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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended
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Sep. 27, 2014
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Components of inventories |
|  | September 27, 2014 |  | December 28, 2013 |
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Raw materials and purchased parts |  | $ | 185,573 |  | $ | 179,576 |
Work-in-process |  |  | 29,954 |  |  | 27,294 |
Finished goods and manufactured goods |  |  | 216,498 |  |  | 218,334 |
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Subtotal |  |  | 432,025 |  |  | 425,204 |
Less: LIFO reserve |  |  | 47,380 |  |  | 45,204 |
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|  | $ | 384,645 |  | $ | 380,000 |
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Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries |
|  | Thirteen Weeks Ended |  | Thirty-nine Weeks Ended |
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|  | 2014 |  | 2013 |  | 2014 |  | 2013 |
United States |  | $ | 4,844 |  | $ | 66,143 |  | $ | 141,635 |  | $ | 253,564 |
Foreign |  |  | 34,671 |  |  | 36,585 |  |  | 84,410 |  |  | 100,288 |
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|  | $ | 39,515 |  | $ | 102,728 |  | $ | 226,045 |  | $ | 353,852 |
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Schedule of components of the net periodic pension expense |
|  | Thirteen Weeks Ended |  | Thirty-nine Weeks Ended |
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|  | 2014 |  | 2013 |  | 2014 |  | 2013 |
Net periodic benefit expense: |  |  |  |  |  |  |  |  |  |  |  |  |
Interest cost |  | $ | 7,274 |  | $ | 6,535 |  | $ | 21,783 |  | $ | 19,593 |
Expected return on plan assets |  |  | (6,605 | ) |  | (4,910 | ) |  | (19,780 | ) |  | (14,723 | )
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Net periodic benefit expense |  | $ | 669 |  | $ | 1,625 |  | $ | 2,003 |  | $ | 4,870 |
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Compensation expense (included in selling, general and administrative expenses) and associated income tax benefits related to stock options |
|  | Thirteen Weeks Ended |  | Thirty-nine Weeks Ended |
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|  | 2014 |  | 2013 |  | 2014 |  | 2013 |
Compensation expense |  | $ | 1,242 |  | $ | 1,308 |  | $ | 3,767 |  | $ | 3,935 |
Income tax benefits |  |  | 478 |  |  | 504 |  |  | 1,450 |  |  | 1,515 |
Valuation methodologies used for assets and liabilities measured at fair value |
|  |  |  | Fair Value Measurement Using: |
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|  | Carrying Value September 27, 2014 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Trading Securities |  | $ | 44,603 |  | $ | 44,603 |  | $ | — |  | $ | — |
|  |  |  | Fair Value Measurement Using: |
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|  | Carrying Value December 28, 2013 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Trading Securities |  | $ | 41,043 |  | $ | 41,043 |  | $ | — |  | $ | — |
Components of accumulated other comprehensive income (loss) |
|  | Foreign Currency Translation Adjustments |  | Unrealized Loss on Cash Flow Hedge |  | Defined Benefit Pension Plan |  | Accumulated Other Comprehensive Income |
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Balance at December 28, 2013 |  | $ | (20,165 | ) | $ | (2,535 | ) | $ | (24,985 | ) | $ | (47,685 | )
Current-period comprehensive income (loss) |  |  | (30,925 | ) |  | 6,270 |  |  | 269 |  |  | (24,386 | )
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Balance at September 27, 2014 |  | $ | (51,090 | ) | $ | 3,735 |  | $ | (24,716 | ) | $ | (72,071 | )
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19190-110258 + Details
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