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BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended
--- | ---
Apr. 01, 2023
Accounting Policies [Abstract] |
Components of inventories | Inventories consisted of the following:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | April 1, | ​ | December 31,
​ | ​ | 2023 |  | 2022
Raw materials and purchased parts | ​ | $ | 258,300 | ​ | $ | 258,814
Work-in-process | ​ |  | 46,250 | ​ |  | 44,453
Finished goods and manufactured goods | ​ |  | 420,810 | ​ |  | 425,495
​ | ​ | $ | 725,360 | ​ | $ | 728,762
​
Schedule of Income Before Income Tax, Domestic and Foreign | Earnings before income taxes and equity in loss of nonconsolidated subsidiaries for the thirteen weeks ended April 1, 2023 and March 26, 2022 were as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Thirteen weeks ended
​ | ​ | 2023 |  | 2022
United States | ​ | $ | 31,858 | ​ | $ | 60,816
Foreign | ​ |  | 73,151 | ​ |  | 25,569
​ | ​ | $ | 105,009 | ​ | $ | 86,385
​
Schedule of Components of the Net Periodic Pension (Benefit) Expense | The components of the net periodic pension (benefit) expense for the thirteen weeks ended April 1, 2023 and March 26, 2022 were as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Thirteen weeks ended
​ | ​ | 2023 |  | 2022
Interest cost | ​ | $ | 5,256 | ​ | $ | 3,365
Expected return on plan assets | ​ |  | (5,317) | ​ |  | (6,202)
Amortization of prior service cost | ​ |  | 122 | ​ |  | 132
Net periodic (benefit) expense | ​ | $ | 61 | ​ | $ | (2,705)
​
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 April 1, 2023 and March 26, 2022, respectively, were as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Thirteen weeks ended
​ | ​ | 2023 |  | 2022
Compensation expense | ​ | $ | 8,689 | ​ | $ | 9,463
Income tax benefits | ​ |  | 2,172 | ​ |  | 2,366
​
Valuation methodologies used for assets and liabilities measured at fair value | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Fair Value Measurement Using:
​ | ​ | ​ |  | Quoted Prices in |  | Significant Other |  | Significant
​ | ​ | ​ | ​ | ​ | Active Markets | ​ | Observable | ​ | Unobservable
​ | ​ | Carrying Value | ​ | for Identical | ​ | Inputs | ​ | Inputs
​ | ​ | April 1, 2023 | ​ | Assets (Level 1) | ​ | (Level 2) | ​ | (Level 3)
Assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Trading securities | ​ | $ | 28,452 | ​ | $ | 28,452 | ​ | $ | — | ​ | $ | —
Derivative financial instruments, net | ​ | ​ | 2,793 | ​ | ​ | — | ​ | ​ | 2,793 | ​ | ​ | —
Cash and cash equivalents - mutual funds | ​ | ​ | 1,534 | ​ | ​ | 1,534 | ​ | ​ | — | ​ | ​ | —
Cash and cash equivalents - marketable securities | ​ | ​ | 142 | ​ | ​ | — | ​ | ​ | 142 | ​ | ​ | —
​ ​ (1) BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – CONTINUED ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Fair Value Measurement Using:
​ | ​ | ​ |  | Quoted Prices in |  | Significant Other |  | Significant
​ | ​ | Carrying Value | ​ | Active Markets | ​ | Observable | ​ | Unobservable
​ | ​ | December 31, | ​ | for Identical | ​ | Inputs | ​ | Inputs
​ | ​ | 2022 | ​ | Assets (Level 1) | ​ | (Level 2) | ​ | (Level 3)
Assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Trading securities | ​ | $ | 25,008 | ​ | $ | 25,008 | ​ | $ | — | ​ | $ | —
Derivative financial instruments, net | ​ | ​ | 1,404 | ​ | ​ | — | ​ | ​ | 1,404 | ​ | ​ | —
Cash and cash equivalents - mutual funds | ​ | ​ | 7,205 | ​ | ​ | 7,205 | ​ | ​ | — | ​ | ​ | —
Cash and cash equivalents - marketable securities | ​ | ​ | 136 | ​ | ​ | — | ​ | ​ | 136 | ​ | ​ | —
​
Schedule of Components of Accumulated Other Comprehensive Income (Loss) |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Foreign |  | ​ | ​ |  | ​ | ​ |  | Accumulated
​ | ​ | Currency | ​ | ​ | ​ | Defined | ​ | Other
​ | ​ | Translation | ​ | Hedging | ​ | Benefit | ​ | Comprehensive
​ | ​ | Adjustments | ​ | Activities | ​ | Pension Plan | ​ | Income (Loss)
Balance at December 31, 2022 | ​ | $ | (260,799) | ​ | $ | 20,099 | ​ | $ | (34,209) | ​ | $ | (274,909)
Current period comprehensive income | ​ |  | 7,896 | ​ |  | 789 | ​ |  | 91 | ​ |  | 8,776
Balance at April 1, 2023 | ​ | $ | (252,903) | ​ | $ | 20,888 | ​ | $ | (34,118) | ​ | $ | (266,133)
Schedule of supplier finance program confirmed obligations | ​
​ | ​ | ​ | ​
Confirmed obligations outstanding at December 31, 2022 | ​ | $ | 48,880
Invoices confirmed during the period | ​ | ​ | 74,781
Confirmed invoices paid during the period | ​ |  | (65,527)
Confirmed obligations outstanding at April 1, 2023 | ​ | $ | 58,134
​

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