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Income Taxes | 12 Months Ended
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Dec. 29, 2023
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes Earnings before income tax expense consist of (in thousands):
| 2023 |  | 2022 |  | 2021
Domestic | $ | 450,806 |  |  | $ | 401,405 |  |  | $ | 370,903 |
Foreign | 157,996 |  |  | 164,319 |  |  | 137,562 |
Total | $ | 608,802 |  |  | $ | 565,724 |  |  | $ | 508,465 |
Income tax expense consists of (in thousands):
| 2023 |  | 2022 |  | 2021
Current |  |  |  |  |
Federal | $ | 79,732 |  |  | $ | 70,976 |  |  | $ | 77,703 |
State and local | 7,282 |  |  | 5,948 |  |  | 7,493 |
Foreign | 23,779 |  |  | 38,152 |  |  | 29,975 |
Current income tax expense | 110,793 |  |  | 115,076 |  |  | 115,171 |
Deferred |  |  |  |  |
Domestic | (6,919) |  |  | (8,733) |  |  | (42,413) |
Foreign | (1,583) |  |  | (1,264) |  |  | (4,159) |
Deferred income tax expense (benefit) | (8,502) |  |  | (9,997) |  |  | (46,572) |
Total | $ | 102,291 |  |  | $ | 105,079 |  |  | $ | 68,599 |
Income taxes paid were $111.3 million in 2023, $112.3 million in 2022 and $111.8 million in 2021. A reconciliation between the U.S. federal statutory tax rate and the effective tax rate follows:
| 2023 |  | 2022 |  | 2021
Statutory tax rate | 21 | % |  | 21 | % |  | 21 | %
Tax effect of international operations | (1) |  |  | 1 |  |  | (1) |
State taxes, net of federal effect | 1 |  |  | 1 |  |  | 1 |
U.S. general business tax credits | (1) |  |  | (1) |  |  | (1) |
Stock compensation excess tax benefit | (1) |  |  | (1) |  |  | (2) |
Foreign Derived Intangible Income (FDII) | (2) |  |  | (2) |  |  | (5) |
Effective tax rate | 17 | % |  | 19 | % |  | 13 | %
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):
| 2023 |  | 2022
Inventory valuations | $ | 1,005 |  |  | $ | 678 |
Accrued self-insurance retentions | 1,390 |  |  | 1,626 |
Accrued warranty and service liabilities | 2,290 |  |  | 2,279 |
Vacation accruals | 3,450 |  |  | 3,409 |
Customer allowances | 4,137 |  |  | 4,143 |
Excess of tax over book depreciation and amortization | (44,197) |  |  | (42,322) |
Pension benefit obligation | 10,063 |  |  | 6,375 |
Postretirement medical benefit obligation | 5,039 |  |  | 5,072 |
Stock compensation | 12,686 |  |  | 12,390 |
Deferred compensation | 2,205 |  |  | 2,283 |
Deferred revenue | 2,024 |  |  | 2,160 |
Research and development | 23,324 |  |  | 11,370 |
Prepayments from foreign subsidiaries | 27,301 |  |  | 36,070 |
Other | 2,449 |  |  | 2,114 |
Net deferred tax assets | $ | 53,166 |  |  | $ | 47,647 |
Total deferred tax assets were $61.4 million and $57.1 million, and total deferred tax liabilities were $8.2 million and $9.4 million on December 29, 2023 and December 30, 2022, 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. 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 2017. 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 29, 2023, 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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