XML 37 R19.htm IDEA: XBRL DOCUMENT
v3.3.1.900

Income Taxes | 12 Months Ended
--- | ---
Dec. 26, 2015
Income Taxes [Abstract] |
Income Taxes | Note 10 – Income Taxes The components of income before income taxes were taxed under the following jurisdictions:
(In thousands) |  | 2015 |  |  | 2014 |  |  | 2013 |
Domestic |  | $ | 121,614 |  |  | $ | 135,445 |  |  | $ | 262,220 |
Foreign |  |  | 10,175 |  |  |  | 12,568 |  |  |  | 9,178 |
Income before income taxes |  | $ | 131,789 |  |  | $ | 148,013 |  |  | $ | 271,398 |
Income tax expense consists of the following:
(In thousands) |  | 2015 |  |  | 2014 |  |  | 2013 |
Current tax expense: |  |  |  |  |  |  |  |  |
Federal |  | $ | 50,272 |  |  | $ | 45,723 |  |  | $ | 69,565 |
Foreign |  |  | 4,042 |  |  |  | 2,346 |  |  |  | 2,608 |
State and local |  |  | 4,886 |  |  |  | 3,905 |  |  |  | 6,723 |
Current tax expense |  |  | 59,200 |  |  |  | 51,974 |  |  |  | 78,896 |
Deferred tax (benefit) expense: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (13,739 | ) |  |  | (2,469 | ) |  |  | 17,694 |
Foreign |  |  | (1,180 | ) |  |  | 890 |  |  |  | (376 | )
State and local |  |  | (899 | ) |  |  | (4,916 | ) |  |  | 1,895 |
Deferred tax (benefit) expense |  |  | (15,818 | ) |  |  | (6,495 | ) |  |  | 19,213 |
Income tax expense |  | $ | 43,382 |  |  | $ | 45,479 |  |  | $ | 98,109 |
No provision is made for U.S. income taxes applicable to undistributed earnings of foreign subsidiaries that are indefinitely reinvested in foreign operations. It is not practicable to compute the potential deferred tax liability associated with these undistributed foreign earnings. The Company has approximately $81.0 million of undistributed foreign earnings for which it has not recorded deferred tax liabilities. The difference between the reported income tax expense and a tax determined by applying the applicable U.S. federal statutory income tax rate to income before income taxes is reconciled as follows:
(In thousands) |  | 2015 |  |  | 2014 |  |  | 2013 |
Expected income tax expense |  | $ | 46,126 |  |  | $ | 51,805 |  |  | $ | 94,989 |
State and local income tax, net of federal benefit |  |  | 2,673 |  |  |  | 3,355 |  |  |  | 6,405 |
Effect of foreign statutory rate different from U.S. and other foreign adjustments |  |  | (654 | ) |  |  | (1,094 | ) |  |  | (1,026 | )
Valuation allowance changes |  |  | — |  |  |  | (5,732 | ) |  |  | — |
U.S. production activities deduction |  |  | (3,500 | ) |  |  | (4,025 | ) |  |  | (4,445 | )
Goodwill disposition |  |  | 646 |  |  |  | — |  |  |  | 1,790 |
Tax contingency changes |  |  | — |  |  |  | — |  |  |  | (140 | )
Permanent adjustment to deferred tax liabilities |  |  | (4,218 | ) |  |  | — |  |  |  | — |
Other, net |  |  | 2,309 |  |  |  | 1,170 |  |  |  | 536 |
Income tax expense |  | $ | 43,382 |  |  | $ | 45,479 |  |  | $ | 98,109 |
During 2015, the Company had an adjustment to a deferred tax liability of $4.2 million, or seven cents per diluted share, resulting from the acquisition of a foreign subsidiary. During 2014, the Company released a valuation allowance of $5.7 million, or ten cents per diluted share, related to certain state income tax credits. As a result of legislative changes enacted in 2014, the Company now expects to be able to use such credits within the foreseeable future. The Company includes interest and penalties related to income tax matters as a component of income tax expense. The net reduction to income tax expense related to penalties and interest was immaterial in 2015, 2014, and 2013. The Internal Revenue Service is currently auditing the Company's 2013 tax return and completed its audit of the Company's 2012 tax return during 2014, the result of which was immaterial to the consolidated financial statements. The Company is currently under audit in various other jurisdictions. The statute of limitations is still open for the Company's federal tax return and most state income tax returns for 2012 and all subsequent years. The statutes of limitations for certain state and foreign returns are also open for some earlier tax years due to differing statute periods. While the Company believes that it is adequately reserved for possible audit adjustments, the final resolution of these examinations cannot be determined with certainty and could result in final settlements that differ from current estimates. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below:
(In thousands) |  | 2015 |  |  | 2014 |
Deferred tax assets: |  |  |  |  |  |
Inventories |  | $ | 14,802 |  |  | $ | 12,815 |
Other postretirement benefits and accrued items |  |  | 15,294 |  |  |  | 14,550 |
Pension |  |  | 2,349 |  |  |  | 4,792 |
Other reserves |  |  | 9,823 |  |  |  | 10,262 |
Federal and foreign tax attributes |  |  | 7,403 |  |  |  | 6,451 |
State tax attributes, net of federal benefit |  |  | 21,716 |  |  |  | 22,928 |
Share-based compensation |  |  | 3,397 |  |  |  | 3,016 |
Total deferred tax assets |  |  | 74,784 |  |  |  | 74,814 |
Less valuation allowance |  |  | (17,650 | ) |  |  | (17,119 | )
Deferred tax assets, net of valuation allowance |  |  | 57,134 |  |  |  | 57,695 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Property, plant, and equipment |  |  | 43,592 |  |  |  | 57,089 |
Other |  |  | 1,546 |  |  |  | 1,721 |
Total deferred tax liabilities |  |  | 45,138 |  |  |  | 58,810 |
Net deferred tax asset (liability) |  | $ | 11,996 |  |  | $ | (1,115 | )
As of December 26, 2015, after consideration of the federal impact, the Company had state income tax credit carryforwards of $3.3 million, all of which expire by 2018, and other state income tax credit carryforwards of $10.1 million with unlimited lives. The Company had state net operating loss (NOL) carryforwards with potential tax benefits of $8.4 million expiring between 2017 and 2030. The state tax credit and NOL carryforwards are offset by valuation allowances totaling $11.6 million. As of December 26, 2015, the Company had foreign tax attributes with potential tax benefits of $7.3 million which have an unlimited life. These attributes were offset by valuation allowances of $3.7 million. Income taxes paid were approximately $49.9 million in 2015, $47.3 million in 2014, and $80.1 million in 2013.

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration