Shareholders' equity

9 Months Ended

Sep. 26, 2021

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 26, 2021	September 27, 2020	September 26, 2021	September 27, 2020
Basic	46,810	46,530	46,749	46,451
Dilutive effect of share-based awards	642	803	682	818
Diluted	47,452	47,333	47,431	47,269

The weighted average number of shares that were antidilutive and therefore excluded from the calculation of earnings per share were 0.1 million for the three and nine months ended September 26, 2021 and September 27, 2020, respectively.

The following tables provide information relating to the changes in accumulated other comprehensive loss, net of tax, for the nine months ended September 26, 2021 and September 27, 2020:

	Cash Flow Hedges		Pension and Other Postretirement Benefit Plans		Foreign Currency Translation Adjustment		Accumulated Other Comprehensive (Loss) Income
Balance as of December 31, 2020	$	(482)	$	(150,257)	$	(146,559)	$	(297,298)
Other comprehensive income (loss) before reclassifications	(77)		245		(33,307)		(33,139)
Amounts reclassified from accumulated other comprehensive income	1,163		4,332		—		5,495
Net current-period other comprehensive income (loss)	1,086		4,577		(33,307)		(27,644)
Balance as of September 26, 2021	$	604	$	(145,680)	$	(179,866)	$	(324,942)

	Cash Flow Hedges		Pension and Other Postretirement Benefit Plans		Foreign Currency Translation Adjustment		Accumulated Other Comprehensive (Loss) Income
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 loss	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)

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 26, 2021 and September 27, 2020:

	Three Months Ended				Nine Months Ended
	September 26, 2021		September 27, 2020		September 26, 2021		September 27, 2020
Losses (gains) on foreign exchange contracts:
Cost of goods sold	$	164	$	1,899	$	1,143	$	1,148
Total before tax	164		1,899		1,143		1,148
Taxes (benefit)	1		(155)		20		(127)
Net of tax	$	165	$	1,744	$	1,163	$	1,021
Amortization of pension and other postretirement benefit items (1):
Actuarial losses	$	2,121	$	1,731	$	6,408	$	5,433
Prior-service costs	(251)		9		(753)		25
Total before tax	1,870		1,740		5,655		5,458
Tax benefit	(438)		(411)		(1,323)		(1,278)
Net of tax	$	1,432	$	1,329	$	4,332	$	4,180
Total reclassifications, net of tax	$	1,597	$	3,073	$	5,495	$	5,201

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