Quarterly report pursuant to Section 13 or 15(d)

Shareholders' Equity

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Shareholders' Equity
 6 Months Ended
Jun. 29, 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 six month periods ended June 29, 2024 and July 1, 2023, the Company reissued 139,000 and 164,000 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 $2.2 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 (“Common Stock”) having an aggregate offering price of up to $30.0 million. During the three and six months ended June 29, 2024, the Company did not sell any shares
of our common stock under the ATM Program. As of June 29, 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 (Loss) Income and Accumulated Other Comprehensive Loss
The components of accumulated other comprehensive loss are as follows:
(In thousands) June 29, 2024 December 31, 2023
Foreign Currency Translation Adjustments $ (7,275) $ (6,351)
Retirement Liability Adjustment – Before Tax (4,795) (5,357)
Tax Benefit of Retirement Liability Adjustment 2,282  2,282 
Retirement Liability Adjustment – After Tax (2,513) (3,075)
Accumulated Other Comprehensive Loss $ (9,788) $ (9,426)
The components of other comprehensive (loss) income are as follows:
Six Months Ended Three Months Ended
(In thousands) June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023
Foreign Currency Translation Adjustments $ (924) $ 711  $ (168) $ 487 
Retirement Liability Adjustments:
Reclassifications to Selling, General and Administrative Expenses:
Amortization of Prior Service Cost
 193  193  96  98 
Amortization of Net Actuarial Losses
 369  179  185  89 
Retirement Liability Adjustment 562  372  281  187 
Other Comprehensive (Loss) Income $ (362) $ 1,083  $ 113  $ 674