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

3 Months Ended

Mar. 30, 2024

Accounting Policies [Abstract]

Schedule of inventories

Inventories as of March 30, 2024 and December 30, 2023 consisted of the following:

	March 30,		December 30,
	2024		2023
Raw materials and purchased parts	$	236,434	$	217,134
Work in process		41,214		37,826
Finished and manufactured goods		391,095		403,468
Total inventories	$	668,743	$	658,428

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 March 30, 2024 and April 1, 2023 were as follows:

	Thirteen weeks ended
	March 30,		April 1,
	2024		2023
United States	$	86,212	$	31,858
Foreign		32,225		73,151
Earnings before income taxes and equity in loss of nonconsolidated subsidiaries	$	118,437	$	105,009

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

The components of the net periodic pension cost for the thirteen weeks ended March 30, 2024 and April 1, 2023 were as follows:

	Thirteen weeks ended
	March 30,		April 1,
	2024		2023
Interest cost	$	5,242	$	5,256
Expected return on plan assets		(5,592)		(5,317)
Amortization of prior service costs		127		122
Amortization of net actuarial loss		381		—
Net periodic pension cost	$	158	$	61

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 weeks ended March 30, 2024 and April 1, 2023 were as follows:

	Thirteen weeks ended
	March 30,		April 1,
	2024		2023
Stock-based compensation	$	7,183	$	8,689
Income tax benefits		1,796		2,172

Valuation methodologies used for assets and liabilities measured at fair value

	Carrying Value		Fair Value Measurement Using:
	March 30, 2024		Level 1		Level 2		Level 3
Deferred compensation investments	$	27,382	$	27,382	$	—	$	—
Derivative financial instruments, net		(1,507)		—		(1,507)		—
Cash and cash equivalents—mutual funds		508		508		—		—

	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		—		—

Schedule of Components of Accumulated Other Comprehensive Income (Loss)

	March 30,		December 30,
	2024		2023
Foreign currency translation adjustments	$	(257,951)	$	(236,690)
Hedging activities		19,894		20,989
Defined benefit pension plan		(57,154)		(57,535)
Accumulated other comprehensive loss	$	(295,211)	$	(273,236)

Schedule of supplier finance program confirmed obligations

Confirmed obligations outstanding as of December 30, 2023	$	41,916
Invoices confirmed during the period		55,255
Confirmed invoices paid during the period		(59,944)
Confirmed obligations outstanding as of March 30, 2024	$	37,227