v3.26.3
EQUITY AND NONCONTROLLING INTERESTS
 9 Months Ended
Sep. 26, 2026
Equity [Abstract]  
EQUITY AND NONCONTROLLING INTERESTS EQUITY AND NONCONTROLLING INTERESTS
Earnings Per Share
The following table reconciles the numerator and denominator in the computations of basic and diluted earnings per share:
Three Months EndedNine Months Ended
September 26, 2026September 27, 2025September 26, 2026September 27, 2025
(in thousands)
Numerator:
Net income$334,444 $55,556 $318,882 $134,127 
Less: Net income attributable to noncontrolling interests1,377 1,134 2,140 1,910 
Net income attributable to common shareholders$333,067 $54,422 $316,742 $132,217 
Denominator:
Weighted-average shares outstanding - Basic47,803 49,213 48,258 49,680 
Effect of dilutive securities:
Stock options, restricted stock units and performance share units 781 213 641 186 
Weighted-average shares outstanding - Diluted48,584 49,426 48,899 49,866 
Anti-dilutive common stock equivalents (1)(2)
140 1,131 427 1,057 
(1) Anti-dilutive common stock equivalents represent amounts outstanding related to employee stock options, RSUs and PSUs for all periods presented.
(2) These common stock equivalents were outstanding for the periods presented, but were not included in the computation of diluted EPS for those periods because their inclusion would have had an anti-dilutive effect.
Treasury Shares
On October 29, 2025, the Company’s Board of Directors approved a stock repurchase program of $1.0 billion. During the nine months ended September 26, 2026, the Company repurchased 1.7 million shares of common stock for $300.0 million under the stock repurchase program. As of September 26, 2026, the Company had $700.0 million remaining on the authorized stock repurchase program.
The Company’s stock-based compensation plans permit the netting of common stock upon vesting of RSUs and PSUs in order to satisfy individual statutory tax withholding requirements. Under the current program, the Company acquired 0.1 million shares during the nine months ended September 26, 2026 and 0.1 million shares in the nine months ended September 27, 2025, for $20.8 million and $9.9 million, respectively, from such netting.
Accumulated Other Comprehensive Income (Loss)
Changes to each component of accumulated other comprehensive income (loss), net of income taxes, are as follows:
Foreign Currency Translation Adjustment
and Other 		Pension and Other Post-Retirement Benefit PlansTotal
(in thousands)
December 27, 2025$(120,167)$(51,616)$(171,783)
Other comprehensive income (loss)(29,191)2,682 (26,509)
Net current period other comprehensive income (loss)(29,191)2,682 (26,509)
Income tax (benefit) expense
(8,242)641 (7,601)
September 26, 2026$(141,116)$(49,575)$(190,691)
Redeemable Noncontrolling Interests
The Company has held and continues to hold redeemable noncontrolling interests. Since the Company has the right to purchase, and the noncontrolling interest holders have the right to require the Company to purchase the remaining interest, which represents a derivative embedded within the equity instrument, the noncontrolling interest is classified in the mezzanine section of the unaudited condensed consolidated balance sheets, which is presented above the equity section and below liabilities.
The redeemable noncontrolling interests are measured at the greater of (i) the redemption amount or (ii) the historical value resulting from the original acquisition date fair value, increased or decreased for the noncontrolling interest’s share of net income (loss), equity capital contributions and distributions. The fair value of the redeemable noncontrolling interest is determined using the income approach, with key assumptions being projected cash flows and discount rates based on market participant’s weighted average cost of capital. To the extent redemption value exceeds carrying value, adjustments are recorded to additional paid-in capital, with any cumulative excess of redemption value over fair value recorded in retained earnings, which impacts net income (loss) attributable to common shareholders used in the calculation of earnings (loss) per common share.
Noveprim
The Company holds a 90% ownership interest in Noveprim Group (Noveprim). The Company has the right to purchase, and the noncontrolling interest holders have the right to sell, the remaining 10% equity interest at a fixed redemption value that ranges from $47.0 million to $54.0 million depending on when exercised. The Company has the call option right to purchase the remaining 10% equity up until one month after the sixth anniversary of closing the 41% equity stake (December 2029). On the first anniversary of the expiration of the call option (December 2030), a 12-month put option will be triggered giving the seller the right to require the Company to acquire the remaining shares of the seller for $54.0 million. The redemption value is accreted to the put purchase price of $54.0 million using the interest method through December 2030. As of September 26, 2026, the redemption value of $43.2 million was less than the carrying value, resulting in a $0.3 million reversal of previously recognized adjustments to additional paid-in capital during the three months ended September 26, 2026. The cumulative adjustment to additional paid in capital for the nine months ended September 26, 2026 was $4.8 million. As of September 27, 2025, the redemption value of $40.5 million exceeded the carrying value, resulting in an adjustment to additional paid in capital of $4.0 million for the nine months ended September 27, 2025.
Nonredeemable Noncontrolling Interest
The Company has an investment in an entity whose financial results are consolidated in the Company’s unaudited condensed consolidated financial statements, as it has the ability to exercise control over this entity. The interest of the noncontrolling party in this entity has been recorded as nonredeemable noncontrolling interest within Equity in the accompanying unaudited condensed consolidated balance sheets. The activity within the nonredeemable noncontrolling interest was not material during the three and nine months ended September 26, 2026 and September 27, 2025.