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Income Taxes (Tables) | 12 Months Ended
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Dec. 29, 2023
Income Tax Disclosure [Abstract] |
Earnings Before Income Tax Expense | 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 |
Components of Income Tax Expense | 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 |
Federal Tax Rate Reconciliation | 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 | 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 |

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- Definition 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
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