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Equity and Redeemable Noncontrolling Interest
 3 Months Ended
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