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Shareholders' Equity | 6 Months Ended
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Jul. 01, 2023
Equity [Abstract] |
Shareholders' Equity | Shareholders' Equity Share Buyback and Reissuance The Company’s Board of Directors from time to time authorizes the repurchase of common stock, which allows the Company to purchase shares of its common stock in accordance with applicable securities laws on the open market or through privately negotiated transactions. Common shares repurchased by the Company are recorded at cost as treasury shares and result in a reduction of equity. Under its current credit agreements, the Company is currently restricted from further stock repurchases. When treasury shares are reissued, the Company determines the cost using an average cost method. The difference between the average cost of the treasury shares and reissuance price is included in Retained earnings. During the six month periods ended July 1, 2023 and July 2, 2022, the Company reissued 164,000 and 421,000 treasury shares, respectively, associated with the funding of employer 401K contributions and recorded the difference between the average cost and the reissuance price, $2.2 million and $6.8 million, respectively, as a reduction to Retained earnings. Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss are as follows:
(In thousands) | July 1, 2023 |  | December 31, 2022
Foreign Currency Translation Adjustments | $ | (6,624) |  |  | $ | (7,335) |
Retirement Liability Adjustment – Before Tax | (4,101) |  |  | (4,473) |
Tax Benefit of Retirement Liability Adjustment | 2,282 |  |  | 2,282 |
Retirement Liability Adjustment – After Tax | (1,819) |  |  | (2,191) |
Accumulated Other Comprehensive Loss | $ | (8,443) |  |  | $ | (9,526) |
The components of other comprehensive income (loss) are as follows:
| Six Months Ended |  | Three Months Ended
(In thousands) | July 1, 2023 |  | July 2, 2022 |  | July 1, 2023 |  | July 2, 2022
Foreign Currency Translation Adjustments | $ | 711 |  |  | $ | (1,567) |  |  | $ | 487 |  |  | $ | (1,386) |
Retirement Liability Adjustments: |  |  |  |  |  |  |
Reclassifications to Selling, General and Administrative Expense: |  |  |  |  |  |  |
Amortization of Prior Service Cost | 193 |  |  | 201 |  |  | 98 |  |  | 100 |
Amortization of Net Actuarial Losses | 179 |  |  | 497 |  |  | 89 |  |  | 247 |
Retirement Liability Adjustment | 372 |  |  | 698 |  |  | 187 |  |  | 347 |
Other Comprehensive Income (Loss) | $ | 1,083 |  |  | $ | (869) |  |  | $ | 674 |  |  | $ | (1,039) |

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