XML 32 R18.htm IDEA: XBRL DOCUMENT
v3.7.0.1

Shareholders' equity | 3 Months Ended
--- | ---
Apr. 02, 2017
Equity [Abstract] |
Shareholders' equity | Note 10 — Shareholders’ equity 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 to include dilutive securities. The following table provides a reconciliation of basic to diluted weighted average shares outstanding:
| Three Months Ended
| April 2, 2017 |  | March 27, 2016
| (Shares in thousands)
Basic | 44,893 |  |  | 41,647 |
Dilutive effect of share-based awards | 821 |  |  | 519 |
Dilutive effect of 3.875% Convertible Notes and warrants (1) | 901 |  |  | 6,616 |
Diluted | 46,615 |  |  | 48,782 |
(1) | The reduction in the dilutive effect of the Convertible Notes and warrants at April 2, 2017 as compared to March 27, 2016 is due to the Company’s repurchase of Convertible Notes and conversions by holders of the Convertible Notes subsequent to March 27, 2016.
Weighted average shares that were antidilutive and therefore excluded from the calculation of earnings per share were 0.5 million and 5.2 million for the three months ended April 2, 2017 and March 27, 2016, respectively. In connection with the issuance of the Convertible Notes, the Company entered into convertible note hedge and warrant agreements. The convertible note hedge, consisting of call options held by the Company, economically reduces the dilutive impact of the Convertible Notes. However, applicable accounting guidance requires the Company to separately address the dilutive impact of the warrants issued under the warrant agreements in computing diluted weighted average shares outstanding, without giving effect to the anti-dilutive impact of the call options. The reduction in the number of diluted shares that would result from giving effect to the anti-dilutive impact of the call options would have been 0.5 million and 3.6 million for the three months ended April 2, 2017 and March 27, 2016, respectively. The treasury stock method is applied to the warrants because the average market price of the Company's common stock during the reporting periods presented exceeds the warrant exercise price of $74.65 per share, and assumes the proceeds from the exercise of the warrants are used by the Company to repurchase shares based on such average market price. Shares issuable upon exercise of the warrants that were included in the total diluted shares outstanding were 0.4 million and 3.0 million for the three months ended April 2, 2017 and March 27, 2016, respectively. The following tables provide information relating to the changes in accumulated other comprehensive loss, net of tax, for the three months ended April 2, 2017 and March 27, 2016:
| Cash Flow Hedges |  | Pension and Other Postretirement Benefit Plans |  | Foreign Currency Translation Adjustment |  | Accumulated Other Comprehensive (Loss) Income
| (Dollars in thousands)
Balance as of December 31, 2016 | $ | (2,424 | ) |  | $ | (136,596 | ) |  | $ | (299,697 | ) |  | $ | (438,717 | )
Other comprehensive income (loss) before reclassifications | 350 |  |  | (241 | ) |  | 46,982 |  |  | 47,091 |
Amounts reclassified from accumulated other comprehensive income | 1,378 |  |  | 1,131 |  |  | — |  |  | 2,509 |
Net current-period other comprehensive income | 1,728 |  |  | 890 |  |  | 46,982 |  |  | 49,600 |
Balance as of April 2, 2017 | $ | (696 | ) |  | $ | (135,706 | ) |  | $ | (252,715 | ) |  | $ | (389,117 | )
| Cash Flow Hedges |  | Pension and Other Postretirement Benefit Plans |  | Foreign Currency Translation Adjustment |  | Accumulated Other Comprehensive (Loss) Income
| (Dollars in thousands)
Balance at December 31, 2015 | $ | (2,491 | ) |  | $ | (138,887 | ) |  | $ | (229,746 | ) |  | $ | (371,124 | )
Other comprehensive (loss) before reclassifications | (50 | ) |  | 182 |  |  | 20,476 |  |  | 20,608 |
Amounts reclassified from accumulated other comprehensive loss | 1,530 |  |  | 1,056 |  |  | — |  |  | 2,586 |
Net current-period other comprehensive income | 1,480 |  |  | 1,238 |  |  | 20,476 |  |  | 23,194 |
Balance at March 27, 2016 | $ | (1,011 | ) |  | $ | (137,649 | ) |  | $ | (209,270 | ) |  | $ | (347,930 | )
The following table provides information relating to the location in the statements of operations and amount of reclassifications of losses/(gains) in accumulated other comprehensive (loss) income into expense/(income), net of tax, for the three months ended April 2, 2017 and March 27, 2016:
| Three Months Ended
| April 2, 2017 |  | March 27, 2016
| (Dollars in thousands)
Losses on foreign exchange contracts: |  |  |
Cost of goods sold | $ | 1,645 |  |  | $ | 1,871 |
Total before tax | 1,645 |  |  | 1,871 |
Tax benefit | (267 | ) |  | (341 | )
Net of tax | $ | 1,378 |  |  | $ | 1,530 |
Amortization of pension and other postretirement benefit items: |  |  |
Actuarial losses (1) | $ | 1,726 |  |  | $ | 1,622 |
Prior-service costs(1) | 29 |  |  | 14 |
Total before tax | 1,755 |  |  | 1,636 |
Tax benefit | (624 | ) |  | (580 | )
Net of tax | $ | 1,131 |  |  | $ | 1,056 |
Total reclassifications, net of tax | $ | 2,509 |  |  | $ | 2,586 |
(1) These accumulated other comprehensive (loss) income components are included in the computation of net benefit expense for pension and other postretirement benefit plans (see Note 12 for additional information). Mezzanine Equity As of December 31, 2016, the Company reclassified $1.8 million from additional paid-in capital to convertible notes in the mezzanine equity section of the Company's consolidated balance sheet. The reclassified amount represents the aggregate difference between the principal amount and the carrying value of the Convertible Notes purchased by the Company pursuant to the Exchange Transactions (see "3.875% Convertible Senior Subordinated Notes - Exchange Transactions" within Note 7) under agreements that were entered into prior to December 31,2016, but not consummated until January 5, 2017. No reclassification was required as of April 2, 2017.

X
- References No definition available. + Details
Name: | us-gaap_EquityAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration