XML 29 R16.htm IDEA: XBRL DOCUMENT v3.21.2
Accumulated Other Comprehensive Income (Loss) and Shareholders' Equity
 6 Months Ended
Jul. 03, 2021
Equity [Abstract]  
Accumulated Other Comprehensive Income (Loss) and Shareholders' Equity 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 AdjustmentUnrealized Gains (Losses) on Debt SecuritiesPension and Post-retirement LiabilitiesDerivative Financial InstrumentsAccumulated Other Comprehensive Income (Loss)
Balance as of January 2, 2021$(1,071)$360 $(6,682)$(1,760)$(9,153)
Other comprehensive income (loss) before reclassifications62 (158)— 68 (28)
Tax (expense) or benefit— 33 — (16)17 
Amounts reclassified from accumulated other comprehensive income (loss), net of tax— — — 354 354 
Balance as of July 3, 2021$(1,009)$235 $(6,682)$(1,354)$(8,810)
Amounts in parentheses indicate reductions to equity.
Foreign Currency Translation AdjustmentUnrealized Gains (Losses) on Debt SecuritiesPension and Post-retirement LiabilitiesDerivative Financial InstrumentsAccumulated Other Comprehensive Income (Loss)
Balance as of December 28, 2019$(2,912)$95 $(5,762)$506 $(8,073)
Other comprehensive income (loss) before reclassifications(555)382 — (3,229)(3,402)
Tax (expense) or benefit— (80)— 759 679 
Amounts reclassified from accumulated other comprehensive income (loss), net of tax— — — (29)(29)
Balance as of June 27, 2020$(3,467)$397 $(5,762)$(1,993)$(10,825)
Amounts in parentheses indicate reductions to equity.

Interest Rate Swap
In 2019, the Corporation entered into an 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 July 3, 2021, the fair value of the Corporation's interest rate swap liability was $1.8 million. The unrecognized change in value of the interest rate swap is reported net of tax as $(1.4) 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 EndedSix Months Ended
Details about Accumulated Other Comprehensive Income (Loss) ComponentsAffected Line Item in the Statement Where Net Income is PresentedJuly 3,
2021		June 27,
2020		July 3,
2021		June 27,
2020
Derivative financial instruments
Interest rate swapInterest expense, net$(249)$(74)$(463)$40 
Income taxes59 (5)109 (11)
Net of tax$(190)$(79)$(354)$29 
Amounts in parentheses indicate reductions to profit.

Dividend
The Corporation declared and paid cash dividends per common share as follows (in dollars):
Six Months Ended
July 3,
2021		June 27,
2020
Dividends per common share$0.615 $0.610 
Stock Repurchase
The following table summarizes shares repurchased and settled by the Corporation (in thousands, except share and per share data):
Six Months Ended
July 3,
2021		June 27,
2020
Shares repurchased155,914 214,200 
Average price per share$43.09 $29.83 
Cash purchase price$(6,718)$(6,390)
Purchases unsettled as of quarter end175 — 
Prior year purchases settled in current year— (374)
Shares repurchased per cash flow$(6,543)$(6,764)

As of July 3, 2021, approximately $151.6 million of the Corporation's Board of Directors' ("Board") current repurchase authorization remained unspent.