Shareholders' Equity

12 Months Ended

Dec. 27, 2013

Shareholders' Equity Note [Abstract]

Shareholders' Equity

G. Shareholders' Equity

At December 27, 2013, the Company had 22,549 authorized, but not issued, cumulative preferred shares, $100 par value. The Company also has authorized, but not issued, a separate class of 3 million shares of preferred stock, $1 par value.

The Company maintained a plan in which one preferred share purchase right (“Right”) existed for each common share of the Company. Each Right entitled its holder to purchase one one-thousandth of a share of a new series of junior participating preferred stock at an exercise price of $150, subject to adjustment. The Rights were exercisable only if a person or group acquired beneficial ownership of 15 percent or more of the Company's outstanding common stock. On February 15, 2013, the Company terminated the plan and all of the Rights expired.

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

		Pension				Gain (Loss)
		and Post-		Cumulative		on Interest
		retirement		Translation		Rate Hedge
		Medical		Adjustment		Contracts		Total
2011
Beginning balance		$	(51,334)	$	(823)	$	(286)	$	(52,443)
	Other comprehensive income (loss)
	before reclassifications		(28,112)		-		-		(28,112)
	Amounts reclassified from accumulated
	other comprehensive income		3,788		-		286		4,074
Ending balance		$	(75,658)	$	(823)	$	-	$	(76,481)
2012
Beginning balance		$	(75,658)	$	(823)	$	-	$	(76,481)
	Other comprehensive income (loss)
	before reclassifications		(10,993)		(3,206)		-		(14,199)
	Amounts reclassified from accumulated
	other comprehensive income		6,935		-		-		6,935
Ending balance		$	(79,716)	$	(4,029)	$	-	$	(83,745)
2013
Beginning balance		$	(79,716)	$	(4,029)	$	-	$	(83,745)
	Other comprehensive income (loss)
	before reclassifications		23,103		7,812		-		30,915
	Amounts reclassified from accumulated
	other comprehensive income		6,481		-		-		6,481
Ending balance		$	(50,132)	$	3,783	$	-	$	(46,349)

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):

	2013		2012		2011
Cost of products sold	$	3,635	$	3,900	$	2,122
Product development		1,699		1,728		901
Selling, marketing and distribution		2,828		2,886		1,636
General and administrative		2,124		2,032		1,065
Total before tax	$	10,286	$	10,546	$	5,724
Income tax (benefit)		(3,805)		(3,611)		(1,936)
Total after tax	$	6,481	$	6,935	$	3,788