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Equity and Redeemable Noncontrolling Interest | 3 Months Ended
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Apr. 01, 2017
Equity [Abstract] |
EQUITY AND REDEEMABLE NONCONTROLLING INTEREST | EQUITY AND REDEEMABLE NONCONTROLLING INTEREST Earnings Per Share The following table reconciles the numerator and denominator in the computations of basic and diluted earnings per share:
| Three Months Ended
| April 1, 2017 |  | March 26, 2016
| (in thousands)
Numerator: |  |  |
Income from continuing operations, net of income taxes | $ | 46,963 |  |  | $ | 37,575 |
Loss from discontinued operations, net of income taxes | (4 | ) |  | (26 | )
Less: Net income attributable to noncontrolling interests | 181 |  |  | 406 |
Net income attributable to common shareholders | $ | 46,778 |  |  | $ | 37,143 |
Denominator: |  |  |
Weighted-average shares outstanding - Basic | 47,546 |  |  | 46,642 |
Effect of dilutive securities: |  |  |
Stock options, restricted stock units, performance share units and restricted stock | 875 |  |  | 975 |
Weighted-average shares outstanding - Diluted | 48,421 |  |  | 47,617 |
Options to purchase approximately 1.1 million and 1.0 million shares for the three months ended April 1, 2017 and March 26, 2016, respectively, as well as an insignificant number of restricted stock, restricted stock units (RSUs), and performance share units (PSUs), were not included in computing diluted earnings per share because their inclusion would have been anti-dilutive. Basic weighted average shares outstanding for both the three months ended April 1, 2017 and March 26, 2016 excluded the impact of approximately 1.1 million shares of non-vested restricted stock and restricted stock units. Treasury Shares During the three months ended April 1, 2017, the Company repurchased 0.4 million shares totaling $32.1 million under its authorized stock repurchase program. The Company did not repurchase any shares under its authorized stock repurchase program in the three months ended March 26, 2016. As of April 1, 2017, the Company had $37.6 million remaining on the authorized stock repurchase program. On May 9, 2017, the Company’s Board of Directors increased the stock repurchase authorization by $150.0 million, to an aggregate amount of $1.3 billion. The Company’s stock-based compensation plans permit the netting of common stock upon vesting of restricted stock, RSUs, and PSUs in order to satisfy individual statutory tax withholding requirements. During the three months ended April 1, 2017, and March 26, 2016, the Company acquired approximately 0.2 million shares for $16.1 million and approximately 0.2 million shares for $12.1 million, respectively. Accumulated Other Comprehensive Income Changes to each component of accumulated other comprehensive income, net of income taxes, are as follows:
| Foreign Currency Translation Adjustment and Other |  | Pension and Other Post-Retirement Benefit Plans |  | Total
| (in thousands)
December 31, 2016 | $ | (154,595 | ) |  | $ | (99,169 | ) |  | $ | (253,764 | )
Other comprehensive loss before reclassifications | 11,104 |  |  | — |  |  | 11,104 |
Amounts reclassified from accumulated other comprehensive income (loss) | — |  |  | 854 |  |  | 854 |
Net current period other comprehensive income | 11,104 |  |  | 854 |  |  | 11,958 |
Income tax expense | — |  |  | 226 |  |  | 226 |
April 1, 2017 | $ | (143,491 | ) |  | $ | (98,541 | ) |  | $ | (242,032 | )
Nonredeemable Noncontrolling Interests The Company has investments in several entities whose financial results are consolidated in the Company’s financial statements, as it has the ability to exercise control over these entities. The interests of the respective noncontrolling parties in these entities have been recorded as noncontrolling interests. The activity within the nonredeemable noncontrolling interests was non-significant during the three months ended April 1, 2017, and March 26, 2016. Redeemable Noncontrolling Interest The Company’s redeemable noncontrolling interest resulted from an acquisition of a 75% ownership interest in Vital River in January 2013 and a purchase of an additional 12% equity interest in Vital River in July 2016, totaling an ownership of 87%. Prior to the purchase of an additional 12% equity interest on July 7, 2016, the redeemable noncontrolling interest was reported at fair value. Concurrent with the purchase of an additional equity interest, the original agreement was amended providing the Company with the right to purchase, and the noncontrolling interest holders with the right to sell, the remaining 13% equity interest at a contractually defined redemption value, subject to a redemption floor (embedded derivative). These rights are exercisable beginning in 2019 and are accelerated in certain events. The redeemable noncontrolling interest is measured at the greater of the amount that would be paid if settlement occurred as of the balance sheet date based on the contractually defined redemption value ($14.1 million as of April 1, 2017) and its carrying amount adjusted for net income (loss) attributable to the noncontrolling interest. As the noncontrolling interest holders have the ability to require the Company to purchase the remaining 13% interest, the noncontrolling interest is classified in the mezzanine section of the consolidated balance sheet, which is presented above the equity section and below liabilities. The agreement does not limit the amount that the Company could be required to pay to purchase the remaining 13% equity interest. The following table provides a rollforward of the activity related to the Company’s redeemable noncontrolling interest:
| Three Months Ended
| April 1, 2017 |  | March 26, 2016
| (in thousands)
Beginning balance | $ | 14,659 |  |  | $ | 28,008 |
Purchase of additional equity interest | — |  |  | — |
Total gains or losses (realized/unrealized): |  |  |
Net income (loss) attributable to noncontrolling interest | (78 | ) |  | 198 |
Foreign currency translation | 117 |  |  | (186 | )
Change in fair value, included in additional paid-in capital | — |  |  | 724 |
Ending balance | $ | 14,698 |  |  | $ | 28,744 |

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SAB Topic 4.E) -URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74567-122707 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(31)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SAB Topic 4.C) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(30)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(d)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Preferred Stock -URI http://asc.fasb.org/extlink&oid=6521494 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644 Reference 16: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644 + Details
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