EQUITY AND NONCONTROLLING INTERESTS (Tables)

12 Months Ended

Dec. 30, 2023

Schedule of Reconciliation of the Numerator and Denominator in the Computations of the Basic and Diluted Earnings per Share

The following table reconciles the numerator and denominator in the computations of basic and diluted earnings per share:


	Fiscal Year
	2023		2022		2021
	(in thousands)
Numerator:
Net income	$	480,370	$	492,608	$	398,837
Less: Net income attributable to noncontrolling interests	5,746		6,382		7,855
Net income attributable to common shareholders	$	474,624	$	486,226	$	390,982

Denominator:
Weighted-average shares outstanding—Basic	51,227		50,812		50,293
Effect of dilutive securities:
Stock options, restricted stock units and performance share units	224		489		1,132
Weighted-average shares outstanding—Diluted	51,451		51,301		51,425

Anti-dilutive common stock equivalents(1)	652		560		152

(1) These common stock equivalents were outstanding for the periods presented, but were not included in the computation of diluted EPS for those periods because their inclusion would have had an anti-dilutive effect.

Schedule of Changes to Each Component of Accumulated Other Comprehensive Income (Loss), Net of Income Taxes

Changes to each component of accumulated other comprehensive income (loss), net of income taxes, are as follows:


	Foreign Currency Translation Adjustment and Other		Pension and Other Post-Retirement Benefit Plans		Net Unrealized Gain (Loss) on Cash Flow Hedge		Total
	(in thousands)
December 26, 2020	$	(73,884)	$	(64,990)	$	—	$	(138,874)
Other comprehensive income before reclassifications (1)	(30,316)		(1,193)		—		(31,509)
Amounts reclassified from accumulated other comprehensive income	—		1,678		—		1,678
Net current period other comprehensive (loss) income	(30,316)		485		—		(29,831)
Income tax (benefit) expense	(6,027)		2,062		—		(3,965)
December 25, 2021	(98,173)		(66,567)		—		(164,740)
Other comprehensive income before reclassifications (1)	(125,507)		24,471		(1,523)		(102,559)
Amounts reclassified from accumulated other comprehensive income	—		3,337		—		3,337
Net current period other comprehensive (loss) income	(125,507)		27,808		(1,523)		(99,222)
Income tax (benefit) expense	(5,895)		4,355		(365)		(1,905)
December 31, 2022	(217,785)		(43,114)		(1,158)		(262,057)
Other comprehensive (loss) income before reclassifications (1)	71,851		(5,376)		2,490		68,965
Amounts reclassified from accumulated other comprehensive income	—		736		—		736
Net current period other comprehensive (loss) income	71,851		(4,640)		2,490		69,701
Income tax (benefit) expense	4,065		(587)		593		4,071
December 30, 2023	$	(149,999)	$	(47,167)	$	739	$	(196,427)
(1) The impact of the foreign currency translation adjustment to other comprehensive income (loss) before reclassifications was primarily due to the effect of changes in foreign currency exchange rates of the Japanese Yen, Euro, British Pound, Canadian Dollar, Chinese Yuan Renminbi, and Hungarian Forint and to a lesser extent due to the impact of changes in the Brazilian Real.

Schedule of Rollforward of Redeemable Noncontrolling Interest

The following table provides a rollforward of the activity related to the Company’s redeemable noncontrolling interests:


	Fiscal Year
	2023		2022		2021
	(in thousands)
Beginning balance	$	42,427	$	53,010	$	25,499
Acquisition resulting in a 10% noncontrolling interest	45,374		—		—
Additional purchases reducing noncontrolling interest percentage	(24,148)		(15,000)		—
Adjustments to redemption value	(5,694)		7,506		21,312
Net income	3,492		4,020		5,375
Dividends	(2,378)		(3,525)		—
Foreign currency translation	(1,200)		(3,584)		824
Other	(1,151)		—		—
Ending balance	$	56,722	$	42,427	$	53,010