Shareholders' equity

6 Months Ended

Jul. 02, 2023

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
	July 2, 2023	June 26, 2022	July 2, 2023	June 26, 2022
Basic	46,981	46,901	46,965	46,889
Dilutive effect of share-based awards	348	446	342	485
Diluted	47,329	47,347	47,307	47,374

The weighted average number of shares that were antidilutive and therefore excluded from the calculation of earnings per share were 0.7 million for the three and six months ended July 2, 2023, and 0.4 million and 0.3 million for the three and six months ended June 26, 2022, respectively.

The following tables provide information relating to the changes in accumulated other comprehensive loss, net of tax, for the six months ended July 2, 2023 and June 26, 2022:

	Cash Flow Hedges		Pension and Other Postretirement Benefit Plans		Foreign Currency Translation Adjustment		Accumulated Other Comprehensive (Loss) Income
Balance as of December 31, 2022	$	4,931	$	(135,799)	$	(272,654)	$	(403,522)
Other comprehensive income (loss) before reclassifications	8,056		(388)		16,049		23,717
Amounts reclassified from accumulated other comprehensive income	(4,855)		2,796		—		(2,059)
Net current-period other comprehensive income	3,201		2,408		16,049		21,658
Balance as of July 2, 2023	$	8,132	$	(133,391)	$	(256,605)	$	(381,864)

	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)

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 (income) expense, net of tax, for the three and six months ended July 2, 2023 and June 26, 2022:

	Three Months Ended				Six Months Ended
	July 2, 2023		June 26, 2022		July 2, 2023		June 26, 2022
(Gains) Loss on foreign exchange contracts:
Cost of goods sold	$	(2,181)	$	(229)	$	(5,235)	$	169
Total before tax	(2,181)		(229)		(5,235)		169
Taxes	178		24		380		26
Net of tax	(2,003)		(205)		(4,855)		195
Amortization of pension and other postretirement benefit items (1):
Actuarial losses	2,069		1,989		4,135		3,989
Prior-service costs	(252)		(252)		(504)		(504)
Total before tax	1,817		1,737		3,631		3,485
Tax benefit	(418)		(405)		(835)		(812)
Net of tax	1,399		1,332		2,796		2,673
Total reclassifications, net of tax	$	(604)	$	1,127	$	(2,059)	$	2,868

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