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BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
6 Months Ended
Jun. 29, 2024
Accounting Policies [Abstract]  
Schedule of inventories

Inventories as of June 29, 2024 and December 30, 2023 consisted of the following:

June 29,

December 30,

2024

    

2023

Raw materials and purchased parts

$

233,957

$

217,134

Work in process

 

42,716

 

37,826

Finished and manufactured goods

 

356,559

 

403,468

Total inventories

$

633,232

$

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 and twenty-six weeks ended June 29, 2024 and July 1, 2023 were as follows:

    

Thirteen weeks ended

Twenty-six weeks ended

June 29,

July 1,

June 29,

July 1,

2024

    

2023

    

2024

    

2023

United States

$

94,731

$

77,066

$

180,943

$

108,924

Foreign

 

37,505

 

43,866

 

69,730

 

117,017

Earnings before income taxes and equity in loss of nonconsolidated subsidiaries

$

132,236

$

120,932

$

250,673

$

225,941

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

The components of the net periodic pension cost for the thirteen and twenty-six weeks ended June 29, 2024 and July 1, 2023 were as follows:

Thirteen weeks ended

Twenty-six weeks ended

June 29,

July 1,

June 29,

July 1,

2024

    

2023

    

2024

    

2023

Interest cost

$

5,242

$

5,414

$

10,484

$

10,670

Expected return on plan assets

 

(5,591)

 

(5,477)

 

(11,183)

 

(10,794)

Amortization of prior service costs

 

127

 

124

 

254

 

246

Amortization of net actuarial loss

 

381

 

 

762

 

Net periodic pension cost

$

159

$

61

$

317

$

122

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 and twenty-six weeks ended June 29, 2024 and July 1, 2023 were as follows:

Thirteen weeks ended

Twenty-six weeks ended

June 29,

July 1,

June 29,

July 1,

2024

    

2023

    

2024

    

2023

Stock-based compensation

$

6,925

$

11,167

$

14,108

$

19,856

Income tax benefits

 

1,731

 

2,792

 

3,527

 

4,964

Valuation methodologies used for assets and liabilities measured at fair value

Carrying Value

Fair Value Measurement Using:

June 29, 2024

Level 1

Level 2

Level 3

Deferred compensation investments

$

26,493

$

26,493

$

$

Derivative financial instruments, net

(1,613)

(1,613)

Cash and cash equivalents—mutual funds

4,425

4,425

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)

June 29,

December 30,

2024

    

2023

Foreign currency translation adjustments

$

(276,554)

$

(236,690)

Hedging activities

19,498

20,989

Defined benefit pension plan

(56,773)

(57,535)

Accumulated other comprehensive loss

$

(313,829)

$

(273,236)

Schedule of supplier finance program confirmed obligations

Confirmed obligations outstanding as of December 30, 2023

$

41,916

Invoices confirmed during the period

108,504

Confirmed invoices paid during the period

 

(108,911)

Confirmed obligations outstanding as of June 29, 2024

$

41,509