Accumulated Other Comprehensive Income (Loss) and Shareholders' Equity

The following tables summarize the components of accumulated other comprehensive income (loss) and the changes in accumulated other comprehensive income (loss), net of tax, as applicable for the six months ended (in thousands):



	Foreign Currency Translation Adjustment			Unrealized Gains (Losses) on Marketable Securities			Pension and Post-retirement Liabilities			Derivative Financial Instruments			Accumulated Other Comprehensive Income (Loss)
Balance as of December 31, 2016	$	(1,188	)	$	(105	)	$	(5,167	)	$	1,460		$	(5,000	)
Other comprehensive income (loss) before reclassifications	459			57			—			(505		)	11
Tax (expense) or benefit	—			(20		)	—			186			166
Amounts reclassified from accumulated other comprehensive (income) loss, net of tax	—			—			—			190			190
Balance as of July 1, 2017	$	(729	)	$	(68	)	$	(5,167	)	$	1,331		$	(4,633	)

Amounts in parentheses indicate reductions in equity.



	Foreign Currency Translation Adjustment			Unrealized Gains (Losses) on Marketable Securities			Pension and Post-retirement Liabilities			Derivative Financial Instruments			Accumulated Other Comprehensive Income (Loss)
Balance as of January 2, 2016	$	322		$	(2	)	$	(5,506	)	$	—		$	(5,186	)
Other comprehensive income (loss) before reclassifications	(598		)	112			—			(2,872		)	(3,358		)
Tax (expense) or benefit	—			(39		)	—			1,057			1,018
Amounts reclassified from accumulated other comprehensive (income) loss, net of tax	—			—			—			262			262
Balance as of July 2, 2016	$	(276	)	$	71		$	(5,506	)	$	(1,553	)	$	(7,264	)

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 July 1, 2017, the fair value of the Corporation's interest rate swap was an asset of $2.1 million, which is reflected in "Other Assets" in the Condensed Consolidated Balance Sheets. The interest rate swap is reported net of tax as $1.3 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) (in thousands):



		Three Months Ended						Six Months Ended
Details about Accumulated Other Comprehensive Income (Loss) Components	Affected Line Item in the Statement Where Net Income is Presented	July 1, 2017			July 2, 2016			July 1, 2017			July 2, 2016
Derivative financial instruments
Interest rate swap	Interest (expense) or income	$	(108	)	$	(322	)	$	(301	)	$	(415	)
	Tax (expense) or benefit	40			119			111			153
	Net of tax	$	(68	)	$	(203	)	$	(190	)	$	(262	)

Amounts in parentheses indicate reductions to profit.

During the six months ended July 1, 2017, the Corporation repurchased 521,562 shares of its common stock at a cost of approximately $23.8 million. As of July 1, 2017, there was a payable of $1.2 million reflected in "Accounts payable and accrued expenses" in the Condensed Consolidated Balance Sheets relating to shares repurchased but not yet settled. During the six months ended July 2, 2016, the Corporation repurchased 208,000 shares of its common stock at a cost of approximately $8.7 million. As of July 1, 2017, $113.1 million of the Corporation's Board of Directors' ("Board") current repurchase authorization remained unspent.

During the six months ended July 1, 2017 and July 2, 2016, the Corporation paid dividends to shareholders of $0.56 and $0.54 per share, respectively.