Shareholders' Equity (Tables)

3 Months Ended

Mar. 30, 2024

Shareholders' Equity

Schedule of changes in accumulated other comprehensive loss, excluding noncontrolling interests

	Quarter Ended
	March 30,		April 1,
(thousands)	2024		2023
Foreign Currency Translation Adjustment and Other:
Other comprehensive (loss) income before reclassifications (a)	$	(98,172)	$	8,008
Amounts reclassified into income		45		200
Unrealized Gain on Foreign Exchange Contracts Designated as Net Investment Hedges, Net:
Other comprehensive income before reclassifications (b)		4,970		1,125
Amounts reclassified into income		(1,372)		(1,558)
Unrealized Gain on Interest Rate Swaps Designated as Cash Flow Hedges, Net:
Other comprehensive loss before reclassifications (b)		—		(4,347)
Amounts reclassified into income		529		638
Employee Benefit Plan Items, Net:
Amounts reclassified into income		(91)		(272)
Net change in Accumulated other comprehensive (loss) income	$	(94,091)	$	3,794

(a) Foreign currency translation adjustment includes intra-entity foreign currency transactions that are of a long-term investment nature of $6.8 million and $5.6 million for the first quarter of 2024 and 2023, respectively.

(b) For additional information related to net investment hedges and interest rate swaps refer to Note H.

Schedule of activity in the number of shares outstanding

	Common		Common
	Stock	Treasury	Stock
(thousands)	Issued	Stock	Outstanding
Common stock outstanding at December 31, 2023	57,691	3,880	53,811
Shares issued for stock-based compensation awards	264	(57)	321
Repurchases of common stock	—	902	(902)
Common stock outstanding at March 30, 2024	57,955	4,725	53,230

	Common		Common
	Stock	Treasury	Stock
(thousands)	Issued	Stock	Outstanding
Common stock outstanding at December 31, 2022	125,424	66,175	59,249
Shares issued for stock-based compensation awards	—	(313)	313
Repurchases of common stock	—	2,564	(2,564)
Common stock outstanding at April 1, 2023	125,424	68,426	56,998

Schedule of company's share-repurchase program

					Approximate
					Dollar Value of
	Dollar Value		Dollar Value of		Shares that May
	Approved for		Shares		Yet be Purchased
Share-Repurchase Details by Month of Board Approval (thousands)	Repurchase		Repurchased		Under the Program
September 2022	$	600,000	$	600,000	$	—
January 2023		1,000,000		524,590		475,410
Total (a)	$	1,600,000	$	1,124,590	$	475,410

(a) The dollar value of shares repurchased includes an accrual of $0.7 million for excise taxes during the first quarter of 2024 which is recorded within “Treasury stock” on the company’s consolidated balance sheets.