Income Taxes (Tables)

12 Months Ended

Dec. 29, 2013

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 29, 2013					December 30, 2012					December 25, 2011
(In thousands)	Amount			% of Pre-tax		Amount			% of Pre-tax		Amount			% of Pre-tax
Tax at federal statutory rate	$	33,180		35.0	%	$	90,494		35.0	%	$	23,104		35.0	%
State and local taxes, net	8,312			8.8		11,507			4.4		10,446			15.8
Effect of enacted changes in tax laws	—			—		—			—		(1,520		)	(2.3	)
Reduction in uncertain tax positions	(1,803		)	(1.9	)	(6,721		)	(2.6	)	(12,105		)	(18.3	)
(Gain)/loss on Company-owned life insurance	(3,673		)	(3.9	)	(2,690		)	(1.0	)	36			—
Other, net	1,876			2.0		2,027			0.8		1,456			2.2
Income tax expense	$	37,892		40.0		$	94,617		36.6		$	21,417		32.4

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 29, 2013		December 30, 2012			December 25, 2011
Current tax expense/(benefit)
Federal	$	18,903	$	51,836		$	(13,571	)
Foreign	681		1,154			1,110
State and local	8,371		(6,680		)	(14,345		)
Total current tax expense/(benefit)	27,955		46,310			(26,806		)
Deferred tax expense
Federal	5,426		38,845			542
Foreign	—		—			37,471
State and local	4,511		9,462			10,210
Total deferred tax expense	9,937		48,307			48,223
Income tax expense	$	37,892	$	94,617		$	21,417

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 29, 2013			December 30, 2012
Deferred tax assets
Retirement, postemployment and deferred compensation plans	$	251,082		$	387,202
Accruals for other employee benefits, compensation, insurance and other	35,596			36,959
Accounts receivable allowances	1,478			6,111
Net operating losses	57,885			49,476
Other	63,821			64,884
Gross deferred tax assets	409,862			544,632
Valuation allowance	(42,295		)	(42,138		)
Net deferred tax assets	$	367,567		$	502,494
Deferred tax liabilities
Property, plant and equipment	$	75,661		$	108,763
Intangible assets	11,902			—
Investments in joint ventures	19,625			13,430
Other	14,531			19,875
Gross deferred tax liabilities	121,719			142,068
Net deferred tax asset	$	245,848		$	360,426
Amounts recognized in the Consolidated Balance Sheets
Deferred tax asset – current	$	65,859		$	58,214
Deferred tax asset – long-term	179,989			302,212
Net deferred tax asset	$	245,848		$	360,426

Summary of Income Tax Contingencies

A reconciliation of unrecognized tax benefits is as follows:



(In thousands)	December 29, 2013			December 30, 2012			December 25, 2011
Balance at beginning of year	$	45,308		$	47,971		$	55,636
Gross additions to tax positions taken during the current year	2,249			5,241			4,094
Gross additions to tax positions taken during the prior year	127			258			460
Gross reductions to tax positions taken during the prior year	(833		)	(922		)	(970		)
Reductions from settlements with taxing authorities	—			—			(1,941		)
Reductions from lapse of applicable statutes of limitations	(793		)	(7,240		)	(9,308		)
Balance at end of year	$	46,058		$	45,308		$	47,971

- 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.

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