Shareholders' equity

9 Months Ended

Sep. 27, 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		Nine Months Ended
	September 27, 2020	September 29, 2019	September 27, 2020	September 29, 2019
	(Shares in thousands)
Basic	46,530	46,248	46,451	46,156
Dilutive effect of share-based awards	803	928	818	895
Diluted	47,333	47,176	47,269	47,051

The weighted average number of shares that were antidilutive and therefore excluded from the calculation of earnings per share were 0.1 million the three and nine months ended September 27, 2020 and September 29, 2019.

The following tables provide information relating to the changes in accumulated other comprehensive loss, net of tax, for the nine months ended September 27, 2020 and September 29, 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	(4,479)		(109)		20,087		15,499
Amounts reclassified from accumulated other comprehensive income	1,021		4,180		—		5,201
Net current-period other comprehensive (loss) income	(3,458)		4,071		20,087		20,700
Balance as of September 27, 2020	$	(2,723)	$	(134,739)	$	(186,230)	$	(323,692)

	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	646		215		(27,562)		(26,701)
Amounts reclassified from accumulated other comprehensive loss	(748)		4,033		—		3,285
Net current-period other comprehensive income	(102)		4,248		(27,562)		(23,416)
Balance as of September 29, 2019	$	705	$	(127,132)	$	(238,074)	$	(364,501)

  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 nine months ended September 27, 2020 and September 29, 2019:

	Three Months Ended				Nine Months Ended
	September 27, 2020		September 29, 2019		September 27, 2020		September 29, 2019
	(Dollars in thousands)
(Gains) losses on foreign exchange contracts:
Cost of goods sold	$	1,899	$	(523)	$	1,148	$	(888)
Total before tax	1,899		(523)		1,148		(888)
Taxes	(155)		46		(127)		140
Net of tax	$	1,744	$	(477)	$	1,021	$	(748)
Amortization of pension and other postretirement benefit items (1):
Actuarial losses	$	1,731	$	1,716	$	5,433	$	5,194
Prior-service costs	9		21		25		65
Total before tax	1,740		1,737		5,458		5,259
Tax benefit	(411)		(405)		(1,278)		(1,226)
Net of tax	$	1,329	$	1,332	$	4,180	$	4,033
Total reclassifications, net of tax	$	3,073	$	855	$	5,201	$	3,285

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