Equity | Equity Share Repurchase Program On August 13, 2024, the Board of Directors authorized and approved a stock repurchase program to repurchase up to five million shares of the Company’s Common stock, par value $0.001 per share, from time-to-time on the open market, in privately negotiated transactions or as may otherwise be determined by the Company’s management in its discretion. No repurchases of the Company’s Common stock have been made through the nine months ended September 27, 2024. The timing and amount of any shares repurchased will be determined by the Company’s management based on its evaluation of market conditions, applicable legal requirements and other factors. There is no term associated with the repurchase authorization. Accumulated Other Comprehensive Loss (“AOCL”) The following tables present the changes in the balances of each component of AOCL including reclassifications out of AOCL for the nine months ended September 27, 2024 and September 29, 2023. All amounts are net of tax and noncontrolling interest, if any. Accumulated Other Comprehensive Loss Components Net Unrecognized Pension and Other Post-Retirement Benefit Cost Foreign Currency Translation Adjustment Net Investment Hedges Cash Flow Hedges Total (In thousands) Balance at December 31, 2023 $ (59,805) $ (554,622) $ (17,215) $ 7,370 $ (624,272) Other comprehensive income (loss) before reclassifications: Foreign currency translation adjustment 243 (38,265) 4,995 — (33,027) Gain on long-term intra-entity foreign currency transactions — 7,996 — — 7,996 Unrealized gain on cash flow hedges — — — 3,920 3,920 Other comprehensive income (loss) before reclassifications 243 (30,269) 4,995 3,920 (21,111) Amounts reclassified from Accumulated other comprehensive loss (1)(2) 629 — — (2,907) (2,278) Net current period Other comprehensive income (loss) 872 (30,269) 4,995 1,013 (23,389) Balance at March 29, 2024 $ (58,933) $ (584,891) $ (12,220) $ 8,383 $ (647,661) Other comprehensive income (loss) before reclassifications: Foreign currency translation adjustment 6 (23,042) 686 — (22,350) Gain on long-term intra-entity foreign currency transactions — 8,162 — — 8,162 Unrealized gain on cash flow hedges — — — 811 811 Other comprehensive income (loss) before reclassifications 6 (14,880) 686 811 (13,377) Amounts reclassified from Accumulated other comprehensive loss (1)(2) 327 — — (2,662) (2,335) Net current period Other comprehensive income (loss) 333 (14,880) 686 (1,851) (15,712) Balance at June 28, 2024 $ (58,600) $ (599,771) $ (11,534) $ 6,532 $ (663,373) Other comprehensive income (loss) before reclassifications: Foreign currency translation adjustment (291) 63,336 (8,945) — 54,100 Gain on long-term intra-entity foreign currency transactions — 8,866 — — 8,866 Unrealized loss on cash flow hedges — — — (1,230) (1,230) Other comprehensive income (loss) before reclassifications (291) 72,202 (8,945) (1,230) 61,736 Amounts reclassified from Accumulated other comprehensive loss (1)(2) 343 — — (1,900) (1,557) Purchase related to noncontrolling interest — (1,706) — — (1,706) Net current period Other comprehensive (loss) income 52 70,496 (8,945) (3,130) 58,473 Balance at September 27, 2024 $ (58,548) $ (529,275) $ (20,479) $ 3,402 $ (604,900) (1) The amounts on this line within the Net Unrecognized Pension and Other Post-Retirement Benefit Cost column are included in the computation of net periodic benefit cost. (2) During the three and nine months ended September 27, 2024, the amount within the Cash Flow Hedges column is a component of Interest expense and other, net. See Note 11, “Derivatives” for additional details. Accumulated Other Comprehensive Loss Components Net Unrecognized Pension and Other Post-Retirement Benefit Cost Foreign Currency Translation Adjustment Net Investment Hedges Cash Flow Hedges Total (In thousands) Balance at December 31, 2022 $ (63,847) $ (613,907) $ (8,336) $ 11,102 $ (674,988) Other comprehensive (loss) income before reclassifications: Net actuarial loss (2) — — — (2) Foreign currency translation adjustment (108) 31,276 (2,086) — 29,082 Gain on long-term intra-entity foreign currency transactions — 12,501 — — 12,501 Unrealized loss on cash flow hedges — — — (2,051) (2,051) Other comprehensive (loss) income before reclassifications (110) 43,777 (2,086) (2,051) 39,530 Amounts reclassified from Accumulated other comprehensive loss (1)(2) 279 — — (1,530) (1,251) Net current period Other comprehensive income (loss) 169 43,777 (2,086) (3,581) 38,279 Balance at March 31, 2023 $ (63,678) $ (570,130) $ (10,422) $ 7,521 $ (636,709) Other comprehensive (loss) income before reclassifications: Net actuarial loss (2) — — — (2) Foreign currency translation adjustment (49) (6,381) (3,036) — (9,466) Gain on long-term intra-entity foreign currency transactions — 23,142 — — 23,142 Unrealized gain on cash flow hedges — — — 7,640 7,640 Other comprehensive (loss) income before reclassifications (51) 16,761 (3,036) 7,640 21,314 Amounts reclassified from Accumulated other comprehensive loss (1)(2) 889 — — (2,109) (1,220) Net current period Other comprehensive income (loss) 838 16,761 (3,036) 5,531 20,094 Balance at June 30, 2023 $ (62,840) $ (553,369) $ (13,458) $ 13,052 $ (616,615) Other comprehensive income (loss) before reclassifications: Net actuarial gain 4 — — — 4 Foreign currency translation adjustment 161 (79,233) 5,992 — (73,080) Gain on long-term intra-entity foreign currency transactions — 9,962 — — 9,962 Unrealized gain on cash flow hedges — — — 767 767 Other comprehensive income (loss) before reclassifications 165 (69,271) 5,992 767 (62,347) Amounts reclassified from Accumulated other comprehensive loss (1)(2) 236 — — (814) (578) Net current period Other comprehensive income (loss) 401 (69,271) 5,992 (47) (62,925) Balance at September 29, 2023 $ (62,439) $ (622,640) $ (7,466) $ 13,005 $ (679,540) (1) The amounts on this line within the Net Unrecognized Pension and Other Post-Retirement Benefit Cost column are included in the computation of net periodic benefit cost. (2) During the three and nine months ended September 29, 2023, the amount within the Cash Flow Hedges column is a component of Interest expense and other, net. See Note 11, “Derivatives” for additional details. |