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Shareholders' equity | 12 Months Ended
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Dec. 31, 2023
Equity [Abstract] |
Shareholders' equity | Shareholders' equity Our authorized capital is comprised of 200 million common shares, $1 par value, and 500,000 preference shares. No preference shares have been outstanding during the last three years. 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:
| 2023 |  | 2022 |  | 2021
Basic | 46,981 |  |  | 46,898 |  |  | 46,774 |
Dilutive effect of share based awards | 323 |  |  | 411 |  |  | 653 |
Diluted | 47,304 |  |  | 47,309 |  |  | 47,427 |
Weighted average shares that were antidilutive and therefore excluded from the calculation of diluted earnings per share were 0.7 million, 0.5 million, and 0.1 million for the years ended December 31, 2023, 2022, and 2021, respectively. The following table provides information relating to the changes in accumulated other comprehensive income (loss), net of tax, for each of the years ended December 31, 2023 and 2022:
| Cash Flow Hedges |  | Pension and Other Postretirement Benefit Plans |  | Foreign Currency Translation Adjustment |  | Accumulated Other Comprehensive Income (Loss)
Balance at December 31, 2021 | $ | 1,081 |  |  | $ | (138,290) |  |  | $ | (209,750) |  |  | $ | (346,959) |
Other comprehensive income (loss) before reclassifications | 7,179 |  |  | (2,606) |  |  | (62,904) |  |  | (58,331) |
Amounts reclassified from accumulated other comprehensive income | (3,329) |  |  | 5,097 |  |  | — |  |  | 1,768 |
Net current-year other comprehensive income (loss) | 3,850 |  |  | 2,491 |  |  | (62,904) |  |  | (56,563) |
Balance at December 31, 2022 | 4,931 |  |  | (135,799) |  |  | (272,654) |  |  | (403,522) |
Other comprehensive income before reclassifications | 8,314 |  |  | 42,380 |  |  | 44,902 |  |  | 95,596 |
Amounts reclassified from accumulated other comprehensive income | (11,849) |  |  | 5,370 |  |  | — |  |  | (6,479) |
Net current-year other comprehensive (loss) income | (3,535) |  |  | 47,750 |  |  | 44,902 |  |  | 89,117 |
Balance at December 31, 2023 | $ | 1,396 |  |  | $ | (88,049) |  |  | $ | (227,752) |  |  | $ | (314,405) |
The following table provides information relating to the (gains) losses recognized in the statements of income including the reclassifications of losses (gains) in accumulated other comprehensive (loss) income into expense/ (income), net of tax, for the years ended December 31, 2023, 2022 and 2021:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
(Gains) losses on designated foreign exchange forward contracts:
Cost of goods sold | $ | (12,234) |  |  | $ | (3,532) |  |  | $ | 1,150 |
Total before tax | (12,234) |  |  | (3,532) |  |  | 1,150 |
Taxes expense | 385 |  |  | 203 |  |  | 62 |
Net of tax | (11,849) |  |  | (3,329) |  |  | 1,212 |
Amortization of pension and other postretirement benefits items:
Actuarial losses (1) | 7,989 |  |  | 7,660 |  |  | 8,543 |
Prior-service credits (1) | (1,008) |  |  | (1,017) |  |  | (1,012) |
Total before tax | 6,981 |  |  | 6,643 |  |  | 7,531 |
Tax benefit | (1,611) |  |  | (1,546) |  |  | (1,756) |
Net of tax | 5,370 |  |  | 5,097 |  |  | 5,775 |
Impact on income from continuing operations, net of tax | $ | (6,479) |  |  | $ | 1,768 |  |  | $ | 6,987 |
(1)These accumulated other comprehensive (loss) income components are included in the computation of net benefit cost of pension and other postretirement benefit plans (see Note 16 for additional information).

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