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Shareholders' Equity | 9 Months Ended
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Sep. 28, 2024
Shareholders' Equity |
Shareholders' Equity | Note K – 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 28, | ​ | September 30, | ​ | September 28, | ​ | September 30,
(thousands) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Foreign Currency Translation Adjustment and Other: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Other comprehensive income (loss) before reclassifications (a) | ​ | $ | 168,947 | ​ | $ | (107,891) | ​ | $ | 46,708 | ​ | $ | (98,801)
Amounts reclassified into income | ​ |  | 24 | ​ |  | 342 | ​ |  | (50) | ​ |  | 726
Unrealized Gain on Foreign Exchange Contracts Designated as Net Investment Hedges, Net: | ​ |  |  | ​ |  |  | ​ |  | ​ | ​ |  |
Other comprehensive (loss) income before reclassifications (b) | ​ |  | (5,110) | ​ |  | 5,448 | ​ |  | 2,610 | ​ |  | 3,902
Amounts reclassified into income | ​ |  | (1,312) | ​ |  | (1,371) | ​ |  | (4,056) | ​ |  | (4,301)
Unrealized Gain on Interest Rate Swaps Designated as Cash Flow Hedges, Net: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Other comprehensive (loss) income before reclassifications (b) | ​ |  | (684) | ​ |  | — | ​ |  | (684) | ​ |  | 585
Amounts reclassified into income | ​ |  | (342) | ​ |  | 519 | ​ |  | (39) | ​ |  | 1,672
Employee Benefit Plan Items, Net: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Amounts reclassified into income | ​ |  | (317) | ​ |  | (261) | ​ |  | (910) | ​ |  | (831)
Net change in Accumulated other comprehensive income (loss) | ​ | $ | 161,206 | ​ | $ | (103,214) | ​ | $ | 43,579 | ​ | $ | (97,048)
(a) | Foreign currency translation adjustment includes intra-entity foreign currency transactions that are of a long-term investment nature of $12.2 million and $3.2 million for the third quarter and first nine months of 2024, and ($21.0) million and $7.1 million for the third quarter and first nine months of 2023, respectively.
(b) | For additional information related to net investment hedges and interest rate swaps refer to Note H.
Common Stock Outstanding Activity The following tables set forth the activity in the number of shares outstanding: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Common |  | ​ |  | Common
​ | ​ | Stock | ​ | Treasury | ​ | Stock
(thousands) | ​ | Issued | ​ | Stock | ​ | Outstanding
Common stock outstanding at December 31, 2023 |  | 57,691 |  | 3,880 |  | 53,811
Shares issued for stock-based compensation awards |  | 264 |  | (57) |  | 321
Repurchases of common stock |  | — |  | 902 |  | (902)
Common stock outstanding at March 30, 2024 |  | 57,955 |  | 4,725 |  | 53,230
Shares issued for stock-based compensation awards |  | 91 |  | (9) |  | 100
Repurchases of common stock |  | — |  | 385 |  | (385)
Common stock outstanding at June 29, 2024 |  | 58,046 |  | 5,101 |  | 52,945
Shares issued for stock-based compensation awards |  | 13 |  | (11) |  | 24
Repurchases of common stock |  | — |  | 382 |  | (382)
Common stock outstanding at September 28, 2024 |  | 58,059 |  | 5,472 |  | 52,587
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 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
​ During the year ended December 31, 2023, the company retired 67.7 million shares of treasury stock. Refer to Note 10 “Shareholders’ Equity” in the company’s Annual Report on Form 10-K for the year ended December 31, 2023. ​ Share-Repurchase Program The following table shows the company’s share-repurchase program as of September 28, 2024: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ |  | 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
September 2022 | ​ | $ | 600,000 | ​ | $ | 600,000 | ​ | $ | —
January 2023 | ​ |  | 1,000,000 | ​ |  | 625,443 | ​ |  | 374,557
Total | ​ | $ | 1,600,000 | ​ | $ | 1,225,443 | ​ | $ | 374,557
​ The company repurchased 0.4 million shares and 1.6 million shares of its common stock for $50.0 million and $200.0 million in the third quarter and first nine months of 2024, respectively, under the company’s share-repurchase program, excluding excise taxes. During the first nine months of 2024, the company accrued $1.6 million of excise tax, which is recorded within “Treasury stock” on the company’s consolidated balance sheets and reduces the share-repurchase authorization, as the excise tax is a part of the overall cost of acquiring treasury shares. As of September 28, 2024, approximately $374.6 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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