Income Taxes (Tables)

12 Months Ended

Dec. 28, 2013

Income Taxes [Abstract]

Components of income before income taxes

The components of income before income taxes were taxed under the following jurisdictions:

(In thousands)	2013		2012		2011
Domestic	$	262,220	$	105,945	$	118,208
Foreign		9,178		14,409		11,953
Income before income taxes	$	271,398	$	120,354	$	130,161

Components of income tax expense

Income tax expense consists of the following:

(In thousands)	2013			2012			2011
Current tax expense:
Federal	$	69,565		$	33,152		$	43,127
Foreign		2,608			1,764			1,740
State and local		6,723			3,049			2,398
Current tax expense		78,896			37,965			47,265
Deferred tax expense (benefit):
Federal		17,694			570			(6,480	)
Foreign		(376	)		(2,015	)		344
State and local		1,895			161			1,946
Deferred tax expense (benefit)		19,213			(1,284	)		(4,190	)
Income tax expense	$	98,109		$	36,681		$	43,075

Income tax reconciliation

The difference between the reported income tax expense and a tax determined by applying the applicable U.S. federal statutory income tax rate to income before income taxes is reconciled as follows:

(In thousands)	2013			2012			2011
Expected income tax expense	$	94,989		$	42,124		$	45,556
State and local income tax, net of federal benefit		6,405			3,178			4,267
Effect of foreign statutory rate different from U.S. and other foreign adjustments		(1,026	)		(2,637	)		(560	)
Valuation allowance changes		—			(1,224	)		(443	)
U.S. production activities deduction		(4,445	)		(2,975	)		(3,850	)
Goodwill disposition		1,790			—			—
Tax contingency changes		(140	)		(3,224	)		(1,934	)
Other, net		536			1,439			39
Income tax expense	$	98,109		$	36,681		$	43,075

Unrecognized tax benefits reconciliation

The following summarizes the activity related to the Company’s unrecognized tax benefits:

(In thousands)	2013			2012
Beginning balance	$	3,259		$	6,572
Increases related to prior year tax positions		—			—
Increases related to current year tax positions		—			—
Decreases related to prior year tax positions		—			—
Decreases related to settlements with taxing authorities		(431	)		—
Decreases due to lapses in the statute of limitations		—			(3,313	)
Ending balance	$	2,828		$	3,259

Components of deferred tax assets and liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below:

(In thousands)	2013			2012
Deferred tax assets:
Accounts receivable	$	490		$	447
Inventories		11,136			7,829
Other postretirement benefits and accrued items		13,548			14,767
Pension		—			10,489
Other reserves		12,441			14,905
Federal and foreign tax attributes		5,913			9,829
State tax attributes, net of federal benefit		24,663			29,880
Insurance Claim Receivable		—			8,048
Share-based Compensation		2,486			1,493
Total deferred tax assets		70,677			97,687
Less valuation allowance		(22,544	)		(30,394	)
Deferred tax assets, net of valuation allowance		48,133			67,293
Deferred tax liabilities:
Property, plant, and equipment		60,425			49,531
Pension		4,507			—
Other		2,209			983
Total deferred tax liabilities		67,141			50,514
Net deferred tax (liability) asset	$	(19,008	)	$	16,779