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EQUITY AND LONG-TERM INCENTIVE COMPENSATION
9 Months Ended
Sep. 26, 2020
Equity [Abstract]  
EQUITY AND LONG-TERM INCENTIVE COMPENSATION EQUITY AND LONG-TERM INCENTIVE COMPENSATION
Income Per Share
The following table sets forth the number of weighted-average shares outstanding used in the computation of basic and diluted income per share:

 Three months endedNine months ended
September 26,
2020
September 28,
2019
September 26,
2020
September 28,
2019
Weighted-average number of common shares used in basic income per share44.708 44.072 44.538 43.870 
Dilutive securities — Employee stock options and restricted stock units1.186 1.104 1.156 0.991 
Weighted-average number of common shares and dilutive securities used in diluted income per share45.894 45.176 45.694 44.861 

The weighted-average number of restricted stock units and stock options excluded from the computation of diluted income per share because the assumed proceeds for these instruments exceed the average market value of the underlying common stock for the related period were 0.352 and 0.858, respectively, for the three months ended September 26, 2020, and 0.346 and 0.817, respectively, for the nine months ended September 26, 2020.

The weighted-average number of restricted stock units and stock options excluded from the computation of diluted income per share because the assumed proceeds for these instruments exceed the average market value of the underlying common stock for the related period were 0.369 and 0.909, respectively, for the three months ended September 28, 2019, and 0.373 and 0.961, respectively, for the nine months ended September 28, 2019.
Long-Term Incentive Compensation

Long-term incentive compensation awards may be granted to certain eligible employees or non-employee directors. A detailed description of the awards granted prior to 2020 is included in our 2019 Annual Report on Form 10-K.
Awards granted on February 20, 2020 to executive officers and other members of senior management were comprised of performance stock units (“PSU’s”), stock options, and time-based restricted stock units (“RSU’s”), while other eligible employees were granted PSU’s and RSU’s. The PSU’s are eligible to vest at the end of a three-year performance period, with performance based on the total return of our stock over the three-year performance period against a peer group within the S&P 600 Capital Goods Index. Stock options and RSU’s vest ratably over the three-year period subsequent to the date of grant.
Effective May 14, 2020, we granted 0.028 RSU's to our non-employee directors, which vest in their entirety immediately prior to the annual meeting of stockholders in May 2021.

Compensation expense within income from continuing operations related to long-term incentive awards totaled $3.4 and $3.3 for the three months ended September 26, 2020 and September 28, 2019, respectively, and $10.2 and $10.1 for the nine months ended September 26, 2020 and September 28, 2019. The related tax benefit was $0.9 and $0.8 for the three months ended September 26, 2020 and September 28, 2019, respectively, and $2.6 and $2.5 for the nine months ended September 26, 2020 and September 28, 2019.

Accumulated Other Comprehensive Income

The changes in the components of accumulated other comprehensive income, net of tax, for the three months ended September 26, 2020 were as follows:
 Foreign
Currency
Translation
Adjustment
Net Unrealized Losses
on Qualifying Cash
Flow Hedges(1)
Pension and
Postretirement
Liability
Adjustment(2)
Total
Balance at beginning of period$227.2 $(8.0)$16.1 $235.3 
Other comprehensive income before reclassifications1.7 0.4 — 2.1 
Amounts reclassified from accumulated other comprehensive income (loss)— 0.7 (0.9)(0.2)
Current-period other comprehensive income (loss)1.7 1.1 (0.9)1.9 
Balance at end of period$228.9 $(6.9)$15.2 $237.2 
__________________________
(1)Net of tax benefit of $2.2 and $2.6 as of September 26, 2020 and June 27, 2020, respectively.
(2)Net of tax provision of $5.2 and $5.5 as of September 26, 2020 and June 27, 2020, respectively. The balances as of September 26, 2020 and June 27, 2020 include unamortized prior service credits.
The changes in the components of accumulated other comprehensive income, net of tax, for the nine months ended September 26, 2020 were as follows:
 Foreign
Currency
Translation
Adjustment
Net Unrealized
 Losses
on Qualifying Cash
Flow Hedges(1)
Pension and
Postretirement
Liability
Adjustment(2)
Total
Balance at beginning of period$228.0 $(1.6)$17.9 $244.3 
Other comprehensive income (loss) before reclassifications0.9 (7.8)— (6.9)
Amounts reclassified from accumulated other comprehensive income (loss)— 2.5 (2.7)(0.2)
Current-period other comprehensive income (loss)0.9 (5.3)(2.7)(7.1)
Balance at end of period$228.9 $(6.9)$15.2 $237.2 
__________________________
(1)Net of tax benefit of $2.2 and $0.5 as of September 26, 2020 and December 31, 2019, respectively.
(2)Net of tax provision of $5.2 and $6.1 as of September 26, 2020 and December 31, 2019, respectively. The balances as of September 26, 2020 and December 31, 2019 include unamortized prior service credits.
The changes in the components of accumulated other comprehensive income, net of tax, for the three months ended September 28, 2019 were as follows:
Foreign
Currency
Translation
Adjustment
Net Unrealized
 Losses
on Qualifying Cash
Flow Hedges(1)
Pension and
Postretirement
Liability
Adjustment(2)
Total
Balance at beginning of period$227.2 $(2.7)$18.2 $242.7 
Other comprehensive loss before reclassifications(1.8)(0.6)— (2.4)
Amounts reclassified from accumulated other comprehensive income (loss)— 0.4 (0.8)(0.4)
Current-period other comprehensive loss(1.8)(0.2)(0.8)(2.8)
Balance at end of period$225.4 $(2.9)$17.4 $239.9 
__________________________
(1)Net of tax benefit of $1.0 and $0.9 as of September 28, 2019 and June 29, 2019, respectively.
(2)Net of tax provision of $5.9 and $6.1 as of September 28, 2019 and June 29, 2019, respectively. The balances as of September 28, 2019 and June 29, 2019 include unamortized prior service credits.
The changes in the components of accumulated other comprehensive income, net of tax, for the nine months ended September 28, 2019 were as follows:
Foreign Currency Translation Adjustment
Net Unrealized Losses on Qualifying Cash Flow Hedges(1)
Pension and Postretirement Liability Adjustment(2)
Total
Balance at beginning of period$225.8 $(0.6)$19.7 $244.9 
Other comprehensive loss before reclassifications(0.4)(2.9)— (3.3)
Amounts reclassified from accumulated other comprehensive income (loss)— 0.6 (2.3)(1.7)
Current-period other comprehensive loss(0.4)(2.3)(2.3)(5.0)
Balance at end of period$225.4 $(2.9)$17.4 $239.9 
__________________________
(1)Net of tax benefit of $1.0 and $0.2 as of September 28, 2019 and December 31, 2018, respectively.
(2)Net of tax provision of $5.9 and $6.6 as of September 28, 2019 and December 31, 2018, respectively. The balances as of September 28, 2019 and December 31, 2018 include unamortized prior service credits.
The following summarizes amounts reclassified from each component of accumulated comprehensive income for the three months ended September 26, 2020 and September 28, 2019:
Amount Reclassified from AOCI 
Three months ended
September 26, 2020September 28, 2019Affected Line Item in the Condensed
Consolidated Statements of Operations
(Gains) losses on qualifying cash flow hedges:   
Commodity contracts$(0.5)$0.3 Cost of products sold
Swaps1.4 0.2 Interest expense
Pre-tax0.9 0.5  
Income taxes(0.2)(0.1) 
 $0.7 $0.4  
Gains on pension and postretirement items:   
Amortization of unrecognized prior service credits - Pre-tax$(1.2)$(1.0)Other income, net
Income taxes0.3 0.2  
 $(0.9)$(0.8) 
The following summarizes amounts reclassified from each component of accumulated comprehensive income for the nine months ended September 26, 2020 and September 28, 2019:
Amount Reclassified from AOCI 
Nine months ended
September 26, 2020September 28, 2019Affected Line Item in the Condensed
Consolidated Statements of Operations
Losses on qualifying cash flow hedges:   
Commodity contracts$0.1 $0.6 Cost of products sold
Swaps3.2 0.2 Interest expense
Pre-tax3.3 0.8  
Income taxes(0.8)(0.2) 
 $2.5 $0.6  
Gains on pension and postretirement items:   
Amortization of unrecognized prior service credits - Pre-tax$(3.6)$(3.0)Other income, net
Income taxes0.9 0.7  
 $(2.7)$(2.3)