Shareholders' equity

3 Months Ended

Mar. 27, 2022

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
	March 27, 2022	March 28, 2021
Basic	46,876	46,698
Dilutive effect of share-based awards	526	709
Diluted	47,402	47,407

The weighted average number of shares that were antidilutive and therefore excluded from the calculation of earnings per share were 0.3 million and 0.1 million for the three months ended March 27, 2022 and March 28, 2021, respectively.

The following tables provide information relating to the changes in accumulated other comprehensive loss, net of tax, for the three months ended March 27, 2022 and March 28, 2021:

	Cash Flow Hedges		Pension and Other Postretirement Benefit Plans		Foreign Currency Translation Adjustment		Accumulated Other Comprehensive (Loss) Income
Balance as of December 31, 2021	$	1,081	$	(138,290)	$	(209,750)	$	(346,959)
Other comprehensive income (loss) before reclassifications	57		246		(23,329)		(23,026)
Amounts reclassified from accumulated other comprehensive income	400		1,340		—		1,740
Net current-period other comprehensive income (loss)	457		1,586		(23,329)		(21,286)
Balance as of March 27, 2022	$	1,538	$	(136,704)	$	(233,079)	$	(368,245)

	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 (loss) income before reclassifications	(811)		161		(24,075)		(24,725)
Amounts reclassified from accumulated other comprehensive income (loss)	838		1,450		—		2,288
Net current-period other comprehensive income (loss)	27		1,611		(24,075)		(22,437)
Balance as of March 28, 2021	$	(455)	$	(148,646)	$	(170,634)	$	(319,735)

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 months ended March 27, 2022 and March 28, 2021:

	Three Months Ended
	March 27, 2022		March 28, 2021
Losses (gains) on foreign exchange contracts:
Cost of goods sold	$	398	$	846
Total before tax	398		846
Taxes (benefit)	2		(8)
Net of tax	400		838
Amortization of pension and other postretirement benefit items (1):
Actuarial losses	2,000		2,143
Prior-service costs	(252)		(251)
Total before tax	1,748		1,892
Tax benefit	(408)		(442)
Net of tax	1,340		1,450
Total reclassifications, net of tax	$	1,740	$	2,288

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