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EQUITY AND NONCONTROLLING INTERESTS
 9 Months Ended
Sep. 24, 2022
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 24, 2022September 25, 2021September 24, 2022September 25, 2021
(in thousands)
Numerator:  
Net income$97,612 $105,159 $303,502 $259,010 
Less: Net income attributable to noncontrolling interests1,139 1,733 4,686 5,606 
Net income attributable to common shareholders$96,473 $103,426 $298,816 $253,404 
Denominator:  
Weighted-average shares outstanding - Basic50,870 50,425 50,778 50,234 
Effect of dilutive securities:
Stock options, restricted stock units and performance share units413 1,133 507 1,126 
Weighted-average shares outstanding - Diluted51,283 51,558 51,285 51,360 
Anti-dilutive common stock equivalents(1)
571 154 568 158 
(1) These common stock equivalents were outstanding for the periods presented, but were not included in the computation of diluted EPS for those periods because their inclusion would have had an anti-dilutive effect.
Treasury Shares
During the nine months ended September 24, 2022 and September 25, 2021, the Company did not repurchase any shares under its authorized stock repurchase program. As of September 24, 2022, 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 restricted stock units and performance share units in order to satisfy individual statutory tax withholding requirements. During the nine months ended September 24, 2022 and September 25, 2021, the Company acquired 0.1 million shares for $38.5 million and 0.1 million shares for $40.4 million, respectively, from such netting.
Accumulated Other Comprehensive Income (Loss)
Changes to each component of accumulated other comprehensive income (loss), net of income taxes, are as follows:
Foreign Currency Translation Adjustment
and Other 		Pension and Other Post-Retirement Benefit PlansTotal
(in thousands)
December 25, 2021$(98,173)$(66,567)$(164,740)
Other comprehensive loss before reclassifications(253,181)— (253,181)
Amounts reclassified from accumulated other comprehensive income— 2,218 2,218 
Net current period other comprehensive (loss) income(253,181)2,218 (250,963)
Income tax (benefit) expense(20,645)550 (20,095)
September 24, 2022$(330,709)$(64,899)$(395,608)
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 24, 2022 and September 25, 2021.
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. 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 ($24.2 million as of September 24, 2022) 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.
Prior to June 2022, the Company had an 80% equity interest in a subsidiary with a 20% redeemable noncontrolling interest. In June 2022, the Company purchased an additional 10% interest in the subsidiary for $15.0 million. Beginning in 2024, the Company has the right to purchase, and the noncontrolling interest holders have the right to sell (Put/call option), the remaining 10% equity interest at its appraised value ($15.0 million as of September 24, 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 10% 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 10% 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 24, 2022September 25, 2021
(in thousands)
Beginning balance$53,010 $25,499 
Purchase of a 10% redeemable noncontrolling interest
(15,000)— 
Adjustments of noncontrolling interests to redemption values6,681 3,043 
Net income attributable to noncontrolling interests2,963 3,674 
Dividend to redeemable noncontrolling interest(3,525)— 
Foreign currency translation(4,923)340 
Ending balance$39,206 $32,556