Income Taxes (Tables)

12 Months Ended

Dec. 28, 2014

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 28, 2014					December 29, 2013					December 30, 2012
(In thousands)	Amount			% of Pre-tax		Amount			% of Pre-tax		Amount			% of Pre-tax
Tax at federal statutory rate	$	10,448		35.0		$	33,180		35.0		$	90,494		35.0
State and local taxes, net	4,620			15.5		8,312			8.8		11,507			4.4
Effect of enacted changes in tax laws	1,393			4.7		—			—		—			—
Reduction in uncertain tax positions	(21,147		)	(70.8	)	(1,803		)	(1.9	)	(6,721		)	(2.6	)
Gain on Company-owned life insurance	(1,250		)	(4.2	)	(3,673		)	(3.9	)	(2,690		)	(1.0	)
Nondeductible expense, net	1,847			6.2		2,039			2.2		866			0.3
Other, net	548			1.8		(163		)	(0.2	)	1,161			0.5
Income tax (benefit)/expense	$	(3,541	)	(11.8	)	$	37,892		40.0		$	94,617		36.6

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 28, 2014			December 29, 2013		December 30, 2012
Current tax (benefit)/expense
Federal	$	17,397		$	18,903	$	51,836
Foreign	583			681		1,154
State and local	(25,625		)	8,371		(6,680		)
Total current tax (benefit)/expense	(7,645		)	27,955		46,310
Deferred tax expense
Federal	4,014			5,426		38,845
Foreign	—			—		—
State and local	90			4,511		9,462
Total deferred tax expense	4,104			9,937		48,307
Income tax (benefit)/expense	$	(3,541	)	$	37,892	$	94,617

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 28, 2014			December 29, 2013
Deferred tax assets
Retirement, postemployment and deferred compensation plans	$	320,174		$	251,082
Accruals for other employee benefits, compensation, insurance and other	42,294			35,596
Accounts receivable allowances	1,746			1,478
Net operating losses	46,726			57,885
Other	41,186			63,821
Gross deferred tax assets	452,126			409,862
Valuation allowance	(41,136		)	(42,295		)
Net deferred tax assets	$	410,990		$	367,567
Deferred tax liabilities
Property, plant and equipment	$	64,056		$	75,661
Intangible assets	11,607			11,902
Investments in joint ventures	13,971			19,625
Other	5,129			14,531
Gross deferred tax liabilities	94,763			121,719
Net deferred tax asset	$	316,227		$	245,848
Amounts recognized in the Consolidated Balance Sheets
Deferred tax asset – current	$	63,640		$	65,859
Deferred tax asset – long-term	252,587			179,989
Net deferred tax asset	$	316,227		$	245,848

Summary of Income Tax Contingencies

A reconciliation of unrecognized tax benefits is as follows:



(In thousands)	December 28, 2014			December 29, 2013			December 30, 2012
Balance at beginning of year	$	46,058		$	45,308		$	47,971
Gross additions to tax positions taken during the current year	2,116			2,249			5,241
Gross additions to tax positions taken during the prior year	—			127			258
Gross reductions to tax positions taken during the prior year	(12,109		)	(833		)	(922		)
Reductions from settlements with taxing authorities	(7,114		)	—			—
Reductions from lapse of applicable statutes of limitations	(12,627		)	(793		)	(7,240		)
Balance at end of year	$	16,324		$	46,058		$	45,308

- 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