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EQUITY AND NONCONTROLLING INTERESTS (Tables) | 6 Months Ended
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Jul. 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 |  | Six Months Ended
| July 1, 2023 |  | June 25, 2022 |  | July 1, 2023 |  | June 25, 2022
| (in thousands)
Numerator: |  |  |  |  |  |  |
Net income | $ | 99,443 |  |  | $ | 110,664 |  |  | $ | 203,397 |  |  | $ | 205,890 |
Less: Net income attributable to noncontrolling interests | 2,423 |  |  | 1,343 |  |  | 3,246 |  |  | 3,547 |
Net income attributable to common shareholders | $ | 97,020 |  |  | $ | 109,321 |  |  | $ | 200,151 |  |  | $ | 202,343 |
Denominator: |  |  |  |  |  |  |
Weighted-average shares outstanding - Basic | 51,216 |  |  | 50,823 |  |  | 51,157 |  |  | 50,732 |
Effect of dilutive securities: |  |  |  |  |  |  |
Stock options, restricted stock units and performance share units | 251 |  |  | 460 |  |  | 225 |  |  | 561 |
Weighted-average shares outstanding - Diluted | 51,467 |  |  | 51,283 |  |  | 51,382 |  |  | 51,293 |
Anti-dilutive common stock equivalents (1) | 594 |  |  | 597 |  |  | 589 |  |  | 550 |
(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) Gain on Cash Flow Hedge |  | Total
| (in thousands)
December 31, 2022 | $ | (217,785) |  |  | $ | (43,114) |  |  | $ | (1,158) |  |  | $ | (262,057) |
Other comprehensive income before reclassifications | 48,699 |  |  | 344 |  |  | 4,644 |  |  | 53,687 |
Net current period other comprehensive income | 48,699 |  |  | 344 |  |  | 4,644 |  |  | 53,687 |
Income tax expense (benefit) | 807 |  |  | 209 |  |  | (1,117) |  |  | (101) |
July 1, 2023 | $ | (169,893) |  |  | $ | (42,979) |  |  | $ | 4,603 |  |  | $ | (208,269) |
Rollforward Redeemable Noncontrolling Interest | The following table provides a rollforward of the activity related to the Company’s redeemable noncontrolling interests:
| Six Months Ended
| July 1, 2023 |  | June 25, 2022
| (in thousands)
Beginning balance | $ | 42,427 |  |  | $ | 53,010 |
Adjustments to redemption value | — |  |  | 2,293 |
Additional purchases | — |  |  | (15,000) |
Net income (loss) | 2,179 |  |  | 2,487 |
Foreign currency translation | (2,159) |  |  | (2,613) |
Ending balance | $ | 42,447 |  |  | $ | 40,177 |

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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. + References No definition available. + Details
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