XML 33 R25.htm IDEA: XBRL DOCUMENT v3.20.1
Equity
 3 Months Ended
Apr. 02, 2020
Stockholders' Equity Note [Abstract]  
Equity Equity
 
Earnings per Share Calculation
 
Basic net income per share is computed using the weighted-average number of outstanding shares of Common Stock during the measurement period. Diluted net income per share is computed using the weighted-average number of outstanding shares of Common Stock and, when dilutive, potential outstanding shares of Common Stock during the measurement period.

The Company accounts for treasury stock under the cost method and includes treasury stock as a component of stockholders’ equity. As of April 2, 2020, no treasury shares have been reissued or retired.

During the three month period ended April 2, 2020, the Company repurchased no shares of its Common Stock. The total authorization amount remaining under the current share repurchase program is approximately $925.0. Share repurchases are currently on hold pending the outcome of the B737 MAX grounding. The February 2020 Amendment to the 2018 Credit Agreement imposes additional restrictions on the Company’s ability to repurchase shares.

The following table sets forth the computation of basic and diluted earnings per share:
 
For the Three Months Ended
 
April 2, 2020
 
March 28, 2019
 
Income
 
Shares
 
Per Share
Amount
 
Income
 
Shares
 
Per Share
Amount
Basic EPS
 

 
 

 
 

 
 

 
 

 
 

(Loss) income available to common stockholders
$
(162.9
)
 
103.7

 
$
(1.57
)
 
$
163.0

 
104.0

 
$
1.57

(Loss) income allocated to participating securities
(0.1
)
 
—

 
 

 
0.1

 
0.1

 
 

Net (loss) income
$
(163.0
)
 
 

 
 

 
$
163.1

 
 

 
 

 
 
 
 
 
 
 
 
 
 
 
 
Diluted potential common shares
 

 


 
 

 
 

 
1.2

 
 

Diluted EPS
 

 
 

 
 

 
 

 
 

 
 

Net (loss) income
$
(163.0
)
 
103.7

 
$
(1.57
)
 
$
163.1

 
105.3

 
$
1.55


Included in the outstanding Common Stock were 1.5 and 1.4 of issued but unvested shares at April 2, 2020 and March 28, 2019, respectively, which are excluded from the basic EPS calculation.
 
Accumulated Other Comprehensive Loss
 
Accumulated Other Comprehensive Loss is summarized by component as follows:
 
 
As of
 
As of
 
April 2, 2020
 
December 31, 2019
Pension
$
(142.5
)
 
$
(53.1
)
Interest swaps
(10.4
)
 
(0.6
)
SERP/Retiree medical
13.0

 
17.1

Foreign currency impact on long term intercompany loan
(16.0
)
 
(13.1
)
Currency translation adjustment
(95.0
)
 
(59.5
)
Total accumulated other comprehensive loss
$
(250.9
)
 
$
(109.2
)

 
Amortization or settlement cost recognition of the pension plans’ net gain/(loss) reclassified from accumulated other comprehensive loss and realized into costs of sales and selling, general and administrative on the consolidated statements of operations was $1.0 and $0 for the three months ended April 2, 2020 and March 28, 2019, respectively.