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Shareholders' Equity | 9 Months Ended
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Oct. 04, 2020
Stockholders' Equity Note [Abstract] |
Shareholders' Equity | SHAREHOLDERS’ EQUITY The following tables depict the activity in the accounts which make up shareholders’ equity for the three and nine months ended October 4, 2020 and September 29, 2019:
| SHARES |  | COMMON STOCK |  | ADDITIONAL PAID-IN CAPITAL |  | RETAINED EARNINGS |  | PENSION LIABILITY |  | FOREIGN CURRENCY TRANSLATION ADJUSTMENT |  | CASH FLOW HEDGE
| (In thousands)
Balance, at December 29, 2019 | 58,416 |  |  | $ | 5,842 |  |  | $ | 250,306 |  |  | $ | 286,056 |  |  | $ | (56,700) |  |  | $ | (113,139) |  |  | $ | (4,163) |
Net loss | — |  |  | — |  |  | — |  |  | (102,167) |  |  | — |  |  | — |  |  | — |
Stock issuances under employee plans | 220 |  |  | 22 |  |  | 197 |  |  | — |  |  | — |  |  | — |  |  | — |
Other issuances of common stock | 107 |  |  | 10 |  |  | 1,720 |  |  | — |  |  | — |  |  | — |  |  | — |
Unamortized stock compensation expense related to restricted stock awards | — |  |  | — |  |  | (1,731) |  |  | — |  |  | — |  |  | — |  |  | — |
Cash dividends declared, $0.065 per common share | — |  |  | — |  |  | — |  |  | (3,807) |  |  | — |  |  | — |  |  | — |
Forfeitures and compensation expense related to stock awards | (255) |  |  | (25) |  |  | (4,114) |  |  | — |  |  | — |  |  | — |  |  | — |
Pension liability adjustment | — |  |  | — |  |  | — |  |  | — |  |  | 1,733 |  |  | — |  |  | — |
Foreign currency translation adjustment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (15,245) |  |  | — |
Cash flow hedge unrealized loss | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (6,140) |
Balance, at April 5, 2020 | 58,488 |  |  | $ | 5,849 |  |  | $ | 246,378 |  |  | $ | 180,082 |  |  | $ | (54,967) |  |  | $ | (128,384) |  |  | $ | (10,303) |
Net income | — |  |  | — |  |  | — |  |  | 4,709 |  |  | — |  |  | — |  |  | — |
Stock issuances under employee plans | 12 |  |  | 1 |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | — |
Other issuances of common stock | 70 |  |  | 7 |  |  | 2,294 |  |  | — |  |  | — |  |  | — |  |  | — |
Unamortized stock compensation expense related to restricted stock awards | — |  |  | — |  |  | (2,300) |  |  | — |  |  | — |  |  | — |  |  | — |
Cash dividends declared, $0.01 per common share | — |  |  | — |  |  | — |  |  | (585) |  |  | — |  |  | — |  |  | — |
Forfeitures and compensation expense related to stock awards | (26) |  |  | (3) |  |  | (48) |  |  | — |  |  | — |  |  | — |  |  | — |
Pension liability adjustment | — |  |  | — |  |  | — |  |  | — |  |  | (342) |  |  | — |  |  | — |
Foreign currency translation adjustment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 16,160 |  |  | — |
Cash flow hedge unrealized loss | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (351) |
Balance, at July 5, 2020 | 58,544 |  |  | $ | 5,854 |  |  | $ | 246,323 |  |  | $ | 184,206 |  |  | $ | (55,309) |  |  | $ | (112,224) |  |  | $ | (10,654) |
Net income | — |  |  | — |  |  | — |  |  | 5,913 |  |  | — |  |  | — |  |  | — |
Stock issuances under employee plans | 7 |  |  | 1 |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | — |
Other issuances of common stock | 127 |  |  | 13 |  |  | (15) |  |  | — |  |  | — |  |  | — |  |  | — |
Unamortized stock compensation expense related to restricted stock awards | — |  |  | — |  |  | 2 |  |  | — |  |  | — |  |  | — |  |  | — |
Cash dividends declared, $0.01 per common share | — |  |  | — |  |  | — |  |  | (586) |  |  | — |  |  | — |  |  | — |
Forfeitures and compensation expense related to stock awards | (8) |  |  | (1) |  |  | 703 |  |  | — |  |  | — |  |  | — |  |  | — |
Pension liability adjustment | — |  |  | — |  |  | — |  |  | — |  |  | (1,471) |  |  | — |  |  | — |
Foreign currency translation adjustment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 23,402 |  |  | — |
Cash flow hedge unrealized loss | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 864 |
Balance, at October 4, 2020 | 58,670 |  |  | $ | 5,867 |  |  | $ | 247,012 |  |  | $ | 189,533 |  |  | $ | (56,780) |  |  | $ | (88,822) |  |  | $ | (9,790) |
| SHARES |  | COMMON STOCK |  | ADDITIONAL PAID-IN CAPITAL |  | RETAINED EARNINGS |  | PENSION LIABILITY |  | FOREIGN CURRENCY TRANSLATION ADJUSTMENT |  | CASH FLOW HEDGE
| (In thousands)
Balance, at December 30, 2018 | 59,508 |  |  | $ | 5,951 |  |  | $ | 270,269 |  |  | $ | 222,214 |  |  | $ | (43,610) |  |  | $ | (101,487) |  |  | $ | 1,326 |
Net income | — |  |  | — |  |  | — |  |  | 7,059 |  |  | — |  |  | — |  |  | — |
Stock issuances under employee plans | 509 |  |  | 51 |  |  | 379 |  |  | — |  |  | — |  |  | — |  |  | — |
Other issuances of common stock | 224 |  |  | 22 |  |  | 3,900 |  |  | — |  |  | — |  |  | — |  |  | — |
Unamortized stock compensation expense related to restricted stock awards | — |  |  | — |  |  | (3,922) |  |  | — |  |  | — |  |  | — |  |  | — |
Cash dividends declared, $0.065 per common share | — |  |  | — |  |  | — |  |  | (3,900) |  |  | — |  |  | — |  |  | — |
Forfeitures and compensation expense related to stock awards | (225) |  |  | (22) |  |  | 29 |  |  | — |  |  | — |  |  | — |  |  | — |
Pension liability adjustment | — |  |  | — |  |  | — |  |  | — |  |  | (91) |  |  | — |  |  | — |
Foreign currency translation adjustment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (5,203) |  |  | — |
Cash flow hedge unrealized loss | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (3,306) |
Balance, at March 31, 2019 | 60,016 |  |  | $ | 6,002 |  |  | $ | 270,655 |  |  | $ | 225,373 |  |  | $ | (43,701) |  |  | $ | (106,690) |  |  | $ | (1,980) |
Net income | — |  |  | — |  |  | — |  |  | 29,499 |  |  | — |  |  | — |  |  | — |
Stock issuances under employee plans | 2 |  |  | — |  |  | 6 |  |  | — |  |  | — |  |  | — |  |  | — |
Other issuances of common stock | (1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Unamortized stock compensation expense related to restricted stock awards | — |  |  | — |  |  | 52 |  |  | — |  |  | — |  |  | — |  |  | — |
Cash dividends declared, $0.065 per common share | — |  |  | — |  |  | — |  |  | (3,863) |  |  | — |  |  | — |  |  | — |
Forfeitures and compensation expense related to stock awards | (28) |  |  | (3) |  |  | 1,506 |  |  | — |  |  | — |  |  | — |  |  | — |
Share repurchases | (1,556) |  |  | (156) |  |  | (24,998) |  |  | — |  |  | — |  |  | — |  |  | — |
Pension liability adjustment | — |  |  | — |  |  | — |  |  | — |  |  | 829 |  |  | — |  |  | — |
Foreign currency translation adjustment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4,249 |  |  | — |
Cash flow hedge unrealized loss | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (4,667) |
Balance, at June 30, 2019 | 58,433 |  |  | $ | 5,843 |  |  | $ | 247,221 |  |  | $ | 251,009 |  |  | $ | (42,872) |  |  | $ | (102,441) |  |  | $ | (6,647) |
Net income | — |  |  | — |  |  | — |  |  | 26,210 |  |  | — |  |  | — |  |  | — |
Cash dividends declared, $0.065 per common share | — |  |  | — |  |  | — |  |  | (3,798) |  |  | — |  |  | — |  |  | — |
Forfeitures and compensation expense related to stock awards | — |  |  | — |  |  | 1,303 |  |  | — |  |  | — |  |  | — |  |  | — |
Pension liability adjustment | — |  |  | — |  |  | — |  |  | — |  |  | 1,076 |  |  | — |  |  | — |
Foreign currency translation adjustment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (18,585) |  |  | — |
Cash flow hedge unrealized loss | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (941) |
Balance, at September 29, 2019 | 58,433 |  |  | $ | 5,843 |  |  | $ | 248,524 |  |  | $ | 273,421 |  |  | $ | (41,796) |  |  | $ | (121,026) |  |  | $ | (7,588) |
Stock Option Awards In accordance with accounting standards, the Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of the award. That cost will be recognized over the period in which the employee is required to provide the services – the requisite service period (usually the vesting period) – in exchange for the award. All outstanding stock options vested prior to the end of 2013, and therefore there was no stock option compensation expense in the first nine months of 2020 or 2019. As of October 4, 2020, there were no stock options outstanding and exercisable. There were no stock options granted in the first nine months of 2020 or 2019. There were 7,500 stock options exercised and 20,000 stock options expired in the first nine months of 2020. There were 10,000 stock options exercised in the first nine months of 2019 and 5,000 stock option forfeitures during those nine months. Restricted Stock Awards During the nine months ended October 4, 2020 and September 29, 2019, the Company granted restricted stock awards for 308,100 and 224,000 shares of common stock, respectively. Awards of restricted stock (or a portion thereof) vest with respect to each recipient over a one to three-year period from the date of grant, provided the individual remains in the employment or service of the Company as of the vesting date. Additionally, certain awards (or a portion thereof) could vest earlier in the event of a change in control of the Company, or upon involuntary termination without cause. Compensation expense related to restricted stock grants was $0.6 million and $2.5 million for the nine months ended October 4, 2020, and September 29, 2019, respectively. The Company has reduced its expense for restricted stock forfeited during the period. The following table summarizes restricted stock outstanding as of October 4, 2020, as well as activity during the nine months then ended:
| Restricted Shares |  | Weighted Average Grant Date Fair Value
Outstanding at December 29, 2019 | 468,200 |  |  | $ | 28.63 |
Granted | 308,100 |  |  | 13.08 |
Vested | (167,000) |  |  | 19.33 |
Forfeited or canceled | (157,800) |  |  | 19.59 |
Outstanding at October 4, 2020 | 451,500 |  |  | $ | 24.62 |
As of October 4, 2020, the unrecognized total compensation cost related to unvested restricted stock was $3.8 million. That cost is expected to be recognized by the end of 2023. Performance Share Awards During the nine months ended October 4, 2020 and September 29, 2019, the Company issued awards of performance shares to certain employees. These awards vest based on the achievement of certain performance-based goals over a performance period of one to three years, subject to the employee’s continued employment, and will be settled in shares of our common stock or in cash at the Company’s election. The number of shares that may be issued in settlement of the performance shares to the award recipients may be greater (up to 200%) or lesser than the nominal award amount depending on actual performance achieved as compared to the performance targets set forth in the awards. The following table summarizes the performance shares outstanding as of October 4, 2020, as well as the activity during the nine months then ended:
| Performance Shares |  | Weighted Average Grant Date Fair Value
Outstanding at December 29, 2019 | 512,000 |  |  | $ | 19.71 |
Granted | 263,700 |  |  | 15.36 |
Vested | (164,300) |  |  | 19.74 |
Forfeited or canceled | (200,700) |  |  | 19.61 |
Outstanding at October 4, 2020 | 410,700 |  |  | $ | 16.96 |
Compensation expense (benefit) related to the performance shares was $(2.0) million and $4.0 million for the nine months ended October 4, 2020 and September 29, 2019, respectively. The Company has reduced its expense for performance shares forfeited during the period. Unrecognized compensation expense related to these performance shares was approximately $6.9 million as of October 4, 2020. Depending on the performance of the Company, any compensation expense related to these outstanding performance shares will be recognized by the end of 2023. Tax expense recognized with regard to restricted stock and performance shares was approximately $0.3 million for the nine months ended October 4, 2020.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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