| Shareholders' Equity |
Note K – Shareholders’ Equity Accumulated Other Comprehensive Income (Loss) The following table presents the changes in Accumulated other comprehensive income (loss), excluding noncontrolling interests: | | | | | | | | | | | | | | | Quarter Ended | | Six Months Ended | | | July 4, | | June 28, | | July 4, | | June 28, | (thousands) | | 2026 | | 2025 | | 2026 | | 2025 | Foreign Currency Translation Adjustment and Other: | | | | | | | | | | | | | Other comprehensive income (loss) before reclassifications (a) | | $ | 1,170 | | $ | 261,734 | | $ | (68,360) | | $ | 392,350 | Amounts reclassified into income | | | 15,561 | | | 3,173 | | | 24,570 | | | 3,374 | Gain (loss) on Foreign Exchange Contracts Designated as Net Investment Hedges, Net: | | | | | | | | | | | | | Other comprehensive income (loss) before reclassifications (b) | | | 409 | | | (5,694) | | | 2,492 | | | (10,567) | Amounts reclassified into income | | | (509) | | | (510) | | | (1,019) | | | (1,589) | Loss on Interest Rate Swaps Designated as Cash Flow Hedges, Net: | | | | | | | | | | | | | Amounts reclassified into income | | | (447) | | | (424) | | | (889) | | | (843) | Post-retirement Expense Items, Net: | | | | | | | | | | | | | Amounts reclassified into income | | | (88) | | | (347) | | | (190) | | | (709) | Net change in Accumulated other comprehensive income (loss) | | $ | 16,096 | | $ | 257,932 | | $ | (43,396) | | $ | 382,016 |
| (a) | Foreign currency translation adjustment includes intra-entity foreign currency transactions that are of a long-term investment nature of ($0.2) million and ($0.1) million for the second quarter and first six months of 2026, respectively, and $21.9 million and $34.6 million for the second quarter and first six months of 2025, respectively. |
| (b) | For additional information related to net investment hedges and interest rate swaps refer to Note H “Financial Instruments Measured at Fair Value” of the Notes to the Consolidated Financial Statements. |
Common Stock Outstanding Activity The following tables set forth the activity in the number of shares outstanding: | | | | | | | | | Common | | | | Common | | | Stock | | Treasury | | Stock | (thousands) | | Issued | | Stock | | Outstanding | Common stock outstanding at December 31, 2025 | | 55,838 | | 4,768 | | 51,070 | Shares issued for stock-based compensation awards | | 169 | | (57) | | 226 | Repurchases of common stock | | — | | 212 | | (212) | Common stock outstanding at April 4, 2026 | | 56,007 | | 4,923 | | 51,084 | Shares issued for stock-based compensation awards | | 87 | | (3) | | 90 | Repurchases of common stock | | — | | 199 | | (199) | Common stock outstanding at July 4, 2026 | | 56,094 | | 5,119 | | 50,975 |
| | | | | | | | | Common | | | | Common | | | Stock | | Treasury | | Stock | (thousands) | | Issued | | Stock | | Outstanding | Common stock outstanding at December 31, 2024 | | 55,592 | | 3,420 | | 52,172 | Shares issued for stock-based compensation awards | | 195 | | (28) | | 223 | Repurchases of common stock | | — | | 528 | | (528) | Common stock outstanding at March 29, 2025 | | 55,787 | | 3,920 | | 51,867 | Shares issued for stock-based compensation awards | | 28 | | (23) | | 51 | Repurchases of common stock | | — | | 417 | | (417) | Common stock outstanding at June 28, 2025 | | 55,815 | | 4,314 | | 51,501 |
Share Repurchase Program Effective May 12, 2026, the Board of Directors replaced the company’s previous share repurchase program that was authorized in January 2023 (“January 2023 program”) with a new share repurchase program (“May 2026 program”) pursuant to which Arrow may purchase an aggregate value of shares up to, but not to exceed, $1.0 billion, inclusive of any fees, commissions, taxes, or other expenses related to such repurchases, and with no expiration date. The following table shows the company’s share repurchase program as of July 4, 2026: | | | | | | | | | | | | | | | | Approximate | | | | | | | Dollar Value of | | | Dollar Value | | Dollar Value of | | Shares that May | | | Approved for | | Shares | | Yet be Purchased | Share Repurchase Details by Month of Board Approval (thousands) | | Repurchase | | Repurchased | | Under the Program | January 2023 | | $ | 1,000,000 | | $ | 852,113 | | $ | — | May 2026 | | | 1,000,000 | | | 43,065 | | | 956,935 |
In the second quarter of 2026, under the May 2026 program, the company repurchased 0.2 million shares of its common stock for $42.8 million, excluding excise taxes. During the first six months of 2026, under the January 2023 program, the company repurchased 0.2 million shares of its common stock for $25.0 million and under the May 2026 program, the company repurchased 0.2 million shares of its common stock for $42.8 million, excluding excise taxes. The company accrued $0.3 million of excise tax, during the first six months of 2026, which is recorded within “Treasury stock” on the company’s consolidated balance sheets and reduces the share repurchase authorization, as the excise tax is a part of the overall cost of acquiring treasury shares.
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