Changes In Shareholders' Equity

3 Months Ended

Apr. 01, 2012

Changes In Shareholders' Equity [Abstract]

Changes In Shareholders' Equity

Note 9 — Changes in shareholders' equity

In 2007, the Company's Board of Directors authorized the repurchase of up to $300 million of outstanding Company common stock. Repurchases of Company stock under the Board authorization may be made from time to time in the open market and may include privately-negotiated transactions as market conditions warrant and subject to regulatory considerations. The stock repurchase program has no expiration date and the Company's ability to execute on the program will depend on, among other factors, cash requirements for acquisitions, cash generation from operations, debt repayment obligations, market conditions and regulatory requirements. In addition, under the Company's senior credit agreements, the Company is subject to certain restrictions relating to its ability to repurchase shares in the event the Company's consolidated leverage ratio exceeds certain levels, which may limit the Company's ability to repurchase shares under this Board authorization. Through April 1, 2012, no shares have been purchased under this Board authorization.

The following table provides a reconciliation of basic to diluted weighted average shares outstanding:

	Three Months Ended
	April 1, 2012		March 27, 2011
	(Shares in thousands)
Basic		40,769		40,057
Dilutive shares assumed issued		—		367
Diluted		40,769		40,424

Weighted average stock options that were antidilutive and therefore not included in the calculation of earnings per share were approximately 8,937 thousand and 9,036 thousand for the three months ended April 1, 2012 and March 27, 2011, respectively.

The following tables provide information relating to the changes in accumulated other comprehensive income (loss), net of tax, for the three months ended April 1, 2012 and March 27, 2011:

	Cash Flow Hedges			Pension and Other Postretirement Benefit Plans			Foreign Currency Translation Adjustment			Accumulated Other Comprehensive Income
	(Dollars in thousands)
Balance at December 31, 2011	$	(7,257	)	$	(134,548	)	$	(17,548	)	$	(159,353	)
Current-period other comprehensive income		2,460			978			30,605			34,043
Balance at April 1, 2012	$	(4,797	)	$	(133,570	)	$	13,057		$	(125,310	)

	Cash Flow Hedges			Pension and Other Postretirement Benefit Plans			Foreign Currency Translation Adjustment			Accumulated Other Comprehensive Income
	(Dollars in thousands)
Balance at December 31, 2010	$	(15,262	)	$	(95,746	)	$	59,128		$	(51,880	)
Current-period other comprehensive income		1,764			4,916			48,230			54,910
Divestiture of Marine		—			8,427			(33,424	)		(24,997	)
Discontinued operations		142			(37	)		2,072			2,177
Balance at March 27, 2011	$	(13,356	)	$	(82,440	)	$	76,006		$	(19,790	)