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Income Taxes (Tables)

12 Months Ended

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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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

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
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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.

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-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.

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-Paragraph 12
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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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