EARNINGS PER SHARE (Tables)

9 Months Ended

Oct. 03, 2021

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Earnings Per Share

	Three Months Ended
	October 3, 2021				September 27, 2020
	Common Stock		Class B Common Stock		Common Stock		Class B Common Stock
Basic earnings per share:
Numerator:
Allocation of distributed earnings (cash dividends paid)	$	131,247	$	49,643	$	119,431	$	44,308
Allocation of undistributed earnings	191,575		72,462		206,491		77,053
Total earnings—basic	$	322,822	$	122,105	$	325,922	$	121,361
Denominator (shares in thousands):
Total weighted-average shares—basic	145,665		60,614		147,688		60,614
Earnings Per Share—basic	$	2.22	$	2.01	$	2.21	$	2.00
Diluted earnings per share:
Numerator:
Allocation of total earnings used in basic computation	$	322,822	$	122,105	$	325,922	$	121,361
Reallocation of total earnings as a result of conversion of Class B common stock to Common stock	122,105		—		121,361		—
Reallocation of undistributed earnings	—		(369)		—		(317)
Total earnings—diluted	$	444,927	$	121,736	$	447,283	$	121,044
Denominator (shares in thousands):
Number of shares used in basic computation	145,665		60,614		147,688		60,614
Weighted-average effect of dilutive securities:
Conversion of Class B common stock to Common shares outstanding	60,614		—		60,614		—
Employee stock options	625		—		557		—
Performance and restricted stock units	522		—		281		—
Total weighted-average shares—diluted	207,426		60,614		209,140		60,614
Earnings Per Share—diluted	$	2.14	$	2.01	$	2.14	$	2.00

	Nine Months Ended
	October 3, 2021				September 27, 2020
	Common Stock		Class B Common Stock		Common Stock		Class B Common Stock
Basic earnings per share:
Numerator:
Allocation of distributed earnings (cash dividends paid)	$	366,934	$	138,260	$	348,608	$	129,410
Allocation of undistributed earnings	462,505		174,257		371,084		138,219
Total earnings—basic	$	829,439	$	312,517	$	719,692	$	267,629
Denominator (shares in thousands):
Total weighted-average shares—basic	146,259		60,614		147,845		60,614
Earnings Per Share—basic	$	5.67	$	5.16	$	4.87	$	4.42
Diluted earnings per share:
Numerator:
Allocation of total earnings used in basic computation	$	829,439	$	312,517	$	719,692	$	267,629
Reallocation of total earnings as a result of conversion of Class B common stock to Common stock	312,517		—		267,629		—
Reallocation of undistributed earnings	—		(847)		—		(654)
Total earnings—diluted	$	1,141,956	$	311,670	$	987,321	$	266,975
Denominator (shares in thousands):
Number of shares used in basic computation	146,259		60,614		147,845		60,614
Weighted-average effect of dilutive securities:
Conversion of Class B common stock to Common shares outstanding	60,614		—		60,614		—
Employee stock options	613		—		599		—
Performance and restricted stock units	371		—		366		—
Total weighted-average shares—diluted	207,857		60,614		209,424		60,614
Earnings Per Share—diluted	$	5.49	$	5.14	$	4.71	$	4.40