Other Comprehensive Income

9 Months Ended

Sep. 28, 2024

Disclosure Other Comprehensive Income Additional Information [Abstract]

Other Comprehensive Income

Other Comprehensive Income

Changes in accumulated other comprehensive income(1) were as follows (in thousands):

	Currency Translation Adjustment		Pension Benefit Costs		Unrealized Gain/(Loss) Interest Rate Swap		Total
Balance as of December 30, 2023	$	(145,490)	$	(109,713)	$	32,005	$	(223,198)
Other comprehensive income before reclassification	31,352		(5,671)		9,135		34,816
Amounts reclassified from accumulated other comprehensive income	—		1,535		(21,309)		(19,774)
Net current-period other comprehensive income	$	31,352	$	(4,136)	$	(12,174)	$	15,042
Balance as of September 28, 2024	$	(114,138)	$	(113,849)	$	19,831	$	(208,156)
Balance as of December 31, 2022	$	(205,345)	$	(121,701)	$	48,574	$	(278,472)
Other comprehensive income before reclassification	(4,751)		(2,131)		21,872		14,990
Amounts reclassified from accumulated other comprehensive income	—		1,587		(23,963)		(22,376)
Net current-period other comprehensive income	$	(4,751)	$	(544)	$	(2,091)	$	(7,386)
Balance as of September 30, 2023	$	(210,096)	$	(122,245)	$	46,483	$	(285,858)

(1) As of September 28, 2024, pension and unrealized gain on interest rate swap amounts, net of tax, are $4.8 million and $6.2 million, respectively. During the nine months ended September 28, 2024, the adjustments to pension and unrealized gain on interest rate swap amounts, net of tax, are $0.8 million and $(5.0) million, respectively. As of September 30, 2023, pension and unrealized gain on interest rate swap amounts, net of tax, were $(1.5) million and $16.1 million, respectively. During the nine months ended September 30, 2023, the adjustments to pension and unrealized gain on interest rate swap amounts, net of tax, were $0.5 million and $(0.7) million, respectively.

Components of other comprehensive income were as follows (in thousands):

	Three Months Ended				Nine Months Ended
	Sep 28, 2024		Sep 30, 2023		Sep 28, 2024		Sep 30, 2023
Net earnings	$	114,166	$	108,650	$	316,129	$	324,589
Currency translation adjustment	67,366		(36,602)		31,352		(4,751)
Pension liability adjustment, net of tax	(5,711)		4,436		(4,136)		(544)
Unrealized (loss) gain on interest rate swaps, net of tax	(13,173)		20		(12,174)		(2,091)
Comprehensive income	$	162,648	$	76,504	$	331,171	$	317,203