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Income Taxes (Tables)

12 Months Ended

Dec. 30, 2022

Income Tax Disclosure [Abstract]

Earnings Before Income Tax Expense

Earnings before income tax expense consist of (in thousands):

			2022						2021						2020
Domestic			$	401,405					$	370,903					$	289,708
Foreign			164,319						137,562						84,943
Total			$	565,724					$	508,465					$	374,651

Components of Income Tax Expense

Income tax expense consists of (in thousands):

			2022						2021						2020
Current
Federal			$	70,976					$	77,703					$	11,509
State and local			5,948						7,493						3,217
Foreign			38,152						29,975						18,722
Current income tax expense			115,076						115,171						33,448
Deferred
Domestic			(8,733)						(42,413)						12,856
Foreign			(1,264)						(4,159)						(2,109)
Deferred income tax expense (benefit)			(9,997)						(46,572)						10,747
Total			$	105,079					$	68,599					$	44,195

Federal Tax Rate Reconciliation

A reconciliation between the U.S. federal statutory tax rate and the effective tax rate follows:

			2022						2021						2020
Statutory tax rate			21		%				21		%				21		%
Tax effect of international operations			1						(1)						(2)
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			(1)						(2)						(6)
Foreign Derived Intangible Income (FDII)			(2)						(5)						(3)
Effective tax rate			19		%				13		%				12		%

Deferred Income Taxes

The deferred tax assets (liabilities) resulting from these differences were as follows (in thousands):

			2022						2021
Inventory valuations			$	678					$	1,181
Accrued self-insurance retentions			1,626						1,534
Accrued warranty and service liabilities			2,279						2,285
Vacation accruals			3,409						3,261
Customer allowances			4,143						4,028
Excess of tax over book depreciation and amortization			(42,322)						(39,785)
Pension benefit obligation			6,375						16,022
Postretirement medical benefit obligation			5,072						5,028
Stock compensation			12,390						11,442
Deferred compensation			2,283						2,595
Deferred revenue			2,160						2,427
Research and Development			11,370						—
Prepayments from foreign subsidiaries			36,070						32,969
Other			2,114						2,138
Net deferred tax assets			$	47,647					$	45,125

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(1)(Note 1))
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