Shareholders' equity

6 Months Ended

Jun. 29, 2025

Equity [Abstract]

Shareholders' equity

Shareholders' equity

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 number of common shares outstanding:

	Three Months Ended		Six Months Ended
	June 29, 2025	June 30, 2024	June 29, 2025	June 30, 2024
Basic	44,269	47,151	45,017	47,130
Dilutive effect of share-based awards	63	210	103	248
Diluted	44,332	47,361	45,120	47,378

The weighted average number of shares that were antidilutive and therefore excluded from the calculation of earnings per share were 1.5 million and 1.3 million for the three and six months ended June 29, 2025, respectively, and 0.9 million for the three and six months ended June 30, 2024.

On July 30, 2024, the Board of Directors authorized a share repurchase program for up to $500 million of our common stock. On February 28, 2025, we entered into an accelerated share repurchase agreement for $300 million of our common stock, representing the remainder of the share repurchase program approved by the Board of Directors in 2024. Under this agreement, 1,725,253 shares of common stock, representing 80% of the $300 million aggregate, were delivered and included in treasury stock during the three months ended March 30, 2025. The initial shares received were calculated based on a price per share of $139.11, which was the closing share price of our common stock on February 27, 2025. Final settlement under the agreement occurred on April 9, 2025, at which time we received 493,150 additional shares of common stock. The total shares received were calculated based on a price per share of $135.23, which was based on volume-weighted average prices of our common stock during the accelerated share repurchase period less a discount.

The following tables provide information relating to the changes in accumulated other comprehensive loss, net of tax, for the six months ended June 29, 2025 and June 30, 2024:

	Cash Flow Hedges		Pension and Other Postretirement Benefit Plans		Foreign Currency Translation Adjustment		Accumulated Other Comprehensive (Loss) Income
Balance as of December 31, 2024	$	1,839	$	1,838	$	(320,346)	$	(316,669)
Other comprehensive (loss) income before reclassifications	(9,210)		(2,090)		68,218		56,918
Amounts reclassified from accumulated other comprehensive income	464		633		—		1,097
Net current-period other comprehensive (loss) income	(8,746)		(1,457)		68,218		58,015
Balance as of June 29, 2025	$	(6,907)	$	381	$	(252,128)	$	(258,654)

	Cash Flow Hedges		Pension and Other Postretirement Benefit Plans		Foreign Currency Translation Adjustment		Accumulated Other Comprehensive (Loss) Income
Balance as of December 31, 2023	$	1,396	$	(88,049)	$	(227,752)	$	(314,405)
Other comprehensive income (loss) before reclassifications	(780)		8,735		(50,901)		(42,946)
Amounts reclassified from accumulated other comprehensive (loss) income	(2,095)		80,241		—		78,146
Net current-period other comprehensive income	(2,875)		88,976		(50,901)		35,200
Balance as of June 30, 2024	$	(1,479)	$	927	$	(278,653)	$	(279,205)

The following table provides information relating to the location in the statements of operations and amount of reclassifications of losses/(gains) in accumulated other comprehensive (loss)/income into (income)/expense, net of tax, for the three and six months ended June 29, 2025 and June 30, 2024:

	Three Months Ended				Six Months Ended
	June 29, 2025		June 30, 2024		June 29, 2025		June 30, 2024
(Gains) Loss on foreign exchange contracts:
Cost of goods sold	$	(1,231)	$	(347)	$	357	$	(2,109)
Total before tax	(1,231)		(347)		357		(2,109)
Taxes	(9)		31		107		14
Net of tax	(1,240)		(316)		464		(2,095)
Pension and other postretirement benefit items (1):
Actuarial (gains) losses	15		9		39		1,210
Prior-service costs	385		(491)		770		(983)
Settlements	—		—		—		138,139
Total before tax	400		(482)		809		138,366
Tax benefit	(87)		107		(176)		(58,125)
Net of tax	313		(375)		633		80,241
Total reclassifications, net of tax	$	(927)	$	(691)	$	1,097	$	78,146

(1) These accumulated other comprehensive (loss) income components are included in the computation of net benefit expense for pension and other postretirement benefit plans.