Shareholders' Equity

9 Months Ended

Sep. 25, 2020

Stockholders' Equity Note [Abstract]

Shareholders’ Equity

Changes in components of accumulated other comprehensive income (loss), net of tax were (in thousands):


	Pension and Postretirement Medical		Cumulative Translation Adjustment		Total
Three Months Ended September 25, 2020
Balance, June 26, 2020	$	(109,695)	$	(53,987)	$	(163,682)
Other comprehensive income (loss) before reclassifications	—		30,966		30,966
Reclassified to pension cost and deferred tax	1,801		—		1,801

Balance, September 25, 2020	$	(107,894)	$	(23,021)	$	(130,915)


Nine Months Ended September 25, 2020
Balance, December 27, 2019	$	(113,721)	$	(56,066)	$	(169,787)
Other comprehensive income (loss) before reclassifications	—		33,045		33,045
Reclassified to pension cost and deferred tax	5,827		—		5,827

Balance, September 25, 2020	$	(107,894)	$	(23,021)	$	(130,915)



Three Months Ended September 27, 2019
Balance, June 28, 2019	$	(83,745)	$	(55,567)	$	(139,312)
Other comprehensive income (loss) before reclassifications	—		(6,396)		(6,396)
Reclassified to pension cost and deferred tax	1,763		—		1,763

Balance, September 27, 2019	$	(81,982)	$	(61,963)	$	(143,945)


Nine Months Ended September 27, 2019
Balance, December 28, 2018	$	(86,889)	$	(57,968)	$	(144,857)
Other comprehensive income (loss) before reclassifications	—		(3,995)		(3,995)
Reclassified to pension cost and deferred tax	4,907		—		4,907

Balance, September 27, 2019	$	(81,982)	$	(61,963)	$	(143,945)

In connection with the Company's sale of its U.K.-based valve business (“Alco”) in July of 2020, $24 million of unrealized foreign currency translation losses recorded in accumulated other comprehensive income were reclassified to net earnings for the three and nine months ended September 25, 2020. A loss reserve liability of $24 million related to the unrealized foreign currency losses was previously recognized in the second quarter of 2020 with the impairment of Alco. This reserve liability was eliminated upon sale and offsets the impact of the foreign currency translation reclassification on net earnings.

Amounts related to pension and postretirement medical adjustments are reclassified to non-service components of pension cost that are included within other non-operating expenses.