v3.22.2.2
Equity
 9 Months Ended
Sep. 29, 2022
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. Diluted earnings per share includes any dilutive impact of RSUs, DRSUs, RSAs, and PBRSUs.

The Company accounts for treasury stock under the cost method and includes treasury stock as a component of stockholders’ equity. As of September 29, 2022, no treasury shares have been reissued or retired. The number of treasury stock shares as of September 29, 2022 includes a minor adjustment related to the October 19, 2021 court ruling described in Note 20, Commitments, Contingencies and Guarantees for certain shares that were previously awarded to the Company’s former Chief Executive Officer that were not settled in stock per the terms of the ruling.

The total authorization amount remaining under the current share repurchase program is approximately $925.0. During the nine-month period ended September 29, 2022, the Company did not repurchase any shares of its Common Stock under this share repurchase program. Share repurchases are currently on hold. The Credit Agreement imposes 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
September 29, 2022September 30, 2021
IncomeSharesPer Share
Amount		IncomeSharesPer Share
Amount
Basic EPS
Loss available to common stockholders$(127.6)104.7 $(1.22)$(113.6)104.3 $(1.09)
Income allocated to participating securities— — — — 
Net loss$(127.6)$(113.6)
Diluted potential common shares— — 
Diluted EPS
Net loss$(127.6)104.7 $(1.22)$(113.6)104.3 $(1.09)
 For the Nine Months Ended
 September 29, 2022September 30, 2021
 IncomeSharesPer Share
Amount		IncomeSharesPer Share
Amount
Basic EPS      
Loss available to common stockholders$(302.6)104.6 $(2.89)$(420.5)104.2 $(4.04)
Income allocated to participating securities— —  — —  
Net loss$(302.6)  $(420.5)  
Diluted potential common shares —   —  
Diluted EPS      
Net loss$(302.6)104.6 $(2.89)$(420.5)104.2 $(4.04)

Included in the outstanding Common Stock were 0.4 million and 0.7 million of issued but unvested shares at September 29, 2022 and September 30, 2021, respectively, which are excluded from the basic Earnings Per Share ("EPS") calculation.

Common shares of 0.5 million and 0.6 million, respectively, were excluded from diluted EPS as a result of incurring a net loss for the three and nine months ended September 29, 2022, as the effect would have been antidilutive. Additionally, diluted EPS for the three and nine months ended September 29, 2022 excludes 0.3 million shares that may be dilutive common shares in the future, but were not included in the computation of diluted EPS because the effect was either antidilutive or the performance condition was not met.

Common shares of 0.4 million and 0.5 million, respectively, were excluded from diluted EPS as a result of incurring a net loss for the three and nine months ended September 30, 2021, as the effect would have been antidilutive. Additionally, diluted EPS for the three and nine months ended September 30, 2021 excludes 0.3 million and 0.3 million shares, respectively, that may be dilutive common shares in the future, but were not included in the computation of diluted EPS because the effect was either antidilutive or the performance condition was not met.
 
Accumulated Other Comprehensive Loss
 
Accumulated Other Comprehensive Loss is summarized by component as follows:
 
As ofAs of
 September 29, 2022December 31, 2021
Pension$(70.3)$26.6 
SERP/Retiree medical10.9 12.1 
Derivatives - foreign currency hedge(25.4)(2.0)
Foreign currency impact on long-term intercompany loan(19.4)(12.2)
Currency translation adjustment(131.8)(48.2)
Total accumulated other comprehensive loss$(236.0)$(23.7)
 
Amortization or curtailment 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 Condensed Consolidated Statements of Operations was a gain of $0.5 and a gain of $0.4 for the three months ended September 29, 2022 and September 30, 2021, respectively, and a gain of $1.7 and a gain of $1.6 for the nine months ended September 29, 2022 and September 30, 2021, respectively.
See also Note 16 Pension and Other Post-Retirement Benefits. In connection with the special accounting related to the termination of the PVP A plan, mentioned above, a subsequent interim measurement of the Company's U.S. pension and other postretirement plan assets and obligations was completed during the three months ended September 29, 2022. The interim measurement included the estimated impact of the plan termination liability and enhanced benefits liability noted above and resulted in an adjustment of $134.4 to the Accumulated other comprehensive loss line item in the Stockholders' Equity section of the Company's Condensed Consolidated Balance Sheet for the period ended September 29, 2022, net of the current period settlement loss and amortization of prior service cost impacts included in Net Periodic Pension Expense above.