Annual report [Section 13 and 15(d), not S-K Item 405]

INCOME TAXES (Tables)

v3.25.0.1
INCOME TAXES (Tables)
 12 Months Ended
Dec. 28, 2024
Income Tax Disclosure [Abstract]  
Income Before Income Taxes for Which the Provision for Income Taxes was Computed
The following table presents income before income taxes used to calculate the provision for income taxes:
Year Ended December
(In thousands) 2024 2023 2022
Domestic $ 153,220  $ 128,026  $ 153,936 
Foreign 148,203  143,873  165,200 
Income before income taxes $ 301,423  $ 271,899  $ 319,136 
Provision for Income Taxes
The following table presents components of the provision for income taxes:
Year Ended December
(In thousands) 2024 2023 2022
Current:
Federal $ 44,248  $ 26,290  $ 53,990 
Foreign 12,793  16,950  12,397 
State 5,286  1,415  7,129 
Total current income taxes 62,327  44,655  73,516 
Deferred:
Federal and state (6,838) 6,848  (9,828)
Foreign 132  (10,598) 9,955 
Total deferred income taxes (6,706) (3,750) 127 
Total provision for income taxes $ 55,621  $ 40,905  $ 73,643 
Differences Between Income Taxes Computed by Applying Statutory Federal Income Tax Rate and Income Tax Expense reported in Consolidated Financial Statements
The following table presents a reconciliation of the differences between income taxes computed by applying the statutory federal income tax rate and "income taxes" recorded in the Company's statements of operations:
Year Ended December
(In thousands) 2024 2023 2022
Tax at federal statutory rate $ 63,299  $ 57,099  $ 67,019 
State income tax, net of federal tax benefit 3,677  2,614  4,542 
Foreign rate differences (22,860) (20,354) (9,849)
Employee compensation 2,169  1,216  2,121 
Change in valuation allowance 3,165  (5,089) 4,881 
Global intangible low-tax income ("GILTI") 8,674  5,518  3,586 
Other (2,503) (99) 1,343 
Income taxes $ 55,621  $ 40,905  $ 73,643 
Deferred Income Tax Assets and Liabilities
The following table presents the components of "deferred income tax assets" and "deferred income tax liabilities" recorded in the Company's balance sheets:
(In thousands) December 2024 December 2023
Deferred income tax assets:
Inventories $ 9,209  $ 11,592 
Deferred compensation 11,133  10,290 
Other employee benefits 10,425  7,989 
Stock-based compensation 3,837  4,139 
Other accrued expenses 9,750  16,741 
Intangible assets 28,840  29,232 
Leases 12,059  12,055 
Operating loss carryforwards 33,275  30,871 
Tax credit carryforwards 65,563  69,221 
Gross deferred income tax assets 184,091  192,130 
Less: valuation allowance (82,565) (86,213)
Net deferred income tax assets 101,526  105,917 
Deferred income tax liabilities:
Leases 11,423  11,595 
Depreciation 17,102  20,929 
Taxes on unremitted earnings 2,658  3,923 
Deferred income tax liabilities 31,183  36,447 
Total net deferred income tax assets $ 70,343  $ 69,470 
Amounts included in the balance sheets:
Deferred income tax assets $ 76,065  $ 75,081 
Deferred income tax liabilities (5,722) (5,611)
$ 70,343  $ 69,470 
Schedule of Unrecognized Tax Benefits Roll Forward
The following table presents a reconciliation of the change in the accrual for unrecognized income tax benefits:
(In thousands) Unrecognized Income Tax Benefits Accrued Interest and Penalties Unrecognized Income Tax Benefits
Including Interest
and Penalties
Balance, December 2021 $ 11,717  $ 5,049  $ 16,766 
Additions for current year tax positions 169  —  169 
Additions for prior year tax positions 853  857  1,710 
Reductions for prior year tax positions —  (30) (30)
Reductions due to statute expirations (137) (58) (195)
Balance, December 2022 12,602  5,818  18,420 
Additions for current year tax positions 248  —  248 
Additions for prior year tax positions 79  931  1,010 
Reductions for prior year tax positions (345) (140) (485)
Reductions due to statute expirations (2,249) (296) (2,545)
Balance, December 2023 10,335  6,313  16,648 
Additions for current year tax positions 245  —  245 
Additions for prior year tax positions 169  857  1,026 
Reductions due to statute expirations (1,775) (888) (2,663)
Balance, December 2024 $ 8,974  $ 6,282  $ 15,256 
Amounts Included in Consolidated Balance Sheets
(In thousands) December 2024 December 2023
Amounts included in the balance sheets:
Unrecognized income tax benefits, including interest and penalties $ 15,256  $ 16,648 
Less: deferred tax benefits (2,726) (3,035)
Total unrecognized tax benefits $ 12,530  $ 13,613