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Shareholders' equity
 6 Months Ended
Jun. 30, 2024
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 EndedSix Months Ended
June 30, 2024July 2, 2023June 30, 2024July 2, 2023
Basic47,151 46,981 47,130 46,965 
Dilutive effect of share-based awards210 348 248 342 
Diluted47,361 47,329 47,378 47,307 
The weighted average number of shares that were antidilutive and therefore excluded from the calculation of earnings per share were 0.9 million for the three and six months ended June 30, 2024 and 0.7 million for the three and six months ended July 2, 2023.
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.
The following tables provide information relating to the changes in accumulated other comprehensive loss, net of tax, for the six months ended June 30, 2024 and July 2, 2023:
Cash Flow HedgesPension and Other Postretirement Benefit PlansForeign Currency Translation AdjustmentAccumulated Other Comprehensive (Loss) Income
Balance as of December 31, 2023$1,396 $(88,049)$(227,752)$(314,405)
Other comprehensive income (loss) before reclassifications(780)8,735 (50,901)(42,946)
Amounts reclassified from accumulated other comprehensive (loss) income(2,095)80,241 — 78,146 
Net current-period other comprehensive income (loss)(2,875)88,976 (50,901)35,200 
Balance as of June 30, 2024$(1,479)$927 $(278,653)$(279,205)
 Cash Flow HedgesPension and Other Postretirement Benefit PlansForeign Currency Translation AdjustmentAccumulated Other Comprehensive (Loss) Income
Balance as of December 31, 2022$4,931 $(135,799)$(272,654)$(403,522)
Other comprehensive income (loss) before reclassifications8,056 (388)16,049 23,717 
Amounts reclassified from accumulated other comprehensive income(4,855)2,796 — (2,059)
Net current-period other comprehensive income3,201 2,408 16,049 21,658 
Balance as of July 2, 2023$8,132 $(133,391)$(256,605)$(381,864)
The following table provides information relating to the location in the statements of operations and amount of reclassifications of losses/(gains) in accumulated other comprehensive (loss) income into (income) expense, net of tax, for the three and six months ended June 30, 2024 and July 2, 2023:
Three Months EndedSix Months Ended
June 30, 2024July 2, 2023June 30, 2024July 2, 2023
(Gains) Loss on foreign exchange contracts:
Cost of goods sold$(347)$(2,181)$(2,109)$(5,235)
Total before tax(347)(2,181)(2,109)(5,235)
Taxes31 178 14 380 
Net of tax(316)(2,003)(2,095)(4,855)
Pension and other postretirement benefit items (1):
Actuarial losses9 2,069 1,210 4,135 
Prior-service costs(491)(252)(983)(504)
Settlements— — 138,139 — 
Total before tax(482)1,817 138,366 3,631 
Tax benefit107 (418)(58,125)(835)
Net of tax(375)1,399 80,241 2,796 
Total reclassifications, net of tax$(691)$(604)$78,146 $(2,059)
(1) These accumulated other comprehensive (loss) income components are included in the computation of net benefit expense for pension and other postretirement benefit plans.