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RECLASSIFICATIONS
In fiscal 2000, the
Company began reporting royalty income, previously reflected in Other
Income, in Net Sales. Accordingly, royalty income reflected in Other Income
in 1999 and 1998 of $1.6 million and $1.4 million, respectively, has been
reclassified to Net Sales.
[2]
EARNINGS PER SHARE
The following table
sets forth the computation of basic and diluted earnings per share (in
thousands except per share amounts):
[3]
RETIREMENT AND OTHER BENEFIT PLANS
The Company’s
pension plans cover substantially all full-time United States employees.
Under the plans, salaried, management and certain hourly employees’
pension benefits are based on the employee’s highest consecutive
five years of compensation during the 10 years before retirement; hourly
employees’ and union members’ benefits are based on stated amounts
for each year of service. The Company’s funding policy for all plans
is to make the minimum annual contributions required by applicable regulations.
In addition to providing
pension benefits, the Company sponsors unfunded defined benefit postretirement
health and life insurance plans that cover both salaried and hourly employees
who had become eligible for benefits by January 1, 1995. The postretirement
health care plans are offered on a shared-cost basis only to employees
electing early retirement. This coverage ceases when the employee reaches
age 65 and becomes eligible for Medicare. The retirees’ contributions
are adjusted annually and the Company intends to continue to increase
retiree contributions in the future. The life insurance plans provide
coverage ranging from $1,000 to $50,000 for qualifying retired employees.
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