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EQUITY AND NONCONTROLLING INTERESTS | 12 Months Ended
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Dec. 30, 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:
| 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.
Treasury Shares The Company’s Board of Directors has authorized a $1.3 billion stock repurchase program. As of December 30, 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 fiscal years 2023 and 2022, for $24.2 million and $38.7 million, respectively, from such netting. Prior to the end of fiscal years 2023, 2022 and 2021, the Company’s Board of Directors approved the cancellation and return to the Company’s authorized and unissued capital stock, reducing treasury stock on the Company’s consolidated balance sheet. The Company allocated the excess of the repurchase price over the par value of shares acquired to reduce both retained earnings and additional paid-in capital. 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 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.
Nonredeemable Noncontrolling Interest The Company has an investment in an entity whose financial results are consolidated in the Company’s 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 consolidated balance sheets. The activity within the nonredeemable noncontrolling interest (net income less dividends declared) during fiscal years 2023, 2022, and 2021 was not significant. Redeemable Noncontrolling Interests The Company holds a 90% ownership interest in Noveprim. The Company has the right to purchase, and the noncontrolling interest holders have the right to sell, the remaining 10% equity interest at a fixed redemption value that ranges from $47.0 million to $54.0 million depending on when exercised, which represents a derivative embedded within the equity instrument. The Company has the call option right to purchase the remaining 10% equity up until one month after the sixth anniversary of closing the 41% equity stake (December 2029). On the first anniversary of the expiration of the call option (December 2030), a 12-month put option will be triggered giving the seller the right to require the Company to acquire the remaining shares of the seller for $54.0 million. Additionally, the 10% noncontrolling interest holders may receive a dividend disproportionate to their equity ownership, which has an approximate fair value of $8 million. 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 accreted redemption value using the interest method and the carrying amount adjusted for net income (loss) attributable to the noncontrolling interest. As the noncontrolling interest holders have the ability to require the Company to purchase the remaining 10% interest, the noncontrolling interest is classified in the mezzanine section of the consolidated balance sheets, which is presented above the equity section and below liabilities. The Company held a 92% ownership interest in Vital River, a commercial provider of research models and related services in China as of December 31, 2022. The Company had the right to purchase, and the noncontrolling interest holders had 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 was 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 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 was not limited. During the fourth quarter of fiscal 2023, the Company acquired the remaining 8% and as of December 2023, has paid $4.8 million of the total $24.4 million due. The remaining purchase price payable has been reclassified from the mezzanine section to Accrued liabilities on the consolidated balance sheet and is expected to be paid during fiscal year 2024. In 2020, the Company acquired an 80% equity interest in a subsidiary, which included 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, the remaining 10% equity interest at its appraised value. 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 ($11.0 million as of December 30, 2023) or a predetermined floor, which represents a derivative embedded within the equity instrument. The amount that the Company could be required to pay to purchase the remaining 10% equity interest is not limited. 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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