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Income Taxes | 12 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes Earnings before income tax expense consist of (in thousands):
| 2021 |  | 2020 |  | 2019
Domestic | $ | 370,903 |  |  | $ | 289,708 |  |  | $ | 294,402 |
Foreign | 137,562 |  |  | 84,943 |  |  | 111,475 |
Total | $ | 508,465 |  |  | $ | 374,651 |  |  | $ | 405,877 |
Income tax expense consists of (in thousands):
| 2021 |  | 2020 |  | 2019
Current |  |  |  |  |
Federal | $ | 77,703 |  |  | $ | 11,509 |  |  | $ | 39,015 |
State and local | 7,493 |  |  | 3,217 |  |  | 3,347 |
Foreign | 29,975 |  |  | 18,722 |  |  | 26,270 |
Current income tax expense | 115,171 |  |  | 33,448 |  |  | 68,632 |
Deferred |  |  |  |  |
Domestic | (42,413) |  |  | 12,856 |  |  | (151) |
Foreign | (4,159) |  |  | (2,109) |  |  | (6,457) |
Deferred income tax expense (benefit) | (46,572) |  |  | 10,747 |  |  | (6,608) |
Total | $ | 68,599 |  |  | $ | 44,195 |  |  | $ | 62,024 |
Income taxes paid were $111.8 million in 2021, $44.0 million in 2020 and $67.1 million in 2019. A reconciliation between the U.S. federal statutory tax rate and the effective tax rate follows:
| 2021 |  | 2020 |  | 2019
Statutory tax rate | 21 | % |  | 21 | % |  | 21 | %
Tax effect of international operations | (1) |  |  | (2) |  |  | (1) |
State taxes, net of federal effect | 1 |  |  | 1 |  |  | 1 |
U.S. general business tax credits | (1) |  |  | (1) |  |  | (1) |
Loss on sale of business | — |  |  | 2 |  |  | — |
Stock compensation excess tax benefit | (2) |  |  | (6) |  |  | (3) |
Global Intangible Low-taxed Income (GILTI) | — |  |  | — |  |  | 1 |
Foreign Derived Intangible Income (FDII) | (5) |  |  | (3) |  |  | (3) |
Effective tax rate | 13 | % |  | 12 | % |  | 15 | %
Deferred income taxes are provided for temporary differences between the financial reporting and the tax basis of assets and liabilities. The deferred tax assets (liabilities) resulting from these differences were as follows (in thousands):
| 2021 |  | 2020
Inventory valuations | $ | 1,181 |  |  | $ | 586 |
Accrued self-insurance retentions | 1,534 |  |  | 1,164 |
Accrued warranty and service liabilities | 2,285 |  |  | 2,062 |
Vacation accruals | 3,261 |  |  | 3,249 |
Customer allowances | 4,028 |  |  | 3,650 |
Excess of tax over book depreciation and amortization | (39,785) |  |  | (49,377) |
Pension benefit obligation | 16,022 |  |  | 30,942 |
Postretirement medical benefit obligation | 5,028 |  |  | 4,808 |
Acquisition costs | — |  |  | 389 |
Stock compensation | 11,442 |  |  | 11,743 |
Deferred compensation | 2,595 |  |  | 2,075 |
Net operating loss carryforward | — |  |  | 440 |
Deferred revenue | 2,427 |  |  | 1,792 |
Prepayments from foreign subsidiaries | 32,969 |  |  | — |
Other | 2,138 |  |  | 2,041 |
Net deferred tax assets | $ | 45,125 |  |  | $ | 15,564 |
Total deferred tax assets were $55.8 million and $67.0 million, and total deferred tax liabilities were $10.7 million and $51.4 million on December 31, 2021 and December 25, 2020, respectively. The difference between the deferred income tax provision and the change in net deferred income taxes is due to the changes in other comprehensive income (loss) items and acquisition purchase accounting. The Company files income tax returns in the U.S. federal jurisdiction, and various states and foreign jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for years before 2015. The Company continues to assert that it will indefinitely reinvest earnings of foreign subsidiaries to support expansion of its international business. No additional income or withholding taxes have been provided for any remaining undistributed foreign earnings, as these amounts continue to be indefinitely reinvested in foreign operations. As of December 31, 2021, the amount of cash held outside the U.S. was not significant to the Company’s liquidity and was available to fund investments abroad. The Company records penalties and accrued interest related to uncertain tax positions in income tax expense. Total reserves for uncertain tax positions were not material.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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