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

9 Months Ended

Sep. 28, 2024

Accounting Policies [Abstract]

Schedule of inventories

Inventories as of September 28, 2024 and December 30, 2023 consisted of the following:

	September 28,		December 30,
	2024		2023
Raw materials and purchased parts	$	220,963	$	217,134
Work in process		37,859		37,826
Finished and manufactured goods		352,600		403,468
Total inventories	$	611,422	$	658,428

Schedule of Income Before Income Tax, Domestic and Foreign

Earnings (loss) before income taxes and equity in loss of nonconsolidated subsidiaries for the thirteen and thirty-nine weeks ended September 28, 2024 and September 30, 2023 were as follows:

	Thirteen weeks ended				Thirty-nine weeks ended
	September 28,		September 30,		September 28,		September 30,
	2024		2023		2024		2023
United States	$	78,520	$	31,915	$	259,463	$	140,839
Foreign		33,835		(66,570)		103,565		50,447
Earnings (loss) before income taxes and equity in loss of nonconsolidated subsidiaries	$	112,355	$	(34,655)	$	363,028	$	191,286

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

The components of the net periodic pension cost for the thirteen and thirty-nine weeks ended September 28, 2024 and September 30, 2023 were as follows:

	Thirteen weeks ended				Thirty-nine weeks ended
	September 28,		September 30,		September 28,		September 30,
	2024		2023		2024		2023
Interest cost	$	5,445	$	5,472	$	15,929	$	16,142
Expected return on plan assets		(5,808)		(5,536)		(16,991)		(16,330)
Amortization of prior service costs		132		128		386		374
Amortization of net actuarial loss		396		—		1,158		—
Net periodic pension cost	$	165	$	64	$	482	$	186

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 Operations) and associated income tax benefits related to stock options and restricted stock awards for the thirteen and thirty-nine weeks ended September 28, 2024 and September 30, 2023 were as follows:

	Thirteen weeks ended				Thirty-nine weeks ended
	September 28,		September 30,		September 28,		September 30,
	2024		2023		2024		2023
Stock-based compensation	$	7,557	$	8,954	$	21,665	$	28,810
Income tax benefits		1,889		2,239		5,416		7,203

Valuation methodologies used for assets and liabilities measured at fair value

	Carrying Value		Fair Value Measurement Using:
	September 28, 2024		Level 1		Level 2		Level 3
Deferred compensation investments	$	26,619	$	26,619	$	—	$	—
Derivative financial instruments, net		(3,358)		—		(3,358)		—
Cash and cash equivalents—mutual funds		8,989		8,989		—		—

	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)

	September 28,		December 30,
	2024		2023
Foreign currency translation adjustments	$	(243,560)	$	(236,690)
Hedging activities		17,777		20,989
Defined benefit pension plan		(56,377)		(57,535)
Accumulated other comprehensive loss	$	(282,160)	$	(273,236)

Schedule of supplier finance program confirmed obligations

Confirmed obligations outstanding as of December 30, 2023	$	41,916
Invoices confirmed during the period		159,600
Confirmed invoices paid during the period		(160,693)
Confirmed obligations outstanding as of September 28, 2024	$	40,823