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Shareholders' equity | 12 Months Ended
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Dec. 31, 2014
Equity [Abstract] |
Shareholders' equity | Shareholders' equity The authorized capital of the Company is comprised of 200 million common shares, $1 par value, and 500,000 preference shares. No preference shares have been outstanding during the last four years. In 2007, the Company’s Board of Directors authorized the repurchase of up to $300 million of outstanding Company common stock. Repurchases of Company stock under the Board authorization may be made from time to time in the open market and may include privately-negotiated transactions as market conditions warrant and subject to regulatory considerations. The stock repurchase program has no expiration date and the Company’s ability to execute on the program will depend on, among other factors, cash requirements for acquisitions, cash generation from operations, debt repayment obligations, market conditions and regulatory requirements. In addition, under the Company’s senior credit agreements, the Company is subject to certain restrictions relating to its ability to repurchase shares in the event the Company’s consolidated leverage ratio (generally, the ratio of Consolidated Total Indebtedness to Consolidated EBITDA, as defined in the senior credit agreement) exceeds certain levels, which may limit the Company’s ability to repurchase shares under this Board authorization. Through December 31, 2014, no shares have been purchased under this Board authorization. Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed in the same manner except that the weighted average number of shares is increased for dilutive securities. The following table provides a reconciliation of basic to diluted weighted average shares outstanding:
| 2014 |  | 2013 |  | 2012
| (Shares in thousands)
Basic | 41,366 |  |  | 41,105 |  |  | 40,859 |
Dilutive effect of share based awards | 450 |  |  | 410 |  |  | — |
Dilutive effect of 3.875% Convertible Notes and warrants | 4,654 |  |  | 2,178 |  |  | — |
Diluted | 46,470 |  |  | 43,693 |  |  | 40,859 |
Weighted average shares that were antidilutive and therefore not included in the calculation of earnings per share were approximately 6.3 million, 7.7 million and 9.0 million for the twelve months ended December 31, 2014, 2013 and 2012, respectively. During periods in which the average market price of the Company's common stock is above the applicable conversion price of the Convertible Notes, or $61.32 per share, the impact of conversion would be dilutive and the dilutive effect of conversion of the Convertibles Notes is reflected in diluted earnings per share. As previously noted in Note 8, the Company has elected the net settlement method of accounting for these conversions and as a result, in these periods, under the treasury stock method, the Company calculates the number of shares issuable under the terms of these notes based on the average market price of the stock during the period, and includes that number in the total diluted shares outstanding for the period. In connection with the issuance of the Convertible Notes, the Company entered into convertible note hedge and warrant agreements. The convertible note hedge economically reduces the dilutive impact of the Convertible Notes. However, because the Company separately analyzes the impact of the convertible note hedge and the impact of the warrant agreements on diluted weighted average shares outstanding, the effect of the convertible note hedges are disregarded because their impact would be anti-dilutive. The reductions in diluted shares that would result from the convertible note hedges are 2.7 million, 1.6 million, and 0.3 million for the twelve month periods ended December 31, 2014, 2013 and 2012, respectively. The treasury stock method is applied when the warrants are in-the-money, assuming the proceeds from the exercise of the warrants are used to repurchase shares based on the average stock price during the period. The strike price of the warrants is approximately $74.65 per share of common stock. Shares issuable upon exercise of the warrants that were included in the total diluted shares outstanding were 1.9 million and 0.6 million for the twelve month periods ended December 31, 2014 and 2013, respectively. The warrants had no dilutive impact for the twelve month period ended December 31, 2012. For additional information regarding the convertible notes and convertible note hedge and warrant agreements, see Note 8 to the consolidated financial statements. The following tables provide information relating to the changes in accumulated other comprehensive income (loss), net of tax, for the twelve months ended December 31, 2014 and 2013:
| Cash Flow Hedges |  | Pension and Other Postretirement Benefit Plans |  | Foreign Currency Translation Adjustment |  | Accumulated Other Comprehensive Income (Loss)
| (Dollars in thousands)
Balance at December 31, 2012 | $ | (381 | ) |  | $ | (127,257 | ) |  | $ | (4,410 | ) |  | $ | (132,048 | )
Other comprehensive income (loss) before reclassifications | (549 | ) |  | 25,464 |  |  | (9,408 | ) |  | 15,507 |
Amounts reclassified from accumulated other comprehensive income (loss) | 930 |  |  | 4,756 |  |  | — |  |  | 5,686 |
Net current-period other comprehensive income (loss) | 381 |  |  | 30,220 |  |  | (9,408 | ) |  | 21,193 |
Balance at December 31, 2013 | — |  |  | (97,037 | ) |  | (13,818 | ) |  | (110,855 | )
Other comprehensive income (loss) before reclassifications | 594 |  |  | (47,536 | ) |  | (105,333 | ) |  | (152,275 | )
Amounts reclassified from accumulated other comprehensive income (loss) | (594 | ) |  | 2,829 |  |  | — |  |  | 2,235 |
Net current-period other comprehensive loss | — |  |  | (44,707 | ) |  | (105,333 | ) |  | (150,040 | )
Balance at December 31, 2014 | $ | — |  |  | $ | (141,744 | ) |  | $ | (119,151 | ) |  | $ | (260,895 | )
The following table provides information relating to the reclassifications of losses/(gain) in accumulated other comprehensive income into expense/(income), net of tax, for the twelve months ended December 31, 2014 and 2013:
| December 31, 2014 |  | December 31, 2013
| (Dollars in thousands)
Gains and losses on foreign exchange contracts: |  |  |
Cost of goods sold | (705 | ) |  | 884 |
Total before tax | (705 | ) |  | 884 |
Taxes | 111 |  |  | 46 |
Net of tax | $ | (594 | ) |  | $ | 930 |
Amortization of pension and other postretirement benefits items (1): |  |  |
Actuarial losses | $ | 4,385 |  |  | $ | 7,211 |
Prior-service costs | (21 | ) |  | (21 | )
Transition obligation | — |  |  | 5 |
Total before tax | 4,364 |  |  | 7,195 |
Tax benefit | (1,535 | ) |  | (2,439 | )
Net of tax | $ | 2,829 |  |  | $ | 4,756 |
Total reclassifications, net of tax | $ | 2,235 |  |  | $ | 5,686 |
(1) | These accumulated other comprehensive income components are included in the computation of net benefit cost of pension and other postretirement benefit plans (see Note 14 to the consolidated financial statements for additional information).

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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 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(d),(e)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: 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 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29-31) -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 310 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 4.E) -URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section C Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section E Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Article 4 Reference 8: 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 9: 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 10: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29, 30, 31 -Article 5 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Reference 12: 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 13: 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 14: 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 15: 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 Reference 16: 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 17: 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 18: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph d -Article 4 Reference 19: 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 + Details
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