Shareholders' equity

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Shareholders' equity

Shareholders' equity

Our authorized capital is comprised of 200 million common shares, $1 par value, and 500,000 preference shares. No preference shares have been outstanding during the last three years.

Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed in the same manner except that the weighted average number of shares is increased to include dilutive securities. The following table provides a reconciliation of basic to diluted weighted average shares outstanding:

	2024	2023	2022
Basic	46,837	46,981	46,898
Dilutive effect of share based awards	257	323	411
Diluted	47,094	47,304	47,309

Weighted average shares that were antidilutive and therefore excluded from the calculation of diluted earnings per share were 0.9 million, 0.7 million, and 0.5 million for the years ended December 31, 2024, 2023, and 2022, respectively.

On July 30, 2024, the Board of Directors authorized a share repurchase program for up to $500 million of our common stock. The timing, price and actual number of shares of common stock that may be repurchased under the share repurchase authorization will depend on a variety of factors including price, market conditions and corporate and regulatory requirements. The repurchases may occur in open market transactions, transactions structured through investment banking institutions, in privately negotiated transactions, by direct purchases of common stock or a combination of the foregoing, and the timing and amount of stock repurchased will depend on market and business conditions, applicable legal and credit requirements and other corporate considerations. The authorization of the repurchase program does not constitute a binding obligation to acquire any specific amount of common stock, and the repurchase program may be suspended or discontinued at any time. On August 2, 2024, we entered into an accelerated share repurchase agreement for $200 million of our common stock. Under this agreement, 678,110 shares of common stock, representing 80% of the $200 million aggregate, were delivered and included in treasury stock. The initial shares received were calculated based on a price per share of $235.95, which was the closing share price of our common stock on August 1, 2024. Final settlement under the ASR Transaction occurred on October 30, 2024, at which time we received 172,351 additional shares of common stock. The total shares received

were calculated based on a price per share of $235.17, which was based on volume-weighted average prices of our common stock during the accelerated share repurchase period less a discount.

In February 2025, we entered into a new $300 million accelerated share repurchase agreement. See Note 20 for additional information related to this agreement.

The following table provides information relating to the changes in accumulated other comprehensive income (loss), net of tax, for each of the years ended December 31, 2024 and 2023:

	Cash Flow Hedges		Pension and Other Postretirement Benefit Plans		Foreign Currency Translation Adjustment		Accumulated Other Comprehensive Income (Loss)
Balance at December 31, 2022	$	4,931	$	(135,799)	$	(272,654)	$	(403,522)
Other comprehensive income before reclassifications	8,314		42,380		44,902		95,596
Amounts reclassified from accumulated other comprehensive income	(11,849)		5,370		—		(6,479)
Net current-year other comprehensive income (loss)	(3,535)		47,750		44,902		89,117
Balance at December 31, 2023	1,396		(88,049)		(227,752)		(314,405)
Other comprehensive income (loss) before reclassifications	1,977		10,465		(92,594)		(80,152)
Amounts reclassified from accumulated other comprehensive income	(1,534)		79,422		—		77,888
Net current-year other comprehensive (loss) income	443		89,887		(92,594)		(2,264)
Balance at December 31, 2024	$	1,839	$	1,838	$	(320,346)	$	(316,669)

The following table provides information relating to the (gains) losses recognized in the statements of income including the reclassifications of losses (gains) in accumulated other comprehensive (loss) income into expense/(income), net of tax, for the years ended December 31, 2024, 2023 and 2022:

	Year Ended December 31,
	2024		2023		2022
(Gains) losses on designated foreign exchange forward contracts:
Cost of goods sold	$	(1,626)	$	(12,234)	$	(3,532)
Total before tax	(1,626)		(12,234)		(3,532)
Taxes expense	92		385		203
Net of tax	(1,534)		(11,849)		(3,329)
Amortization of pension and other postretirement benefits items:
Actuarial losses (1)	1,152		7,989		7,660
Prior-service credits (1)	(1,967)		(1,008)		(1,017)
Settlements	138,139		—		—
Total before tax	137,324		6,981		6,643
Tax benefit	(57,902)		(1,611)		(1,546)
Net of tax	79,422		5,370		5,097
Impact on income from continuing operations, net of tax	$	77,888	$	(6,479)	$	1,768

(1)These accumulated other comprehensive (loss) income components are included in the computation of net benefit cost of pension and other postretirement benefit plans (see Note 16 for additional information).