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

6 Months Ended

Jul. 01, 2023

Accounting Policies [Abstract]

Schedule of inventories

Inventories as of July 1, 2023 and December 31, 2022 consisted of the following:

	July 1,		December 31,
	2023		2022
Raw materials and purchased parts	$	266,759	$	258,814
Work-in-process		46,848		44,453
Finished goods and manufactured goods		416,131		425,495
Total inventories	$	729,738	$	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 and twenty-six weeks ended July 1, 2023 and June 25, 2022 were as follows:

	Thirteen weeks ended				Twenty-six weeks ended
	July 1,		June 25,		July 1,		June 25,
	2023		2022		2023		2022
United States	$	77,066	$	62,214	$	108,924	$	123,031
Foreign		43,866		45,135		117,017		70,703
Total earnings before income taxes and equity in loss of nonconsolidated subsidiaries	$	120,932	$	107,349	$	225,941	$	193,734

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

The components of the net periodic pension (benefit) expense for the thirteen and twenty-six weeks ended July 1, 2023 and June 25, 2022 were as follows:

	Thirteen weeks ended				Twenty-six weeks ended
	July 1,		June 25,		July 1,		June 25,
	2023		2022		2023		2022
Interest cost	$	5,414	$	3,157	$	10,670	$	6,522
Expected return on plan assets		(5,477)		(5,818)		(10,794)		(12,020)
Amortization of prior service cost		124		124		246		256
Net periodic (benefit) expense	$	61	$	(2,537)	$	122	$	(5,242)

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” in the Condensed Consolidated Statements of Earnings) and associated income tax benefits related to stock options and restricted stock for the thirteen and twenty-six weeks ended July 1, 2023 and June 25, 2022 were as follows:

	Thirteen weeks ended				Twenty-six weeks ended
	July 1,		June 25,		July 1,		June 25,
	2023		2022		2023		2022
Compensation expense	$	11,167	$	10,120	$	19,856	$	19,583
Income tax benefits		2,792		2,530		4,964		4,896

Valuation methodologies used for assets and liabilities measured at fair value

	Carrying Value		Fair Value Measurement Using:
	July 1, 2023		Level 1		Level 2		Level 3
Trading securities	$	29,388	$	29,388	$	—	$	—
Derivative financial instruments, net		437		—		437		—
Cash and cash equivalents - mutual funds		2,869		2,869		—		—
Cash and cash equivalents - marketable securities		143		—		143		—

	Carrying Value		Fair Value Measurement Using:
	December 31, 2022		Level 1		Level 2		Level 3
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 (loss)		19,518		(397)		186		19,307
Balance at July 1, 2023	$	(241,281)	$	19,702	$	(34,023)	$	(255,602)

Schedule of supplier finance program confirmed obligations

Confirmed obligations outstanding at December 31, 2022	$	48,880
Invoices confirmed during the period		135,729
Confirmed invoices paid during the period		(142,093)
Confirmed obligations outstanding at July 1, 2023	$	42,516