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EQUITY AND REDEEMABLE NONCONTROLLING INTEREST | 12 Months Ended
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Dec. 31, 2016
Equity [Abstract] |
EQUITY AND REDEEMABLE NONCONTROLLING INTEREST | EQUITY AND REDEEMABLE NONCONTROLLING INTEREST Earnings Per Share The following table reconciles the numerator and denominator in the computations of basic and diluted earnings per share:
| Fiscal Year
| 2016 |  | 2015 |  | 2014
| (in thousands)
Numerator: |  |  |  |  |
Income from continuing operations, net of income taxes | $ | 156,086 |  |  | $ | 152,037 |  |  | $ | 129,924 |
Income (loss) from discontinued operations, net of income taxes | 280 |  |  | (950 | ) |  | (1,726 | )
Less: Net income attributable to noncontrolling interests | 1,601 |  |  | 1,774 |  |  | 1,500 |
Net income attributable to common shareholders | $ | 154,765 |  |  | $ | 149,313 |  |  | $ | 126,698 |
Denominator: |  |  |  |  |
Weighted-average shares outstanding—Basic | 47,014 |  |  | 46,496 |  |  | 46,627 |
Effect of dilutive securities: |  |  |  |  |
Stock options, restricted stock units, performance share units and restricted stock | 944 |  |  | 1,138 |  |  | 931 |
Weighted-average shares outstanding—Diluted | 47,958 |  |  | 47,634 |  |  | 47,558 |
Options to purchase approximately 0.8 million shares, 0.5 million shares, and 0.6 million shares for fiscal years 2016, 2015 and 2014, respectively, as well as a non-significant number of restricted stock, restricted stock units (RSUs), and performance share units (PSUs), were not included in computing diluted earnings per share because their inclusion would have been anti-dilutive. Basic weighted average shares outstanding for fiscal years 2016, 2015 and 2014 excluded the impact of approximately 1.1 million shares, 1.1 million shares, and 1.2 million shares, respectively, of non-vested restricted stock, restricted stock units, and PSUs. Treasury Shares In July 2010, the Company’s Board of Directors authorized a $500.0 million stock repurchase program, and subsequently approved increases to the stock repurchase program of $250.0 million in 2010, $250.0 million in 2013 and $150.0 million in 2014, for an aggregate authorization of $1,150.0 million. Under its authorized stock repurchase program, the Company did not repurchase any shares in fiscal year 2016, and repurchased approximately 1.5 million shares for $108.8 million and approximately 2.1 million shares for $110.6 million in fiscal years 2015 and 2014, respectively. As of December 31, 2016, the Company had $69.7 million remaining on the authorized stock repurchase program. In addition, the Company’s stock-based compensation plans permit the netting of common stock upon vesting of restricted stock, restricted stock units and performance share units in order to satisfy individual minimum statutory tax withholding requirements. The Company acquired approximately 0.2 million shares for $12.3 million, approximately 0.1 million shares for $8.7 million, and approximately 0.1 million shares for $6.8 million in fiscal years 2016, 2015 and 2014, respectively, to satisfy individual minimum statutory tax withholding requirements. Accumulated Other Comprehensive Income (Loss) Changes to each component of accumulated other comprehensive income (loss), net of income taxes, are as follows:
| Foreign Currency Translation and Other(3) |  | Pension and Other Post-Retirement Benefit Plans |  | Total
| (in thousands)
December 27, 2014 | $ | (19,891 | ) |  | $ | (54,356 | ) |  | $ | (74,247 | )
Other comprehensive loss before reclassifications (1) | (60,745 | ) |  | (302 | ) |  | (61,047 | )
Amounts reclassified from accumulated other comprehensive income (loss) | (2,341 | ) |  | 2,617 |  |  | 276 |
Net current period other comprehensive income (loss) | (63,086 | ) |  | 2,315 |  |  | (60,771 | )
Income tax expense | — |  |  | 530 |  |  | 530 |
December 26, 2015 | (82,977 | ) |  | (52,571 | ) |  | (135,548 | )
Other comprehensive loss before reclassifications (2) | (71,618 | ) |  | (60,678 | ) |  | (132,296 | )
Amounts reclassified from accumulated other comprehensive income (loss) | — |  |  | 1,711 |  |  | 1,711 |
Net current period other comprehensive income (loss) | (71,618 | ) |  | (58,967 | ) |  | (130,585 | )
Income tax expense (benefit) | — |  |  | (12,369 | ) |  | (12,369 | )
December 31, 2016 | $ | (154,595 | ) |  | $ | (99,169 | ) |  | $ | (253,764 | )
(1) The impact of the foreign currency translation adjustment to other comprehensive income (loss) before reclassifications for fiscal year 2015 was primarily due to the effect of changes in foreign currency exchange rates of the Euro and Canadian Dollar and to a lesser extent due to the impact of changes in the British Pound.
(2) The impact of the foreign currency translation adjustment to other comprehensive income (loss) before reclassifications for fiscal year 2016 was primarily due to the effect of changes in foreign currency exchange rates of the Euro, British Pound, and Canadian Dollar and to a lesser extent due to the impact of changes in the Chinese Yuan Renminbi and Japanese Yen.
(3) Foreign currency translation and other includes a non-significant amount of unrealized gains (losses) on available-for-sale marketable securities.
Nonredeemable Noncontrolling Interests The Company has investments in several entities, whose financial results are consolidated in the Company’s financial statements, as it has the ability to exercise control over these entities. The interests of the respective noncontrolling parties in these entities have been recorded as nonredeemable noncontrolling interests. Redeemable Noncontrolling Interest In January 2013, the Company acquired a 75% ownership interest of Vital River, a commercial provider of research models and related services in China, for $24.2 million, net of $2.7 million of cash acquired. Concurrent with the acquisition, the Company entered into an agreement with the noncontrolling interest holders that provided the Company with the right to purchase, and the noncontrolling interest holders with the right to sell, the remaining 25% of the entity for cash at its fair value beginning in January 2016. On July 7, 2016, the Company purchased an additional 12% equity interest in Vital River for $10.8 million, resulting in total ownership of 87%. The Company recorded a $1.6 million gain in equity equal to the excess fair value of the 12% equity interest over the purchase price. Concurrent with the transaction, the original agreement was amended providing the Company with the right to purchase, and the noncontrolling interest holders with the right to sell, the remaining 13% equity interest at a contractually defined redemption value, subject to a redemption floor (embedded derivative). These rights are exercisable beginning in 2019 and are accelerated in certain events. The Company recorded a charge of $1.5 million in other income (expense), net, equal to the excess fair value of the hybrid instrument (equity interest with an embedded derivative) over the fair value of the 13% equity interest. The redeemable noncontrolling interest is measured at the greater of the amount that would be paid if settlement occurred as of the balance sheet date based on the contractually defined redemption value ($14.1 million as of December 31, 2016) and its carrying amount adjusted for net income (loss) attributable to the noncontrolling interest. As the noncontrolling interest holders have the ability to require the Company to purchase the remaining 13% interest, the noncontrolling interest is classified in the mezzanine section of the consolidated balance sheet, which is presented above the equity section and below liabilities. The agreement does not limit the amount that the Company could be required to pay to purchase the remaining 13% equity interest. The following table provides a rollforward of the Company’s redeemable noncontrolling interest subsequent to the acquisition of the additional 12% equity interest on July 7, 2016:
| Redeemable Noncontrolling Interest
| (in thousands)
July 7, 2016 | $ | 25,985 |
Purchase of 12% equity interest | (12,360 | )
Total gains or losses (realized/unrealized): |
Net income attributable to noncontrolling interest | 357 |
Foreign currency translation | (818 | )
Modification of 13% purchase option | 1,495 |
December 31, 2016 | $ | 14,659 |
See Note 5, “Fair Value,” for the activity within the redeemable noncontrolling interest prior to July 7, 2016.

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