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
Jan. 03, 2026
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 year ended December 2023, the Company repurchased 0.6 million shares of Common Stock for $30.0 million, 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 years ended December 2025 and December 2024, the Company repurchased 0.4 million and 1.2 million shares of Common Stock for $25.0 million and $85.0 million, respectively, including commissions, under the 2023 Repurchase Program. As of December 2025, $190.0 million remained available for repurchase 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 2025 December 2024 December 2023
Foreign currency translation $ (74,997) $ (115,505) $ (91,057)
Defined benefit pension plans 2,751  2,119  2,913 
Derivative financial instruments 4,703  (3,264) 20,293 
Accumulated other comprehensive loss $ (67,543) $ (116,650) $ (67,851)
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 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)
Other comprehensive income (loss) due to gains (losses) arising before reclassifications 40,508  995  1,273  42,776 
Reclassifications to net income of previously deferred (gains) losses —  (136) 969  833 
Net other comprehensive income (loss) 40,508  859  2,242  43,609 
Income taxes —  (227) 5,725  5,498 
Balance, December 2025 $ (74,997) $ 2,751  $ 4,703  $ (67,543)
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 2025 2024 2023
Defined benefit pension plans:
Net change in deferred losses during the period Selling, general and administrative expenses $ 136  $ 373  $ 187 
Pension curtailment gains Other expense, net $ —  $ —  $ — 
Total before tax 136  373  187 
Income taxes Income taxes (34) (93) (47)
Net of tax 102  280  140 
Gains (losses) on derivative financial instruments:
Foreign currency exchange contracts Net revenues $ (1,409) $ (2,019) $ (219)
Foreign currency exchange contracts Cost of goods sold (3,287) 17,476  23,588 
Foreign currency exchange contracts Other expense, net 47  361  527 
Interest rate swap agreements Interest expense 3,680  3,947  9,933 
Total before tax (969) 19,765  33,829 
Income taxes Income taxes (1,080) (1,012) (3,541)
Net of tax (2,049) 18,753  30,288 
Total reclassifications for the period, net of tax $ (1,947) $ 19,033  $ 30,428