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Shareholders' equity
 3 Months Ended
Mar. 30, 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
March 30, 2025March 31, 2024
Basic45,782 47,068 
Dilutive effect of share-based awards144 326 
Diluted45,926 47,394 
The weighted average number of shares that were antidilutive and therefore excluded from the calculation of earnings per share were 1.1 million for the three months ended March 30, 2025 and 0.8 million for the three months ended March 31, 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 three months ended March 30, 2025 and March 31, 2024:
Cash Flow HedgesPension and Other Postretirement Benefit PlansForeign Currency Translation AdjustmentAccumulated Other Comprehensive (Loss) Income
Balance as of December 31, 2024$1,839 $1,838 $(320,346)$(316,669)
Other comprehensive (loss) income before reclassifications
(3,800)(923)26,289 21,566 
Amounts reclassified from accumulated other comprehensive income1,704 320 — 2,024 
Net current-period other comprehensive (loss) income(2,096)(603)26,289 23,590 
Balance as of March 30, 2025$(257)$1,235 $(294,057)$(293,079)
 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 reclassifications2,457 8,726 (36,669)(25,486)
Amounts reclassified from accumulated other comprehensive (loss) income(1,779)80,616 — 78,837 
Net current-period other comprehensive income678 89,342 (36,669)53,351 
Balance as of March 31, 2024$2,074 $1,293 $(264,421)$(261,054)
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 months ended March 30, 2025 and March 31, 2024:
Three Months Ended
March 30, 2025March 31, 2024
(Gains) Loss on foreign exchange contracts:
Cost of goods sold$1,588 $(1,762)
Total before tax1,588 (1,762)
Taxes116 (17)
Net of tax1,704 (1,779)
Pension and other postretirement benefit items (1):
Actuarial (gains) losses24 1,201 
Prior-service costs385 (492)
Settlements— 138,139 
Total before tax409 138,848 
Tax benefit(89)(58,232)
Net of tax320 80,616 
Total reclassifications, net of tax$2,024 $78,837 
(1) These accumulated other comprehensive (loss) income components are included in the computation of net benefit expense for pension and other postretirement benefit plans.