Summary of Changes in Shareholder's Equity |
The changes in shareholders’ equity for the nine months ended September 29, 2018 are summarized as follows as adjusted to reflect the impact of the three-for-twenty distribution of Class B Stock as discussed in Note 11:
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Number of Shares |
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(Dollars and Shares in thousands) |
Amount |
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Common
Stock
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Convertible
Class B Stock
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Shares Authorized |
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40,000 |
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15,000 |
Share Par Value |
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$ |
0.01 |
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$ |
0.01 |
COMMON STOCK |
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Beginning of Period |
$ |
340 |
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22,861 |
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11,082 |
Conversion of Class B Shares to Common Shares |
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443 |
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(443) |
Exercise of Stock Options |
1 |
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25 |
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22 |
End of Period |
$ |
341 |
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23,329 |
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10,661 |
ADDITIONAL PAID IN CAPITAL |
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Beginning of Period |
$ |
67,748 |
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Stock Compensation Expense |
2,349 |
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Exercise of Stock Options |
282 |
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End of Period |
$ |
70,379 |
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ACCUMULATED OTHER COMPREHENSIVE LOSS |
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Beginning of Period |
$ |
(13,352) |
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Adoption of ASU 2018-02 |
(1,373) |
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Foreign Currency Translation Adjustment |
(1,346) |
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Retirement Liability Adjustment – Net of Tax |
646 |
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End of Period |
$ |
(15,425) |
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RETAINED EARNINGS |
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Beginning of Period |
$ |
325,191 |
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Adoption of ASU 2014-09 |
3,268 |
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Adoption of ASU 2018-02 |
1,373 |
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Net Income |
34,318 |
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End of Period |
$ |
364,150 |
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TREASURY STOCK |
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Beginning of Period |
$ |
(50,000) |
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(1,675) |
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Purchase |
— |
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— |
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End of Period |
$ |
(50,000) |
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(1,675) |
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TOTAL SHAREHOLDERS’ EQUITY |
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Beginning of Period |
$ |
329,927 |
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End of Period |
$ |
369,445 |
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21,654 |
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10,661 |
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