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EARNINGS PER SHARE (Tables)

6 Months Ended

Jul. 02, 2023

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Earnings Per Share


						Three Months Ended
						July 2, 2023												July 3, 2022
						Common Stock						Class B Common Stock						Common Stock						Class B Common Stock
Basic earnings per share:
Numerator:
Allocation of distributed earnings (cash dividends paid)						$	152,389					$	53,801					$	131,077					$	48,823
Allocation of undistributed earnings						150,090						50,703						99,227						36,429
Total earnings—basic						$	302,479					$	104,504					$	230,304					$	85,252

Denominator (shares in thousands):
Total weighted-average shares—basic						149,244						55,447						146,362						59,114

Earnings Per Share—basic						$	2.03					$	1.88					$	1.57					$	1.44

Diluted earnings per share:
Numerator:
Allocation of total earnings used in basic computation						$	302,479					$	104,504					$	230,304					$	85,252
Reallocation of total earnings as a result of conversion of Class B common stock to Common stock						104,504						—						85,252						—
Reallocation of undistributed earnings						—						(213)						—						(189)
Total earnings—diluted						$	406,983					$	104,291					$	315,556					$	85,063

Denominator (shares in thousands):
Number of shares used in basic computation						149,244						55,447						146,362						59,114
Weighted-average effect of dilutive securities:
Conversion of Class B common stock to Common shares outstanding						55,447						—						59,114						—
Employee stock options						468						—						585						—
Performance and restricted stock units						374						—						388						—
Total weighted-average shares—diluted						205,533						55,447						206,449						59,114

Earnings Per Share—diluted						$	1.98					$	1.88					$	1.53					$	1.44


						Six Months Ended
						July 2, 2023												July 3, 2022
						Common Stock						Class B Common Stock						Common Stock						Class B Common Stock
Basic earnings per share:
Numerator:
Allocation of distributed earnings (cash dividends paid)						$	305,944					$	107,602					$	263,337					$	97,647
Allocation of undistributed earnings						432,943						147,679						356,240						131,810
Total earnings—basic						$	738,887					$	255,281					$	619,577					$	229,457

Denominator (shares in thousands):
Total weighted-average shares—basic						148,914						55,864						146,248						59,530

Earnings Per Share—basic						$	4.96					$	4.57					$	4.24					$	3.85

Diluted earnings per share:
Numerator:
Allocation of total earnings used in basic computation						$	738,887					$	255,281					$	619,577					$	229,457
Reallocation of total earnings as a result of conversion of Class B common stock to Common stock						255,281						—						229,457						—
Reallocation of undistributed earnings						—						(669)						—						(722)
Total earnings—diluted						$	994,168					$	254,612					$	849,034					$	228,735

Denominator (shares in thousands):
Number of shares used in basic computation						148,914						55,864						146,248						59,530
Weighted-average effect of dilutive securities:
Conversion of Class B common stock to Common shares outstanding						55,864						—						59,530						—
Employee stock options						486						—						592						—
Performance and restricted stock units						423						—						491						—
Total weighted-average shares—diluted						205,687						55,864						206,861						59,530

Earnings Per Share—diluted						$	4.83					$	4.56					$	4.10					$	3.84