Quarterly report pursuant to Section 13 or 15(d)

Shareholders' Equity

v3.23.1
Shareholders' Equity
 3 Months Ended
Apr. 01, 2023
Equity [Abstract]  
Shareholders' Equity Shareholders' Equity
Share Buyback and Reissuance
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. Common shares repurchased by the Company are recorded at cost as treasury shares and result in a reduction of equity. Under its current credit agreements, and as described further in Note 7, the Company is currently restricted from further stock repurchases.
When treasury shares are reissued, the Company determines the cost using an average cost method. The difference between the average cost of the treasury shares and reissuance price is included in Additional paid-in capital or Retained earnings. During the three month periods ended April 1, 2023 and April 2, 2022, the Company reissued 95,000 and 325,000 treasury shares, respectively, associated with the funding of employer 401K contributions and recorded the difference between the average cost and the reissuance price, $1.5 million and $5.1 million, respectively, as a reduction to Retained earnings.
Comprehensive Income and Accumulated Other Comprehensive Loss
The components of accumulated other comprehensive loss are as follows:
(In thousands) April 1, 2023 December 31, 2022
Foreign Currency Translation Adjustments $ (7,111) $ (7,335)
Retirement Liability Adjustment – Before Tax (4,288) (4,473)
Tax Benefit of Retirement Liability Adjustment 2,282  2,282 
Retirement Liability Adjustment – After Tax (2,006) (2,191)
Accumulated Other Comprehensive Loss $ (9,117) $ (9,526)
The components of other comprehensive income are as follows:
Three Months Ended
(In thousands) April 1, 2023 April 2, 2022
Foreign Currency Translation Adjustments $ 224  $ (181)
Retirement Liability Adjustments:
Reclassifications to Selling, General and Administrative Expense:
Amortization of Prior Service Cost
 95  101 
Amortization of Net Actuarial Losses
 90  250 
Retirement Liability Adjustment 185  351 
Other Comprehensive Income $ 409  $ 170