Shareholders’ Equity

Changes in components of accumulated other comprehensive income (loss), net of tax were (in thousands):



	Pension and Postretirement Medical			Cumulative Translation Adjustment			Total
Balance, March 25, 2016	$	(69,018	)	$	(36,977	)	$	(105,995	)
Other comprehensive income (loss) before reclassifications	—			(7,635		)	(7,635		)
Amounts reclassified from accumulated other comprehensive income	1,142			—			1,142
Balance, June 24, 2016	$	(67,876	)	$	(44,612	)	$	(112,488	)



Balance, March 31, 2017	$	(75,192	)	$	(59,484	)	$	(134,676	)
Other comprehensive income (loss) before reclassifications	—			11,029			11,029
Amounts reclassified from accumulated other comprehensive income	1,067			—			1,067
Balance, June 30, 2017	$	(74,125	)	$	(48,455	)	$	(122,580	)



Balance, December 25, 2015	$	(69,922	)	$	(34,575	)	$	(104,497	)
Other comprehensive income (loss) before reclassifications	—			(10,037		)	(10,037		)
Amounts reclassified from accumulated other comprehensive income	2,046			—			2,046
Balance, June 24, 2016	$	(67,876	)	$	(44,612	)	$	(112,488	)



Balance, December 30, 2016	$	(76,426	)	$	(65,802	)	$	(142,228	)
Other comprehensive income (loss) before reclassifications	—			17,347			17,347
Amounts reclassified from accumulated other comprehensive income	2,301			—			2,301
Balance, June 30, 2017	$	(74,125	)	$	(48,455	)	$	(122,580	)

Amounts related to pension and postretirement medical adjustments are reclassified to pension cost, which is allocated to cost of products sold and operating expenses based on salaries and wages, approximately as follows (in thousands):



	Three Months Ended						Six Months Ended
	June 30, 2017			June 24, 2016			June 30, 2017			June 24, 2016
Cost of products sold	$	620		$	637		$	1,328		$	1,165
Product development	258			261			556			465
Selling, marketing and distribution	516			569			1,162			1,055
General and administrative	390			310			738			565
Total before tax	$	1,784		$	1,777		$	3,784		$	3,250
Income tax (benefit)	(717		)	(635		)	(1,483		)	(1,204		)
Total after tax	$	1,067		$	1,142		$	2,301		$	2,046

On February 21, 2017, the Company entered into an accelerated share repurchase arrangement (“ASR”) with a financial institution. In exchange for an up-front payment of $90 million, the financial institution delivered 850,000 shares of Company common stock with a fair value of $78 million. The total number of shares ultimately delivered under the ASR is determined at the end of the purchase period (up to five months, but not less than two months) based on the volume weighted-average price (“VWAP”) of the Company’s common stock during that period. Subsequent to the end of the second quarter, the purchase period ended and the Company received an additional 31,499 shares to complete the ASR at an average realized price of $102.10 per share.

The Company accounted for the up-front payment as a reduction of shareholders’ equity in the period made. Shares received under the ASR were retired and reflected as a reduction of outstanding shares on the date delivered for purposes of calculating earnings per share. The forward contract aspect of the ASR met all of the applicable criteria for equity classification, and therefore was accounted for as a derivative indexed to the Company's equity.