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EQUITY AND LONG-TERM INCENTIVE COMPENSATION | 6 Months Ended
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Jul. 03, 2021
Equity [Abstract] |
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
| July 3, 2021 |  | June 27, 2020 |  | July 3, 2021 |  | June 27, 2020
Weighted-average number of common shares used in basic income per share | 45.271 |  |  | 44.590 |  |  | 45.201 |  |  | 44.452 |
Dilutive securities — Employee stock options and restricted stock units | 1.274 |  |  | 1.058 |  |  | 1.207 |  |  | 1.168 |
Weighted-average number of common shares and dilutive securities used in diluted income per share | 46.545 |  |  | 45.648 |  |  | 46.408 |  |  | 45.620 |
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 0.307 and 0.652, respectively, for the three months ended July 3, 2021, and 0.269 and 0.632, respectively, for the six months ended July 3, 2021. 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 0.409 and 0.944, respectively, for the three months ended June 27, 2020, and 0.345 and 0.803, respectively, for the six months ended June 27, 2020. 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 2021 is included in our 2020 Annual Report on Form 10-K. Awards granted on March 1, 2021 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 11, 2021, we granted 0.017 RSU's to our non-employee directors, which vest in their entirety immediately prior to the annual meeting of stockholders in May 2022. Compensation expense within income from continuing operations related to long-term incentive awards totaled $3.3 and $3.1 for the three months ended July 3, 2021 and June 27, 2020 and $6.1 and $6.4 for the six months ended July 3, 2021 and June 27, 2020, respectively. The related tax benefit was $0.6 and $0.8 for the three months ended July 3, 2021 and June 27, 2020 and $1.0 and $1.6 for the six months ended July 3, 2021 and June 27, 2020, respectively. Accumulated Other Comprehensive Income The changes in the components of accumulated other comprehensive income, net of tax, for the three months ended July 3, 2021 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 | $ | 239.2 |  |  | $ | (1.4) |  |  | $ | 13.4 |  |  | $ | 251.2 |
Other comprehensive income before reclassifications | 0.9 |  |  | 0.2 |  |  | — |  |  | 1.1 |
Amounts reclassified from accumulated other comprehensive income (loss) | — |  |  | (0.8) |  |  | (0.9) |  |  | (1.7) |
Current-period other comprehensive income (loss) | 0.9 |  |  | (0.6) |  |  | (0.9) |  |  | (0.6) |
Balance at end of period | $ | 240.1 |  |  | $ | (2.0) |  |  | $ | 12.5 |  |  | $ | 250.6 |
__________________________ (1)Net of tax benefit of $0.7 and $0.4 as of July 3, 2021 and April 3, 2021, respectively. (2)Net of tax provision of $4.3 and $4.6 as of July 3, 2021 and April 3, 2021, respectively. The balances as of July 3, 2021 and April 3, 2021 include unamortized prior service credits. The changes in the components of accumulated other comprehensive income, net of tax, for the six months ended July 3, 2021 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 | $ | 238.6 |  |  | $ | (4.4) |  |  | $ | 14.3 |  |  | $ | 248.5 |
Other comprehensive income before reclassifications | 1.5 |  |  | 3.5 |  |  | — |  |  | 5.0 |
Amounts reclassified from accumulated other comprehensive income (loss) | — |  |  | (1.1) |  |  | (1.8) |  |  | (2.9) |
Current-period other comprehensive income (loss) | 1.5 |  |  | 2.4 |  |  | (1.8) |  |  | 2.1 |
Balance at end of period | $ | 240.1 |  |  | $ | (2.0) |  |  | $ | 12.5 |  |  | $ | 250.6 |
__________________________ (1)Net of tax benefit of $0.7 and $1.4 as of July 3, 2021 and December 31, 2020, respectively. (2)Net of tax provision of $4.3 and $4.9 as of July 3, 2021 and December 31, 2020, respectively. The balances as of July 3, 2021 and December 31, 2020 include unamortized prior service credits. 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, respectively. The balances as of June 27, 2020 and December 31, 2019 include unamortized prior service credits. The following summarizes amounts reclassified from each component of accumulated comprehensive income for the three months ended July 3, 2021 and June 27, 2020:
| Amount Reclassified from AOCI |  |
| Three months ended |  |
| July 3, 2021 |  | June 27, 2020 |  | Affected Line Item in the Condensed Consolidated Statements of Operations
(Gains) losses on qualifying cash flow hedges: |  |  |  |  |
Commodity contracts | $ | (1.7) |  |  | $ | 0.6 |  |  | Income from discontinued operations, net of tax
Swaps | 0.6 |  |  | 1.3 |  |  | Interest expense
Pre-tax | (1.1) |  |  | 1.9 |  |  |
Income taxes | 0.3 |  |  | (0.5) |  |  |
| $ | (0.8) |  |  | $ | 1.4 |  |  |
Gains on pension and postretirement items: |  |  |  |  |
Amortization of unrecognized prior service credits - Pre-tax | $ | (1.2) |  |  | $ | (1.2) |  |  | Other income, net
Income taxes | 0.3 |  |  | 0.3 |  |  |
| $ | (0.9) |  |  | $ | (0.9) |  |  |
The following summarizes amounts reclassified from each component of accumulated comprehensive income for the six months ended July 3, 2021 and June 27, 2020:
| Amount Reclassified from AOCI |  |
| Six months ended |  |
| July 3, 2021 |  | June 27, 2020 |  | Affected Line Item in the Condensed Consolidated Statements of Operations
(Gains) losses on qualifying cash flow hedges: |  |  |  |  |
Commodity contracts | $ | (3.5) |  |  | $ | 0.6 |  |  | Income from discontinued operations, net of tax
Swaps | 2.0 |  |  | 1.8 |  |  | Interest expense
Pre-tax | (1.5) |  |  | 2.4 |  |  |
Income taxes | 0.4 |  |  | (0.6) |  |  |
| $ | (1.1) |  |  | $ | 1.8 |  |  |
Gains on pension and postretirement items: |  |  |  |  |
Amortization of unrecognized prior service credits - Pre-tax | $ | (2.4) |  |  | $ | (2.4) |  |  | Other income, net
Income taxes | 0.6 |  |  | 0.6 |  |  |
| $ | (1.8) |  |  | $ | (1.8) |  |  |

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- Definition The entire disclosure for shareholders' equity and share-based payment arrangement. Includes, but is not limited to, disclosure of policy and terms of share-based payment arrangement, deferred compensation arrangement, and employee stock purchase plan (ESPP). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
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