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Equity
 6 Months Ended
Jun. 26, 2015
Equity [Abstract]  
Equity

5.       Changes in components of accumulated other comprehensive income (loss), net of tax were (in thousands):

   Pension     
   and Post- Cumulative   
   retirement Translation  
   Medical Adjustment Total
 Thirteen Weeks Ended        
  June 27, 2014        
 Beginning balance$ (49,372) $ 3,697 $ (45,675)
  Other comprehensive income        
   before reclassifications  -   (1,908)   (1,908)
  Amounts reclassified from accumulated        
   other comprehensive income  789   -   789
 Ending balance$ (48,583) $ 1,789 $ (46,794)
           
 Thirteen Weeks Ended        
  June 26, 2015        
 Beginning balance$ (75,048) $ (27,163) $ (102,211)
  Other comprehensive income        
   before reclassifications  -   12,404   12,404
  Amounts reclassified from accumulated        
   other comprehensive income  1,180   -   1,180
 Ending balance$ (73,868) $ (14,759) $ (88,627)
           
 Twenty-six Weeks Ended        
  June 27, 2014        
 Beginning balance$ (50,132) $ 3,783 $ (46,349)
  Other comprehensive income        
   before reclassifications  -   (1,994)   (1,994)
  Amounts reclassified from accumulated        
   other comprehensive income  1,549   -   1,549
 Ending balance$ (48,583) $ 1,789 $ (46,794)
           
 Twenty-six Weeks Ended        
  June 26, 2015        
 Beginning balance$ (76,584) $ (24,152) $ (100,736)
  Other comprehensive income        
   before reclassifications  -   9,393   9,393
  Amounts reclassified from accumulated        
   other comprehensive income  2,716   -   2,716
 Ending balance$ (73,868) $ (14,759) $ (88,627)

Amounts related to pension and postretirement medical adjustments are reclassified to pension cost, which is allocated to cost of products sold and operating expenses based on salaries and wages, approximately as follows (in thousands):

  Thirteen Weeks Ended Twenty-six Weeks Ended
  June 26, June 27, June 26, June 27,
  2015 2014 2015 2014
             
 Cost of products sold$ 707 $ 440 $ 1,645 $ 876
 Product development  319   195   702   382
 Selling, marketing and distribution  529   354   1,232   689
 General and administrative  364   236   778   466
 Total before tax$ 1,919 $ 1,225 $ 4,357 $ 2,413
 Income tax (benefit)  (739)   (436)   (1,641)   (864)
 Total after tax$ 1,180 $ 789 $ 2,716 $ 1,549

On May 11, 2015, the Company entered into an accelerated share repurchase arrangement (“ASR”) with a financial institution. In exchange for an up-front payment of $60 million, the financial institution delivered 742,880 shares of Company common stock with a fair value of $54 million. The total number of shares ultimately delivered under the ASR is determined at the end of the purchase period (up to three months, but not less than one month) based on the volume weighted-average price (“VWAP”) of the Company's common stock during that period. If there were no change in the market price of the Company's stock during the purchase period, the Company would receive approximately 90,000 additional shares at the end of the purchase period.

 

The Company accounted for the up-front payment as a reduction of shareholders' equity in the period made. Shares received under the ASR were retired and reflected as a reduction of outstanding shares on the date delivered for purposes of calculating earnings per share. The forward contract aspect of the ASR met all of the applicable criteria for equity classification, and therefore, was accounted for as a derivative indexed to the Company's equity.

 

Subsequent to the end of the second quarter, the purchase period ended and the Company received an additional 94,515 shares to complete the ASR at an average realized price of $71.65 per share.