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BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended
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Mar. 26, 2022
Accounting Policies [Abstract] |
Components of inventories | Inventories consisted of the following:
| March 26, 2022 |  | December 25, 2021
Raw materials and purchased parts | $ | 297,570 |  |  | $ | 278,107 |
Work-in-process | 78,591 |  |  | 63,628 |
Finished goods and manufactured goods | 431,310 |  |  | 387,099 |
Total Inventory | $ | 807,471 |  |  | $ | 728,834 |
Earnings before income taxes | Earnings bef ore income taxes for the thirteen weeks ended March 26, 2022 and March 27, 2021, were as follows:
| Thirteen weeks ended |  |
| 2022 |  | 2021 |  |  |  |
United States | $ | 60,816 |  |  | $ | 51,155 |  |  |  |  |
Foreign | 25,569 |  |  | 19,708 |  |  |  |  |
| $ | 86,385 |  |  | $ | 70,863 |  |  |  |  |
Schedule of components of the net periodic pension (benefit) expense | The components of the net periodic pension (benefit) expense for the thirteen weeks ended March 26, 2022 and March 27, 2021 were as follows:
| Thirteen weeks ended |  |
Net periodic (benefit) expense: | 2022 |  | 2021 |  |  |  |
Interest cost | $ | 3,365 |  |  | $ | 2,497 |  |  |  |  |
Expected return on plan assets | (6,202) |  |  | (7,005) |  |  |  |  |
Amortization of actuarial loss | 132 |  |  | 832 |  |  |  |  |
Net periodic (benefit) expense | $ | (2,705) |  |  | $ | (3,676) |  |  |  |  |
Compensation expense (included in selling, general and administrative expenses) and associated income tax benefits related to stock options | The Company's compensation expense (included in selling, general and administrative expenses) and associated income tax benefits related to stock options and restricted stock for the thirteen weeks ended March 26, 2022 and March 27, 2021, respectively, were as follows:
| Thirteen weeks ended |  |
| 2022 |  | 2021 |  |  |  |
Compensation expense | $ | 9,463 |  |  | $ | 4,671 |  |  |  |  |
Income tax benefits | 2,366 |  |  | 1,168 |  |  |  |  |
Valuation methodologies used for assets and liabilities measured at fair value |
|  |  | Fair Value Measurement Using:
| Carrying Value March 26, 2022 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Assets: |  |  |  |  |  |  |
Trading Securities | $ | 30,751 |  |  | $ | 30,751 |  |  | $ | — |  |  | $ | — |
Derivative financial instruments, net | 17,633 |  |  | — |  |  | 17,633 |  |  | — |
|  |  | Fair Value Measurement Using:
| Carrying Value December 25, 2021 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Assets (Liabilities): |  |  |  |  |  |  |
Trading Securities | $ | 30,076 |  |  | $ | 30,076 |  |  | $ | — |  |  | $ | — |
Derivative financial instruments, net | (4,007) |  |  | — |  |  | (4,007) |  |  | — |
Components of accumulated other comprehensive income (loss) | Accumulated other comprehensive income (loss) consisted of the following at March 26, 2022 and December 25, 2021:
| Foreign Currency Translation Adjustments |  | Gain on Hedging Activities |  | Defined Benefit Pension Plan |  | Accumulated Other Comprehensive Loss
Balance at December 25, 2021 | $ | (243,350) |  |  | $ | 15,777 |  |  | $ | (35,554) |  |  | $ | (263,127) |
Current-period comprehensive income (loss) | 9,969 |  |  | 20,312 |  |  | 686 |  |  | 30,967 |
Balance at March 26, 2022 | $ | (233,381) |  |  | $ | 36,089 |  |  | $ | (34,868) |  |  | $ | (232,160) |

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