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EQUITY AND LONG-TERM INCENTIVE COMPENSATION (Tables)

3 Months Ended

Mar. 28, 2020

SHAREHOLDERS' EQUITY AND STOCK-BASED COMPENSATION

Weighted-Average Shares Outstanding Used in Computation of Basic and Diluted 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
	March 28, 2020	March 30, 2019
Weighted-average number of common shares used in basic income per share	44.309	43.618
Dilutive securities — Employee stock options and restricted stock units	1.218	1.262
Weighted-average number of common shares and dilutive securities used in diluted income per share	45.527	44.880

Summary of PSU and RSU Activity

The following table summarizes the PSU and RSU activity from December 31, 2019 through March 28, 2020:

Black-Scholes Pricing Model Assumptions

The fair value of each option grant was estimated using the Black-Scholes option-pricing model with the following assumptions:


Annual expected stock price volatility	33.48	%
Annual expected dividend yield	—	%
Risk-free interest rate	1.41	%
Expected life of stock option (in years)	6.0

Schedule of Changes in Components of Accumulated Other Comprehensive Income (Loss)

The changes in the components of accumulated other comprehensive income, net of tax, for the three months ended March 28, 2020 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	$	228.0	$	(1.6)	$	17.9	$	244.3
Other comprehensive income (loss) before reclassifications	(5.7)		(6.8)		0.1		(12.4)
Amounts reclassified from accumulated other comprehensive income (loss)	—		0.4		(0.9)		(0.5)
Current-period other comprehensive loss	(5.7)		(6.4)		(0.8)		(12.9)
Balance at end of period	$	222.3	$	(8.0)	$	17.1	$	231.4

__________________________

⁽¹⁾Net of tax benefit of $2.7 and $0.5 as of March 28, 2020 and December 31, 2019, respectively.

⁽²⁾Net of tax provision of $5.8 and $6.1 as of March 28, 2020 and December 31, 2019, respectively. The balances as of March 28, 2020 and December 31, 2019 include unamortized prior service credits.

The changes in the components of accumulated other comprehensive income, net of tax, for the three months ended March 30, 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	—		(0.1)		—		(0.1)
Amounts reclassified from accumulated other comprehensive income (loss)	2.4		0.2		(0.8)		1.8
Current-period other comprehensive loss	2.4		0.1		(0.8)		1.7
Balance at end of period	$	228.2	$	(0.5)	$	18.9	$	246.6

__________________________

⁽¹⁾Net of tax benefit of $0.1 and $0.2 as of March 30, 2019 and December 31, 2018.

(2)Net of tax provision of $6.4 and $6.6 as of March 30, 2019 and December 31, 2018. The balances as of March 30, 2019 and December 31, 2018 include unamortized prior service credits.

Schedule of Amounts Reclassified from Each Component of Other Comprehensive Income (Loss)

The following summarizes amounts reclassified from each component of accumulated comprehensive income for the three months ended March 28, 2020 and March 30, 2019:


	Amount Reclassified from AOCI
	Three months ended
	March 28, 2020		March 30, 2019		Affected Line Item in the Condensed Consolidated Statements of Operations
Losses on qualifying cash flow hedges:

Commodity contracts	$	—	$	0.3	Cost of products sold
Swaps	0.5		—		Interest expense
Pre-tax	0.5		0.3
Income taxes	(0.1)		(0.1)
	$	0.4	$	0.2

Gains on pension and postretirement items:
Amortization of unrecognized prior service credits - Pre-tax	$	(1.2)	$	(1.0)	Other income (expense), net

Income taxes	0.3		0.2
	$	(0.9)	$	(0.8)