Shareholders' equity

3 Months Ended

Mar. 28, 2021

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
	March 28, 2021	March 29, 2020
Basic	46,698	46,382
Dilutive effect of share-based awards	709	849

Diluted	47,407	47,231

The weighted average number of shares that were antidilutive and therefore excluded from the calculation of earnings per share were 0.1 million the three months ended March 28, 2021 and March 29, 2020.

The following tables provide information relating to the changes in accumulated other comprehensive loss, net of tax, for the three months ended March 28, 2021 and March 29, 2020:


	Cash Flow Hedges		Pension and Other Postretirement Benefit Plans		Foreign Currency Translation Adjustment		Accumulated Other Comprehensive (Loss) Income
Balance as of December 31, 2020	$	(482)	$	(150,257)	$	(146,559)	$	(297,298)
Other comprehensive (loss) income before reclassifications	(811)		161		(24,075)		(24,725)
Amounts reclassified from accumulated other comprehensive income	838		1,450		—		2,288
Net current-period other comprehensive (loss) income	27		1,611		(24,075)		(22,437)

Balance as of March 28, 2021	$	(455)	$	(148,646)	$	(170,634)	$	(319,735)


	Cash Flow Hedges		Pension and Other Postretirement Benefit Plans		Foreign Currency Translation Adjustment		Accumulated Other Comprehensive (Loss) Income
Balance as of December 31, 2019	$	735	$	(138,810)	$	(206,317)	$	(344,392)
Other comprehensive income (loss) before reclassifications	(3,760)		263		(18,199)		(21,696)
Amounts reclassified from accumulated other comprehensive loss	(57)		1,426		—		1,369
Net current-period other comprehensive income	(3,817)		1,689		(18,199)		(20,327)

Balance as of March 29, 2020	$	(3,082)	$	(137,121)	$	(224,516)	$	(364,719)

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 March 28, 2021 and March 29, 2020:


	Three Months Ended
	March 28, 2021		March 29, 2020
Losses (gains) on foreign exchange contracts:
Cost of goods sold	$	846	$	(66)
Total before tax	846		(66)
(Benefit) tax	(8)		9
Net of tax	$	838	$	(57)
Amortization of pension and other postretirement benefit items (1):
Actuarial losses	$	2,143	$	1,852
Prior-service costs	(251)		8

Total before tax	1,892		1,860
Tax benefit	(442)		(434)
Net of tax	$	1,450	$	1,426
Total reclassifications, net of tax	$	2,288	$	1,369

(1) These accumulated other comprehensive (loss) income components are included in the computation of net benefit expense for pension and other postretirement benefit plans.