Astronics Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Shareholders' Equity

Shareholders' Equity

3 Months Ended

Apr. 03, 2021

Share Buyback Program

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. Most recently, on September 17, 2019, the Company’s Board of Directors authorized a repurchase of up to $50 million. Approximately 282,000 shares were repurchased in the first quarter of 2020 at a cost of $7.7 million before the 10b5-1 plan associated with the share repurchase program was terminated on February 3, 2020. Under its current credit agreement, and as described further in Note 7, the Company is currently restricted from further stock repurchases.

Comprehensive Loss and Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive loss are as follows:


(In thousands)	April 3, 2021		December 31, 2020
Foreign Currency Translation Adjustments	$	(5,105)	$	(4,468)
Retirement Liability Adjustment – Before Tax	(13,830)		(14,264)
Tax Benefit of Retirement Liability Adjustment	2,282		2,282
Retirement Liability Adjustment – After Tax	(11,548)		(11,982)
Accumulated Other Comprehensive Loss	$	(16,653)	$	(16,450)

The components of other comprehensive (loss) income are as follows:


	Three Months Ended
(In thousands)	April 3, 2021		March 28, 2020
Foreign Currency Translation Adjustments	$	(637)	$	(2,304)
Retirement Liability Adjustments:
Reclassifications to General and Administrative Expense:
Amortization of Prior Service Cost	101		101
Amortization of Net Actuarial Losses	333		171
Tax Benefit	—		(57)
Retirement Liability Adjustment	434		215
Other Comprehensive Loss	$	(203)	$	(2,089)