Quarterly report pursuant to Section 13 or 15(d)

Shareholders' Equity

v3.24.3
Shareholders' Equity
 9 Months Ended
Sep. 28, 2024
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, 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 the reissuance price is included in Retained earnings. During the nine month periods ended September 28, 2024 and September 30, 2023, the Company reissued 139,000 and 242,000 treasury shares, respectively, associated with the funding of employer 401K contributions and recorded the difference between the average cost and the reissuance price, $1.3 million and $3.1 million, respectively, as a reduction to Retained Earnings.
At-the-Market Equity Offering
On August 8, 2023, the Company initiated an at-the-market equity offering program (the “ATM Program”) for the sale from time to time of shares of the Company’s common stock, par value $0.01 per share, having an aggregate offering price of up to $30.0 million. During the three and nine months ended September 28, 2024, the Company did not sell any shares of our common stock under the ATM Program. During the three and nine months ended September 30, 2023, the Company sold 834,228 shares of our common stock under the ATM Program. The Company generated $13.9 million in aggregate gross proceeds from sales under the ATM Program at an average sale price of $16.70 per share. Aggregate net proceeds from the ATM Program were $13.6 million after deducting related expenses, including commissions to the Sales Agents and issuance costs. Of this amount, $13.1 million in net cash proceeds were received in the three and nine months ended September 30, 2023, with the remainder received in October 2023. As of September 28, 2024, the Company had remaining capacity under the ATM Program to sell shares of Common Stock having an aggregate offering price up to approximately $8.2 million.
Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss
The components of accumulated other comprehensive loss are as follows:
(In thousands) September 28, 2024 December 31, 2023
Foreign Currency Translation Adjustments $ (6,224) $ (6,351)
Retirement Liability Adjustment – Before Tax (4,514) (5,357)
Tax Benefit of Retirement Liability Adjustment 2,282  2,282 
Retirement Liability Adjustment – After Tax (2,232) (3,075)
Accumulated Other Comprehensive Loss $ (8,456) $ (9,426)
The components of other comprehensive income (loss) are as follows:
Nine Months Ended Three Months Ended
(In thousands) September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023
Foreign Currency Translation Adjustments $ 127  $ (117) $ 1,051  $ (828)
Retirement Liability Adjustments:
Reclassifications to Selling, General and Administrative Expenses:
Amortization of Prior Service Cost
 290  288  97  95 
Amortization of Net Actuarial Losses
 553  269  184  90 
Retirement Liability Adjustment 843  557  281  185 
Other Comprehensive Income (Loss) $ 970  $ 440  $ 1,332  $ (643)