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Shareholders' equity
 12 Months Ended
Dec. 31, 2016
Equity [Abstract]  
Shareholders' equity
Shareholders' equity
The authorized capital of the Company is comprised of 200 million common shares, $1 par value, and 500,000 preference shares. No preference shares have been outstanding during the last three years.
Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed in the same manner except that the weighted average number of shares is increased to include dilutive securities. The following table provides a reconciliation of basic to diluted weighted average shares outstanding:
 
2016
 
2015
 
2014
 
(Shares in thousands)
Basic
43,325

 
41,558

 
41,366

Dilutive effect of share based awards
570

 
488

 
450

Dilutive effect of 3.875% Convertible Notes and warrants
3,751

 
6,012

 
4,654

Diluted
47,646

 
48,058

 
46,470


Weighted average shares that were antidilutive and therefore not included in the calculation of earnings per share were approximately 3.4 million, 5.6 million and 6.3 million for the years ended December 31, 2016, 2015 and 2014, respectively.
During periods in which the average market price of the Company's common stock is above the applicable conversion price of the Convertible Notes, or $61.32 per share, the impact of conversion would be dilutive and the dilutive effect of conversion of the Convertibles Notes is reflected in diluted earnings per share. As described in Note 8, the Company has elected the net settlement method of accounting for these conversions, under which the Company will settle the principal amount of the Convertible Notes in cash, and settle the excess conversion value in shares. As a result, in periods where the average market price of the Company's common stock is above $61.32 per share, under the treasury stock method, the Company calculates the number of shares issuable under the terms of the Convertible Notes based on the average market price of the stock during the period, and includes that number in the total diluted shares outstanding for the period. 
In connection with the issuance of the Convertible Notes, the Company entered into convertible note hedge and warrant agreements. The convertible note hedge agreements economically reduce the dilutive impact of the Convertible Notes. However, applicable accounting guidance requires the Company to separately analyze the impact of the warrant agreements on diluted weighted average shares outstanding, without giving effect to the anti-dilutive impact of the convertible note hedge agreements. The reductions in diluted shares that would result from giving effect to the anti-dilutive impact of the convertible note hedge agreements would have been 2.0 million, 3.3 million, and 2.7 million for the years ended December 31, 2016, 2015 and 2014, respectively. The treasury stock method is applied when the exercise price of the warrants is less than the average of the market prices during the period and assumes the proceeds from the exercise of the warrants are used to repurchase shares based on the average stock price during the period. The exercise price of the warrants is approximately $74.65 per share of common stock. Shares issuable upon exercise of the warrants that were included in the total diluted shares outstanding were 1.7 million, 2.7 million and 1.9 million for the years ended December 31, 2016, 2015 and 2014, respectively. For additional information regarding the convertible notes and convertible note hedge and warrant agreements, see Note 8.
See Notes 8 and 19 for information regarding the reduction in the outstanding principal amount of Convertible Notes as a result of the Company's acquisition of Convertibles Notes in exchange for cash and shares of Company common stock, as well as the conversion of a portion of the Convertible Notes, and the related reduction in the number of call options and warrants outstanding under the convertible note hedge and warrant agreements either through unwinding of the agreements (in the case of exchange transactions) or exercise of call options and warrants under the convertible note hedge and warrant agreements, respectively.
The following tables provide information relating to the changes in accumulated other comprehensive income (loss), net of tax, for the years ended December 31, 2016 and 2015:
 
Cash Flow
Hedges
 
Pension and
Other
Postretirement
Benefit Plans
 
Foreign
Currency
Translation
Adjustment
 
Accumulated
Other
Comprehensive
Income (Loss)
 
(Dollars in thousands)
Balance at December 31, 2014
$
—

 
$
(141,744
)
 
$
(119,151
)
 
$
(260,895
)
Other comprehensive income (loss) before reclassifications
(2,974
)
 
(1,276
)
 
(110,595
)
 
(114,845
)
Amounts reclassified from accumulated other comprehensive income (loss)
483

 
4,133

 
—

 
4,616

Net current-year other comprehensive income (loss)
(2,491
)
 
2,857

 
(110,595
)
 
(110,229
)
Balance at December 31, 2015
(2,491
)
 
(138,887
)
 
(229,746
)
 
(371,124
)
Other comprehensive income (loss) before reclassifications
(3,434
)
 
(2,221
)
 
(69,119
)
 
(74,774
)
Amounts reclassified from accumulated other comprehensive income
3,501

 
4,512

 
—

 
8,013

Net current-year other comprehensive (loss) income
67

 
2,291

 
(69,119
)
 
(66,761
)
Reclassification related to acquisition of noncontrolling interest
—

 
—

 
(832
)
 
(832
)
Balance at December 31, 2016
$
(2,424
)
 
$
(136,596
)
 
$
(299,697
)
 
$
(438,717
)

The following table provides information relating to the reclassifications of losses/(gains) in accumulated other comprehensive (loss) income into expense/(income), net of tax, for the years ended December 31, 2016, 2015 and 2014 :
 
December 31, 2016
 
December 31, 2015
 
December 31,
2014
 
(Dollars in thousands)
Losses (gains) on designated foreign exchange contracts:
 
 
 
 
 
Cost of goods sold
$
4,511

 
$
679

 
$
(705
)
Total before tax
4,511

 
679

 
(705
)
Taxes
(1,010
)
 
(196
)
 
111

Net of tax
$
3,501

 
$
483

 
$
(594
)
Amortization of pension and other postretirement benefits items:
 
 
 
 
 
Actuarial losses (1)
$
6,965

 
$
6,375

 
$
4,385

Prior-service credits (1)
56

 
—

 
(21
)
Total before tax
7,021

 
6,375

 
4,364

Tax benefit
(2,509
)
 
(2,242
)
 
(1,535
)
Net of tax
$
4,512

 
$
4,133

 
$
2,829

Total reclassifications, net of tax
$
8,013

 
$
4,616

 
$
2,235

(1)
These accumulated other comprehensive (loss) income components are included in the computation of net benefit cost of pension and other postretirement benefit plans (see Note 14 for additional information).