v3.25.2
Shareholders' Equity
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Shareholders' Equity Shareholders' Equity
Purchase of Noncontrolling Interest in Joint Venture
In February 2024, we purchased the remaining 50% interest in our joint venture with Dongguan Churod Electronics Co., Ltd. for approximately $79.4 million. Prior to the transaction, we had been consolidating the joint venture. The purchase of the 50% non-controlling interest was accounted for as an equity transaction. No gain or loss was recognized in the condensed consolidated statements of operations. The difference between the fair value of the consideration paid and the amount by which the non-controlling interest was adjusted was recognized as a reduction of additional paid in capital recorded in equity.
Cash Dividends
In the three and six months ended June 30, 2025, we paid aggregate cash dividends of $17.6 million and $35.5 million, respectively, compared to $18.1 million and $36.1 million in the three and six months ended June 30, 2024, respectively. In July 2025, we announced that our Board of Directors approved a quarterly dividend of $0.12 per share, payable in August 2025 to shareholders of record as of August 13, 2025.
Treasury Shares
From time to time, our Board of Directors has authorized various share repurchase programs, which may be modified or terminated by the Board at any time. Under these programs, we may repurchase ordinary shares at such times and in amounts to be determined by our management, based on market conditions, legal requirements, and other corporate considerations, on the open market or in privately negotiated transactions, provided that such transactions were completed pursuant to an agreement and with a third party approved by our shareholders at the annual general meeting. Ordinary shares repurchased by us are recognized, measured at cost, and presented as treasury shares on our consolidated balance sheets, resulting in a reduction of shareholders' equity. In September 2023, our Board of Directors authorized a $500.0 million ordinary share repurchase program (the “September 2023 Program”), which became effective on October 1, 2023.
In the three months ended June 30, 2025, we repurchased 0.7 million ordinary shares for $20.1 million, under the September 2023 Program. In the three months ended June 30, 2024, we did not purchase any shares under our share repurchase program. In the six months ended June 30, 2025 and 2024, we repurchased 4.2 million and 0.3 million ordinary shares, respectively, for $120.6 million and $10.1 million, respectively. All share repurchases in the three and six months ended June 30, 2025 and 2024 were made under the September 2023 Program. As of June 30, 2025, $282.4 million remained available for repurchase under the September 2023 Program.
Accumulated Other Comprehensive Loss
The following table presents the components of accumulated other comprehensive loss for the six months ended June 30, 2025:
Cash Flow HedgesDefined Benefit and Retiree Healthcare PlansCumulative Translation AdjustmentAccumulated Other Comprehensive Loss
Balance as of December 31, 2024$(7,913)$(11,690)$(22,940)$(42,543)
Other comprehensive (loss)/income before reclassifications, net of tax(9,224)— 13,677 4,453 
Reclassifications from accumulated other comprehensive loss, net of tax2,425 504 — 2,929 
Other comprehensive (loss)/income(6,799)504 13,677 7,382 
Balance as of June 30, 2025$(14,712)$(11,186)$(9,263)$(35,161)
The following table presents the amounts reclassified from accumulated other comprehensive loss for the three and six months ended June 30, 2025 and 2024:
For the three months ended June 30, For the six months ended June 30, Affected Line in Condensed Consolidated Statements of Operations
Component2025202420252024
Derivative instruments designated and qualifying as cash flow hedges:
Foreign currency forward contracts $764 $(762)$(4,263)$(870)
Net revenue (1)
Foreign currency forward contracts 4,417 (8,485)7,531 (15,839)
Cost of revenue (1)
Total, before taxes5,181 (9,247)3,268 (16,709)Income before taxes
Income tax effect(1,336)2,386 (843)4,311 Provision for income taxes
Total, net of taxes$3,845 $(6,861)$2,425 $(12,398)Net income
Defined benefit and retiree healthcare plans
Defined benefit and retiree healthcare plans$19 $271 $10 $567 Other, net
Defined benefit and retiree healthcare plans— — 721 — Restructuring and other charges, net
Total, before taxes19 271 731 567 Income before taxes
Income tax effect(9)(63)(227)(132)Provision for income taxes
Total, net of taxes$10 $208 $504 $435 Net income
___________________________________
(1)    Refer to Note 14: Derivative Instruments and Hedging Activities for additional information regarding amounts to be reclassified from accumulated other comprehensive loss in future periods.