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EQUITY AND NONCONTROLLING INTERESTS (Tables)
 12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Reconciliation of the Numerator and Denominator in the Computations of the Basic and Diluted 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 $364,304 
Denominator:
Weighted-average shares outstanding—Basic50,812 50,293 49,550 
Effect of dilutive securities:
Stock options, restricted stock units and performance share units489 1,132 1,061 
Weighted-average shares outstanding—Diluted51,301 51,425 50,611 
Anti-dilutive common stock equivalents(1)
560 152 249 
(1) These common stock equivalents were outstanding for the periods presented, but were not included in the computation of diluted EPS for those periods because their inclusion would have had an anti-dilutive effect.
Changes to Each Component of Accumulated Other Comprehensive Income (Loss), Net of Income Taxes
Changes to each component of accumulated other comprehensive income (loss), net of income taxes, are as follows:
Foreign Currency Translation Adjustment and OtherPension and Other Post-Retirement Benefit PlansNet Unrealized Loss on Cash Flow HedgeTotal
(in thousands)
December 28, 2019$(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.
Rollforward of Redeemable Noncontrolling Interest
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