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EQUITY AND NONCONTROLLING INTERESTS (Tables)

3 Months Ended

Apr. 01, 2023

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:

									Three Months Ended
															April 1, 2023						March 26, 2022
															(in thousands)
Numerator:
Net income															$	103,954					$	95,226
Less: Net income attributable to noncontrolling interests															823						2,204
Net income attributable to common shareholders															$	103,131					$	93,022
Denominator:
Weighted-average shares outstanding - Basic															51,097						50,640
Effect of dilutive securities:
Stock options, restricted stock units and performance share units															331						685
Weighted-average shares outstanding - Diluted															51,428						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.

Schedule of 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 Plans						Net Unrealized Loss on Cash Flow Hedge						Total
			(in thousands)
December 31, 2022			$	(217,785)					$	(43,114)					$	(1,158)					$	(262,057)
Other comprehensive loss before reclassifications			23,127						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)

Rollforward Redeemable Noncontrolling Interest

The following table provides a rollforward of the activity related to the Company’s redeemable noncontrolling interests:

			Three Months Ended
			April 1, 2023						March 26, 2022
			(in thousands)
Beginning balance			$	42,427					$	53,010
Adjustments to redemption value			—						1,161
Net income (loss)			322						1,644
Foreign currency translation			186						4
Ending balance			$	42,935					$	55,819

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- References

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- Definition

Tabular disclosure of redeemable noncontrolling interest (as defined) included in the statement of financial position as either a liability or temporary equity. As of the date of the statement of financial position, such redeemable noncontrolling interest is currently redeemable, as defined, for cash or other assets of the entity at (1) at a fixed or determinable price on a fixed or determinable date, (2) at the option of the holder of the noncontrolling interest, or (3) upon occurrence of an event that is not solely within the control of the entity.

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- Definition

Tabular disclosure of the components of accumulated other comprehensive income (loss).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14A
-URI https://asc.fasb.org/extlink&oid=126968391&loc=SL7669686-108580

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 20
-URI https://asc.fasb.org/extlink&oid=118261656&loc=d3e32211-110900

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- Definition

Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257

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