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EQUITY AND NONCONTROLLING INTERESTS
 9 Months Ended
Sep. 25, 2021
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 EndedNine Months Ended
September 25, 2021September 26, 2020September 25, 2021September 26, 2020
(in thousands)
Numerator:  
Net income$105,159 $102,611 $259,010 $221,116 
Less: Net income (expense) attributable to noncontrolling interests1,733 (298)5,606 3 
Net income attributable to common shareholders$103,426 $102,909 $253,404 $221,113 
Denominator:  
Weighted-average shares outstanding - Basic50,425 49,703 50,234 49,482 
Effect of dilutive securities:
Stock options, restricted stock units and performance share units1,133 999 1,126 889 
Weighted-average shares outstanding - Diluted51,558 50,702 51,360 50,371 
Options to purchase 0.2 million and 0.3 million shares for the three months ended September 25, 2021 and September 26, 2020, respectively, as well as a non-significant number of 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 0.2 million and 0.3 million shares for the nine months ended September 25, 2021 and September 26, 2020, respectively, as well as a non-significant number of 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 the nine months ended September 25, 2021 and September 26, 2020 excluded the impact of 0.7 million and 0.9 million shares of non-vested RSUs and PSUs, respectively.
Treasury Shares
During the nine months ended September 25, 2021 and September 26, 2020, the Company did not repurchase any shares under its authorized stock repurchase program. As of September 25, 2021, 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 25, 2021 and September 26, 2020, the Company acquired 0.1 million shares for $40.4 million and 0.1 million shares for $23.9 million, respectively, from such netting.
Accumulated Other Comprehensive Income (Loss)
Changes to each component of accumulated other comprehensive income (loss), net of income taxes, are as follows:
Foreign Currency Translation Adjustment
and Other 		Pension and Other Post-Retirement Benefit PlansTotal
(in thousands)
December 26, 2020$(73,884)$(64,990)$(138,874)
Other comprehensive income before reclassifications1,407 — 1,407 
Amounts reclassified from accumulated other comprehensive income— 2,972 2,972 
Net current period other comprehensive income1,407 2,972 4,379 
Income tax (benefit) expense(2,448)732 (1,716)
September 25, 2021$(70,029)$(62,750)$(132,779)
Nonredeemable Noncontrolling Interest
The Company has an investment in an entity whose financial results are consolidated in the Company’s unaudited condensed consolidated 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 within Equity in the accompanying unaudited condensed consolidated balance sheets. The activity within the nonredeemable noncontrolling interest was not significant during the three and nine months ended September 25, 2021 and September 26, 2020.
Redeemable Noncontrolling Interests
The Company has a 92% equity interest in Vital River with an 8% redeemable noncontrolling interest. The Company has the right to purchase, and the noncontrolling interest holders have the right to sell, the remaining 8% equity 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 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 ($21.9 million as of September 25, 2021) 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 amount that the Company could be required to pay to purchase the remaining 8% equity interest is not limited.
As part of the Citoxlab acquisition in 2019, the Company acquired an approximate 90% equity interest in a subsidiary that was fully consolidated under the voting interest model, which included an approximate 10% redeemable noncontrolling interest. In February 2020, the Company purchased the remaining approximate 10% noncontrolling interest for approximately $4 million and assumption of a contingent consideration liability payable to the former shareholders. See Note 7. “Fair Value”.
In 2019, the Company acquired an 80% equity interest in a subsidiary that is fully consolidated under the voting interest model, which includes a 20% redeemable noncontrolling interest. The Company has the right to purchase, and the noncontrolling interest holders have 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 predetermined 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 consolidated balance sheets, which is presented above the equity section and below liabilities. The amount that the Company could be required to pay to purchase the remaining 20% equity interest is not limited.
The following table provides a rollforward of the activity related to the Company’s redeemable noncontrolling interests:
Nine Months Ended
September 25, 2021September 26, 2020
(in thousands)
Beginning balance$25,499 $28,647 
Adjustment to Vital River redemption value3,043 — 
Purchase of a 10% redeemable noncontrolling interest
— (3,732)
Net income (loss) attributable to noncontrolling interests3,674 (1,278)
Foreign currency translation340 396 
Ending balance$32,556 $24,033