EARNINGS PER SHARE (Tables)

6 Months Ended

Jul. 04, 2021

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Earnings Per Share

	Three Months Ended
	July 4, 2021				June 28, 2020
	Common Stock		Class B Common Stock		Common Stock		Class B Common Stock
Basic earnings per share:
Numerator:
Allocation of distributed earnings (cash dividends paid)	$	117,257	$	44,308	$	113,925	$	42,551
Allocation of undistributed earnings	101,414		38,251		81,891		30,534
Total earnings—basic	$	218,671	$	82,559	$	195,816	$	73,085
Denominator (shares in thousands):
Total weighted-average shares—basic	146,111		60,614		147,635		60,614
Earnings Per Share—basic	$	1.50	$	1.36	$	1.33	$	1.21
Diluted earnings per share:
Numerator:
Allocation of total earnings used in basic computation	$	218,671	$	82,559	$	195,816	$	73,085
Reallocation of total earnings as a result of conversion of Class B common stock to Common stock	82,559		—		73,085		—
Reallocation of undistributed earnings	—		(179)		—		(123)
Total earnings—diluted	$	301,230	$	82,380	$	268,901	$	72,962
Denominator (shares in thousands):
Number of shares used in basic computation	146,111		60,614		147,635		60,614
Weighted-average effect of dilutive securities:
Conversion of Class B common stock to Common shares outstanding	60,614		—		60,614		—
Employee stock options	622		—		521		—
Performance and restricted stock units	324		—		300		—
Total weighted-average shares—diluted	207,671		60,614		209,070		60,614
Earnings Per Share—diluted	$	1.45	$	1.36	$	1.29	$	1.20

	Six Months Ended
	July 4, 2021				June 28, 2020
	Common Stock		Class B Common Stock		Common Stock		Class B Common Stock
Basic earnings per share:
Numerator:
Allocation of distributed earnings (cash dividends paid)	$	235,687	$	88,617	$	229,177	$	85,102
Allocation of undistributed earnings	270,866		101,859		164,541		61,218
Total earnings—basic	$	506,553	$	190,476	$	393,718	$	146,320
Denominator (shares in thousands):
Total weighted-average shares—basic	146,550		60,614		147,954		60,614
Earnings Per Share—basic	$	3.46	$	3.14	$	2.66	$	2.41
Diluted earnings per share:
Numerator:
Allocation of total earnings used in basic computation	$	506,553	$	190,476	$	393,718	$	146,320
Reallocation of total earnings as a result of conversion of Class B common stock to Common stock	190,476		—		146,320		—
Reallocation of undistributed earnings	—		(484)		—		(309)
Total earnings—diluted	$	697,029	$	189,992	$	540,038	$	146,011
Denominator (shares in thousands):
Number of shares used in basic computation	146,550		60,614		147,954		60,614
Weighted-average effect of dilutive securities:
Conversion of Class B common stock to Common shares outstanding	60,614		—		60,614		—
Employee stock options	606		—		620		—
Performance and restricted stock units	356		—		408		—
Total weighted-average shares—diluted	208,126		60,614		209,596		60,614
Earnings Per Share—diluted	$	3.35	$	3.13	$	2.58	$	2.41