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EQUITY AND NONCONTROLLING INTERESTS | 9 Months Ended
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Sep. 28, 2019
Equity [Abstract] |
EQUITY AND NONCONTROLLING INTERESTS | EQUITY AND NONCONTROLLING INTERESTS Earnings Per Share The following table reconciles the numerator and denominator in the computations of basic and diluted earnings per share:
| Three Months Ended |  | Nine Months Ended
| September 28, 2019 |  | September 29, 2018 |  | September 28, 2019 |  | September 29, 2018
| (in thousands)
Numerator: |  |  |  |  |  |  |
Income from continuing operations, net of income taxes | $ | 73,552 |  |  | $ | 60,902 |  |  | $ | 173,549 |  |  | $ | 167,020 |
Income from discontinued operations, net of income taxes | — |  |  | — |  |  | — |  |  | 1,506 |
Less: Net income attributable to noncontrolling interests | 742 |  |  | 534 |  |  | 1,878 |  |  | 1,818 |
Net income attributable to common shareholders | $ | 72,810 |  |  | $ | 60,368 |  |  | $ | 171,671 |  |  | $ | 166,708 |
Denominator: |  |  |  |  |  |  |
Weighted-average shares outstanding - Basic | 48,818 |  |  | 48,310 |  |  | 48,682 |  |  | 48,098 |
Effect of dilutive securities: |  |  |  |  |  |  |
Stock options, restricted stock units, performance share units and restricted stock | 897 |  |  | 1,016 |  |  | 945 |  |  | 1,020 |
Weighted-average shares outstanding - Diluted | 49,715 |  |  | 49,326 |  |  | 49,627 |  |  | 49,118 |
Options to purchase 0.4 million and 0.5 million shares for the three months ended September 28, 2019 and September 29, 2018, respectively, as well as a non-significant number of restricted shares, 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. Options to purchase 0.4 million and 0.5 million shares for the nine months ended September 28, 2019 and September 29, 2018, respectively, as well as a non-significant number of restricted shares, RSUs and PSUs, were not included in computing diluted earnings per share because their inclusion would have been anti-dilutive. Basic weighted-average shares outstanding for both the nine months ended September 28, 2019 and September 29, 2018 excluded the impact of 1.0 million shares of non-vested restricted stock and RSUs. Treasury Shares During the nine months ended September 28, 2019 and September 29, 2018, the Company did no t repurchase any shares under its authorized stock repurchase program. As of September 28, 2019, the Company had $129.1 million remaining on the authorized stock repurchase program. The Company’s stock-based compensation plans permit the netting of common stock upon vesting of RSUs and PSUs in order to satisfy individual statutory tax withholding requirements. During the nine months ended September 28, 2019 and September 29, 2018, the Company acquired 0.1 million shares for $18.0 million and 0.1 million shares for $13.8 million, respectively, from such netting. 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 Adjustment and Other |  | Pension and Other Post-Retirement Benefit Plans |  | Total
| (in thousands)
December 29, 2018 | $ | (102,199 | ) |  | $ | (70,504 | ) |  | $ | (172,703 | )
Other comprehensive loss before reclassifications | (8,261 | ) |  | — |  |  | (8,261 | )
Amounts reclassified from accumulated other comprehensive loss | — |  |  | 1,113 |  |  | 1,113 |
Net current period other comprehensive income (loss) | (8,261 | ) |  | 1,113 |  |  | (7,148 | )
Income tax expense (benefit) | (1,615 | ) |  | 234 |  |  | (1,381 | )
September 28, 2019 | $ | (108,845 | ) |  | $ | (69,625 | ) |  | $ | (178,470 | )
Nonredeemable Noncontrolling Interest The Company has an investment in an entity whose financial results are consolidated in the Company’s financial statements, as it has the ability to exercise control over this entity. The interest of the noncontrolling party in this entity has been recorded as noncontrolling interest. The activity within the nonredeemable noncontrolling interest was immaterial during the three and nine months ended September 28, 2019 and September 29, 2018. Redeemable Noncontrolling Interests On June 13, 2019, the Company purchased an additional 5% equity interest in Vital River for $7.9 million, resulting in total ownership of 92%. The Company recorded a $0.8 million gain in equity equal to the excess fair value of the 5% equity interest over the purchase price. Concurrent with the transaction, the pre-existing agreement was further amended to provide the Company with the right to purchase, and the noncontrolling interest holders with the right to sell, the remaining 8% equity interest (redeemable noncontrolling interest) at a contractually defined redemption value, subject to a redemption floor, which represents a derivative embedded within the equity instrument. These rights are exercisable beginning in 2022 and are accelerated in certain events. The Company recorded a charge of $2.2 million in Selling, general and administrative expenses within the unaudited condensed consolidated statements of income, equal to the excess fair value of the hybrid instrument (equity interest with embedded derivative) over the fair value of the 8% 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 ($14.5 million as of September 28, 2019) and the 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 8% interest, the noncontrolling interest is classified in the mezzanine section of the unaudited condensed consolidated balance sheets, 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 8% equity interest. As part of the Citoxlab acquisition on April 29, 2019, the Company acquired a less than wholly owned subsidiary that is fully consolidated under the voting interest model. The Company acquired a 90% equity interest, which includes a 10% redeemable noncontrolling interest. The noncontrolling interest holders have the ability to require the Company to purchase the remaining 10% interest at certain dates in the future between 2021 through 2023. The noncontrolling interest is classified in the mezzanine section of the unaudited condensed consolidated balance sheets and is approximately $4 million as of September 28, 2019. On August 28, 2019, the Company acquired an 80% equity interest in a supplier, which included a 20% redeemable noncontrolling interest. The contract provides the Company the right to purchase, and the noncontrolling interest holders with the right to sell, the remaining 20% equity interest at its appraised value. These rights are exercisable beginning in 2022. 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 appraised value and the carrying amount adjusted for net income (loss) attributable to the noncontrolling interest or a pre-determined floor value. As the noncontrolling interest holders have the ability to require the Company to purchase the remaining 20% interest, the noncontrolling interest is classified in the mezzanine section of the unaudited condensed balance sheets, 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 20% equity interest. The following table provides a rollforward of the activity related to the Company’s redeemable noncontrolling interests:
| Nine Months Ended
| September 28, 2019 |  | September 29, 2018
| (in thousands)
Beginning balance | $ | 18,525 |  |  | $ | 16,609 |
Adjustment to Vital River redemption value | 1,451 |  |  | 1,111 |
Purchase of Vital River 5% equity interest | (8,745 | ) |  | — |
Change in fair value of Vital River 8% equity interest, included in additional-paid-in-capital | 2,708 |  |  | — |
Modification of Vital River 8% purchase option | 2,196 |  |  | — |
Acquisition of a 10% non-controlling interest through acquiring Citoxlab | 4,035 |  |  | — |
Acquisition of a 20% non-controlling interest through acquiring a supplier | 8,740 |  |  | — |
Net income attributable to noncontrolling interests | 249 |  |  | 543 |
Foreign currency translation | (814 | ) |  | (932 | )
Ending balance | $ | 28,345 |  |  | $ | 17,331 |

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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