Quarterly report pursuant to Section 13 or 15(d)

Shareholders' Equity

v3.22.2
Shareholders' Equity
 6 Months Ended
Jul. 02, 2022
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 agreement, 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 six months ended July 2, 2022, the Company reissued 421,000 treasury shares and recorded the difference between the average cost and the reissuance price, $6.8 million, as a reduction to Retained earnings.
Comprehensive (Loss) Income and Accumulated Other Comprehensive Loss
The components of accumulated other comprehensive loss are as follows:
(In thousands) July 2, 2022 December 31, 2021
Foreign Currency Translation Adjustments $ (6,974) $ (5,407)
Retirement Liability Adjustment – Before Tax (10,672) (11,370)
Tax Benefit of Retirement Liability Adjustment 2,282  2,282 
Retirement Liability Adjustment – After Tax (8,390) (9,088)
Accumulated Other Comprehensive Loss $ (15,364) $ (14,495)
The components of other comprehensive (loss) income are as follows:
Six Months Ended Three Months Ended
(In thousands) July 2, 2022 July 3, 2021 July 2, 2022 July 3, 2021
Foreign Currency Translation Adjustments $ (1,567) $ (22) $ (1,386) $ 615 
Retirement Liability Adjustments:
Reclassifications to General and Administrative Expense:
Amortization of Prior Service Cost
 201  201  100  100 
Amortization of Net Actuarial Losses
 497  667  247  334 
Retirement Liability Adjustment 698  868  347  434 
Other Comprehensive (Loss) Income $ (869) $ 846  $ (1,039) $ 1,049