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Shareholders' equity | 9 Months Ended
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Sep. 28, 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 |  | Nine Months Ended |  |
| September 28, 2025 |  | September 29, 2024 |  | September 28, 2025 |  | September 29, 2024 |  |  |  |
Basic | 44,237 |  |  | 46,724 |  |  | 44,755 |  |  | 46,995 |  |  |  |  |
Dilutive effect of share-based awards | — |  |  | 288 |  |  | — |  |  | 261 |  |  |  |  |
Diluted | 44,237 |  |  | 47,012 |  |  | 44,755 |  |  | 47,256 |  |  |  |  |
The number of basic and diluted shares is the same for the three and nine months ended September 28, 2025 due to our loss from continuing operations. Additionally, because of the loss from continuing operations, for the three and nine months ended September 28, 2025, 0.1 million of potentially dilutive share-based awards were excluded from the computation of loss per share as their effect would have been antidilutive. The weighted average number of antidilutive shares excluded from the calculation of earnings per share were 1.3 million for the three and nine months ended September 28, 2025 and 0.9 million for the three and nine months ended September 29, 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 nine months ended September 28, 2025 and September 29, 2024:
| Cash Flow Hedges |  | Pension and Other Postretirement Benefit Plans |  | Foreign Currency Translation Adjustment |  | Accumulated Other Comprehensive (Loss) Income
Balance as of December 31, 2024 | $ | 1,839 |  |  | $ | 1,838 |  |  | $ | (320,346) |  |  | $ | (316,669) |
Other comprehensive (loss) income before reclassifications | (4,864) |  |  | (2,548) |  |  | 58,250 |  |  | 50,838 |
Amounts reclassified from accumulated other comprehensive income | 1,205 |  |  | 948 |  |  | — |  |  | 2,153 |
Net current-period other comprehensive (loss) income | (3,659) |  |  | (1,600) |  |  | 58,250 |  |  | 52,991 |
Balance as of September 28, 2025 | $ | (1,820) |  |  | $ | 238 |  |  | $ | (262,096) |  |  | $ | (263,678) |
| 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 income (loss) before reclassifications | (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 income | (8,926) |  |  | 88,099 |  |  | (23,008) |  |  | 56,165 |
Balance as of September 29, 2024 | $ | (7,530) |  |  | $ | 50 |  |  | $ | (250,760) |  |  | $ | (258,240) |
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 28, 2025 and September 29, 2024:
| Three Months Ended |  | Nine Months Ended
| September 28, 2025 |  | September 29, 2024 |  | September 28, 2025 |  | September 29, 2024
(Gains) Loss on foreign exchange contracts: |  |  |  |  |  |
Cost of goods sold | $ | 756 |  |  | $ | (589) |  |  | $ | 1,113 |  |  | $ | (2,698) |
Total before tax | 756 |  |  | (589) |  |  | 1,113 |  |  | (2,698) |
Taxes | (15) |  |  | 7 |  |  | 92 |  |  | 21 |
Net of tax | 741 |  |  | (582) |  |  | 1,205 |  |  | (2,677) |
Pension and other postretirement benefit items (1): |  |  |  |
Actuarial (gains) losses | 16 |  |  | (48) |  |  | 55 |  |  | 1,162 |
Prior-service costs | 386 |  |  | (492) |  |  | 1,156 |  |  | (1,475) |
Settlements | — |  |  | — |  |  | — |  |  | 138,139 |
Total before tax | 402 |  |  | (540) |  |  | 1,211 |  |  | 137,826 |
Tax benefit | (87) |  |  | 118 |  |  | (263) |  |  | (58,007) |
Net of tax | 315 |  |  | (422) |  |  | 948 |  |  | 79,819 |
Total reclassifications, net of tax | $ | 1,056 |  |  | $ | (1,004) |  |  | $ | 2,153 |  |  | $ | 77,142 |
(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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