Shareholders' Equity and Accumulated Other Comprehensive Income

9 Months Ended

Sep. 26, 2014

Stockholders' Equity Note [Abstract]

Stockholders' Equity and Accumulated Other Comprehensive Income

SHAREHOLDERS' EQUITY AND ACCUMULATED OTHER COMPREHENSIVE INCOME

Changes in shareholders’ equity for the nine months ended September 26, 2014, and September 27, 2013, respectively, were as follows:

	For the Nine Months Ended
	September 26, 2014			September 27, 2013
In thousands
Beginning balance	$	511,292		$	420,193
Comprehensive income	40,584			48,565
Dividends declared	(12,988		)	(12,834		)
Employee stock plans and related tax benefit	5,387			4,002
Purchase of treasury shares	(845		)	(644		)
Share-based compensation expense	4,307			4,056
Ending balance	$	547,737		$	463,338

15. SHAREHOLDERS' EQUITY AND ACCUMULATED OTHER COMPREHENSIVE INCOME (CONTINUED)

The components of accumulated other comprehensive income (loss) are shown below:

	For the Three Months Ended
	September 26, 2014			September 27, 2013
In thousands
Foreign currency translation:
Beginning balance	$	(12,759	)	$	(21,273	)
Net gain/(loss) on foreign currency translation	(5,766		)	4,669
Reclassification to net income	—			—
Other comprehensive income/(loss), net of tax	(5,766		)	4,669
Ending balance	$	(18,525	)	$	(16,604	)
Pension and other post-retirement benefits(a):
Beginning balance	(64,980		)	(101,600		)
Reclassification to net income
Amortization of prior service cost, net of tax expense of $9 and $10, respectively	14			15
Amortization of net loss, net of tax expense of $396 and $931, respectively	655			1,521
Other comprehensive income/(loss), net of tax	669			1,536
Ending balance	$	(64,311	)	$	(100,064	)
Derivative instruments(b):
Beginning balance	(516		)	(463		)
Net loss on derivative instruments, net of tax benefit of $62 and $98, respectively	(104		)	(158		)
Reclassification to net income, net of tax expense of $68 and $24, respectively	110			39
Other comprehensive income/(loss), net of tax	6			(119		)
Ending balance	$	(510	)	$	(582	)
Total accumulated other comprehensive income (loss)	$	(83,346	)	$	(117,250	)

15. SHAREHOLDERS' EQUITY AND ACCUMULATED OTHER COMPREHENSIVE INCOME (CONTINUED)

	For the Nine Months Ended
	September 26, 2014			September 27, 2013
In thousands
Foreign currency translation:
Beginning balance	$	(14,219	)	$	(16,515	)
Net gain/(loss) on foreign currency translation	(4,306		)	(89		)
Reclassification to net income	—			—
Other comprehensive income/(loss), net of tax	(4,306		)	(89		)
Ending balance	$	(18,525	)	$	(16,604	)
Pension and other post-retirement benefits(a):
Beginning balance	(66,317		)	(104,551		)
Reclassification to net income
Amortization of prior service cost, net of tax expense of $26 and $30, respectively	42			45
Amortization of net loss, net of tax expense of $1,189 and $2,721, respectively	1,964			4,442
Other comprehensive income/(loss), net of tax	2,006			4,487
Ending balance	$	(64,311	)	$	(100,064	)
Derivative instruments(b):
Beginning balance	(585		)	(524		)
Net loss on derivative instruments, net of tax benefit of $140 and $71, respectively	(233		)	(114		)
Reclassification to net income, net of tax expense of $187 and $35, respectively	308			56
Other comprehensive income/(loss), net of tax	75			(58		)
Ending balance	$	(510	)	$	(582	)
Total accumulated other comprehensive income (loss)	$	(83,346	)	$	(117,250	)

^(a)These accumulated other comprehensive income components are included in the computation of net periodic pension cost.

(See Note 10, Pension Plans for additional information.)

^(b)See Note 7, Derivative Financial Instruments, for additional information regarding our derivative instruments.