

 
922

 
916

Amounts reclassified from accumulated other comprehensive (income) loss, net of tax
 
—

 
—

 
—

 
453

 
453

Balance at October 1, 2016
 
$
(356
)
 
$
9

 
$
(5,506
)
 
$
(1,131
)
 
$
(6,984
)

Amounts in parentheses indicate reductions in equity.


The following table summarizes the components of accumulated other comprehensive income(loss) and the changes in accumulated other comprehensive income (loss) for the nine months ended October 3, 2015:
 
 
 
 
(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 3, 2015
 
$
2,223

 
$
37

 
$
(6,763
)
 
$
(872
)
 
$
(5,375
)
Other comprehensive income (loss) before reclassifications
 
(1,241
)
 
33

 
—

 
(1,533
)
 
(2,741
)
Tax (expense) or benefit
 
—

 
(11
)
 
—

 
528

 
517

Amounts reclassified from accumulated other comprehensive (income) loss net of tax
 
—

 
—

 
—

 
1,302

 
1,302

Balance at October 3, 2015
 
$
982

 
$
59

 
$
(6,763
)
 
$
(575
)
 
$
(6,297
)
Amounts in parentheses indicate reductions in equity.

In March 2016, the Corporation entered into 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 one month LIBOR on a $150 million notional value expiring January 2021. As of October 1, 2016, the fair value of the Corporation's interest rate swap was a liability of $1.8 million, reported net of tax as $1.1 million in "Accumulated other comprehensive income (loss)" in the Condensed Consolidated Balance Sheets.

The following table details the reclassifications from accumulated other comprehensive income (loss) for the three months and nine months ended October 1, 2016 and October 3, 2015 (in thousands):
 
 
 
 
Three Months Ended
 
Nine Months Ended
Details about Accumulated Other Comprehensive Income (Loss) Components
 
Affected Line Item in the Statement Where Net Income Is Presented
 
October 1, 2016
 
October 3, 2015
 
October 1, 2016
 
October 3, 2015
Derivative financial instruments
 
 
 
 
 
 
 
 
 
 
Interest rate swap
 
Selling and administrative expenses
 
$
(302
)
 
$
—

 
$
(717
)
 
$
—

 
 
Tax (expense) or benefit
 
111

 
—

 
264

 
—

 
 
Net of tax
 
$
(191
)
 
$
—

 
$
(453
)
 
$
—

 
 
 
 
 
 
 
 
 
 
 
Diesel hedge
 
Selling and administrative expenses
 
$
—

 
$
(680
)
 
$
—

 
$
(1,987
)
 
 
Tax (expense) or benefit
 
—

 
255

 
—

 
685

 
 
Net of tax
 
$
—

 
$
(425
)
 
$
—

 
$
(1,302
)
Net
 
 
 
$
(191
)
 
$
(425
)
 
$
(453
)
 
$
(1,302
)

Amounts in parentheses indicate reductions to profit.

During the nine months ended October 1, 2016, the Corporation repurchased 608,500 shares of its common stock at a cost of approximately $30.4 million.  As of October 1, 2016, $162.3 million of the Corporation's Board of Directors' ("Board") current repurchase authorization remained unspent.

During the three months ended October 1, 2016 and October 3, 2015, the Corporation paid dividends to shareholders of $0.275 and $0.265 per share, respectively. During the nine months ended October 1, 2016 and October 3, 2015, the Corporation paid dividends to shareholders of $0.815 and $0.780 per share, respectively.