XML 42 R29.htm IDEA: XBRL DOCUMENT v3.23.1
Shareholders' Equity Components of Other Comprehensive Income (Tables)
3 Months Ended
Apr. 01, 2023
Changes in Components of Accumulated Other Comprehensive Income [Abstract]  
Components of Accumulated Other Comprehensive Income [Table Text Block]
The following table presents the changes in Accumulated other comprehensive income (loss), excluding noncontrolling interests:
Quarter Ended
(thousands)April 1,
2023
April 2,
2022
Foreign Currency Translation Adjustment and Other:
Other comprehensive income (loss) before reclassifications (a)$8,008 $(48,700)
Amounts reclassified into income200 (341)
Unrealized Gain on Foreign Exchange Contracts Designated as Net Investment Hedges, Net:
Other comprehensive income before reclassifications (b)1,125 1,094 
Amounts reclassified into income(1,558)(1,669)
Unrealized Gain (Loss) on Interest Rate Swaps Designated as Cash Flow Hedges, Net:
Other comprehensive income (loss) before reclassifications (b)(4,347)7,547 
Amounts reclassified into income638 658 
Employee Benefit Plan Items, Net:
Amounts reclassified into income(272)99 
Net change in Accumulated other comprehensive income (loss)$3,794 $(41,312)

(a)     Foreign currency translation adjustment includes intra-entity foreign currency transactions that are of a long-term investment nature of $5.6 million and $(8.3) million for the first quarter of 2023 and 2022, respectively.
(b)     For additional information related to net investment hedges and interest rate swaps refer to Note H.
Share-Repurchase Programs [Table Text Block]
The following table shows the company’s Board of Directors (the “Board”) approved share-repurchase programs as of April 1, 2023:
Share-Repurchase Details by Month of Board Approval (thousands)Dollar Value Approved for RepurchaseDollar Value of Shares RepurchasedApproximate
Dollar Value of
Shares that May
Yet be
Purchased
Under the
Program
July 2021$600,000 $600,000 $— 
December 2021600,000 600,000 — 
September 2022600,000 571,503 28,497 
January 20231,000,000 — 1,000,000 
Total$2,800,000 $1,771,503 $1,028,497 
The company repurchased 2.6 million shares of common stock for $300.2 million and 2.0 million shares of common stock for $250.0 million in the first quarter of 2023 and 2022, respectively, under the company's share-repurchase program. On January 31, 2023, the company's Board of Directors approved a $1.0 billion increase to the company's share-repurchase program. As of April 1, 2023, approximately $1.0 billion remained available for repurchase under the program. The company's share-repurchase program does not have an expiration date.
Schedule of Stock by Class
The following table sets forth the activity in the number of shares outstanding:
(thousands)Common Stock IssuedTreasury StockCommon Stock Outstanding
Common stock outstanding at December 31, 2022125,424 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, 2023125,424 68,426 56,998 

(thousands)Common Stock IssuedTreasury StockCommon Stock Outstanding
Common stock outstanding at December 31, 2021125,424 57,358 68,066 
Shares issued for stock-based compensation awards— (385)385 
Repurchases of common stock— 2,015 (2,015)
Common stock outstanding at April 2, 2022125,424 58,988 66,436