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BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Schedule of inventories

Inventories as of September 30, 2023 and December 31, 2022 consisted of the following:

​	​	​	​	​	​	​
​	​	September 30,		​	December 31,
​	​	2023			2022
Raw materials and purchased parts	​	$	255,279	​	$	258,814
Work-in-process	​		45,652	​		44,453
Finished goods and manufactured goods	​		392,698	​		425,495
Total inventories	​	$	693,629	​	$	728,762

Schedule of Income Before Income Tax, Domestic and Foreign

Earnings (loss) before income taxes and equity in loss of nonconsolidated subsidiaries for the thirteen and thirty-nine weeks ended September 30, 2023 and September 24, 2022 were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Thirteen weeks ended

​

Thirty-nine weeks ended

​

​

September 30,

​

September 24,

​

September 30,

​

September 24,

​

​

2023

2022

2023

2022

United States

​

$

31,915

​

$

41,146

​

$

140,839

​

$

164,177

Foreign

​

(66,570)

​

59,625

​

50,447

​

130,328

Earnings (loss) before income taxes and equity in loss of nonconsolidated subsidiaries

​

$

(34,655)

​

$

100,771

​

$

191,286

​

$

294,505

Schedule of Components of the Net Periodic Pension (Benefit) Expense

The components of the net periodic pension cost (benefit) for the thirteen and thirty-nine weeks ended September 30, 2023 and September 24, 2022 were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Thirteen weeks ended

​

Thirty-nine weeks ended

​

​

September 30,

​

September 24,

​

September 30,

​

September 24,

​

​

2023

2022

2023

2022

Interest cost

​

$

5,472

​

$

2,930

​

$

16,142

​

$

9,452

Expected return on plan assets

​

(5,536)

​

(5,400)

​

(16,330)

​

(17,420)

Amortization of prior service cost

​

128

​

115

​

374

​

371

Net periodic pension cost (benefit)

​

$

64

​

$

(2,355)

​

$

186

​

$

(7,597)

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 Operations) and associated income tax benefits related to stock options and restricted stock awards for the thirteen and thirty-nine weeks ended September 30, 2023 and September 24, 2022 were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Thirteen weeks ended

​

Thirty-nine weeks ended

​

​

September 30,

​

September 24,

​

September 30,

​

September 24,

​

​

2023

2022

2023

2022

Compensation expense

​

$

8,954

​

$

10,415

​

$

28,810

​

$

29,998

Income tax benefits

​

2,239

​

2,604

​

7,203

​

7,500

Valuation methodologies used for assets and liabilities measured at fair value

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Carrying Value

​

Fair Value Measurement Using:

​

​

September 30, 2023

​

Level 1

​

Level 2

​

Level 3

Trading securities

​

$

25,334

​

$

25,334

​

$

—

​

$

—

Derivative financial instruments, net

​

​

4,684

​

​

—

​

​

4,684

​

​

—

Cash and cash equivalents - mutual funds

​

​

831

​

​

831

​

​

—

​

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

​

​

—

​

​

—

Schedule of Components of Accumulated Other Comprehensive Income (Loss)

​

​	​	​	​	​	​	​
​	​	September 30,		​	December 31,
​	​	2023			2022
Foreign currency translation adjustments	​	$	(269,812)	​	$	(260,799)
Hedging activities	​	​	22,108	​	​	20,099
Defined benefit pension plan	​	​	(33,928)	​	​	(34,209)
Accumulated other comprehensive loss	​	$	(281,632)	​	$	(274,909)

Schedule of supplier finance program confirmed obligations

​

​	​	​	​
Confirmed obligations outstanding as of December 31, 2022	​	$	48,880
Invoices confirmed during the period	​	​	204,922
Confirmed invoices paid during the period	​		(205,239)
Confirmed obligations outstanding as of September 30, 2023	​	$	48,563

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