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Income Taxes (Tables)

12 Months Ended

Dec. 27, 2024

Income Tax Disclosure [Abstract]

Earnings Before Income Tax Expense

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

			2024						2023						2022
Domestic			$	484,088					$	450,806					$	401,405
Foreign			105,195						157,996						164,319
Total			$	589,283					$	608,802					$	565,724

Components of Income Tax Expense

Income tax expense consists of (in thousands):

			2024						2023						2022
Current
Federal			$	62,402					$	79,732					$	70,976
State and local			6,256						7,282						5,948
Foreign			28,481						23,779						38,152
Current income tax expense			97,139						110,793						115,076
Deferred
Domestic			8,344						(6,919)						(8,733)
Foreign			(2,284)						(1,583)						(1,264)
Deferred income tax expense (benefit)			6,060						(8,502)						(9,997)
Total			$	103,199					$	102,291					$	105,079

Federal Tax Rate Reconciliation

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

			2024						2023						2022
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			(2)						(1)						(1)
Foreign Derived Intangible Income (FDII)			(2)						(2)						(2)
Effective tax rate			18		%				17		%				19		%

Deferred Income Taxes

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

			2024						2023
Inventory valuations			$	3,456					$	1,005
Accrued self-insurance retentions			1,187						1,390
Accrued warranty and service liabilities			2,392						2,290
Vacation accruals			3,409						3,450
Customer allowances			4,080						4,137
Excess of tax over book depreciation and amortization			(79,728)						(44,197)
Pension benefit obligation			915						10,063
Postretirement medical benefit obligation			5,002						5,039
Acquisition costs			442						—
Stock compensation			12,634						12,686
Deferred compensation			5,305						2,205
Deferred revenue			927						2,024
Research and development			31,543						23,324
Prepayments from foreign subsidiaries			13,872						27,301
Other			3,652						2,449
Net deferred tax assets			$	9,088					$	53,166

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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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
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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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-Section 50
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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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-Topic 740
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-Name Accounting Standards Codification
-Section 55
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-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

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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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