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Shareholders' Equity (Tables) | 3 Months Ended
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Mar. 31, 2024
Stockholders' Equity Note [Abstract] |
Schedule of Shareholders' Equity | The following tables depict the activity in the accounts which make up shareholders’ equity for the three months ended March 31, 2024 and April 2, 2023:
| SHARES |  | COMMON STOCK |  | ADDITIONAL PAID-IN CAPITAL |  | RETAINED EARNINGS |  | PENSION LIABILITY |  | FOREIGN CURRENCY TRANSLATION ADJUSTMENT |  |  |  | TOTAL
| (in thousands, except per share data)
Balance, at December 31, 2023 | 58,112 |  |  | $ | 5,811 |  |  | $ | 252,909 |  |  | $ | 320,833 |  |  | $ | (34,016) |  |  | $ | (119,590) |  |  |  |  | $ | 425,947 |
Net income | — |  |  | — |  |  | — |  |  | 14,179 |  |  | — |  |  | — |  |  |  |  | 14,179 |
Issuances of stock related to restricted share units and performance shares | 472 |  |  | 47 |  |  | (47) |  |  | — |  |  | — |  |  | — |  |  |  |  | — |
Cash dividends declared, $0.01 per common share | — |  |  | — |  |  | — |  |  | (589) |  |  | — |  |  | — |  |  |  |  | (589) |
Compensation expense related to share-based plans, net of forfeitures and shares received for tax withholdings | (311) |  |  | (31) |  |  | (324) |  |  | — |  |  | — |  |  | — |  |  |  |  | (355) |
Pension liability adjustment | — |  |  | — |  |  | — |  |  | — |  |  | 458 |  |  | — |  |  |  |  | 458 |
Foreign currency translation adjustment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (11,092) |  |  |  |  | (11,092) |
Balance, at March 31, 2024 | 58,273 |  |  | $ | 5,827 |  |  | $ | 252,538 |  |  | $ | 334,423 |  |  | $ | (33,558) |  |  | $ | (130,682) |  |  |  |  | $ | 428,548 |
| SHARES |  | COMMON STOCK |  | ADDITIONAL PAID-IN CAPITAL |  | RETAINED EARNINGS |  | PENSION LIABILITY |  | FOREIGN CURRENCY TRANSLATION ADJUSTMENT |  | CASH FLOW HEDGE |  | TOTAL
| (in thousands, except per share data)
Balance, at January 1, 2023 | 58,106 |  |  | $ | 5,811 |  |  | $ | 244,159 |  |  | $ | 278,639 |  |  | $ | (27,548) |  |  | $ | (138,775) |  |  | $ | (749) |  |  | $ | 361,537 |
Net loss | — |  |  | — |  |  | — |  |  | (714) |  |  | — |  |  | — |  |  | — |  |  | (714) |
Issuances of stock related to performance shares | 79 |  |  | 8 |  |  | (8) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Cash dividends declared, $0.01 per common share | — |  |  | — |  |  | — |  |  | (580) |  |  | — |  |  | — |  |  | — |  |  | (580) |
Compensation expense related to share-based plans, net of forfeitures and shares received for tax withholdings | (132) |  |  | (14) |  |  | 1,850 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,836 |
Pension liability adjustment | — |  |  | — |  |  | — |  |  | — |  |  | (279) |  |  | — |  |  | — |  |  | (279) |
Foreign currency translation adjustment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4,930 |  |  | — |  |  | 4,930 |
Reclassification out of accumulated other comprehensive loss – discontinued cash flow hedge | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 299 |  |  | 299 |
Balance, at April 2, 2023 | 58,053 |  |  | $ | 5,805 |  |  | $ | 246,001 |  |  | $ | 277,345 |  |  | $ | (27,827) |  |  | $ | (133,845) |  |  | $ | (450) |  |  | $ | 367,029 |
Schedule of Restricted Stock Outstanding and Activity | The following table summarizes restricted stock outstanding as of March 31, 2024, as well as activity during the three months then ended:
| Restricted Shares |  | Weighted Average Grant Date Fair Value
Outstanding at December 31, 2023 | 691,600 |  |  | $ | 12.55 |
Granted | — |  |  | — |
Vested | (324,300) |  |  | 13.94 |
Forfeited or canceled | (1,200) |  |  | 13.19 |
Outstanding at March 31, 2024 | 366,100 |  |  | $ | 11.32 |
Schedule of Restricted Share Units Outstanding and Activity | The following table summarizes restricted share units outstanding as of March 31, 2024, as well as activity during the three months then ended:
| Restricted Share Units |  | Weighted Average Grant Date Fair Value
Outstanding at December 31, 2023 | 583,400 |  |  | $ | 10.35 |
Granted | 402,800 |  |  | 13.24 |
Vested | (151,600) |  |  | 10.80 |
Forfeited or canceled | (4,000) |  |  | 10.80 |
Outstanding at March 31, 2024 | 830,600 |  |  | $ | 11.67 |
Schedule of Performance Shares Outstanding and Activity | The following table summarizes the performance shares outstanding as of March 31, 2024, as well as the activity during the three months then ended:
| Performance Shares |  | Weighted Average Grant Date Fair Value
Outstanding at December 31, 2023 | 1,115,000 |  |  | $ | 12.36 |
Granted | 402,800 |  |  | 13.24 |
Vested | (320,700) |  |  | 13.91 |
Forfeited or canceled | (12,800) |  |  | 12.82 |
Outstanding at March 31, 2024 | 1,184,300 |  |  | $ | 12.24 |

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- Definition Tabular disclosure of the changes in outstanding nonvested performance-based units. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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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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