Shareholders' Equity

9 Months Ended

Sep. 30, 2023

Shareholders' Equity

Shareholders' Equity

Note J – Shareholders’ Equity

Accumulated Other Comprehensive Income (Loss)

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

	Quarter Ended				Nine Months Ended
	September 30,		October 1,		September 30,		October 1,
(thousands)	2023		2022		2023		2022
Foreign Currency Translation Adjustment and Other:
Other comprehensive loss before reclassifications (a)	$	(107,891)	$	(200,163)	$	(98,801)	$	(467,465)
Amounts reclassified into income		342		(468)		726		(1,271)
Unrealized Gain on Foreign Exchange Contracts Designated as Net Investment Hedges, Net:
Other comprehensive income before reclassifications (b)		5,448		13,016		3,902		30,031
Amounts reclassified into income		(1,371)		(1,669)		(4,301)		(5,008)
Unrealized Gain on Interest Rate Swaps Designated as Cash Flow Hedges, Net:
Other comprehensive income before reclassifications (b)		—		6,616		585		25,161
Amounts reclassified into income		519		687		1,672		2,026
Employee Benefit Plan Items, Net:
Amounts reclassified into income		(261)		117		(831)		305
Net change in Accumulated other comprehensive loss	$	(103,214)	$	(181,864)	$	(97,048)	$	(416,221)

(a) Foreign currency translation adjustment includes intra-entity foreign currency transactions that are of a long-term investment nature of ($21.0) million and $7.1 million for the third quarter and first nine months of 2023, and $20.2 million and $48.5 million for the third quarter and first nine months of 2022, respectively.

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

Common Stock Outstanding Activity

The following table sets forth the activity in the number of shares outstanding:

	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
Shares issued for stock-based compensation awards	—	(264)	264
Repurchases of common stock	—	1,600	(1,600)
Common stock outstanding at July 1, 2023	125,424	69,762	55,662
Shares issued for stock-based compensation awards	—	(45)	45
Repurchases of common stock	—	1,552	(1,552)
Common stock outstanding at September 30, 2023	125,424	71,269	54,155

	Common		Common
	Stock	Treasury	Stock
(thousands)	Issued	Stock	Outstanding
Common stock outstanding at December 31, 2021	125,424	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, 2022	125,424	58,988	66,436
Shares issued for stock-based compensation awards	—	(96)	96
Repurchases of common stock	—	1,929	(1,929)
Common stock outstanding at July 2, 2022	125,424	60,821	64,603
Shares issued for stock-based compensation awards	—	(25)	25
Repurchases of common stock	—	2,528	(2,528)
Common stock outstanding at October 1, 2022	125,424	63,324	62,100

Share-Repurchase Program

The following table shows the company’s share-repurchase program as of September 30, 2023:

					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
July 2021	$	600,000	$	600,000	$	—
December 2021		600,000		600,000		—
September 2022		600,000		600,000		—
January 2023		1,000,000		378,414		621,586
Total (a)	$	2,800,000	$	2,178,414	$	621,586

(a) The dollar value of shares repurchased includes an accrual of $6.2 million for excise taxes during the first nine months of 2023 which is recorded within “Treasury stock” on the company’s consolidated balance sheets.

The company repurchased 1.6 million shares and 5.7 million shares of common stock for $200.0 million and $700.9 million, in the third quarter and first nine months of 2023, respectively, under the share-repurchase program, excluding excise taxes. 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 September 30, 2023, approximately $621.6 million remained available for repurchase under the share-repurchase program. The company’s share-repurchase program does not have an expiration date.