CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS

12 Months Ended

Dec. 30, 2023

Equity [Abstract]

CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS

CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS

Common Stock

On August 5, 2021, the Company's Board of Directors approved a share repurchase program (the "2021 Repurchase Program") which authorized the repurchase of up to $200.0 million of the Company's outstanding Common Stock through open market or privately negotiated transactions. On December 11, 2023, the Company announced that its Board of Directors approved a new share repurchase program ("the 2023 Repurchase Program") which authorized the repurchase of up to $300.0 million of the Company's outstanding Common Stock through open market or privately negotiated transactions. The 2023 Repurchase Program replaced all remaining shares under the 2021 Repurchase Program and does not have an expiration date but may be suspended, modified or terminated at any time without prior notice.

The timing and amount of repurchases are determined by the Company's management based on its evaluation of market conditions, continued compliance with its debt covenants and other factors. All shares reacquired in connection with the Company's repurchase programs are treated as authorized and unissued shares upon repurchase.

During the years ended December 2023, December 2022 and December 2021, the Company repurchased 0.6 million, 1.5 million and 1.4 million shares of Common Stock, respectively, for $30.1 million, $62.5 million and $75.5 million, respectively, including commissions, under the 2021 Repurchase Program. All of the $300.0 million authorized for repurchase under the 2023 Repurchase Program remained available for repurchase as of December 2023.

Accumulated Other Comprehensive Loss

The Company's comprehensive income consists of net income and specified components of OCI, which relate to changes in assets and liabilities that are not included in net income but are instead deferred and accumulated within a separate component of equity in the Company's balance sheets. The Company's comprehensive income is presented in the Company's statements of comprehensive income.

The following table presents deferred components of AOCL in equity, net of related taxes:

(In thousands)	December 2023		December 2022		December 2021
Foreign currency translation	$	(91,057)	$	(107,462)	$	(93,125)
Defined benefit pension plans	2,913		2,243		(2,177)
Derivative financial instruments	20,293		25,554		2,546
Accumulated other comprehensive loss	$	(67,851)	$	(79,665)	$	(92,756)

The following table presents changes in AOCL and related tax impact:

(In thousands)	Foreign Currency Translation		Defined Benefit Pension Plans		Derivative Financial Instruments		Total
Balance, December 2020	$	(80,178)	$	(1,889)	$	(12,740)	$	(94,807)
Other comprehensive income (loss) due to gains (losses) arising before reclassifications	(12,947)		(399)		11,138		(2,208)
Reclassifications to net income of previously deferred (gains) losses	—		15		8,835		8,850
Net other comprehensive income (loss)	(12,947)		(384)		19,973		6,642
Income taxes	—		96		(4,687)		(4,591)
Balance, December 2021	$	(93,125)	$	(2,177)	$	2,546	$	(92,756)
Other comprehensive income (loss) due to gains (losses) arising before reclassifications	(14,337)		8,438		40,628		34,729
Reclassifications to net income of previously deferred (gains) losses	—		(2,549)		(12,422)		(14,971)
Net other comprehensive income (loss)	(14,337)		5,889		28,206		19,758
Income taxes	—		(1,469)		(5,198)		(6,667)
Balance, December 2022	$	(107,462)	$	2,243	$	25,554	$	(79,665)
Other comprehensive income (loss) due to gains (losses) arising before reclassifications	16,405		1,077		24,419		41,901
Reclassifications to net income of previously deferred (gains) losses	—		(187)		(33,829)		(34,016)
Net other comprehensive income (loss)	16,405		890		(9,410)		7,885
Income taxes	—		(220)		4,149		3,929
Balance, December 2023	$	(91,057)	$	2,913	$	20,293	$	(67,851)

The following table presents reclassifications out of AOCL:

(In thousands)		Year Ended December
Details About Accumulated Other Comprehensive Loss Reclassifications	Affected Line Item in the Financial Statements	2023		2022		2021
Defined benefit pension plans:
Net change in deferred losses during the period	Selling, general and administrative expenses	$	187	$	(32)	$	(15)
Pension curtailment gains	Other expense, net	$	—	$	2,581	$	—
Total before tax		187		2,549		(15)
Income taxes	Income taxes	(47)		(637)		3
Net of tax		140		1,912		(12)
Gains (losses) on derivative financial instruments:
Foreign currency exchange contracts	Net revenues	$	(219)	$	(1,093)	$	204
Foreign currency exchange contracts	Cost of goods sold	23,588		13,531		(2,271)
Foreign currency exchange contracts	Other expense, net	527		245		(749)
Interest rate swap agreements	Interest expense	9,933		(261)		(6,019)
Total before tax		33,829		12,422		(8,835)
Income taxes	Income taxes	(3,541)		(924)		2,724
Net of tax		30,288		11,498		(6,111)
Total reclassifications for the period, net of tax		$	30,428	$	13,410	$	(6,123)