XML 30 R17.htm IDEA: XBRL DOCUMENT v3.22.4
EQUITY AND NONCONTROLLING INTERESTS
 12 Months Ended
Dec. 31, 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:
Fiscal Year
202220212020
(in thousands)
Numerator:
Net income$492,608 $398,837 $365,306 
Less: Net income attributable to noncontrolling interests6,382 7,855 1,002 
Net income attributable to common shareholders$486,226 $390,982 $364,304 
Denominator:
Weighted-average shares outstanding—Basic50,812 50,293 49,550 
Effect of dilutive securities:
Stock options, restricted stock units and performance share units489 1,132 1,061 
Weighted-average shares outstanding—Diluted51,301 51,425 50,611 
Anti-dilutive common stock equivalents(1)
560 152 249 
(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
The Company’s Board of Directors has authorized a $1.3 billion stock repurchase program. As of December 31, 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 RSUs and PSUs in order to satisfy individual statutory tax withholding requirements. The Company acquired shares of 0.1 million in fiscal years 2022 and 2021, for $38.7 million and $40.7 million, respectively, from such netting.
Prior to the end of fiscal years 2022, 2021 and 2020, the Company’s Board of Directors approved the cancellation and return to the Company’s authorized and unissued capital stock, reducing treasury stock on the Company’s consolidated balance sheet. The Company allocated the excess of the repurchase price over the par value of shares acquired to reduce both retained earnings and additional paid-in capital.
Accumulated Other Comprehensive Income (Loss)
Changes to each component of accumulated other comprehensive income (loss), net of income taxes, are as follows:
Foreign Currency Translation Adjustment and OtherPension and Other Post-Retirement Benefit PlansNet Unrealized Loss on Cash Flow HedgeTotal
(in thousands)
December 28, 2019$(87,578)$(90,441)$— $(178,019)
Other comprehensive income before reclassifications (1)
20,909 15,747 — 36,656 
Amounts reclassified from accumulated other comprehensive income— 17,861 — 17,861 
Net current period other comprehensive (loss) income20,909 33,608 — 54,517 
Income tax (benefit) expense7,215 8,157 — 15,372 
December 26, 2020(73,884)(64,990)— (138,874)
Other comprehensive income before reclassifications (1)
(30,316)(1,193)— (31,509)
Amounts reclassified from accumulated other comprehensive income — 1,678 — 1,678 
Net current period other comprehensive (loss) income(30,316)485 — (29,831)
Income tax (benefit) expense(6,027)2,062 — (3,965)
December 25, 2021(98,173)(66,567)— (164,740)
Other comprehensive (loss) income before reclassifications (1)
(125,507)24,471 (1,523)(102,559)
Amounts reclassified from accumulated other comprehensive income — 3,337 — 3,337 
Net current period other comprehensive (loss) income(125,507)27,808 (1,523)(99,222)
Income tax (benefit) expense(5,895)4,355 (365)(1,905)
December 31, 2022$(217,785)$(43,114)$(1,158)$(262,057)
(1) The impact of the foreign currency translation adjustment to other comprehensive income (loss) before reclassifications was primarily due to the effect of changes in foreign currency exchange rates of the Japanese Yen, Euro, British Pound, Canadian Dollar, Chinese Yuan Renminbi, and Hungarian Forint and to a lesser extent due to the impact of changes in the Brazilian Real.
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 within Equity in the accompanying consolidated balance sheets. The activity within the nonredeemable noncontrolling interest (net income less dividends declared) during fiscal years 2022, 2021, and 2020 was not significant.
Redeemable Noncontrolling Interests
The Company holds a 92% ownership interest in Vital River, a commercial provider of research models and related services in China as of December 31, 2022. 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 ($24.4 million) as of December 31, 2022) and the carrying amount adjusted for net income (loss) attributable to the noncontrolling interest. The amount that the Company could be required to pay to purchase the remaining 8% equity interest is not limited. During the fourth quarter of fiscal 2022, the Company exercised its option to acquire the remaining 8%; however, has not yet closed the purchase of the remaining equity interest.
In 2019, the Company acquired an 80% equity interest in a subsidiary that is fully consolidated under the voting interest model, which includes a 10% 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 ($17.0 million as of December 31, 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. 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:
Fiscal Year
202220212020
(in thousands)
Beginning balance$53,010 $25,499 $28,647 
Adjustments to redemption value7,506 21,312 — 
Additional purchases
(15,000)— (3,732)
Net income (loss) 4,020 5,375 (852)
Dividends(3,525)— — 
Foreign currency translation(3,584)824 1,436 
Ending balance$42,427 $53,010 $25,499