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BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended
--- | ---
Mar. 30, 2024
Accounting Policies [Abstract] |
Schedule of inventories | Inventories as of March 30, 2024 and December 30, 2023 consisted of the following:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 30, | ​ | December 30,
​ | ​ | 2024 |  | 2023
Raw materials and purchased parts | ​ | $ | 236,434 | ​ | $ | 217,134
Work in process | ​ |  | 41,214 | ​ |  | 37,826
Finished and manufactured goods | ​ |  | 391,095 | ​ |  | 403,468
Total inventories | ​ | $ | 668,743 | ​ | $ | 658,428
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 March 30, 2024 and April 1, 2023 were as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Thirteen weeks ended
​ | ​ | March 30, | ​ | April 1,
​ | ​ | 2024 |  | 2023
United States | ​ | $ | 86,212 | ​ | $ | 31,858
Foreign | ​ |  | 32,225 | ​ |  | 73,151
Earnings before income taxes and equity in loss of nonconsolidated subsidiaries | ​ | $ | 118,437 | ​ | $ | 105,009
Schedule of Components of the Net Periodic Pension (Benefit) Expense | The components of the net periodic pension cost for the thirteen weeks ended March 30, 2024 and April 1, 2023 were as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Thirteen weeks ended
​ | ​ | March 30, | ​ | April 1,
​ | ​ | 2024 |  | 2023
Interest cost | ​ | $ | 5,242 | ​ | $ | 5,256
Expected return on plan assets | ​ |  | (5,592) | ​ |  | (5,317)
Amortization of prior service costs | ​ |  | 127 | ​ |  | 122
Amortization of net actuarial loss | ​ |  | 381 | ​ |  | —
Net periodic pension cost | ​ | $ | 158 | ​ | $ | 61
Compensation expense (included in selling, general and administrative expenses) and associated income tax benefits related to stock options | The Company’s stock-based compensation (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 awards for the thirteen weeks ended March 30, 2024 and April 1, 2023 were as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Thirteen weeks ended
​ | ​ | March 30, | ​ | April 1,
​ | ​ | 2024 |  | 2023
Stock-based compensation | ​ | $ | 7,183 | ​ | $ | 8,689
Income tax benefits | ​ |  | 1,796 | ​ |  | 2,172
Valuation methodologies used for assets and liabilities measured at fair value | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Carrying Value | ​ | Fair Value Measurement Using:
​ | ​ | March 30, 2024 | ​ | Level 1 | ​ | Level 2 | ​ | Level 3
Deferred compensation investments | ​ | $ | 27,382 | ​ | $ | 27,382 | ​ | $ | — | ​ | $ | —
Derivative financial instruments, net | ​ | ​ | (1,507) | ​ | ​ | — | ​ | ​ | (1,507) | ​ | ​ | —
Cash and cash equivalents—mutual funds | ​ | ​ | 508 | ​ | ​ | 508 | ​ | ​ | — | ​ | ​ | —
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Carrying Value | ​ | Fair Value Measurement Using:
​ | ​ | December 30, 2023 | ​ | Level 1 | ​ | Level 2 | ​ | Level 3
Deferred compensation investments | ​ | $ | 26,803 | ​ | $ | 26,803 | ​ | $ | — | ​ | $ | —
Derivative financial instruments, net | ​ | ​ | 2,860 | ​ | ​ | — | ​ | ​ | 2,860 | ​ | ​ | —
Cash and cash equivalents—mutual funds | ​ | ​ | 6,258 | ​ | ​ | 6,258 | ​ | ​ | — | ​ | ​ | —
Schedule of Components of Accumulated Other Comprehensive Income (Loss) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 30, | ​ | December 30,
​ | ​ | 2024 |  | 2023
Foreign currency translation adjustments | ​ | $ | (257,951) | ​ | $ | (236,690)
Hedging activities | ​ | ​ | 19,894 | ​ | ​ | 20,989
Defined benefit pension plan | ​ | ​ | (57,154) | ​ | ​ | (57,535)
Accumulated other comprehensive loss | ​ | $ | (295,211) | ​ | $ | (273,236)
Schedule of supplier finance program confirmed obligations | ​
​ | ​ | ​ | ​
Confirmed obligations outstanding as of December 30, 2023 | ​ | $ | 41,916
Invoices confirmed during the period | ​ | ​ | 55,255
Confirmed invoices paid during the period | ​ |  | (59,944)
Confirmed obligations outstanding as of March 30, 2024 | ​ | $ | 37,227

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