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EQUITY AND LONG-TERM INCENTIVE COMPENSATION | 6 Months Ended
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Jun. 29, 2019
SHAREHOLDERS' EQUITY AND STOCK-BASED COMPENSATION |
EQUITY AND LONG-TERM INCENTIVE COMPENSATION | EQUITY AND LONG-TERM INCENTIVE COMPENSATION Income Per Share The following table sets forth the number of weighted-average shares outstanding used in the computation of basic and diluted income per share:
| Three months ended |  | Six months ended
| June 29, 2019 |  | June 30, 2018 |  | June 29, 2019 |  | June 30, 2018
Weighted-average number of common shares used in basic income per share | 43.914 |  |  | 42.988 |  |  | 43.767 |  |  | 42.881 |
Dilutive securities — Employee stock options and restricted stock units | 0.978 |  |  | 1.735 |  |  | 0.983 |  |  | 1.664 |
Weighted-average number of common shares and dilutive securities used in diluted income per share | 44.892 |  |  | 44.723 |  |  | 44.750 |  |  | 44.545 |
The weighted-average number of restricted stock units and stock options excluded from the computation of diluted income per share because the assumed proceeds for these instruments exceed the average market value of the underlying common stock for the related period were 0.461 and 0.996, respectively, for the three months ended June 29, 2019 and 0.379 and 0.962, respectively, for the six months ended June 29, 2019. The weighted-average number of restricted stock units and stock options excluded from the computation of diluted income per share because the assumed proceeds for these instruments exceed the average market value of the underlying common stock for the related period were 0.327 and 0.909, respectively, for the three months ended June 30, 2018 and 0.305 and 0.889, respectively, for the six months ended June 30, 2018. Long-Term Incentive Compensation Long-term incentive compensation awards may be granted to certain eligible employees or non-employee directors. A detailed description of the awards granted prior to 2019 is included in our 2018 Annual Report on Form 10-K. Awards granted on February 21, 2019 to executive officers and other members of senior management were comprised of performance stock units (“PSU’s”), stock options, and time-based restricted stock units (“RSU’s”), while other eligible employees were granted PSU’s and RSU’s. The PSU’s are eligible to vest at the end of a three-year performance period, with performance based on the total return of our stock over the three-year performance period against a peer group within the S&P 600 Capital Goods Index. Stock options and RSU’s vest ratably over the three-year period subsequent to the date of grant. Effective May 10, 2019, we granted 0.023 RSU’s to our non-employee directors, which vest in their entirety immediately prior to the annual meeting of stockholders in May 2020. Compensation expense within income from continuing operations related to long-term incentive awards totaled $3.3 and $4.2 for the three months ended June 29, 2019 and June 30, 2018, respectively and $6.8 and $8.1 for the six months ended June 29, 2019 and June 30, 2018, respectively. The related tax benefit was $0.8 and $1.1 for the three months ended June 29, 2019 and June 30, 2018, respectively and $1.7 and $2.1 for the six months ended June 29, 2019 and June 30, 2018. Accumulated Other Comprehensive Income The changes in the components of accumulated other comprehensive income, net of tax, for the three months ended June 29, 2019 were as follows:
| Foreign Currency Translation Adjustment |  | Net Unrealized Losses on Qualifying Cash Flow Hedges(1) |  | Pension and Postretirement Liability Adjustment(2) |  | Total
Balance at beginning of period | $ | 228.2 |  |  | $ | (0.5 | ) |  | $ | 18.9 |  |  | $ | 246.6 |
Other comprehensive loss before reclassifications | — |  |  | (2.2 | ) |  | — |  |  | (2.2 | )
Amounts reclassified from accumulated other comprehensive income (loss) | (1.0 | ) |  | — |  |  | (0.7 | ) |  | (1.7 | )
Current-period other comprehensive loss | (1.0 | ) |  | (2.2 | ) |  | (0.7 | ) |  | (3.9 | )
Balance at end of period | $ | 227.2 |  |  | $ | (2.7 | ) |  | $ | 18.2 |  |  | $ | 242.7 |
__________________________
(1) | Net of tax benefit of $0.9 and $0.1 as of June 29, 2019 and March 30, 2019, respectively.
(2) | Net of tax provision of $6.1 and $6.4 as of June 29, 2019 and March 30, 2019. The balances as of June 29, 2019 and March 30, 2019 include unamortized prior service credits.
The changes in the components of accumulated other comprehensive income, net of tax, for the six months ended June 29, 2019 were as follows:
| Foreign Currency Translation Adjustment |  | Net Unrealized Losses on Qualifying Cash Flow Hedges(1) |  | Pension and Postretirement Liability Adjustment(2) |  | Total
Balance at beginning of period | $ | 225.8 |  |  | $ | (0.6 | ) |  | $ | 19.7 |  |  | $ | 244.9 |
Other comprehensive loss before reclassifications | — |  |  | (2.3 | ) |  | — |  |  | (2.3 | )
Amounts reclassified from accumulated other comprehensive income (loss) | 1.4 |  |  | 0.2 |  |  | (1.5 | ) |  | 0.1 |
Current-period other comprehensive income (loss) | 1.4 |  |  | (2.1 | ) |  | (1.5 | ) |  | (2.2 | )
Balance at end of period | $ | 227.2 |  |  | $ | (2.7 | ) |  | $ | 18.2 |  |  | $ | 242.7 |
__________________________
(1) | Net of tax benefit of $0.9 and $0.2 as of June 29, 2019 and December 31, 2018, respectively.
(2) | Net of tax provision of $6.1 and $6.6 as of June 29, 2019 and December 31, 2018. The balances as of June 29, 2019 and December 31, 2018 include unamortized prior service credits.
The changes in the components of accumulated other comprehensive income, net of tax, for the three months ended June 30, 2018 were as follows:
| Foreign Currency Translation Adjustment |  | Net Unrealized Gains (Losses) on Qualifying Cash Flow Hedges(1) |  | Pension and Postretirement Liability Adjustment(2) |  | Total
Balance at beginning of period | $ | 231.2 |  |  | $ | 0.3 |  |  | $ | 23.0 |  |  | $ | 254.5 |
Other comprehensive loss before reclassifications | (1.8 | ) |  | (0.5 | ) |  | — |  |  | (2.3 | )
Amounts reclassified from accumulated other comprehensive income | — |  |  | — |  |  | (0.7 | ) |  | (0.7 | )
Current-period other comprehensive loss | (1.8 | ) |  | (0.5 | ) |  | (0.7 | ) |  | (3.0 | )
Balance at end of period | $ | 229.4 |  |  | $ | (0.2 | ) |  | $ | 22.3 |  |  | $ | 251.5 |
__________________________
(1) | Net of tax (provision) benefit of $0.1 and $(0.1) as of June 30, 2018 and March 31, 2018, respectively.
(2) | Net of tax provision of $7.3 and $7.6 as of June 30, 2018 and March 31, 2018. The balances as of June 30, 2018 and March 31, 2018 include unamortized prior service credits.
The changes in the components of accumulated other comprehensive income, net of tax, for the six months ended June 30, 2018 were as follows:
| Foreign Currency Translation Adjustment |  | Net Unrealized Gains on Qualifying Cash Flow Hedges(1) |  | Pension and Postretirement Liability Adjustment(2) |  | Total
Balance at beginning of period | $ | 230.2 |  |  | $ | 0.8 |  |  | $ | 19.1 |  |  | $ | 250.1 |
Other comprehensive loss before reclassifications | (0.8 | ) |  | (0.8 | ) |  | — |  |  | (1.6 | )
Amounts reclassified from accumulated other comprehensive income: |  |  |  |  |  |  |
Impact of initial adoption of ASC 606 - See Note 2 | — |  |  | (0.3 | ) |  | — |  |  | (0.3 | )
Stranded income tax effects resulting from tax reform - See Note 2 | — |  |  | 0.2 |  |  | 4.6 |  |  | 4.8 |
Commodity contracts and amortization of prior service credits - See below | — |  |  | (0.1 | ) |  | (1.4 | ) |  | (1.5 | )
Current-period other comprehensive income (loss) | (0.8 | ) |  | (1.0 | ) |  | 3.2 |  |  | 1.4 |
Balance at end of period | $ | 229.4 |  |  | $ | (0.2 | ) |  | $ | 22.3 |  |  | $ | 251.5 |
__________________________
(1) | Net of tax (provision) benefit of $0.1 and $(0.5) as of June 30, 2018 and December 31, 2017, respectively.
(2) | Net of tax provision of $7.3 and $12.5 as of June 30, 2018 and December 31, 2017. The balances as of June 30, 2018 and December 31, 2017 include unamortized prior service credits.
The following summarizes amounts reclassified from each component of accumulated comprehensive income for the three months ended June 29, 2019 and June 30, 2018:
| Amount Reclassified from AOCI |  |
| Three months ended |  |
| June 29, 2019 |  | June 30, 2018 |  | Affected Line Item in the Condensed Consolidated Statements of Operations
(Gains) losses on qualifying cash flow hedges: |  |  |  |  |  |  |
Commodity contracts | $ | — |  |  | $ | — |  |  | Cost of products sold
Swaps | — |  |  | — |  |  | Interest expense
Pre-tax | — |  |  | — |  |  |
Income taxes | — |  |  | — |  |  |
| $ | — |  |  | $ | — |  |  |
Gains on pension and postretirement items: |  |  |  |  |  |  |
Amortization of unrecognized prior service credits - Pre-tax | $ | (1.0 | ) |  | $ | (1.0 | ) |  | Other income (expense), net
Income taxes | 0.3 |  |  | 0.3 |  |  |
| $ | (0.7 | ) |  | $ | (0.7 | ) |  |
The following summarizes amounts reclassified from each component of accumulated comprehensive income for the six months ended June 29, 2019 and June 30, 2018:
| Amount Reclassified from AOCI |  |
| Six months ended |  |
| June 29, 2019 |  | June 30, 2018 |  | Affected Line Item in the Condensed Consolidated Statements of Operations
(Gains) losses on qualifying cash flow hedges: |  |  |  |  |  |  |
Commodity contracts | $ | 0.3 |  |  | $ | (0.2 | ) |  | Cost of products sold
Swaps | — |  |  | — |  |  | Interest expense
Pre-tax | 0.3 |  |  | (0.2 | ) |  |
Income taxes | (0.1 | ) |  | 0.1 |  |  |
| $ | 0.2 |  |  | $ | (0.1 | ) |  |
Gains on pension and postretirement items: |  |  |  |  |  |  |
Amortization of unrecognized prior service credits - Pre-tax | $ | (2.0 | ) |  | $ | (2.0 | ) |  | Other income (expense), net
Income taxes | 0.5 |  |  | 0.6 |  |  |
| $ | (1.5 | ) |  | $ | (1.4 | ) |  |

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