Shareholders' equity

9 Months Ended

Sep. 25, 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		Nine Months Ended
	September 25, 2022	September 26, 2021	September 25, 2022	September 26, 2021
Basic	46,906	46,810	46,894	46,749
Dilutive effect of share-based awards	357	642	443	682
Diluted	47,263	47,452	47,337	47,431

The weighted average number of shares that were antidilutive and therefore excluded from the calculation of earnings per share were 0.7 million and 0.5 million for the three and nine months ended September 25, 2022, respectively, and 0.1 million for both the three and nine months ended September 26, 2021.

The following tables provide information relating to the changes in accumulated other comprehensive loss, net of tax, for the nine months ended September 25, 2022 and September 26, 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	6,871		1,980		(123,576)		(114,725)
Amounts reclassified from accumulated other comprehensive income	(1,335)		3,827		—		2,492
Net current-period other comprehensive income (loss)	5,536		5,807		(123,576)		(112,233)
Balance as of September 25, 2022	$	6,617	$	(132,483)	$	(333,326)	$	(459,192)

	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	(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)

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 25, 2022 and September 26, 2021:

	Three Months Ended				Nine Months Ended
	September 25, 2022		September 26, 2021		September 25, 2022		September 26, 2021
(Gains) Loss on foreign exchange contracts:
Cost of goods sold	$	(1,614)	$	164	$	(1,445)	$	1,143
Total before tax	(1,614)		164		(1,445)		1,143
Taxes	84		1		110		20
Net of tax	(1,530)		165		(1,335)		1,163
Amortization of pension and other postretirement benefit items (1):
Actuarial losses	1,758		2,121		5,747		6,408
Prior-service costs	(252)		(251)		(756)		(753)
Total before tax	1,506		1,870		4,991		5,655
Tax benefit	(352)		(438)		(1,164)		(1,323)
Net of tax	1,154		1,432		3,827		4,332
Total reclassifications, net of tax	$	(376)	$	1,597	$	2,492	$	5,495

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