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Shareholders' equity
 12 Months Ended
Dec. 31, 2017
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:
 
2017
 
2016
 
2015
 
(Shares in thousands)
Basic
45,004

 
43,325

 
41,558

Dilutive effect of share based awards
923

 
570

 
488

Dilutive effect of 3.875% Convertible Notes and warrants
737

 
3,751

 
6,012

Diluted
46,664

 
47,646

 
48,058


Weighted average shares that were antidilutive and therefore not included in the calculation of earnings per share were approximately 0.6 million, 3.4 million and 5.6 million for the years ended December 31, 2017, 2016 and 2015, respectively.
Prior to the Maturity Date of the Convertible Notes and during periods in which the average market price of the Company's common stock was above the conversion price of the Convertible Notes, or $61.32 per share, the impact of conversion was dilutive and the dilutive effect of conversion of the Convertibles Notes is reflected in diluted earnings per share. The Company elected the net settlement method of accounting for these conversions, under which the Company settled the principal amount of the Convertible Notes in cash, and settled the excess conversion value in shares. In periods prior to the Maturity Date where the average market price of the Company's common stock was above $61.32 per share, under the treasury stock method, the Company calculated the number of shares issuable under the terms of the Convertible Notes based on the average market price of its common stock during the period, and included 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 reduced 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 have resulted from giving effect to the anti-dilutive impact of the convertible note hedge agreements are 0.3 million, 2.0 million, and 3.3 million for the years ended December 31, 2017, 2016 and 2015, 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 0.5 million, 1.7 million and 2.7 million for the years ended December 31, 2017, 2016 and 2015, respectively.
See Note 8 for information regarding (i) the reduction in the outstanding principal amount of Convertible Notes as a result of the Company's acquisition of Convertible Notes in exchange for cash and shares of Company common stock and the related reduction in the number of Call Options and warrants outstanding under the convertible note hedge and warrant agreements as a result of the unwinding of the agreements, (ii) the settlement and conversion of the Convertible Notes on the Maturity Date and the related exercise of Call Options under the convertible note hedge agreements and (iii) warrant activity subsequent to the Maturity Date.
The following table provides information relating to the changes in accumulated other comprehensive income (loss), net of tax, for the years ended December 31, 2017 and 2016:
 
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, 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 (loss)
3,501

 
4,512

 
—

 
8,013

Net current-year other comprehensive income (loss)
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
)
Other comprehensive income (loss) before reclassifications
2,775

 
(6,725
)
 
173,074

 
169,124

Amounts reclassified from accumulated other comprehensive income
(11
)
 
4,513

 
—

 
4,502

Net current-year other comprehensive (loss) income
2,764

 
(2,212
)
 
173,074

 
173,626

Balance at December 31, 2017
$
340

 
$
(138,808
)
 
$
(126,623
)
 
$
(265,091
)

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, 2017, 2016 and 2015 :
 
December 31, 2017
 
December 31, 2016
 
December 31,
2015
 
(Dollars in thousands)
Losses (gains) on designated foreign exchange contracts:
 
 
 
 
 
Cost of goods sold
$
(95
)
 
$
4,511

 
$
679

Total before tax
(95
)
 
4,511

 
679

Taxes (benefit)
84

 
(1,010
)
 
(196
)
Net of tax
$
(11
)
 
$
3,501

 
$
483

Amortization of pension and other postretirement benefits items:
 
 
 
 
 
Actuarial losses (1)
$
6,904

 
$
6,965

 
$
6,375

Prior-service credits (1)
105

 
56

 
—

Total before tax
7,009

 
7,021

 
6,375

Tax benefit
(2,496
)
 
(2,509
)
 
(2,242
)
Net of tax
$
4,513

 
$
4,512

 
$
4,133

Total reclassifications, net of tax
$
4,502

 
$
8,013

 
$
4,616

(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).