Shareholders' equity

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Shareholders' equity

Shareholders' equity

Our authorized capital 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:

	2021	2020	2019
Basic	46,774	46,488	46,200
Dilutive effect of share based awards	653	799	890
Diluted	47,427	47,287	47,090

Weighted average shares that were antidilutive and therefore excluded from the calculation of diluted earnings per share were 0.1 million for the years ended December 31, 2021, 2020 and 2019.

The following tables provides information relating to the changes in accumulated other comprehensive income (loss), net of tax, for each of the years ended December 31, 2021 and 2020:

	Cash Flow Hedges		Pension and Other Postretirement Benefit Plans		Foreign Currency Translation Adjustment		Accumulated Other Comprehensive Income (Loss)
Balance at December 31, 2019	$	735	$	(138,810)	$	(206,317)	$	(344,392)
Other comprehensive (loss) income before reclassifications	(3,331)		(17,032)		59,758		39,395
Amounts reclassified from accumulated other comprehensive income	2,114		5,585		—		7,699
Net current-year other comprehensive (loss) income	(1,217)		(11,447)		59,758		47,094
Balance at December 31, 2020	(482)		(150,257)		(146,559)		(297,298)
Other comprehensive income (loss) before reclassifications	351		6,192		(63,191)		(56,648)
Amounts reclassified from accumulated other comprehensive income	1,212		5,775		—		6,987
Net current-year other comprehensive (loss) income	1,563		11,967		(63,191)		(49,661)
Balance at December 31, 2021	$	1,081	$	(138,290)	$	(209,750)	$	(346,959)

The following table provides information relating to the losses (gains) recognized in the statements of income including the reclassifications of losses (gains) in accumulated other comprehensive (loss) income into expense/(income), net of tax, for the years ended December 31, 2021, 2020 and 2019:

	Year Ended December 31,
	2021		2020		2019
Losses (gains) on designated foreign exchange forward contracts:
Cost of goods sold	$	1,150	$	2,354	$	(1,284)
Total before tax	1,150		2,354		(1,284)
Taxes expense (benefit)	62		(240)		150
Net of tax	$	1,212	$	2,114	$	(1,134)
Amortization of pension and other postretirement benefits items:
Actuarial losses (1)	$	8,543	$	7,253	$	6,930
Prior-service credits (1)	(1,012)		33		82
Total before tax	7,531		7,286		7,012
Tax benefit	(1,756)		(1,701)		(1,631)
Net of tax	$	5,775	$	5,585	$	5,381
Impact on income from continuing operations, net of tax	$	6,987	$	7,699	$	4,247

(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 16 for additional information).