v3.26.1
Shareholders' equity
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Shareholders' equity Shareholders' equity
Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Our diluted earnings per share calculation follows the control number concept, using income from continuing operations as the control number to assess whether potential common stock equivalents are dilutive. Once these securities are determined to be dilutive for continuing operations, the same weighted‑average dilutive share equivalents must be included in the diluted earnings per share calculations for all other categories of income or loss, even when their inclusion is anti‑dilutive for those categories.
The following table provides a reconciliation of basic to diluted weighted average shares outstanding:
Three Months EndedSix Months Ended
June 30, 2026June 29, 2025June 30, 2026June 29, 2025
Basic43,562 44,269 43,908 45,017 
Dilutive effect of share-based awards98 63 106 103 
Diluted43,660 44,332 44,014 45,120 
The weighted average number of shares that were antidilutive and therefore excluded from the calculation of earnings per share was 1.3 million for the three and six months ended June 30, 2026 and 1.5 million and 1.3 million for the three and six months ended June 29, 2025, respectively.
On December 9, 2025, the Board of Directors authorized a share repurchase program for up to $1 billion of our common stock. During the three months ended June 30, 2026, as part of the share repurchase program, we repurchased 1.9 million shares of our common stock for $250.0 million through open market transactions at an average price per share of $130.85. As of June 30, 2026, we had $750.0 million remaining available under the authorization.
The following tables provide information relating to the changes in accumulated other comprehensive loss, net of tax, for the six months ended June 30, 2026 and June 29, 2025:
Cash Flow HedgesPension and Other Postretirement Benefit PlansForeign Currency Translation AdjustmentAccumulated Other Comprehensive (Loss) Income
Balance as of December 31, 2025$1,695 $4,007 $(245,170)$(239,468)
Other comprehensive (loss) income before reclassifications
2,893 (696)(39,499)(37,302)
Amounts reclassified from accumulated other comprehensive income(599)391 — (208)
Net current-period other comprehensive (loss) income2,294 (305)(39,499)(37,510)
Balance as of June 30, 2026$3,989 $3,702 $(284,669)$(276,978)
Cash Flow HedgesPension and Other Postretirement Benefit PlansForeign Currency Translation AdjustmentAccumulated Other Comprehensive (Loss) Income
Balance as of December 31, 2024$1,839 $1,838 $(320,346)$(316,669)
Other comprehensive (loss) income before reclassifications(9,210)(2,090)68,218 56,918 
Amounts reclassified from accumulated other comprehensive income464 633 — 1,097 
Net current-period other comprehensive (loss) income(8,746)(1,457)68,218 58,015 
Balance as of June 29, 2025$(6,907)$381 $(252,128)$(258,654)
The following table provides information relating to the location in the statements of operations and amount of reclassifications of losses/(gains) in accumulated other comprehensive (loss)/income into (income)/expense, net of tax, for the three and six months ended June 30, 2026 and June 29, 2025:
Three Months EndedSix Months Ended
June 30, 2026June 29, 2025June 30, 2026June 29, 2025
(Gains) Loss on foreign exchange contracts:
Cost of goods sold$(815)$(1,231)$(590)$357 
Total before tax(815)(1,231)(590)357 
Taxes22 (9)(9)107 
Net of tax(793)(1,240)(599)464 
Pension and other postretirement benefit items (1):
Actuarial (gains) losses18 15 36 39 
Prior-service costs231 385 462 770 
Total before tax249 400 498 809 
Tax benefit(51)(87)(107)(176)
Net of tax198 313 391 633 
Total reclassifications, net of tax$(595)$(927)$(208)$1,097 
(1) These accumulated other comprehensive (loss) income components are included in the computation of net benefit expense for pension and other postretirement benefit plans.