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Shareholders' equity
 6 Months Ended
Jul. 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 number of common shares outstanding:
 
Three Months Ended
 
Six Months Ended
 
July 2, 2017
 
June 26, 2016
 
July 2, 2017
 
June 26, 2016
 
(Shares in thousands)
Basic
44,996

 
43,549

 
44,945

 
42,598

Dilutive effect of share-based awards
866

 
566

 
843

 
543

Dilutive effect of 3.875% Convertible Notes and warrants (1)
956

 
3,131

 
928

 
4,873

Diluted
46,818

 
47,246

 
46,716

 
48,014


(1)
The reduction in the dilutive effect of the Convertible Notes and warrants during the three and six months ended July 2, 2017 as compared to three and six months ended June 26, 2016 is due principally to the Company’s repurchase of Convertible Notes and conversions by holders of the Convertible Notes during and subsequent to the three month period ended June 26, 2016.
The weighted average number of shares that were antidilutive and therefore excluded from the calculation of earnings per share were 0.7 million and 0.6 million for the three and six months ended July 2, 2017, respectively, and 5.0 million and 5.1 million for the three and six months ended June 26, 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 number of common shares outstanding, without giving effect to the anti-dilutive impact of the call options. The reduction in the weighted average 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 for the three and six months ended July 2, 2017, and 1.7 million and 2.6 million for the three and six months ended June 26, 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 0.5 million and 0.4 million for the three and six months ended July 2, 2017, respectively, and 1.5 million and 2.2 million for the three and six months ended June 26, 2016, respectively.
The following tables provide information relating to the changes in accumulated other comprehensive loss, net of tax, for the six months ended July 2, 2017 and June 26, 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
2,684

 
(669
)
 
112,667

 
114,682

Amounts reclassified from accumulated other comprehensive income
2,477

 
2,263

 
—

 
4,740

Net current-period other comprehensive income
5,161

 
1,594

 
112,667

 
119,422

Balance as of July 2, 2017
$
2,737

 
$
(135,002
)
 
$
(187,030
)
 
$
(319,295
)
 
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
(1,684
)
 
375

 
11,285

 
9,976

Amounts reclassified from accumulated other comprehensive loss
2,668

 
2,109

 
—

 
4,777

Net current-period other comprehensive income
984

 
2,484

 
11,285

 
14,753

Balance at June 26, 2016
$
(1,507
)
 
$
(136,403
)
 
$
(218,461
)
 
$
(356,371
)

  
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 and six months ended July 2, 2017 and June 26, 2016:
 
Three Months Ended
 
Six Months Ended
 
July 2, 2017
 
June 26, 2016
 
July 2, 2017
 
June 26, 2016
 
(Dollars in thousands)
Losses on foreign exchange contracts:
 
 
 
 
 
 
 
Cost of goods sold
$
1,303

 
$
1,501

 
$
2,948

 
$
3,372

Total before tax
1,303

 
1,501

 
2,948

 
3,372

Tax benefit
(204
)
 
(363
)
 
(471
)
 
(704
)
Net of tax
$
1,099

 
$
1,138

 
$
2,477

 
$
2,668

Amortization of pension and other postretirement benefit items:
Actuarial losses (1)
$
1,727

 
$
1,620

 
$
3,453

 
$
3,242

Prior-service costs(1)
30

 
14

 
59

 
28

Total before tax
1,757

 
1,634

 
3,512

 
3,270

Tax benefit
(625
)
 
(581
)
 
(1,249
)
 
(1,161
)
Net of tax
$
1,132

 
$
1,053

 
$
2,263

 
$
2,109

 
 
 
 
 
 
 
 
Total reclassifications, net of tax
$
2,231

 
$
2,191

 
$
4,740

 
$
4,777

(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 July 2, 2017.