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EQUITY AND NONCONTROLLING INTERESTS (Tables)

6 Months Ended

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.

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-14A

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481674/830-30-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481694/830-30-45-20

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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
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1

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