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EQUITY AND NONCONTROLLING INTERESTS (Tables) | 12 Months Ended
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Dec. 30, 2023
Equity [Abstract] |
Schedule of 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:
| Fiscal Year
| 2023 |  | 2022 |  | 2021
| (in thousands)
Numerator: |  |  |  |  |
Net income | $ | 480,370 |  |  | $ | 492,608 |  |  | $ | 398,837 |
Less: Net income attributable to noncontrolling interests | 5,746 |  |  | 6,382 |  |  | 7,855 |
Net income attributable to common shareholders | $ | 474,624 |  |  | $ | 486,226 |  |  | $ | 390,982 |
Denominator: |  |  |  |  |
Weighted-average shares outstanding—Basic | 51,227 |  |  | 50,812 |  |  | 50,293 |
Effect of dilutive securities: |  |  |  |  |
Stock options, restricted stock units and performance share units | 224 |  |  | 489 |  |  | 1,132 |
Weighted-average shares outstanding—Diluted | 51,451 |  |  | 51,301 |  |  | 51,425 |
Anti-dilutive common stock equivalents(1) | 652 |  |  | 560 |  |  | 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 Changes to Each Component of Accumulated Other Comprehensive Income (Loss), Net of Income Taxes | 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 Gain (Loss) on Cash Flow Hedge |  | Total
| (in thousands)
December 26, 2020 | $ | (73,884) |  |  | $ | (64,990) |  |  | $ | — |  |  | $ | (138,874) |
Other comprehensive income before reclassifications (1) | (30,316) |  |  | (1,193) |  |  | — |  |  | (31,509) |
Amounts reclassified from accumulated other comprehensive income | — |  |  | 1,678 |  |  | — |  |  | 1,678 |
Net current period other comprehensive (loss) income | (30,316) |  |  | 485 |  |  | — |  |  | (29,831) |
Income tax (benefit) expense | (6,027) |  |  | 2,062 |  |  | — |  |  | (3,965) |
December 25, 2021 | (98,173) |  |  | (66,567) |  |  | — |  |  | (164,740) |
Other comprehensive income before reclassifications (1) | (125,507) |  |  | 24,471 |  |  | (1,523) |  |  | (102,559) |
Amounts reclassified from accumulated other comprehensive income | — |  |  | 3,337 |  |  | — |  |  | 3,337 |
Net current period other comprehensive (loss) income | (125,507) |  |  | 27,808 |  |  | (1,523) |  |  | (99,222) |
Income tax (benefit) expense | (5,895) |  |  | 4,355 |  |  | (365) |  |  | (1,905) |
December 31, 2022 | (217,785) |  |  | (43,114) |  |  | (1,158) |  |  | (262,057) |
Other comprehensive (loss) income before reclassifications (1) | 71,851 |  |  | (5,376) |  |  | 2,490 |  |  | 68,965 |
Amounts reclassified from accumulated other comprehensive income | — |  |  | 736 |  |  | — |  |  | 736 |
Net current period other comprehensive (loss) income | 71,851 |  |  | (4,640) |  |  | 2,490 |  |  | 69,701 |
Income tax (benefit) expense | 4,065 |  |  | (587) |  |  | 593 |  |  | 4,071 |
December 30, 2023 | $ | (149,999) |  |  | $ | (47,167) |  |  | $ | 739 |  |  | $ | (196,427) |
(1) The impact of the foreign currency translation adjustment to other comprehensive income (loss) before reclassifications was primarily due to the effect of changes in foreign currency exchange rates of the Japanese Yen, Euro, British Pound, Canadian Dollar, Chinese Yuan Renminbi, and Hungarian Forint and to a lesser extent due to the impact of changes in the Brazilian Real.
Schedule of Rollforward of Redeemable Noncontrolling Interest | The following table provi des a rollforward of the activity related to the Company’s redeemable noncontrolling interests:
| Fiscal Year
| 2023 |  | 2022 |  | 2021
| (in thousands)
Beginning balance | $ | 42,427 |  |  | $ | 53,010 |  |  | $ | 25,499 |
Acquisition resulting in a 10% noncontrolling interest | 45,374 |  |  | — |  |  | — |
Additional purchases reducing noncontrolling interest percentage | (24,148) |  |  | (15,000) |  |  | — |
Adjustments to redemption value | (5,694) |  |  | 7,506 |  |  | 21,312 |
Net income | 3,492 |  |  | 4,020 |  |  | 5,375 |
Dividends | (2,378) |  |  | (3,525) |  |  | — |
Foreign currency translation | (1,200) |  |  | (3,584) |  |  | 824 |
Other | (1,151) |  |  | — |  |  | — |
Ending balance | $ | 56,722 |  |  | $ | 42,427 |  |  | $ | 53,010 |

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