Income Taxes (Tables)

12 Months Ended

Dec. 26, 2021

Schedule of Effective Income Tax Rate Reconciliation

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


	December 26, 2021			December 27, 2020			December 29, 2019
(In thousands)	Amount		% of Pre-tax	Amount		% of Pre-tax	Amount		% of Pre-tax
Tax at federal statutory rate	$	61,005	21.0	$	24,241	21.0	$	34,537	21.0
State and local taxes, net	16,378		5.6	3,873		3.4	5,303		3.2

Increase/(decrease) in uncertain tax positions	2,782		1.0	(2,509)		(2.2)	(2,427)		(1.5)
(Gain) on company-owned life insurance	(712)		(0.2)	(635)		(0.6)	(1,662)		(1.0)
Nondeductible expense	593		0.2	800		0.7	1,938		1.2
Nondeductible executive compensation	4,140		1.4	1,271		1.1	(355)		(0.2)



Stock-based awards benefit	(5,461)		(1.9)	(7,251)		(6.3)	(6,184)		(3.8)
Deduction for foreign-derived intangible income	(2,972)		(1.0)	(686)		(0.6)	(2,625)		(1.6)
Research and experimentation credit	(5,571)		(1.9)	(3,892)		(3.4)	(5,672)		(3.4)
Other, net	348		0.1	(617)		(0.5)	1,641		1.0
Income tax expense	$	70,530	24.3	$	14,595	12.6	$	24,494	14.9

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 26, 2021		December 27, 2020		December 29, 2019
Current tax expense/(benefit)
Federal	$	55,110	$	21,414	$	16,283
Foreign	1,042		905		823
State and local	20,736		7,453		3,146
Total current tax expense	76,888		29,772		20,252
Deferred tax expense/(benefit)
Federal	(5,651)		(9,249)		5,588

State and local	(707)		(5,928)		(1,346)
Total deferred tax expense	(6,358)		(15,177)		4,242
Income tax expense	$	70,530	$	14,595	$	24,494

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 26, 2021		December 27, 2020
Deferred tax assets
Retirement, postemployment and deferred compensation plans	$	86,886	$	103,433
Accruals for other employee benefits, compensation, insurance and other	34,999		25,899

Net operating losses	1,018		1,510
Operating lease liabilities	19,663		16,648
Other	31,379		32,664
Gross deferred tax assets	$	173,945	$	180,154
Valuation allowance	(261)		(293)
Net deferred tax assets	$	173,684	$	179,861
Deferred tax liabilities
Property, plant and equipment	$	38,855	$	41,832
Intangible assets	7,738		7,652
Operating lease right-of-use assets	16,960		14,196
Other	14,331		16,663
Gross deferred tax liabilities	$	77,884	$	80,343
Net deferred tax asset	$	95,800	$	99,518

Summary of Income Tax Contingencies

A reconciliation of unrecognized tax benefits is as follows:


(In thousands)	December 26, 2021		December 27, 2020		December 29, 2019
Balance at beginning of year	$	6,737	$	10,309	$	11,629
Gross additions to tax positions taken during the current year	1,389		1,130		1,184

Gross additions to tax positions taken during the prior year	2,458		133		711
Gross reductions to tax positions taken during the prior year	(150)		(93)		(76)
Reductions from settlements with taxing authorities	(3,534)		(3,814)		(2,637)
Reductions from lapse of applicable statutes of limitations	(1,009)		(928)		(502)
Balance at end of year	$	5,891	$	6,737	$	10,309