Annual report [Section 13 and 15(d), not S-K Item 405]

CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS

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CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS
 12 Months Ended
Dec. 28, 2024
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. During the years ended December 2023 and December 2022, the Company repurchased 0.6 million and 1.5 million shares of Common Stock, respectively, for $30.0 million and $62.5 million, respectively, including commissions, under the 2021 Repurchase Program.
On December 11, 2023, the Company announced that its Board of Directors approved a new share repurchase program (the "2023 Repurchase Program") which authorizes 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. During the year ended December 2024, the Company repurchased 1.2 million shares of Common Stock for $85.0 million, including commissions, under the 2023 Repurchase Program.
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.
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 2024 December 2023 December 2022
Foreign currency translation $ (115,505) $ (91,057) $ (107,462)
Defined benefit pension plans 2,119  2,913  2,243 
Derivative financial instruments (3,264) 20,293  25,554 
Accumulated other comprehensive loss $ (116,650) $ (67,851) $ (79,665)
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 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)
Other comprehensive income (loss) due to gains (losses) arising before reclassifications (24,448) (664) (80) (25,192)
Reclassifications to net income of previously deferred (gains) losses —  (373) (19,765) (20,138)
Net other comprehensive income (loss) (24,448) (1,037) (19,845) (45,330)
Income taxes —  243  (3,712) (3,469)
Balance, December 2024 $ (115,505) $ 2,119  $ (3,264) $ (116,650)
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 2024 2023 2022
Defined benefit pension plans:
Net change in deferred losses during the period Selling, general and administrative expenses $ 373  $ 187  $ (32)
Pension curtailment gains Other expense, net $ —  $ —  $ 2,581 
Total before tax 373  187  2,549 
Income taxes Income taxes (93) (47) (637)
Net of tax 280  140  1,912 
Gains (losses) on derivative financial instruments:
Foreign currency exchange contracts Net revenues $ (2,019) $ (219) $ (1,093)
Foreign currency exchange contracts Cost of goods sold 17,476  23,588  13,531 
Foreign currency exchange contracts Other expense, net 361  527  245 
Interest rate swap agreements Interest expense 3,947  9,933  (261)
Total before tax 19,765  33,829  12,422 
Income taxes Income taxes (1,012) (3,541) (924)
Net of tax 18,753  30,288  11,498 
Total reclassifications for the period, net of tax $ 19,033  $ 30,428  $ 13,410