Income Taxes (Tables)

12 Months Ended

Dec. 29, 2018

Income Tax Disclosure [Abstract]

Schedule of Earnings Before Taxes

Earnings before taxes is summarized as follows (in thousands):

	2018		2017		2016
Domestic	$	328,870	$	290,866	$	336,625
Foreign	94,643		92,663		84,680
Total	$	423,513	$	383,529	$	421,305

Schedule of Provision of Taxes

The provision for income taxes is summarized as follows (in thousands):

	2018		2017			2016
Federal	$	66,359	$	48,688		$	94,621
State and local	16,035		9,076			13,107
Foreign	23,967		27,637			29,361
Total	$	106,361	$	85,401		$	137,089
Current	$	85,872	$	99,893		$	115,726
Deferred	20,489		(14,492		)	21,363
Total	$	106,361	$	85,401		$	137,089

Schedule of Effective Income Tax Reconciliation

Reconciliation of the differences between income taxes computed at the federal statutory rate to the effective rate are as follows:

	2018		2017		2016
U.S. federal statutory tax rate	21.0	%	35.0	%	35.0	%
State taxes, net of federal benefit	3.0		1.5		2.3
U.S. domestic manufacturers deduction	—		(2.1	)	(2.4	)
Permanent differences	0.2		(0.7	)	(1.6	)
Foreign income tax rate at rates other than U.S. statutory	1.3		(1.6	)	(1.1	)
Tax Cuts and Jobs Act of 2017 deferred tax changes	0.2		(10.0	)	—
Tax Cuts and Jobs Act of 2017 transition tax	(0.1	)	2.0		—
Change in valuation allowances	(0.5	)	(2.0	)	—
Tax on unremitted earnings	—		1.5		—
Other	—		(1.3	)	0.3
Consolidated effective tax	25.1	%	22.3	%	32.5	%

Schedule of Deferred Assets and Liabilities

At December 29, 2018 and December 30, 2017, the company had recorded the following deferred tax assets and liabilities:

	2018			2017
	(dollars in thousands)
Deferred tax assets:
Compensation related	$	3,776		$	3,129
Pension and post-retirement benefits	41,502			56,502
Inventory reserves	14,441			11,342
Accrued liabilities and reserves	13,835			9,813
Warranty reserves	10,641			7,232
Net operating loss carryforwards	36,629			37,911
Other	10,531			19,826
Gross deferred tax assets	131,355			145,755
Valuation allowance	(26,023		)	(23,190		)
Deferred tax assets	$	105,332		$	122,565
Deferred tax liabilities:
Intangible assets	$	(167,197	)	$	(137,871	)
Depreciable assets	(13,617		)	(10,426		)
Other	(6,226		)	(17,518		)
Deferred tax liabilities	$	(187,040	)	$	(165,815	)
Net deferred tax assets (liabilities)	$	(81,708	)	$	(43,250	)
Long-term deferred asset	32,188			44,565
Long-term deferred liability	(113,896		)	(87,815		)
Net deferred tax assets (liabilities)	$	(81,708	)	$	(43,250	)

Schedule of Unrecognized Tax Benefits

The following table summarizes the activity related to the unrecognized tax benefits for the fiscal years ended December 31, 2016, December 30, 2017 and December 29, 2018 (in thousands):

Balance at December 31, 2016	$	20,289
Increases to current year tax positions	11,843
Increase to prior year tax positions	201
Decrease to prior year tax positions	(9		)
Settlements	(439		)
Lapse of statute of limitations	(1,955		)
Balance at December 30, 2017	$	29,930
Increases to current year tax positions	3,912
Increase to prior year tax positions	2,860
Decrease to prior year tax positions	(569		)
Lapse of statute of limitations	(4,221		)
Balance at December 29, 2018	$	31,912