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Shareholders' Equity | 9 Months Ended
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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.

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