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Income Taxes (Tables) | 12 Months Ended
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Dec. 25, 2021
Income Tax Disclosure [Abstract] |
Components of Income Before Income Taxes | The components of income before income taxes were taxed under the following jurisdictions:
(In thousands) |  | 2021 |  | 2020 |  | 2019
Domestic |  | $ | 518,080 |  |  | $ | 144,770 |  |  | $ | 112,812 |
Foreign |  | 123,059 |  |  | 64,419 |  |  | 53,271 |
Income before income taxes |  | $ | 641,139 |  |  | $ | 209,189 |  |  | $ | 166,083 |
Components of Income Tax Expense | Income tax expense consists of the following:
(In thousands) |  | 2021 |  | 2020 |  | 2019
Current tax expense: |  |  |  |  |  |
Federal |  | $ | 107,804 |  |  | $ | 37,964 |  |  | $ | 19,066 |
Foreign |  | 34,455 |  |  | 16,221 |  |  | 12,727 |
State and local |  | 16,186 |  |  | 5,182 |  |  | 3,892 |
Current tax expense |  | 158,445 |  |  | 59,367 |  |  | 35,685 |
Deferred tax expense (benefit): |  |  |  |  |  |
Federal |  | (3,504) |  |  | (5,991) |  |  | 1,725 |
Foreign |  | 2,572 |  |  | 90 |  |  | (2,311) |
State and local |  | 8,345 |  |  | 1,855 |  |  | 158 |
Deferred tax expense (benefit) |  | 7,413 |  |  | (4,046) |  |  | (428) |
Income tax expense |  | $ | 165,858 |  |  | $ | 55,321 |  |  | $ | 35,257 |
Income Tax Reconciliation | 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) |  | 2021 |  | 2020 |  | 2019
Expected income tax expense |  | $ | 134,639 |  |  | $ | 43,930 |  |  | $ | 34,892 |
State and local income tax, net of federal benefit |  | 21,132 |  |  | 5,949 |  |  | 3,234 |
Effect of foreign statutory rates different from U.S. and other foreign adjustments |  | 11,185 |  |  | 2,783 |  |  | (882) |
Investment in unconsolidated affiliates |  | (679) |  |  | (387) |  |  | 538 |
Other, net |  | (419) |  |  | 3,046 |  |  | (2,525) |
Income tax expense |  | $ | 165,858 |  |  | $ | 55,321 |  |  | $ | 35,257 |
Components of Deferred Tax Assets and Liabilities | 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) |  | 2021 |  | 2020
Deferred tax assets: |  |  |  |
Inventories |  | $ | 15,153 |  |  | $ | 13,910 |
Other postretirement benefits and accrued items |  | 8,382 |  |  | 11,477 |
Other reserves |  | 9,962 |  |  | 7,782 |
Foreign tax attributes |  | 6,410 |  |  | 6,250 |
State tax attributes, net of federal benefit |  | 12,043 |  |  | 21,178 |
Stock-based compensation |  | 3,608 |  |  | 3,751 |
Right of use liability |  | 4,988 |  |  | 6,034 |
Basis difference in unconsolidated affiliates |  | 7,690 |  |  | 8,478 |
Total deferred tax assets |  | 68,236 |  |  | 78,860 |
Less valuation allowance |  | (26,624) |  |  | (27,199) |
Deferred tax assets, net of valuation allowance |  | 41,612 |  |  | 51,661 |
Deferred tax liabilities: |  |  |  |
Property, plant, and equipment |  | 45,804 |  |  | 48,990 |
Right of use asset |  | 5,099 |  |  | 6,157 |
Other liabilities |  | 1,765 |  |  | 638 |
Total deferred tax liabilities |  | 52,668 |  |  | 55,785 |
Net deferred tax liabilities |  | $ | (11,056) |  |  | $ | (4,124) |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
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