Quarterly report pursuant to Section 13 or 15(d)

CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS

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CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS
 6 Months Ended
Jun. 29, 2024
Equity [Abstract]  
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS
Common Stock
During the six months ended June 2024, the Company repurchased 0.7 million shares of Common Stock for $45.0 million, including commissions, under its $300.0 million share repurchase program authorized by the Company's Board of Directors. All shares reacquired in connection with the repurchase program are treated as authorized and unissued shares upon repurchase.
Accumulated Other Comprehensive Loss
The following table presents deferred components of AOCL in equity, net of related taxes:
(In thousands) June 2024 December 2023 June 2023
Foreign currency translation $ (102,726) $ (91,057) $ (94,610)
Defined benefit pension plans 2,773  2,913  2,173 
Derivative financial instruments 5,017  20,293  32,344 
Accumulated other comprehensive loss $ (94,936) $ (67,851) $ (60,093)
The following tables present changes in AOCL, net of related tax impact:
Three Months Ended June 2024
(In thousands) Foreign Currency Translation Defined Benefit Pension Plans Derivative Financial Instruments Total
Balance, March 2024 $ (93,580) $ 2,831  $ 22,517  $ (68,232)
Other comprehensive income (loss) due to gains (losses) arising before reclassifications (9,146) —  (11,861) (21,007)
Reclassifications to net income of previously deferred (gains) losses —  (58) (5,639) (5,697)
Net other comprehensive income (loss) (9,146) (58) (17,500) (26,704)
Balance, June 2024 $ (102,726) $ 2,773  $ 5,017  $ (94,936)
Three Months Ended June 2023
(In thousands) Foreign Currency Translation Defined Benefit Pension Plans Derivative Financial Instruments Total
Balance, March 2023 $ (99,139) $ 2,208  $ 28,926  $ (68,005)
Other comprehensive income (loss) due to gains (losses) arising before reclassifications 4,529  —  9,442  13,971 
Reclassifications to net income of previously deferred (gains) losses —  (35) (6,024) (6,059)
Net other comprehensive income (loss) 4,529  (35) 3,418  7,912 
Balance, June 2023 $ (94,610) $ 2,173  $ 32,344  $ (60,093)
Six Months Ended June 2024
(In thousands) Foreign Currency Translation Defined Benefit Pension Plans Derivative Financial Instruments Total
Balance, December 2023 $ (91,057) $ 2,913  $ 20,293  $ (67,851)
Other comprehensive income (loss) due to gains (losses) arising before reclassifications (11,669) —  (2,173) (13,842)
Reclassifications to net income of previously deferred (gains) losses —  (140) (13,103) (13,243)
Net other comprehensive income (loss) (11,669) (140) (15,276) (27,085)
Balance, June 2024 $ (102,726) $ 2,773  $ 5,017  $ (94,936)
Six Months Ended June 2023
(In thousands) Foreign Currency Translation Defined Benefit Pension Plans Derivative Financial Instruments Total
Balance, December 2022 $ (107,462) $ 2,243  $ 25,554  $ (79,665)
Other comprehensive income (loss) due to gains (losses) arising before reclassifications 12,852  —  19,734  32,586 
Reclassifications to net income of previously deferred (gains) losses —  (70) (12,944) (13,014)
Net other comprehensive income (loss) 12,852  (70) 6,790  19,572 
Balance, June 2023 $ (94,610) $ 2,173  $ 32,344  $ (60,093)
The following table presents reclassifications out of AOCL:
(In thousands) Three Months Ended June Six Months Ended June
Details About Accumulated Other Comprehensive Loss Reclassifications Affected Line Item in the Financial Statements
2024 2023 2024 2023
Defined benefit pension plans:
Net change in deferred gains (losses) during the period Selling, general and administrative expenses $ 92  $ 47  $ 185  $ 93 
Total before tax 92  47  185  93 
Income taxes Income taxes (34) (12) (45) (23)
Net of tax 58  35  140  70 
Gains (losses) on derivative financial instruments:
Foreign currency exchange contracts Net revenues $ (1,215) $ (62) $ (1,162) $ (233)
Foreign currency exchange contracts Cost of goods sold 6,290  4,256  11,581  10,248 
Foreign currency exchange contracts Other expense, net 85  136  167  296 
Interest rate swap agreements Interest expense 569  2,435  3,300  4,536 
Total before tax 5,729  6,765  13,886  14,847 
Income taxes Income taxes (90) (741) (783) (1,903)
Net of tax 5,639  6,024  13,103  12,944 
Total reclassifications for the period, net of tax $ 5,697  $ 6,059  $ 13,243  $ 13,014