Income Taxes (Tables)

12 Months Ended

Dec. 30, 2023

Schedule of Components of Income Before Income Taxes

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


(In thousands)	2023		2022		2021

Domestic	$	722,153	$	737,538	$	518,080
Foreign	123,079		138,493		123,059

Income before income taxes	$	845,232	$	876,031	$	641,139

Schedule of Components of Income Tax Expense

Income tax expense consists of the following:


(In thousands)	2023		2022		2021

Current tax expense:
Federal	$	144,111	$	149,269	$	107,804
Foreign	39,167		36,719		34,455
State and local	32,694		41,214		16,186

Current tax expense	215,972		227,202		158,445

Deferred tax expense (benefit):
Federal	4,806		(3,312)		(3,504)
Foreign	270		(192)		2,572
State and local	(286)		(376)		8,345

Deferred tax expense (benefit)	4,790		(3,880)		7,413

Income tax expense	$	220,762	$	223,322	$	165,858

Schedule of 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)	2023		2022		2021

Expected income tax expense	$	177,499	$	183,967	$	134,639
State and local income tax, net of federal benefit	25,542		32,184		21,132
Effect of foreign statutory rates different from U.S. and other foreign adjustments	14,519		7,443		11,185



Investment in unconsolidated affiliates	1,226		206		(679)




Other, net	1,976		(478)		(419)

Income tax expense	$	220,762	$	223,322	$	165,858

Schedule of 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)	2023		2022

Deferred tax assets:
Inventories	$	19,162	$	16,829
Other postretirement benefits and accrued items	10,174		7,260

Other reserves	6,956		8,046
Foreign tax attributes	4,862		5,750
State tax attributes, net of federal benefit	6,728		8,063
Stock-based compensation	4,502		5,249
Lease liability	7,354		4,540
Basis difference in unconsolidated affiliates	11,509		6,881

Total deferred tax assets	71,247		62,618
Less valuation allowance	(23,078)		(21,505)

Deferred tax assets, net of valuation allowance	48,169		41,113

Deferred tax liabilities:
Property, plant, and equipment	42,980		44,001

Lease asset	7,776		4,970
Other liabilities	10,884		2,918


Total deferred tax liabilities	61,640		51,889

Net deferred tax liabilities	$	(13,471)	$	(10,776)