Shareholders' equity

3 Months Ended

Mar. 31, 2024

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 31, 2024	April 2, 2023
Basic	47,068	46,949
Dilutive effect of share-based awards	326	336
Diluted	47,394	47,285

The weighted average number of shares that were antidilutive and therefore excluded from the calculation of earnings per share were 0.8 million and 0.6 million for the three months ended March 31, 2024 and April 2, 2023, respectively.

The following tables provide information relating to the changes in accumulated other comprehensive loss, net of tax, for the three months ended March 31, 2024 and April 2, 2023:

	Cash Flow Hedges		Pension and Other Postretirement Benefit Plans		Foreign Currency Translation Adjustment		Accumulated Other Comprehensive (Loss) Income
Balance as of December 31, 2023	$	1,396	$	(88,049)	$	(227,752)	$	(314,405)
Other comprehensive income (loss) before reclassifications	2,457		8,726		(36,669)		(25,486)
Amounts reclassified from accumulated other comprehensive (loss) income	(1,779)		80,616		—		78,837
Net current-period other comprehensive income (loss)	678		89,342		(36,669)		53,351
Balance as of March 31, 2024	$	2,074	$	1,293	$	(264,421)	$	(261,054)

	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	5,260		(184)		18,570		23,646
Amounts reclassified from accumulated other comprehensive income	(2,852)		1,397		—		(1,455)
Net current-period other comprehensive income	2,408		1,213		18,570		22,191
Balance as of April 2, 2023	$	7,339	$	(134,586)	$	(254,084)	$	(381,331)

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 months ended March 31, 2024 and April 2, 2023:

	Three Months Ended
	March 31, 2024		April 2, 2023
(Gains) Loss on foreign exchange contracts:
Cost of goods sold	$	(1,762)	$	(3,054)
Total before tax	(1,762)		(3,054)
Taxes	(17)		202
Net of tax	(1,779)		(2,852)
Pension and other postretirement benefit items (1):
Actuarial losses	1,201		2,066
Prior-service costs	(492)		(252)
Settlements	138,139		—
Total before tax	138,848		1,814
Tax benefit	(58,232)		(417)
Net of tax	80,616		1,397
Total reclassifications, net of tax	$	78,837	$	(1,455)

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