Shareholders' Equity

9 Months Ended

Oct. 01, 2022

Accumulated Other Comprehensive Income (Loss) [Line Items]

Stockholders' Equity Note Disclosure [Text Block]

Shareholders’ Equity

Accumulated Other Comprehensive Loss

The following table presents the changes in Accumulated other comprehensive income (loss), excluding noncontrolling interests:

	Quarter Ended				Nine Months Ended
(thousands)	October 1, 2022		October 2, 2021		October 1, 2022		October 2, 2021
Foreign Currency Translation Adjustment and Other:
Other comprehensive loss before reclassifications (a)	$	(200,163)	$	(45,976)	$	(467,465)	$	(91,930)
Amounts reclassified into income	(468)		(497)		(1,271)		(1,362)
Unrealized Gain on Foreign Exchange Contracts Designated as Net Investment Hedges, Net:
Other comprehensive income before reclassifications	13,016		6,988		30,031		15,861
Amounts reclassified into income	(1,669)		(1,670)		(5,008)		(5,014)
Unrealized Gain (Loss) on Interest Rate Swaps Designated as Cash Flow Hedges, Net:
Other comprehensive income before reclassifications	6,616		1,760		25,161		18,225
Amounts reclassified into income	687		1,386		2,026		1,913
Employee Benefit Plan Items, Net:
Amounts reclassified into income	117		499		305		1,481
Net change in Accumulated other comprehensive loss	$	(181,864)	$	(37,510)	$	(416,221)	$	(60,826)

(a)     Foreign currency translation adjustment includes intra-entity foreign currency transactions that are of a long-term investment nature of $20.2 million and $48.5 million for the third quarter and first nine months of 2022, and $(7.5) million and $(8.8) million for the third quarter and first nine months of 2021, respectively.

Share-Repurchase Program

The following table shows the company’s Board of Directors (the “Board”) approved share-repurchase programs as of October 1, 2022:

Share-Repurchase Details by Month of Board Approval (thousands)	Dollar Value Approved for Repurchase		Dollar Value of Shares Repurchased		Approximate Dollar Value of Shares that May Yet be Purchased Under the Program
July 2020	$	600,000	$	600,000	$	—
July 2021	600,000		600,000		—
December 2021	600,000		571,019		28,981
September 2022	600,000		—		600,000
Total	$	2,400,000	$	1,771,019	$	628,981

In the third quarter and first nine months of 2022, the company repurchased 2.5 million and 6.5 million shares of common stock for $259.4 million and $734.4 million, respectively, under the share-repurchase program. In the third quarter and first nine months of 2021, the company repurchased 2.1 million and 5.7 million shares of common stock for $250.0 million and $650.0 million, respectively, under the program. In September 2022, the company's Board of Directors approved an additional share-repurchase program of $600.0 million. As of October 1, 2022, $629.0 million remained available for repurchase under the program.