Accumulated Other Comprehensive Income (Loss) and Shareholders' Equity

3 Months Ended

Apr. 03, 2021

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 (in thousands):


	Foreign Currency Translation Adjustment		Unrealized Gains (Losses) on Debt Securities		Pension and Post-retirement Liabilities		Derivative Financial Instruments		Accumulated Other Comprehensive Income (Loss)
Balance as of January 2, 2021	$	(1,071)	$	360	$	(6,682)	$	(1,760)	$	(9,153)
Other comprehensive income (loss) before reclassifications	(132)		(127)		—		130		(129)
Tax (expense) or benefit	—		27		—		(31)		(4)

Amounts reclassified from accumulated other comprehensive income (loss), net of tax	—		—		—		164		164
Balance as of April 3, 2021	$	(1,203)	$	260	$	(6,682)	$	(1,497)	$	(9,122)

Amounts in parentheses indicate reductions to equity.


	Foreign Currency Translation Adjustment		Unrealized Gains (Losses) on Debt Securities		Pension and Post-retirement Liabilities		Derivative Financial Instruments		Accumulated Other Comprehensive Income (Loss)
Balance as of December 28, 2019	$	(2,912)	$	95	$	(5,762)	$	506	$	(8,073)
Other comprehensive income (loss) before reclassifications	(600)		75		—		(2,756)		(3,281)
Tax (expense) or benefit	—		(16)		—		648		632

Amounts reclassified from accumulated other comprehensive income (loss), net of tax	—		—		—		(108)		(108)
Balance as of March 28, 2020	$	(3,512)	$	154	$	(5,762)	$	(1,710)	$	(10,830)

Amounts in parentheses indicate reductions to equity.

Interest Rate Swap

In 2019, concurrent with the termination of a previous interest rate swap, the Corporation entered into a new interest rate swap transaction to hedge $75 million of outstanding variable rate revolver borrowings against future interest rate volatility. Under the terms of this interest rate swap, the Corporation pays a fixed rate of 1.42 percent and receives one month LIBOR on a $75 million notional value expiring April 2023. As of April 3, 2021, the fair value of the Corporation's interest rate swap liability was $2.0 million. The unrecognized change in value of the interest rate swap is reported net of tax as $(1.5) 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
Details about Accumulated Other Comprehensive Income (Loss) Components	Affected Line Item in the Statement Where Net Income is Presented	April 3, 2021		March 28, 2020
Derivative financial instruments
Interest rate swap	Interest expense, net	$	(214)	$	114
	Income taxes	50		(6)
	Net of tax	$	(164)	$	108

Amounts in parentheses indicate reductions to profit.

Dividend

The Corporation declared and paid cash dividends per common share as follows (in dollars):


	Three Months Ended
	April 3, 2021		March 28, 2020
Dividends per common share	$	0.305	$	0.305

Stock Repurchase

The following table summarizes shares repurchased and settled by the Corporation (in thousands, except share and per share data):


	Three Months Ended
	April 3, 2021		March 28, 2020
Shares repurchased	—		186,700
Average price per share	$	—	$	30.75

Cash purchase price	$	—	$	(5,741)
Purchases unsettled as of quarter end	—		276
Prior year purchases settled in current year	—		(374)
Shares repurchased per cash flow	$	—	$	(5,839)

As of April 3, 2021, approximately $158.3 million of the Corporation's Board of Directors' ("Board") current repurchase authorization remained unspent.