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EQUITY AND NONCONTROLLING INTERESTS
 6 Months Ended
Jul. 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 EndedSix Months Ended
July 1, 2023June 25, 2022July 1, 2023June 25, 2022
(in thousands)
Numerator:  
Net income$99,443 $110,664 $203,397 $205,890 
Less: Net income attributable to noncontrolling interests2,423 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 - Basic51,216 50,823 51,157 50,732 
Effect of dilutive securities:
Stock options, restricted stock units and performance share units251 460 225 561 
Weighted-average shares outstanding - Diluted51,467 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.
Treasury Shares
The Company’s Board of Directors has authorized a $1.3 billion stock repurchase program. As of July 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 six months ended July 1, 2023 and six months ended June 25, 2022, for $24.0 million and $38.5 million, respectively, from such netting.
Accumulated Other Comprehensive Income (Loss)
Changes to each component of accumulated other comprehensive income (loss), net of income taxes, are as follows:
Foreign Currency Translation Adjustment
and Other 		Pension and Other Post-Retirement Benefit PlansNet Unrealized (Loss) Gain on Cash Flow HedgeTotal
(in thousands)
December 31, 2022$(217,785)$(43,114)$(1,158)$(262,057)
Other comprehensive income before reclassifications48,699 344 4,644 53,687 
Net current period other comprehensive income48,699 344 4,644 53,687 
Income tax expense (benefit)807 209 (1,117)(101)
July 1, 2023$(169,893)$(42,979)$4,603 $(208,269)
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 and six months ended July 1, 2023 and June 25, 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 July 1, 2023. 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 July 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%, which is subject to customary closing conditions. The Company expects the transaction to close prior to the end of fiscal year 2023.
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 July 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:
Six Months Ended
July 1, 2023June 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