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EQUITY AND NONCONTROLLING INTERESTS
 3 Months Ended
Apr. 01, 2023
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
April 1, 2023March 26, 2022
(in thousands)
Numerator:
Net income$103,954 $95,226 
Less: Net income attributable to noncontrolling interests823 2,204 
Net income attributable to common shareholders$103,131 $93,022 
Denominator:
Weighted-average shares outstanding - Basic51,097 50,640 
Effect of dilutive securities:
Stock options, restricted stock units and performance share units331 685 
Weighted-average shares outstanding - Diluted51,428 51,325 
Anti-dilutive common stock equivalents (1)
405 152 
(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 April 1, 2023, 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 the three months ended April 1, 2023 and three months ended March 26, 2022, for $19.0 million and $34.0 million, respectively, from such netting.
Accumulated Other Comprehensive Income (Loss)
Changes to each component of accumulated other comprehensive income (loss), net of income taxes, are as follows:
Foreign Currency Translation Adjustment
and Other 		Pension and Other Post-Retirement Benefit PlansNet Unrealized Loss on Cash Flow HedgeTotal
(in thousands)
December 31, 2022$(217,785)$(43,114)$(1,158)$(262,057)
Other comprehensive loss before reclassifications23,127 170 (1,402)21,895 
Net current period other comprehensive income (loss) 23,127 170 (1,402)21,895 
Income tax (benefit) expense(834)133 (337)(1,038)
April 1, 2023$(193,824)$(43,077)$(2,223)$(239,124)
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 months ended April 1, 2023 and March 26, 2022.
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 April 1, 2023 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 20% redeemable noncontrolling interest. In June 2022, the Company purchased an additional 10% interest in the subsidiary for $15.0 million, resulting in a remaining noncontrolling interest of 10%. 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 April 1, 2023). 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:
Three Months Ended
April 1, 2023March 26, 2022
(in thousands)
Beginning balance$42,427 $53,010 
Adjustments to redemption value— 1,161 
Net income (loss)322 1,644 
Foreign currency translation186 4 
Ending balance$42,935 $55,819