Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

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 31, 2022			December 26, 2021			December 27, 2020
(In thousands)	Amount		% of Pre-tax	Amount		% of Pre-tax	Amount		% of Pre-tax
Tax at federal statutory rate	$	49,560	21.0	$	61,005	21.0	$	24,241	21.0
State and local taxes, net	16,855		7.1	16,378		5.6	3,873		3.4

Increase/(decrease) in uncertain tax positions	(220)		(0.1)	2,782		1.0	(2,509)		(2.2)
(Gain) on company-owned life insurance	857		0.4	(712)		(0.2)	(635)		(0.6)
Nondeductible expense	780		0.3	593		0.2	800		0.7
Nondeductible executive compensation	3,985		1.7	4,140		1.4	1,271		1.1



Stock-based awards benefit	(1,119)		(0.5)	(5,461)		(1.9)	(7,251)		(6.3)
Deduction for foreign-derived intangible income	(3,166)		(1.3)	(2,972)		(1.0)	(686)		(0.6)
Research and experimentation credit	(6,699)		(2.8)	(5,571)		(1.9)	(3,892)		(3.4)
Other, net	1,261		0.5	348		0.1	(617)		(0.5)
Income tax expense	$	62,094	26.3	$	70,530	24.3	$	14,595	12.6

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 31, 2022		December 26, 2021		December 27, 2020
Current tax expense/(benefit)
Federal	$	75,495	$	55,110	$	21,414
Foreign	1,897		1,042		905
State and local	30,855		20,736		7,453
Total current tax expense	108,247		76,888		29,772
Deferred tax expense/(benefit)
Federal	(36,344)		(5,651)		(9,249)

State and local	(9,809)		(707)		(5,928)
Total deferred tax expense	(46,153)		(6,358)		(15,177)
Income tax expense	$	62,094	$	70,530	$	14,595

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 31, 2022		December 26, 2021
Deferred tax assets
Retirement, postemployment and deferred compensation plans	$	67,797	$	86,886
Accruals for other employee benefits, compensation, insurance and other	31,335		34,999

Net operating losses(1)	52,522		1,018
Operating lease liabilities	18,403		19,663
Capitalized research and development costs (2)	55,370		—
Other	32,974		31,379
Gross deferred tax assets	$	258,401	$	173,945
Valuation allowance	(4,258)		(261)
Net deferred tax assets	$	254,143	$	173,684
Deferred tax liabilities
Property, plant and equipment	$	44,698	$	38,855
Intangible assets	88,115		7,738
Operating lease right-of-use assets	15,453		16,960
Other	9,514		14,331
Gross deferred tax liabilities	$	157,780	$	77,884
Net deferred tax asset	$	96,363	$	95,800

(1) Includes federal tax operating loss carryforwards acquired in connection with The Athletic Media Company acquisition.

(2) As a result of the Tax Cuts and Jobs Act, see Liquidity and Capital Resources section in the Management’s Discussion and Analysis of Financial Condition and Results of Operations for more information.

Schedule of Income Tax Contingencies

A reconciliation of unrecognized tax benefits is as follows:


(In thousands)	December 31, 2022		December 26, 2021		December 27, 2020
Balance at beginning of year	$	5,891	$	6,737	$	10,309
Gross additions to tax positions taken during the current year	1,504		1,389		1,130

Gross additions to tax positions taken during the prior year	73		2,458		133
Gross reductions to tax positions taken during the prior year	—		(150)		(93)
Reductions from settlements with taxing authorities	(1,116)		(3,534)		(3,814)
Reductions from lapse of applicable statutes of limitations	(824)		(1,009)		(928)
Balance at end of year	$	5,528	$	5,891	$	6,737