INCOME TAXES (Tables)

12 Months Ended

Dec. 25, 2021

Income Tax Disclosure [Abstract]

Components of Income from Continuing Operations Before Income Taxes and the Related Provision for Income Taxes

The components of income from continuing operations before income taxes and the related provision for income taxes are presented below:

	Fiscal Year
	2021		2020		2019
	(in thousands)
Income before income taxes:
U.S.	$	129,598	$	226,935	$	108,326
Non-U.S.	351,112		220,179		195,758
Total income before income taxes	$	480,710	$	447,114	$	304,084
Income tax provision (benefit):
Current:
Federal	$	32,728	$	38,192	$	18,101
Foreign	60,197		35,410		43,489
State	9,257		6,623		9,915
Total current	102,182		80,225		71,505
Deferred:
Federal	(27,486)		386		(3,226)
Foreign	13,891		5,583		(17,111)
State	(6,714)		(4,386)		(1,145)
Total deferred	(20,309)		1,583		(21,482)
Total provision for income taxes	$	81,873	$	81,808	$	50,023

Reconciliations of the Statutory U.S. Federal Income Tax Rate to Effective Tax Rates

Reconciliations of the statutory U.S. federal income tax rate to effective tax rates are as follows:

	Fiscal Year
	2021		2020		2019
U.S. statutory income tax rate	21.0	%	21.0	%	21.0	%
Foreign tax rate differences	0.1		1.2		2.7
State income taxes, net of federal tax benefit	0.8		0.4		2.6
Non-deductible compensation	1.2		1.0		1.7
Research tax credits and enhanced deductions	(5.0)		(3.4)		(4.4)
Stock-based compensation	(4.3)		(2.7)		(2.2)
Enacted tax rate changes	3.0		0.7		(0.4)
Tax on unremitted earnings	1.8		1.3		1.7
Impact of tax uncertainties	0.7		(0.2)		(2.6)
Impact of acquisitions and restructuring	(1.6)		0.5		2.7
Net operating loss deferred tax asset recognition, net of valuation allowance (NOL DTA)	—		(0.1)		(6.8)
Other	(0.7)		(1.4)		0.5
Effective income tax rate	17.0	%	18.3	%	16.5	%

Components of Deferred Tax Assets and Liabilities

The components of deferred tax assets and liabilities are as follows:

	December 25, 2021		December 26, 2020
	(in thousands)
Deferred tax assets:
Compensation	$	28,900	$	32,118
Accruals and reserves	23,760		17,970
Net operating loss and credit carryforwards	410,156		406,085
Operating lease liability	65,592		43,646
Other	8,323		4,253
Valuation allowance	(315,645)		(334,845)
Total deferred tax assets	221,086		169,227
Deferred tax liabilities:
Goodwill and other intangibles	(280,081)		(202,430)
Depreciation related	(35,514)		(33,277)
Venture capital investments	(16,018)		(32,848)
Tax on unremitted earnings	(21,060)		(27,707)
Right-of-use assets	(64,257)		(43,557)
Other	(3,650)		(8,710)
Total deferred tax liabilities	(420,580)		(348,529)
Net deferred taxes	$	(199,494)	$	(179,302)

Reconciliation of Valuation Allowance

A reconciliation of the Company’s beginning and ending valuation allowance are as follows:

	Fiscal Year
	2021		2020		2019
Beginning balance	$	334,845	$	309,962	$	9,788
Additions (reductions) charged to income tax provision, net	1,023		(2,707)		299,197
Additions due to acquisitions	7,747		—		924
Reductions due to divestitures, restructuring	(4,706)		—		—
Currency translation and other	(23,264)		27,590		53
Ending balance	$	315,645	$	334,845	$	309,962

Reconciliation of the Company's Beginning and Ending Unrecognized Income Tax Benefits

A reconciliation of the Company’s beginning and ending unrecognized income tax benefits is as follows:

	Fiscal Year
	2021		2020		2019
	(in thousands)
Beginning balance	$	24,970	$	19,665	$	18,827
Additions to tax positions for current year	9,544		7,044		3,691
Additions to tax positions for prior years	2,476		4,589		5,234
Reductions to tax positions for prior years	(1,330)		(127)		(1,033)
Settlements	(1,870)		(5,859)		(274)
Expiration of statute of limitations	(1,198)		(342)		(6,780)
Ending balance	$	32,592	$	24,970	$	19,665