Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

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, 2023			December 31, 2022			December 26, 2021
(In thousands)	Amount		% of Pre-tax	Amount		% of Pre-tax	Amount		% of Pre-tax
Tax at federal statutory rate	$	63,544	21.0	$	49,560	21.0	$	61,005	21.0
State and local taxes, net	18,445		6.1	16,855		7.1	16,378		5.6

Increase/(decrease) in uncertain tax positions	1,763		0.6	(220)		(0.1)	2,782		1.0
(Gain)/loss on company-owned life insurance	(735)		(0.2)	857		0.4	(712)		(0.2)
Nondeductible expense	1,492		0.5	780		0.3	593		0.2
Nondeductible executive compensation	2,175		0.7	3,985		1.7	4,140		1.4



Stock-based awards expense/(benefit)	478		0.2	(1,119)		(0.5)	(5,461)		(1.9)
Deduction for foreign-derived intangible income	(3,985)		(1.3)	(3,166)		(1.3)	(2,972)		(1.0)
Research and experimentation credit	(12,683)		(4.2)	(6,699)		(2.8)	(5,571)		(1.9)
Other, net	(658)		(0.2)	1,261		0.5	348		0.1
Income tax expense	$	69,836	23.2	$	62,094	26.3	$	70,530	24.3

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, 2023		December 31, 2022		December 26, 2021
Current tax expense/(benefit)
Federal	$	56,139	$	75,495	$	55,110
Foreign	2,590		1,897		1,042
State and local	30,901		30,855		20,736
Total current tax expense	89,630		108,247		76,888
Deferred tax expense/(benefit)
Federal	(12,715)		(36,344)		(5,651)

State and local	(7,079)		(9,809)		(707)
Total deferred tax expense	(19,794)		(46,153)		(6,358)
Income tax expense	$	69,836	$	62,094	$	70,530

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, 2023		December 31, 2022
Deferred tax assets
Retirement, postemployment and deferred compensation plans	$	60,398	$	67,797
Accruals for other employee benefits, compensation, insurance and other	36,968		31,335

Net operating losses(1)	42,944		52,522
Operating lease liabilities	14,144		18,403
Capitalized research and development costs (2)	68,113		55,370
Other	36,387		32,974
Gross deferred tax assets	$	258,954	$	258,401
Valuation allowance	(3,240)		(4,258)
Net deferred tax assets	$	255,714	$	254,143
Deferred tax liabilities
Property, plant and equipment	$	37,950	$	44,698
Intangible assets	79,718		88,115
Operating lease right-of-use assets	9,626		15,453
Other	13,915		9,514
Gross deferred tax liabilities	$	141,209	$	157,780
Net deferred tax asset	$	114,505	$	96,363

(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, 2023		December 31, 2022		December 26, 2021
Balance at beginning of year	$	5,528	$	5,891	$	6,737
Gross additions to tax positions taken during the current year	2,466		1,504		1,389

Gross additions to tax positions taken during the prior year	877		73		2,458
Gross reductions to tax positions taken during the prior year	(8)		—		(150)
Reductions from settlements with taxing authorities	(1,185)		(1,116)		(3,534)
Reductions from lapse of applicable statutes of limitations	(604)		(824)		(1,009)
Balance at end of year	$	7,074	$	5,528	$	5,891