Income Taxes (Tables)

12 Months Ended

Dec. 30, 2012

Schedule of Effective Income Tax Rate Reconciliation

Reconciliations between the effective tax rate on income/(loss) from continuing operations before income taxes and the federal statutory rate are presented below.



	December 30, 2012					December 25, 2011					December 26, 2010
(In thousands)	Amount			% of Pre-tax		Amount			% of Pre-tax		Amount			% of Pre-tax
Tax at federal statutory rate	$	92,156		35.0	%	$	29,129		35.0	%	$	30,943		35.0	%
State and local taxes, net	17,651			6.7		14,833			17.8		15,375			17.4
Effect of enacted changes in tax laws	—			—		(1,520		)	(1.8	)	11,370			12.9
Reduction in uncertain tax positions	(6,722		)	(2.6	)	(12,105		)	(14.5	)	(21,722		)	(24.6	)
(Gain)/loss on Company-owned life insurance	(2,690		)	(1.0	)	36			—		(3,319		)	(3.8	)
Other, net	3,087			1.2		1,559			1.9		670			0.8
Income tax expense	$	103,482		39.3		$	31,932		38.4		$	33,317		37.7

Schedule of Components of Income Tax Expense (Benefit)

The components of income tax expense as shown in our Consolidated Statements of Operations were as follows:



(In thousands)	December 30, 2012		December 25, 2011			December 26, 2010
Current tax expense/(benefit)
Federal	$	35,429	$	(30,185	)	$	(3,139	)
Foreign	1,153		1,110			682
State and local	181		(6,793		)	(11,460		)
Total current tax expense/(benefit)	36,763		(35,868		)	(13,917		)
Deferred tax expense
Federal	55,143		20,464			36,055
Foreign	—		37,471			2,137
State and local	11,576		9,865			9,042
Total deferred tax expense	66,719		67,800			47,234
Income tax expense	$	103,482	$	31,932		$	33,317

Schedule of Deferred Tax Assets and Liabilities

The components of the net deferred tax assets and liabilities recognized in our Consolidated Balance Sheets were as follows:



(In thousands)	December 30, 2012			December 25, 2011
Deferred tax assets
Retirement, postemployment and deferred compensation plans	$	400,292		$	447,156
Accruals for other employee benefits, compensation, insurance and other	36,959			39,572
Accounts receivable allowances	6,111			7,114
Other	84,527			109,946
Gross deferred tax assets	527,889			603,788
Valuation allowance	(42,138		)	(39,824		)
Net deferred tax assets	$	485,751		$	563,964
Deferred tax liabilities
Property, plant and equipment	$	108,763		$	143,308
Intangible assets	—			42,150
Investments in joint ventures	13,430			15,095
Other	4,266			10,073
Gross deferred tax liabilities	126,459			210,626
Net deferred tax asset	$	359,292		$	353,338
Amounts recognized in the Consolidated Balance Sheets
Deferred tax asset – current	$	58,214		$	73,055
Deferred tax asset – long-term	301,078			280,283
Net deferred tax asset	$	359,292		$	353,338

Summary of Income Tax Contingencies

A reconciliation of unrecognized tax benefits is as follows:



(In thousands)	December 30, 2012			December 25, 2011			December 26, 2010
Balance at beginning of year	$	47,971		$	55,636		$	70,578
Gross additions to tax positions taken during the current year	5,241			4,094			2,565
Gross reductions to tax positions taken during the current year	—			—			—
Gross additions to tax positions taken during the prior year	258			460			—
Gross reductions to tax positions taken during the prior year	(922		)	(970		)	(13,347		)
Reductions from settlements with taxing authorities	—			(1,941		)	—
Reductions from lapse of applicable statutes of limitations	(7,240		)	(9,308		)	(4,160		)
Balance at end of year	$	45,308		$	47,971		$	55,636

- Definition

Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions.

+ References+ Details