SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Apr. 01, 2017

Accounting Policies [Abstract]

Components of inventories

Inventories consisted of the following:

	April 1, 2017		December 31, 2016
Raw materials and purchased parts	$	162,627	$	143,659
Work-in-process	32,560		27,291
Finished goods and manufactured goods	232,795		217,125
Subtotal	427,982		388,075
Less: LIFO reserve	38,826		38,047
	$	389,156	$	350,028

Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries

Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries for the thirteen weeks ended April 1, 2017 and March 26, 2016, were as follows:

	Thirteen Weeks Ended
	2017		2016
United States	$	35,424	$	39,600
Foreign	19,900		10,844
	$	55,324	$	50,444

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, 2017 and March 26, 2016 were as follows:

	Thirteen Weeks Ended
Net periodic (benefit) expense:	2017			2016
Interest cost	$	4,321		$	6,448
Expected return on plan assets	(4,877		)	(6,064		)
Amortization of actuarial loss	710			—
Net periodic expense	$	154		$	384

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 for the thirteen weeks ended April 1, 2017 and March 26, 2016, respectively, were as follows:

	Thirteen Weeks Ended
	2017		2016
Compensation expense	$	1,289	$	1,491
Income tax benefits	496		574

Valuation methodologies used for assets and liabilities measured at fair value

			Fair Value Measurement Using:
	Carrying Value April 1, 2017		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Trading Securities	$	39,578	$	39,578	$	—	$	—

			Fair Value Measurement Using:
	Carrying Value December 31, 2016		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Trading Securities	$	37,800	$	37,800	$	—	$	—

Components of accumulated other comprehensive income (loss)

Accumulated other comprehensive income (loss) consisted of the following at April 1, 2017 and December 31, 2016:

	Foreign Currency Translation Adjustments			Gain on Hedging Activities			Defined Benefit Pension Plan			Accumulated Other Comprehensive Income
Balance at December 31, 2016	$	(251,228	)	$	7,978		$	(103,109	)	$	(346,359	)
Current-period comprehensive income (loss)	20,613			(507		)	—			20,106
Balance at April 1, 2017	$	(230,615	)	$	7,471		$	(103,109	)	$	(326,253	)