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Shareholders' equity | 9 Months Ended
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Sep. 29, 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 Ended |  | Nine Months Ended |  |
| September 29, 2024 |  | October 1, 2023 |  | September 29, 2024 |  | October 1, 2023 |  |  |  |
Basic | 46,724 |  |  | 46,992 |  |  | 46,995 |  |  | 46,974 |  |  |  |  |
Dilutive effect of share-based awards | 288 |  |  | 307 |  |  | 261 |  |  | 330 |  |  |  |  |
Diluted | 47,012 |  |  | 47,299 |  |  | 47,256 |  |  | 47,304 |  |  |  |  |
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 nine months ended September 29, 2024 and 0.8 million and 0.7 million for the three and nine months ended October 1, 2023, 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 during the three months ended September 29, 2024. 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. The total number of shares to be repurchased under the agreement will be based on volume-weighted average prices of our common stock during the accelerated share repurchase period. Based on our calculations to date, we expect to receive additional shares of common stock upon final settlement of the agreement, which will be completed during the fourth quarter of 2024. The following tables provide information relating to the changes in accumulated other comprehensive loss, net of tax, for the nine months ended September 29, 2024 and October 1, 2023:
| 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 (loss) income before reclassifications (1) | (6,249) |  |  | 8,280 |  |  | (23,008) |  |  | (20,977) |
Amounts reclassified from accumulated other comprehensive (loss) income | (2,677) |  |  | 79,819 |  |  | — |  |  | 77,142 |
Net current-period other comprehensive (loss) income | (8,926) |  |  | 88,099 |  |  | (23,008) |  |  | 56,165 |
Balance as of September 29, 2024 | $ | (7,530) |  |  | $ | 50 |  |  | $ | (250,760) |  |  | $ | (258,240) |
(1)The foreign currency translation includes a loss of $19.7 million stemming from the measurement period adjustment related to our acquisition of Palette as described in Note 4.
| Cash Flow Hedges |  | Pension and Other Postretirement Benefit Plans |  | Foreign Currency Translation Adjustment |  | Accumulated Other Comprehensive (Loss) Income
Balance as of December 31, 2022 | $ | 4,931 |  |  | $ | (135,799) |  |  | $ | (272,654) |  |  | $ | (403,522) |
Other comprehensive income (loss) before reclassifications | 9,109 |  |  | (76) |  |  | (13,368) |  |  | (4,335) |
Amounts reclassified from accumulated other comprehensive income | (8,320) |  |  | 4,027 |  |  | — |  |  | (4,293) |
Net current-period other comprehensive income | 789 |  |  | 3,951 |  |  | (13,368) |  |  | (8,628) |
Balance as of October 1, 2023 | $ | 5,720 |  |  | $ | (131,848) |  |  | $ | (286,022) |  |  | $ | (412,150) |
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 nine months ended September 29, 2024 and October 1, 2023:
| Three Months Ended |  | Nine Months Ended
| September 29, 2024 |  | October 1, 2023 |  | September 29, 2024 |  | October 1, 2023
(Gains) Loss on foreign exchange contracts: |  |  |  |  |  |
Cost of goods sold | $ | (589) |  |  | $ | (3,499) |  |  | $ | (2,698) |  |  | $ | (8,734) |
Total before tax | (589) |  |  | (3,499) |  |  | (2,698) |  |  | (8,734) |
Taxes | 7 |  |  | 34 |  |  | 21 |  |  | 414 |
Net of tax | (582) |  |  | (3,465) |  |  | (2,677) |  |  | (8,320) |
Pension and other postretirement benefit items (1): |  |  |  |
Actuarial (gains) losses | (48) |  |  | 1,851 |  |  | 1,162 |  |  | 5,986 |
Prior-service costs | (492) |  |  | (252) |  |  | (1,475) |  |  | (756) |
Settlements | — |  |  | — |  |  | 138,139 |  |  | — |
Total before tax | (540) |  |  | 1,599 |  |  | 137,826 |  |  | 5,230 |
Tax benefit | 118 |  |  | (368) |  |  | (58,007) |  |  | (1,203) |
Net of tax | (422) |  |  | 1,231 |  |  | 79,819 |  |  | 4,027 |
Total reclassifications, net of tax | $ | (1,004) |  |  | $ | (2,234) |  |  | $ | 77,142 |  |  | $ | (4,293) |
(1) These accumulated other comprehensive (loss) income components are included in the computation of net benefit expense for pension and other postretirement benefit plans.

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