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
 9 Months Ended
Sep. 28, 2024
Equity [Abstract]  
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS
Common Stock
During the nine months ended September 2024, the Company repurchased 1.2 million shares of Common Stock for $85.0 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) September 2024 December 2023 September 2023
Foreign currency translation $ (100,996) $ (91,057) $ (101,526)
Defined benefit pension plans 2,702  2,913  2,136 
Derivative financial instruments (11,349) 20,293  28,557 
Accumulated other comprehensive loss $ (109,643) $ (67,851) $ (70,833)
The following tables present changes in AOCL, net of related tax impact:
Three Months Ended September 2024
(In thousands) Foreign Currency Translation Defined Benefit Pension Plans Derivative Financial Instruments Total
Balance, June 2024 $ (102,726) $ 2,773  $ 5,017  $ (94,936)
Other comprehensive income (loss) due to gains (losses) arising before reclassifications 1,730  —  (12,001) (10,271)
Reclassifications to net income of previously deferred (gains) losses —  (71) (4,365) (4,436)
Net other comprehensive income (loss) 1,730  (71) (16,366) (14,707)
Balance, September 2024 $ (100,996) $ 2,702  $ (11,349) $ (109,643)
Three Months Ended September 2023
(In thousands) Foreign Currency Translation Defined Benefit Pension Plans Derivative Financial Instruments Total
Balance, June 2023 $ (94,610) $ 2,173  $ 32,344  $ (60,093)
Other comprehensive income (loss) due to gains (losses) arising before reclassifications (6,916) —  5,176  (1,740)
Reclassifications to net income of previously deferred (gains) losses —  (37) (8,963) (9,000)
Net other comprehensive income (loss) (6,916) (37) (3,787) (10,740)
Balance, September 2023 $ (101,526) $ 2,136  $ 28,557  $ (70,833)
Nine Months Ended September 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 (9,939) —  (14,174) (24,113)
Reclassifications to net income of previously deferred (gains) losses —  (211) (17,468) (17,679)
Net other comprehensive income (loss) (9,939) (211) (31,642) (41,792)
Balance, September 2024 $ (100,996) $ 2,702  $ (11,349) $ (109,643)
Nine Months Ended September 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 5,936  —  24,910  30,846 
Reclassifications to net income of previously deferred (gains) losses —  (107) (21,907) (22,014)
Net other comprehensive income (loss) 5,936  (107) 3,003  8,832 
Balance, September 2023 $ (101,526) $ 2,136  $ 28,557  $ (70,833)
The following table presents reclassifications out of AOCL:
(In thousands) Three Months Ended September Nine Months Ended September
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 $ 96  $ 49  $ 281  $ 142 
Total before tax 96  49  281  142 
Income taxes Income taxes (25) (12) (70) (35)
Net of tax 71  37  211  107 
Gains (losses) on derivative financial instruments:
Foreign currency exchange contracts Net revenues $ (402) $ (37) $ (1,564) $ (270)
Foreign currency exchange contracts Cost of goods sold 4,635  7,095  16,216  17,343 
Foreign currency exchange contracts Other expense, net 71  128  238  424 
Interest rate swap agreements Interest expense 75  2,664  3,375  7,200 
Total before tax 4,379  9,850  18,265  24,697 
Income taxes Income taxes (14) (887) (797) (2,790)
Net of tax 4,365  8,963  17,468  21,907 
Total reclassifications for the period, net of tax $ 4,436  $ 9,000  $ 17,679  $ 22,014