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Shareholders' equity | 3 Months Ended
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Mar. 31, 2024
Equity [Abstract] |
Shareholders' equity | 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 31, 2024 |  | April 2, 2023 |  |  |  |  |  |  |  |
Basic | 47,068 |  |  | 46,949 |  |  |  |  |  |  |  |  |
Dilutive effect of share-based awards | 326 |  |  | 336 |  |  |  |  |  |  |  |  |
Diluted | 47,394 |  |  | 47,285 |  |  |  |  |  |  |  |  |
The weighted average number of shares that were antidilutive and therefore excluded from the calculation of earnings per share were 0.8 million and 0.6 million for the three months ended March 31, 2024 and April 2, 2023, respectively. The following tables provide information relating to the changes in accumulated other comprehensive loss, net of tax, for the three months ended March 31, 2024 and April 2, 2023:
| Cash Flow Hedges |  | Pension and Other Postretirement Benefit Plans |  | Foreign Currency Translation Adjustment |  | Accumulated Other Comprehensive (Loss) Income
Balance as of December 31, 2023 | $ | 1,396 |  |  | $ | (88,049) |  |  | $ | (227,752) |  |  | $ | (314,405) |
Other comprehensive income (loss) before reclassifications | 2,457 |  |  | 8,726 |  |  | (36,669) |  |  | (25,486) |
Amounts reclassified from accumulated other comprehensive (loss) income | (1,779) |  |  | 80,616 |  |  | — |  |  | 78,837 |
Net current-period other comprehensive income (loss) | 678 |  |  | 89,342 |  |  | (36,669) |  |  | 53,351 |
Balance as of March 31, 2024 | $ | 2,074 |  |  | $ | 1,293 |  |  | $ | (264,421) |  |  | $ | (261,054) |
| Cash Flow Hedges |  | Pension and Other Postretirement Benefit Plans |  | Foreign Currency Translation Adjustment |  | Accumulated Other Comprehensive (Loss) Income
Balance as of December 31, 2022 | $ | 4,931 |  |  | $ | (135,799) |  |  | $ | (272,654) |  |  | $ | (403,522) |
Other comprehensive income (loss) before reclassifications | 5,260 |  |  | (184) |  |  | 18,570 |  |  | 23,646 |
Amounts reclassified from accumulated other comprehensive income | (2,852) |  |  | 1,397 |  |  | — |  |  | (1,455) |
Net current-period other comprehensive income | 2,408 |  |  | 1,213 |  |  | 18,570 |  |  | 22,191 |
Balance as of April 2, 2023 | $ | 7,339 |  |  | $ | (134,586) |  |  | $ | (254,084) |  |  | $ | (381,331) |
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 (income) expense, net of tax, for the three months ended March 31, 2024 and April 2, 2023:
| Three Months Ended |  |
| March 31, 2024 |  | April 2, 2023 |  |  |  |
(Gains) Loss on foreign exchange contracts: |  |  |  |  |  |
Cost of goods sold | $ | (1,762) |  |  | $ | (3,054) |  |  |  |  |
Total before tax | (1,762) |  |  | (3,054) |  |  |  |  |
Taxes | (17) |  |  | 202 |  |  |  |  |
Net of tax | (1,779) |  |  | (2,852) |  |  |  |  |
Pension and other postretirement benefit items (1): |  |  |  |
Actuarial losses | 1,201 |  |  | 2,066 |  |  |  |  |
Prior-service costs | (492) |  |  | (252) |  |  |  |  |
Settlements | 138,139 |  |  | — |  |  |  |  |
Total before tax | 138,848 |  |  | 1,814 |  |  |  |  |
Tax benefit | (58,232) |  |  | (417) |  |  |  |  |
Net of tax | 80,616 |  |  | 1,397 |  |  |  |  |
Total reclassifications, net of tax | $ | 78,837 |  |  | $ | (1,455) |  |  |  |  |
(1) These accumulated other comprehensive (loss) income components are included in the computation of net benefit expense for pension and other postretirement benefit plans.

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