BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Apr. 01, 2023

Accounting Policies [Abstract]

Components of inventories

Inventories consisted of the following:

	April 1,		December 31,
	2023		2022
Raw materials and purchased parts	$	258,300	$	258,814
Work-in-process		46,250		44,453
Finished goods and manufactured goods		420,810		425,495
	$	725,360	$	728,762

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 April 1, 2023 and March 26, 2022 were as follows:

	Thirteen weeks ended
	2023		2022
United States	$	31,858	$	60,816
Foreign		73,151		25,569
	$	105,009	$	86,385

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

The components of the net periodic pension (benefit) expense for the thirteen weeks ended April 1, 2023 and March 26, 2022 were as follows:

	Thirteen weeks ended
	2023		2022
Interest cost	$	5,256	$	3,365
Expected return on plan assets		(5,317)		(6,202)
Amortization of prior service cost		122		132
Net periodic (benefit) expense	$	61	$	(2,705)

Compensation expense (included in selling, general and administrative expenses) and associated income tax benefits related to stock options

The Company’s compensation expense (included in selling, general, and administrative expenses) and associated income tax benefits related to stock options and restricted stock for the thirteen weeks ended April 1, 2023 and March 26, 2022, respectively, were as follows:

	Thirteen weeks ended
	2023		2022
Compensation expense	$	8,689	$	9,463
Income tax benefits		2,172		2,366

Valuation methodologies used for assets and liabilities measured at fair value

			Fair Value Measurement Using:
			Quoted Prices in		Significant Other		Significant
			Active Markets		Observable		Unobservable
	Carrying Value		for Identical		Inputs		Inputs
	April 1, 2023		Assets (Level 1)		(Level 2)		(Level 3)
Assets:
Trading securities	$	28,452	$	28,452	$	—	$	—
Derivative financial instruments, net		2,793		—		2,793		—
Cash and cash equivalents - mutual funds		1,534		1,534		—		—
Cash and cash equivalents - marketable securities		142		—		142		—

(1) BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – CONTINUED

			Fair Value Measurement Using:
			Quoted Prices in		Significant Other		Significant
	Carrying Value		Active Markets		Observable		Unobservable
	December 31,		for Identical		Inputs		Inputs
	2022		Assets (Level 1)		(Level 2)		(Level 3)
Assets:
Trading securities	$	25,008	$	25,008	$	—	$	—
Derivative financial instruments, net		1,404		—		1,404		—
Cash and cash equivalents - mutual funds		7,205		7,205		—		—
Cash and cash equivalents - marketable securities		136		—		136		—

Schedule of Components of Accumulated Other Comprehensive Income (Loss)

	Foreign						Accumulated
	Currency				Defined		Other
	Translation		Hedging		Benefit		Comprehensive
	Adjustments		Activities		Pension Plan		Income (Loss)
Balance at December 31, 2022	$	(260,799)	$	20,099	$	(34,209)	$	(274,909)
Current period comprehensive income		7,896		789		91		8,776
Balance at April 1, 2023	$	(252,903)	$	20,888	$	(34,118)	$	(266,133)

Schedule of supplier finance program confirmed obligations

Confirmed obligations outstanding at December 31, 2022	$	48,880
Invoices confirmed during the period		74,781
Confirmed invoices paid during the period		(65,527)
Confirmed obligations outstanding at April 1, 2023	$	58,134