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BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended
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Jul. 01, 2023
Accounting Policies [Abstract] |
Schedule of inventories | Inventories as of July 1, 2023 and December 31, 2022 consisted of the following:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | July 1, | ​ | December 31,
​ | ​ | 2023 |  | 2022
Raw materials and purchased parts | ​ | $ | 266,759 | ​ | $ | 258,814
Work-in-process | ​ |  | 46,848 | ​ |  | 44,453
Finished goods and manufactured goods | ​ |  | 416,131 | ​ |  | 425,495
Total inventories | ​ | $ | 729,738 | ​ | $ | 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 and twenty-six weeks ended July 1, 2023 and June 25, 2022 were as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Thirteen weeks ended | ​ | Twenty-six weeks ended
​ | ​ | July 1, | ​ | June 25, | ​ | July 1, | ​ | June 25,
​ | ​ | 2023 |  | 2022 |  | 2023 |  | 2022
United States | ​ | $ | 77,066 | ​ | $ | 62,214 | ​ | $ | 108,924 | ​ | $ | 123,031
Foreign | ​ |  | 43,866 | ​ |  | 45,135 | ​ |  | 117,017 | ​ |  | 70,703
Total earnings before income taxes and equity in loss of nonconsolidated subsidiaries | ​ | $ | 120,932 | ​ | $ | 107,349 | ​ | $ | 225,941 | ​ | $ | 193,734
Schedule of Components of the Net Periodic Pension (Benefit) Expense | The components of the net periodic pension (benefit) expense for the thirteen and twenty-six weeks ended July 1, 2023 and June 25, 2022 were as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Thirteen weeks ended | ​ | Twenty-six weeks ended
​ | ​ | July 1, | ​ | June 25, | ​ | July 1, | ​ | June 25,
​ | ​ | 2023 |  | 2022 |  | 2023 |  | 2022
Interest cost | ​ | $ | 5,414 | ​ | $ | 3,157 | ​ | $ | 10,670 | ​ | $ | 6,522
Expected return on plan assets | ​ |  | (5,477) | ​ |  | (5,818) | ​ |  | (10,794) | ​ |  | (12,020)
Amortization of prior service cost | ​ |  | 124 | ​ |  | 124 | ​ |  | 246 | ​ |  | 256
Net periodic (benefit) expense | ​ | $ | 61 | ​ | $ | (2,537) | ​ | $ | 122 | ​ | $ | (5,242)
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” in the Condensed Consolidated Statements of Earnings) and associated income tax benefits related to stock options and restricted stock for the thirteen and twenty-six weeks ended July 1, 2023 and June 25, 2022 were as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Thirteen weeks ended | ​ | Twenty-six weeks ended
​ | ​ | July 1, | ​ | June 25, | ​ | July 1, | ​ | June 25,
​ | ​ | 2023 |  | 2022 |  | 2023 |  | 2022
Compensation expense | ​ | $ | 11,167 | ​ | $ | 10,120 | ​ | $ | 19,856 | ​ | $ | 19,583
Income tax benefits | ​ |  | 2,792 | ​ |  | 2,530 | ​ |  | 4,964 | ​ |  | 4,896
Valuation methodologies used for assets and liabilities measured at fair value | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Carrying Value | ​ | Fair Value Measurement Using:
​ | ​ | July 1, 2023 | ​ | Level 1 | ​ | Level 2 | ​ | Level 3
Trading securities | ​ | $ | 29,388 | ​ | $ | 29,388 | ​ | $ | — | ​ | $ | —
Derivative financial instruments, net | ​ | ​ | 437 | ​ | ​ | — | ​ | ​ | 437 | ​ | ​ | —
Cash and cash equivalents - mutual funds | ​ | ​ | 2,869 | ​ | ​ | 2,869 | ​ | ​ | — | ​ | ​ | —
Cash and cash equivalents - marketable securities | ​ | ​ | 143 | ​ | ​ | — | ​ | ​ | 143 | ​ | ​ | —
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Carrying Value | ​ | Fair Value Measurement Using:
​ | ​ | December 31, 2022 | ​ | Level 1 | ​ | Level 2 | ​ | Level 3
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 (loss) | ​ |  | 19,518 | ​ |  | (397) | ​ |  | 186 | ​ |  | 19,307
Balance at July 1, 2023 | ​ | $ | (241,281) | ​ | $ | 19,702 | ​ | $ | (34,023) | ​ | $ | (255,602)
Schedule of supplier finance program confirmed obligations | ​
​ | ​ | ​ | ​
Confirmed obligations outstanding at December 31, 2022 | ​ | $ | 48,880
Invoices confirmed during the period | ​ | ​ | 135,729
Confirmed invoices paid during the period | ​ |  | (142,093)
Confirmed obligations outstanding at July 1, 2023 | ​ | $ | 42,516

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