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EQUITY AND LONG-TERM INCENTIVE COMPENSATION (Tables) | 6 Months Ended
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Jun. 27, 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 |  |  |  | Six months ended |  |
| June 27, 2020 |  | June 29, 2019 |  | June 27, 2020 |  | June 29, 2019
Weighted-average number of common shares used in basic income per share | 44.590 |  |  | 43.914 |  |  | 44.452 |  |  | 43.767 |
Dilutive securities — Employee stock options and restricted stock units | 1.058 |  |  | 0.978 |  |  | 1.168 |  |  | 0.983 |
Weighted-average number of common shares and dilutive securities used in diluted income per share | 45.648 |  |  | 44.892 |  |  | 45.620 |  |  | 44.750 |
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 June 27, 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 | $ | 222.3 |  |  | $ | (8.0) |  |  | $ | 17.1 |  |  | $ | 231.4 |
Other comprehensive income (loss) before reclassifications | 4.9 |  |  | (1.4) |  |  | (0.1) |  |  | 3.4 |
Amounts reclassified from accumulated other comprehensive income (loss) | — |  |  | 1.4 |  |  | (0.9) |  |  | 0.5 |
Current-period other comprehensive income (loss) | 4.9 |  |  | — |  |  | (1.0) |  |  | 3.9 |
Balance at end of period | $ | 227.2 |  |  | $ | (8.0) |  |  | $ | 16.1 |  |  | $ | 235.3 |
__________________________ (1)Net of tax benefit of $2.6 and $2.7 as of June 27, 2020 and March 28, 2020, respectively. (2)Net of tax provision of $5.5 and $5.8 as of June 27, 2020 and March 28, 2020, respectively. The balances as of June 27, 2020 and March 28, 2020 include unamortized prior service credits. The changes in the components of accumulated other comprehensive income, net of tax, for the six months ended June 27, 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 loss before reclassifications | (0.8) |  |  | (8.2) |  |  | — |  |  | (9.0) |
Amounts reclassified from accumulated other comprehensive income (loss) | — |  |  | 1.8 |  |  | (1.8) |  |  | — |
Current-period other comprehensive loss | (0.8) |  |  | (6.4) |  |  | (1.8) |  |  | (9.0) |
Balance at end of period | $ | 227.2 |  |  | $ | (8.0) |  |  | $ | 16.1 |  |  | $ | 235.3 |
__________________________ (1)Net of tax benefit of $2.6 and $0.5 as of June 27, 2020 and December 31, 2019, respectively. (2)Net of tax provision of $5.5 and $6.1 as of June 27, 2020 and December 31, 2019. The balances as of June 27, 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 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, respectively. 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. (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.
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 June 27, 2020 and June 29, 2019:
| Amount Reclassified from AOCI |  |  |  |
| Three months ended |  |  |  |
| June 27, 2020 |  | June 29, 2019 |  | Affected Line Item in the Condensed Consolidated Statements of Operations
Losses on qualifying cash flow hedges: |  |  |  |  |
Commodity contracts | $ | 0.6 |  |  | $ | — |  |  | Cost of products sold
Swaps | 1.3 |  |  | — |  |  | Interest expense
Pre-tax | 1.9 |  |  | — |  |  |
Income taxes | (0.5) |  |  | — |  |  |
| $ | 1.4 |  |  | $ | — |  |  |
Gains on pension and postretirement items: |  |  |  |  |
Amortization of unrecognized prior service credits - Pre-tax | $ | (1.2) |  |  | $ | (1.0) |  |  | Other income, net
Income taxes | 0.3 |  |  | 0.3 |  |  |
| $ | (0.9) |  |  | $ | (0.7) |  |  |
The following summarizes amounts reclassified from each component of accumulated comprehensive income for the six months ended June 27, 2020 and June 29, 2019:
| Amount Reclassified from AOCI |  |  |  |
| Six months ended |  |  |  |
| June 27, 2020 |  | June 29, 2019 |  | Affected Line Item in the Condensed Consolidated Statements of Operations
Losses on qualifying cash flow hedges: |  |  |  |  |
Commodity contracts | $ | 0.6 |  |  | $ | 0.3 |  |  | Cost of products sold
Swaps | 1.8 |  |  | — |  |  | Interest expense
Pre-tax | 2.4 |  |  | 0.3 |  |  |
Income taxes | (0.6) |  |  | (0.1) |  |  |
| $ | 1.8 |  |  | $ | 0.2 |  |  |
Gains on pension and postretirement items: |  |  |  |  |
Amortization of unrecognized prior service credits - Pre-tax | $ | (2.4) |  |  | (2.0) |  |  | Other income, net
Income taxes | 0.6 |  |  | 0.5 |  |  |
| $ | (1.8) |  |  | $ | (1.5) |  |  |

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