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