Annual report pursuant to Section 13 and 15(d)

CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS

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CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS
 12 Months Ended
Dec. 30, 2023
Equity [Abstract]  
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS
Common Stock
On August 5, 2021, the Company's Board of Directors approved a share repurchase program (the "2021 Repurchase Program") which authorized the repurchase of up to $200.0 million of the Company's outstanding Common Stock through open market or privately negotiated transactions. On December 11, 2023, the Company announced that its Board of Directors approved a new share repurchase program ("the 2023 Repurchase Program") which authorized the repurchase of up to $300.0 million of the Company's outstanding Common Stock through open market or privately negotiated transactions. The 2023 Repurchase Program replaced all remaining shares under the 2021 Repurchase Program and does not have an expiration date but may be suspended, modified or terminated at any time without prior notice.
The timing and amount of repurchases are determined by the Company's management based on its evaluation of market conditions, continued compliance with its debt covenants and other factors. All shares reacquired in connection with the Company's repurchase programs are treated as authorized and unissued shares upon repurchase.
During the years ended December 2023, December 2022 and December 2021, the Company repurchased 0.6 million, 1.5 million and 1.4 million shares of Common Stock, respectively, for $30.1 million, $62.5 million and $75.5 million, respectively, including commissions, under the 2021 Repurchase Program. All of the $300.0 million authorized for repurchase under the 2023 Repurchase Program remained available for repurchase as of December 2023.
Accumulated Other Comprehensive Loss
The Company's comprehensive income consists of net income and specified components of OCI, which relate to changes in assets and liabilities that are not included in net income but are instead deferred and accumulated within a separate component of equity in the Company's balance sheets. The Company's comprehensive income is presented in the Company's statements of comprehensive income.
The following table presents deferred components of AOCL in equity, net of related taxes:
(In thousands) December 2023 December 2022 December 2021
Foreign currency translation $ (91,057) $ (107,462) $ (93,125)
Defined benefit pension plans 2,913  2,243  (2,177)
Derivative financial instruments 20,293  25,554  2,546 
Accumulated other comprehensive loss $ (67,851) $ (79,665) $ (92,756)
The following table presents changes in AOCL and related tax impact:
(In thousands) Foreign Currency Translation
Defined Benefit Pension Plans
Derivative Financial Instruments
 Total
Balance, December 2020 $ (80,178) $ (1,889) $ (12,740) $ (94,807)
Other comprehensive income (loss) due to gains (losses) arising before reclassifications (12,947) (399) 11,138  (2,208)
Reclassifications to net income of previously deferred (gains) losses —  15  8,835  8,850 
Net other comprehensive income (loss) (12,947) (384) 19,973  6,642 
Income taxes —  96  (4,687) (4,591)
Balance, December 2021 $ (93,125) $ (2,177) $ 2,546  $ (92,756)
Other comprehensive income (loss) due to gains (losses) arising before reclassifications (14,337) 8,438  40,628  34,729 
Reclassifications to net income of previously deferred (gains) losses —  (2,549) (12,422) (14,971)
Net other comprehensive income (loss) (14,337) 5,889  28,206  19,758 
Income taxes —  (1,469) (5,198) (6,667)
Balance, December 2022 $ (107,462) $ 2,243  $ 25,554  $ (79,665)
Other comprehensive income (loss) due to gains (losses) arising before reclassifications 16,405  1,077  24,419  41,901 
Reclassifications to net income of previously deferred (gains) losses —  (187) (33,829) (34,016)
Net other comprehensive income (loss) 16,405  890  (9,410) 7,885 
Income taxes —  (220) 4,149  3,929 
Balance, December 2023 $ (91,057) $ 2,913  $ 20,293  $ (67,851)
The following table presents reclassifications out of AOCL:
(In thousands) Year Ended December
Details About Accumulated Other Comprehensive Loss Reclassifications Affected Line Item in the Financial Statements 2023 2022 2021
Defined benefit pension plans:
Net change in deferred losses during the period Selling, general and administrative expenses $ 187  $ (32) $ (15)
Pension curtailment gains Other expense, net $ —  $ 2,581  $ — 
Total before tax 187  2,549  (15)
Income taxes Income taxes (47) (637) 3 
Net of tax 140  1,912  (12)
Gains (losses) on derivative financial instruments:
Foreign currency exchange contracts Net revenues $ (219) $ (1,093) $ 204 
Foreign currency exchange contracts Cost of goods sold 23,588  13,531  (2,271)
Foreign currency exchange contracts Other expense, net 527  245  (749)
Interest rate swap agreements Interest expense 9,933  (261) (6,019)
Total before tax 33,829  12,422  (8,835)
Income taxes Income taxes (3,541) (924) 2,724 
Net of tax 30,288  11,498  (6,111)
Total reclassifications for the period, net of tax $ 30,428  $ 13,410  $ (6,123)