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Shareholders' Equity (Tables) | 6 Months Ended
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Jul. 02, 2023
Stockholders' Equity Note [Abstract] |
Schedule of Shareholders' Equity | The following tables depict the activity in the accounts which make up shareholders’ equity for the six months ended July 2, 2023 and July 3, 2022:
| SHARES |  | COMMON STOCK |  | ADDITIONAL PAID-IN CAPITAL |  | RETAINED EARNINGS |  | PENSION LIABILITY |  | FOREIGN CURRENCY TRANSLATION ADJUSTMENT |  | CASH FLOW HEDGE
| (in thousands)
Balance, at January 1, 2023 | 58,106 |  |  | $ | 5,811 |  |  | $ | 244,159 |  |  | $ | 278,639 |  |  | $ | (27,548) |  |  | $ | (138,775) |  |  | $ | (749) |
Net loss | — |  |  | — |  |  | — |  |  | (714) |  |  | — |  |  | — |  |  | — |
Issuances of stock related to performance shares | 79 |  |  | 8 |  |  | (8) |  |  | — |  |  | — |  |  | — |  |  | — |
Cash dividends declared, $0.01 per common share | — |  |  | — |  |  | — |  |  | (580) |  |  | — |  |  | — |  |  | — |
Compensation expense related to share-based plans, net of forfeitures and shares received for tax withholdings | (132) |  |  | (14) |  |  | 1,850 |  |  | — |  |  | — |  |  | — |  |  | — |
Pension liability adjustment | — |  |  | — |  |  | — |  |  | — |  |  | (279) |  |  | — |  |  | — |
Foreign currency translation adjustment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4,930 |  |  | — |
Reclassification out of accumulated other comprehensive loss – discontinued cash flow hedge | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 299 |
Balance, at April 2, 2023 | 58,053 |  |  | $ | 5,805 |  |  | $ | 246,001 |  |  | $ | 277,345 |  |  | $ | (27,827) |  |  | $ | (133,845) |  |  | $ | (450) |
Net income | — |  |  | — |  |  | — |  |  | 15,797 |  |  | — |  |  | — |  |  | — |
Issuances of stock related to restricted share units and performance shares | 5 |  |  | 1 |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | — |
Restricted stock issuances | 102 |  |  | 10 |  |  | 697 |  |  | — |  |  | — |  |  | — |  |  | — |
Unrecognized compensation expense related to restricted stock awards | — |  |  | — |  |  | (708) |  |  | — |  |  | — |  |  | — |  |  | — |
Cash dividends declared, $0.01 per common share | — |  |  | — |  |  | — |  |  | (581) |  |  | — |  |  | — |  |  | — |
Compensation expense related to share-based plans, net of forfeitures and shares received for tax withholdings | (48) |  |  | (5) |  |  | 1,808 |  |  | — |  |  | — |  |  | — |  |  | — |
Pension liability adjustment | — |  |  | — |  |  | — |  |  | — |  |  | (800) |  |  | — |  |  | — |
Foreign currency translation adjustment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,361 |  |  | — |
Reclassification out of accumulated other comprehensive loss – discontinued cash flow hedge | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 300 |
Balance, at July 2, 2023 | 58,112 |  |  | $ | 5,811 |  |  | $ | 247,797 |  |  | $ | 292,561 |  |  | $ | (28,627) |  |  | $ | (132,484) |  |  | $ | (150) |
| SHARES |  | COMMON STOCK |  | ADDITIONAL PAID-IN CAPITAL |  | RETAINED EARNINGS |  | PENSION LIABILITY |  | FOREIGN CURRENCY TRANSLATION ADJUSTMENT |  | CASH FLOW HEDGE
| (in thousands)
Balance, at January 2, 2022 | 59,055 |  |  | $ | 5,905 |  |  | $ | 253,110 |  |  | $ | 261,434 |  |  | $ | (53,888) |  |  | $ | (100,441) |  |  | $ | (2,722) |
Net income | — |  |  | — |  |  | — |  |  | 13,293 |  |  | — |  |  | — |  |  | — |
Restricted stock issuances | 303 |  |  | 30 |  |  | 3,966 |  |  | — |  |  | — |  |  | — |  |  | — |
Unrecognized compensation expense related to restricted stock awards | — |  |  | — |  |  | (3,996) |  |  | — |  |  | — |  |  | — |  |  | — |
Cash dividends declared, $0.01 per common share | — |  |  | — |  |  | — |  |  | (592) |  |  | — |  |  | — |  |  | — |
Compensation expense related to share-based plans, net of shares received for tax withholdings | (30) |  |  | (2) |  |  | 1,787 |  |  | — |  |  | — |  |  | — |  |  | — |
Pension liability adjustment | — |  |  | — |  |  | — |  |  | — |  |  | 1,539 |  |  | — |  |  | — |
Foreign currency translation adjustment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (13,184) |  |  | — |
Reclassification out of accumulated other comprehensive loss – discontinued cash flow hedge | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 641 |
Balance, at April 3, 2022 | 59,328 |  |  | $ | 5,933 |  |  | $ | 254,867 |  |  | $ | 274,135 |  |  | $ | (52,349) |  |  | $ | (113,625) |  |  | $ | (2,081) |
Net income | — |  |  | — |  |  | — |  |  | 16,818 |  |  | — |  |  | — |  |  | — |
Restricted stock issuances | 198 |  |  | 20 |  |  | 2,533 |  |  | — |  |  | — |  |  | — |  |  | — |
Unrecognized compensation expense related to restricted stock awards | — |  |  | — |  |  | (2,553) |  |  | — |  |  | — |  |  | — |  |  | — |
Cash dividends declared, $0.01 per common share | — |  |  | — |  |  | — |  |  | (595) |  |  | — |  |  | — |  |  | — |
Compensation expense related to share-based plans, net of forfeitures | (14) |  |  | (1) |  |  | 2,145 |  |  | — |  |  | — |  |  | — |  |  | — |
Share repurchases | (415) |  |  | (42) |  |  | (5,540) |  |  | — |  |  | — |  |  | — |  |  | — |
Pension liability adjustment | — |  |  | — |  |  | — |  |  | — |  |  | 3,842 |  |  | — |  |  | — |
Foreign currency translation adjustment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (36,670) |  |  | — |
Reclassification out of accumulated other comprehensive loss – discontinued cash flow hedge | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 540 |
Balance, at July 3, 2022 | 59,097 |  |  | $ | 5,910 |  |  | $ | 251,452 |  |  | $ | 290,358 |  |  | $ | (48,507) |  |  | $ | (150,295) |  |  | $ | (1,541) |
Schedule of Restricted Stock Outstanding and Activity | The following table summarizes restricted stock outstanding as of July 2, 2023, as well as activity during the six months then ended:
| Restricted Shares |  | Weighted Average Grant Date Fair Value
Outstanding at January 1, 2023 | 1,006,400 |  |  | $ | 13.91 |
Granted | 102,300 |  |  | 6.92 |
Vested | (405,100) |  |  | 14.43 |
Forfeited or canceled | (14,700) |  |  | 13.58 |
Outstanding at July 2, 2023 | 688,900 |  |  | $ | 12.57 |
Schedule of Restricted Share Units Outstanding and Activity | The following table summarizes restricted share units outstanding as of July 2, 2023, as well as activity during the six months then ended:
| Restricted Share Units |  | Weighted Average Grant Date Fair Value
Outstanding at January 1, 2023 | — |  |  | $ | — |
Granted | 593,000 |  |  | 10.36 |
Vested | (2,100) |  |  | 10.80 |
Forfeited or canceled | (9,100) |  |  | 10.80 |
Outstanding at July 2, 2023 | 581,800 |  |  | $ | 10.36 |
Schedule of Performance Shares Outstanding and Activity | The following table summarizes the performance shares outstanding as of July 2, 2023, as well as the activity during the six months then ended:
| Performance Shares |  | Weighted Average Grant Date Fair Value
Outstanding at January 1, 2023 | 923,600 |  |  | $ | 13.91 |
Granted | 467,500 |  |  | 10.79 |
Vested | (82,300) |  |  | 15.11 |
Forfeited or canceled | (190,100) |  |  | 14.84 |
Outstanding at July 2, 2023 | 1,118,700 |  |  | $ | 12.36 |

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- Definition Tabular disclosure of changes in the separate accounts comprising stockholders' equity (in addition to retained earnings) and of the changes in the number of shares of equity securities during at least the most recent annual fiscal period and any subsequent interim period presented is required to make the financial statements sufficiently informative if both financial position and results of operations are presented. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 505 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-2 + Details
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