INCOME TAXES (Tables)
|
12 Months Ended |
Dec. 28, 2019 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Provision for Income Taxes was Computed Based on Amounts of Income Before Income Taxes |
The following table presents income before income taxes for which the provision for income taxes was computed:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December |
|
|
|
|
|
|
|
|
(In thousands) |
|
2019 |
|
|
2018 |
|
2017 |
Domestic |
|
$ |
61,691 |
|
|
|
$ |
159,716 |
|
|
$ |
169,160 |
|
Foreign |
|
73,503 |
|
|
|
180,362 |
|
|
189,993 |
|
Income before income taxes |
|
$ |
135,194 |
|
|
|
$ |
340,078 |
|
|
$ |
359,153 |
|
|
| Provision for Income Taxes |
The following table presents components of the provision for income taxes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December |
|
|
|
|
|
|
|
|
(In thousands) |
|
2019 |
|
|
2018 |
|
2017 |
Current: |
|
|
|
|
|
|
|
Federal |
|
$ |
14,831 |
|
|
|
$ |
29,670 |
|
|
$ |
161,482 |
|
Foreign |
|
23,017 |
|
|
|
32,501 |
|
|
31,444 |
|
State |
|
4,866 |
|
|
|
12,303 |
|
|
13,546 |
|
Total current income taxes |
|
42,714 |
|
|
|
74,474 |
|
|
206,472 |
|
Deferred: |
|
|
|
|
|
|
|
Federal and state |
|
(5,912 |
) |
|
|
4,067 |
|
|
36,009 |
|
Foreign |
|
1,738 |
|
|
|
(1,536 |
) |
|
481 |
|
Total deferred income taxes |
|
(4,174 |
) |
|
|
2,531 |
|
|
36,490 |
|
Total provision for income taxes |
|
$ |
38,540 |
|
|
|
$ |
77,005 |
|
|
$ |
242,962 |
|
|
| Differences Between Income Taxes Computed by Applying Statutory Federal Income Tax Rate and Income Tax Expense reported in Consolidated Financial Statements |
The following table presents a reconciliation of the differences between income taxes computed by applying the statutory federal income tax rate and income tax expense reported in the financial statements:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December |
|
|
|
|
|
|
|
|
(In thousands) |
|
2019 |
|
|
2018 |
|
2017 |
Tax at federal statutory rate |
|
$ |
28,391 |
|
|
|
$ |
71,416 |
|
|
$ |
125,703 |
|
State income taxes, net of federal tax benefit |
|
2,476 |
|
|
|
10,532 |
|
|
5,788 |
|
Foreign rate differences |
|
(8,983 |
) |
|
|
(5,125 |
) |
|
(28,077 |
) |
Tax reform |
|
258 |
|
|
|
5,526 |
|
|
136,722 |
|
Stock-based compensation - federal |
|
(3,169 |
) |
|
|
(2,692 |
) |
|
(2,929 |
) |
Adjustments to opening balances |
|
1,928 |
|
|
|
— |
|
|
— |
|
Change in valuation allowance |
|
17,025 |
|
|
|
(2,707 |
) |
|
5,120 |
|
GILTI |
|
2,437 |
|
|
|
— |
|
|
— |
|
Change in indefinite reinvestment assertions |
|
(3,914 |
) |
|
|
— |
|
|
— |
|
Other |
|
2,091 |
|
|
|
55 |
|
|
635 |
|
Income taxes |
|
$ |
38,540 |
|
|
|
$ |
77,005 |
|
|
$ |
242,962 |
|
|
| Deferred Income Tax Assets and Liabilities |
The following table presents the components of deferred income tax assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
|
December 2019 |
|
|
December 2018 |
Deferred income tax assets: |
|
|
|
|
|
Inventories |
|
$ |
7,811 |
|
|
|
$ |
7,676 |
|
Deferred compensation |
|
13,816 |
|
|
|
11,701 |
|
Other employee benefits |
|
10,125 |
|
|
|
3,297 |
|
Stock-based compensation |
|
8,076 |
|
|
|
6,243 |
|
Other accrued expenses |
|
27,369 |
|
|
|
19,266 |
|
Intangible assets |
|
21,356 |
|
|
|
7,541 |
|
Leases |
|
20,219 |
|
|
|
— |
|
Operating loss carryforwards |
|
9,779 |
|
|
|
23,702 |
|
Gross deferred income tax assets |
|
118,551 |
|
|
|
79,426 |
|
Less: valuation allowance |
|
(16,699 |
) |
|
|
(24,175 |
) |
Net deferred income tax assets |
|
101,852 |
|
|
|
55,251 |
|
Deferred income tax liabilities: |
|
|
|
|
|
Leases |
|
19,417 |
|
|
|
— |
|
Depreciation |
|
2,959 |
|
|
|
4,142 |
|
Taxes on unremitted earnings |
|
2,163 |
|
|
|
9,702 |
|
Other deferred tax liabilities |
|
221 |
|
|
|
1,195 |
|
Deferred income tax liabilities |
|
24,760 |
|
|
|
15,039 |
|
Total net deferred income tax assets |
|
$ |
77,092 |
|
|
|
$ |
40,212 |
|
Amounts included in the balance sheets: |
|
|
|
|
|
Deferred income taxes - assets |
|
$ |
79,551 |
|
|
|
$ |
42,891 |
|
Deferred income taxes - liabilities |
|
(2,459 |
) |
|
|
(2,679 |
) |
|
|
$ |
77,092 |
|
|
|
$ |
40,212 |
|
|
| Reconciliation of Change in Accrual for Unrecognized Income Tax Benefits |
The following table presents a reconciliation of the change in the accrual for unrecognized income tax benefits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
Unrecognized
Income Tax
Benefits |
|
Accrued
Interest
and Penalties |
|
Unrecognized Income Tax Benefits
Including Interest
and Penalties |
|
Balance, December 2016 |
$ |
48,842 |
|
|
$ |
1,411 |
|
|
$ |
50,253 |
|
|
Additions for current year tax positions |
7,419 |
|
|
— |
|
|
7,419 |
|
|
Additions for prior year tax positions |
75 |
|
|
1,458 |
|
|
1,533 |
|
|
Reductions for prior year tax positions |
(418 |
) |
|
(1 |
) |
|
(419 |
) |
|
Reductions due to statute expirations |
(4,655 |
) |
|
(380 |
) |
|
(5,035 |
) |
|
Balance, December 2017 |
51,263 |
|
|
2,488 |
|
|
53,751 |
|
|
Additions for current year tax positions |
2,458 |
|
|
8 |
|
|
2,466 |
|
|
Additions for prior year tax positions |
6,286 |
|
|
2,870 |
|
|
9,156 |
|
|
Reductions for prior year tax positions |
(191 |
) |
|
— |
|
|
(191 |
) |
|
Reductions due to statute expirations |
(5,735 |
) |
|
(427 |
) |
|
(6,162 |
) |
|
Balance, December 2018 |
54,081 |
|
|
4,939 |
|
|
59,020 |
|
|
Additions for current year tax positions |
1,260 |
|
|
— |
|
|
1,260 |
|
|
Additions for prior year tax positions |
4,881 |
|
|
2,632 |
|
|
7,513 |
|
|
Reductions for prior year tax positions |
(3,680 |
) |
|
(318 |
) |
|
(3,998 |
) |
|
Reductions due to statute expirations |
(674 |
) |
|
(127 |
) |
|
(801 |
) |
|
Payments in settlement |
(205 |
) |
|
(183 |
) |
|
(388 |
) |
|
Amounts transferred to former parent |
(41,986 |
) |
|
(2,728 |
) |
|
(44,714 |
) |
|
Balance, December 2019 |
$ |
13,677 |
|
|
$ |
4,215 |
|
|
$ |
17,892 |
|
|
|
| Amounts Included in Consolidated Balance Sheets |
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
|
December 2019 |
|
|
December 2018 |
Amounts included in the balance sheets: |
|
|
|
|
|
Unrecognized income tax benefits, including interest and penalties |
|
$ |
17,892 |
|
|
|
$ |
59,020 |
|
Less: deferred tax benefits |
|
(3,626 |
) |
|
|
(7,724 |
) |
Total unrecognized tax benefits |
|
$ |
14,266 |
|
|
|
$ |
51,296 |
|
|