| CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS |
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS Common Stock
On December 11, 2023, the Company announced that its Board of Directors approved a share repurchase program (the "2023 Repurchase Program"). The 2023 Repurchase Program authorized the repurchase of up to $300.0 million of the Company's outstanding Common Stock through open market or privately negotiated transactions. On May 6, 2026, the Company announced that its Board of Directors approved a new share repurchase program (the "2026 Repurchase Program") which replaced the 2023 Repurchase Program. The 2026 Repurchase Program authorizes the repurchase of up to $750.0 million of the Company's outstanding Common Stock through open market or privately negotiated transactions. The 2026 Repurchase Program does not have an expiration date but may be suspended, modified or terminated at any time without prior notice.
During the nine months ended September 2026, the Company repurchased 0.3 million shares of Common Stock for $25.0 million, including commissions, under the 2023 Repurchase Program, and 0.9 million shares of Common Stock for $70.0 million, including commissions, under the 2026 Repurchase Program. All shares reacquired in connection with the Company's repurchase programs are treated as authorized and unissued shares upon repurchase. As of September 2026, $680.0 million remained available for repurchase under the 2026 Repurchase Program.
Accumulated Other Comprehensive Loss
The following table presents deferred components of AOCL in equity, net of related taxes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (In thousands) |
|
September 2026 |
|
|
December 2025 |
|
September 2025 |
| Foreign currency translation |
|
$ |
(53,172) |
|
|
|
$ |
(74,997) |
|
|
$ |
(76,673) |
|
| Defined benefit pension plans |
|
2,565 |
|
|
|
2,751 |
|
|
2,043 |
|
| Derivative financial instruments |
|
19,361 |
|
|
|
4,703 |
|
|
(119) |
|
| Accumulated other comprehensive loss |
|
$ |
(31,246) |
|
|
|
$ |
(67,543) |
|
|
$ |
(74,749) |
|
The following tables present changes in AOCL, net of related tax impact:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 2026 |
|
|
|
|
|
|
|
|
|
|
| (In thousands) |
Foreign Currency Translation |
|
Defined Benefit Pension Plans |
|
Derivative Financial Instruments |
|
Total |
|
|
|
|
|
|
|
|
|
|
| Balance, June 2026 |
$ |
(61,346) |
|
|
$ |
2,626
|
|
|
$ |
18,440
|
|
|
$ |
(40,280) |
|
|
| Other comprehensive income (loss) due to gains (losses) arising before reclassifications |
8,174 |
|
|
— |
|
|
3,202 |
|
|
11,376 |
|
|
| Reclassifications to net income of previously deferred (gains) losses |
— |
|
|
(61) |
|
|
(2,281) |
|
|
(2,342) |
|
|
| Net other comprehensive income (loss) |
8,174 |
|
|
(61) |
|
|
921 |
|
|
9,034 |
|
|
| Balance, September 2026 |
$ |
(53,172) |
|
|
$ |
2,565
|
|
|
$ |
19,361
|
|
|
$ |
(31,246) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 2025 |
|
|
|
|
|
|
|
|
|
|
| (In thousands) |
Foreign Currency Translation |
|
Defined Benefit Pension Plans |
|
Derivative Financial Instruments |
|
Total |
|
| Balance, June 2025 |
$ |
(84,456) |
|
|
$ |
2,069
|
|
|
$ |
(7,213) |
|
|
$ |
(89,600) |
|
|
| Other comprehensive income (loss) due to gains (losses) arising before reclassifications |
7,783 |
|
|
— |
|
|
6,840 |
|
|
14,623 |
|
|
| Reclassifications to net income of previously deferred (gains) losses |
— |
|
|
(26) |
|
|
254 |
|
|
228 |
|
|
| Net other comprehensive income (loss) |
7,783 |
|
|
(26) |
|
|
7,094 |
|
|
14,851 |
|
|
| Balance, September 2025 |
$ |
(76,673) |
|
|
$ |
2,043
|
|
|
$ |
(119) |
|
|
$ |
(74,749) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 2026 |
|
|
|
|
|
|
|
|
|
|
| (In thousands) |
Foreign Currency Translation |
|
Defined Benefit Pension Plans |
|
Derivative Financial Instruments |
|
Total |
|
|
|
|
|
|
|
|
|
|
| Balance, December 2025 |
$ |
(74,997) |
|
|
$ |
2,751
|
|
|
$ |
4,703
|
|
|
$ |
(67,543) |
|
|
| Other comprehensive income (loss) due to gains (losses) arising before reclassifications |
21,825 |
|
|
— |
|
|
17,890 |
|
|
39,715 |
|
|
| Reclassifications to net income of previously deferred (gains) losses |
— |
|
|
(186) |
|
|
(3,232) |
|
|
(3,418) |
|
|
| Net other comprehensive income (loss) |
21,825 |
|
|
(186) |
|
|
14,658 |
|
|
36,297 |
|
|
| Balance, September 2026 |
$ |
(53,172) |
|
|
$ |
2,565
|
|
|
$ |
19,361
|
|
|
$ |
(31,246) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 2025 |
|
|
|
|
|
|
|
|
|
|
| (In thousands) |
Foreign Currency Translation |
|
Defined Benefit Pension Plans |
|
Derivative Financial Instruments |
|
Total |
|
| Balance, December 2024 |
$ |
(115,505) |
|
|
$ |
2,119
|
|
|
$ |
(3,264) |
|
|
$ |
(116,650) |
|
|
| Other comprehensive income (loss) due to gains (losses) arising before reclassifications |
38,832 |
|
|
— |
|
|
1,114 |
|
|
39,946 |
|
|
| Reclassifications to net income of previously deferred (gains) losses |
— |
|
|
(76) |
|
|
2,031 |
|
|
1,955 |
|
|
| Net other comprehensive income (loss) |
38,832 |
|
|
(76) |
|
|
3,145 |
|
|
41,901 |
|
|
| Balance, September 2025 |
$ |
(76,673) |
|
|
$ |
2,043
|
|
|
$ |
(119) |
|
|
$ |
(74,749) |
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Gains (losses) on derivative financial instruments: |
|
|
|
|
|
|
|
|
|
|
|
|
| Foreign currency exchange contracts |
|
Net revenues |
|
|
$ |
2,790 |
|
|
|
$ |
(87) |
|
|
|
$ |
5,315 |
|
|
|
$ |
(576) |
|
| Foreign currency exchange contracts |
|
Cost of goods sold |
|
|
(790) |
|
|
|
(234) |
|
|
|
(2,756) |
|
|
|
(2,014) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Foreign currency exchange contracts |
|
Other income (expense), net |
|
|
84 |
|
|
|
(241) |
|
|
|
130 |
|
|
|
(9) |
|
| Interest rate swap agreements |
|
Interest expense |
|
|
321 |
|
|
|
1,544 |
|
|
|
971 |
|
|
|
2,725 |
|
| Total before tax |
|
|
|
|
2,405 |
|
|
|
982 |
|
|
|
3,660 |
|
|
|
126 |
|
| Income taxes |
|
Income taxes |
|
|
1 |
|
|
|
(457) |
|
|
|
608 |
|
|
|
(1,060) |
|
| Net of tax |
|
|
|
|
2,406 |
|
|
|
525 |
|
|
|
4,268 |
|
|
|
(934) |
|
| Total reclassifications for the period, net of tax |
|
|
$ |
2,406
|
|
|
|
$ |
525
|
|
|
|
$ |
4,268
|
|
|
|
$ |
(934) |
|
|