Shareholders' equity

6 Months Ended

Jun. 28, 2020

Equity [Abstract]

Shareholders' equity

Shareholders’ equity

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 number of common shares outstanding:

	Three Months Ended		Six Months Ended
	June 28, 2020	June 30, 2019	June 28, 2020	June 30, 2019
	(Shares in thousands)
Basic	46,442	46,172	46,412	46,111
Dilutive effect of share-based awards	800	864	825	878
Diluted	47,242	47,036	47,237	46,989

The weighted average number of shares that were antidilutive and therefore excluded from the calculation of earnings per share were 0.2 million and 0.1 million for the three and six months ended June 28, 2020, respectively, and 0.2 million for the three and six months ended June 30, 2019.

The following tables provide information relating to the changes in accumulated other comprehensive loss, net of tax, for the six months ended June 28, 2020 and June 30, 2019:

	Cash Flow Hedges		Pension and Other Postretirement Benefit Plans		Foreign Currency Translation Adjustment		Accumulated Other Comprehensive (Loss) Income
	(Dollars in thousands)
Balance as of December 31, 2019	$	735	$	(138,810)	$	(206,317)	$	(344,392)
Other comprehensive (loss) income before reclassifications	(4,189)		183		(545)		(4,551)
Amounts reclassified from accumulated other comprehensive income	(723)		2,851		—		2,128
Net current-period other comprehensive (loss) income	(4,912)		3,034		(545)		(2,423)
Balance as of June 28, 2020	$	(4,177)	$	(135,776)	$	(206,862)	$	(346,815)

	Cash Flow Hedges		Pension and Other Postretirement Benefit Plans		Foreign Currency Translation Adjustment		Accumulated Other Comprehensive (Loss) Income
	(Dollars in thousands)
Balance as of December 31, 2018	$	807	$	(131,380)	$	(210,512)	$	(341,085)
Other comprehensive income (loss) before reclassifications	429		(13)		12,332		12,748
Amounts reclassified from accumulated other comprehensive loss	(271)		2,701		—		2,430
Net current-period other comprehensive income	158		2,688		12,332		15,178
Balance as of June 30, 2019	$	965	$	(128,692)	$	(198,180)	$	(325,907)

The following table provides information relating to the location in the statements of operations and amount of reclassifications of losses/(gains) in accumulated other comprehensive (loss) income into expense/(income), net of tax, for the three and six months ended June 28, 2020 and June 30, 2019:

	Three Months Ended				Six Months Ended
	June 28, 2020		June 30, 2019		June 28, 2020		June 30, 2019
	(Dollars in thousands)
(Gains) losses on foreign exchange contracts:
Cost of goods sold	$	(685)	$	(179)	$	(751)	$	(365)
Total before tax	(685)		(179)		(751)		(365)
Taxes	19		71		28		94
Net of tax	$	(666)	$	(108)	$	(723)	$	(271)
Amortization of pension and other postretirement benefit items (1):
Actuarial losses	$	1,850	$	1,738	$	3,702	$	3,478
Prior-service costs	8		22		16		44
Total before tax	1,858		1,760		3,718		3,522
Tax benefit	(433)		(410)		(867)		(821)
Net of tax	$	1,425	$	1,350	$	2,851	$	2,701
Total reclassifications, net of tax	$	759	$	1,242	$	2,128	$	2,430

(1) These accumulated other comprehensive (loss) income components are included in the computation of net benefit expense for pension and other postretirement benefit plans.