Shareholders' equity

3 Months Ended

Jun. 26, 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		Six Months Ended
	June 26, 2022	June 27, 2021	June 26, 2022	June 27, 2021
Basic	46,901	46,741	46,889	46,719
Dilutive effect of share-based awards	446	692	485	701
Diluted	47,347	47,433	47,374	47,420

The weighted average number of shares that were antidilutive and therefore excluded from the calculation of earnings per share were 0.4 million and 0.3 million for the three and six months ended June 26, 2022, respectively, and 0.1 million for both the three and six months ended June 27, 2021.

The following tables provide information relating to the changes in accumulated other comprehensive loss, net of tax, for the six months ended June 26, 2022 and June 27, 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	2,839		939		(68,382)		(64,604)
Amounts reclassified from accumulated other comprehensive income	195		2,673		—		2,868
Net current-period other comprehensive income (loss)	3,034		3,612		(68,382)		(61,736)
Balance as of June 26, 2022	$	4,115	$	(134,678)	$	(278,132)	$	(408,695)

	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	(574)		9		(17,995)		(18,560)
Amounts reclassified from accumulated other comprehensive income (loss)	998		2,900		—		3,898
Net current-period other comprehensive income (loss)	424		2,909		(17,995)		(14,662)
Balance as of June 27, 2021	$	(58)	$	(147,348)	$	(164,554)	$	(311,960)

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 26, 2022 and June 27, 2021:

	Three Months Ended				Six Months Ended
	June 26, 2022		June 27, 2021		June 26, 2022		June 27, 2021
(Gains) Loss on foreign exchange contracts:
Cost of goods sold	$	(229)	$	133	$	169	$	979
Total before tax	(229)		133		169		979
Taxes	24		27		26		19
Net of tax	(205)		160		195		998
Amortization of pension and other postretirement benefit items (1):
Actuarial losses	1,989		2,144		3,989		4,287
Prior-service costs	(252)		(251)		(504)		(502)
Total before tax	1,737		1,893		3,485		3,785
Tax benefit	(405)		(443)		(812)		(885)
Net of tax	1,332		1,450		2,673		2,900
Total reclassifications, net of tax	$	1,127	$	1,610	$	2,868	$	3,898

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