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Income Taxes | 12 Months Ended
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Dec. 30, 2023
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The components of income before income taxes were taxed under the following jurisdictions:
(In thousands) |  | 2023 |  | 2022 |  | 2021
Domestic |  | $ | 722,153 |  |  | $ | 737,538 |  |  | $ | 518,080 |
Foreign |  | 123,079 |  |  | 138,493 |  |  | 123,059 |
Income before income taxes |  | $ | 845,232 |  |  | $ | 876,031 |  |  | $ | 641,139 |
Income tax expense consists of the following:
(In thousands) |  | 2023 |  | 2022 |  | 2021
Current tax expense: |  |  |  |  |  |
Federal |  | $ | 144,111 |  |  | $ | 149,269 |  |  | $ | 107,804 |
Foreign |  | 39,167 |  |  | 36,719 |  |  | 34,455 |
State and local |  | 32,694 |  |  | 41,214 |  |  | 16,186 |
Current tax expense |  | 215,972 |  |  | 227,202 |  |  | 158,445 |
Deferred tax expense (benefit): |  |  |  |  |  |
Federal |  | 4,806 |  |  | (3,312) |  |  | (3,504) |
Foreign |  | 270 |  |  | (192) |  |  | 2,572 |
State and local |  | (286) |  |  | (376) |  |  | 8,345 |
Deferred tax expense (benefit) |  | 4,790 |  |  | (3,880) |  |  | 7,413 |
Income tax expense |  | $ | 220,762 |  |  | $ | 223,322 |  |  | $ | 165,858 |
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) |  | 2023 |  | 2022 |  | 2021
Expected income tax expense |  | $ | 177,499 |  |  | $ | 183,967 |  |  | $ | 134,639 |
State and local income tax, net of federal benefit |  | 25,542 |  |  | 32,184 |  |  | 21,132 |
Effect of foreign statutory rates different from U.S. and other foreign adjustments |  | 14,519 |  |  | 7,443 |  |  | 11,185 |
Investment in unconsolidated affiliates |  | 1,226 |  |  | 206 |  |  | (679) |
Other, net |  | 1,976 |  |  | (478) |  |  | (419) |
Income tax expense |  | $ | 220,762 |  |  | $ | 223,322 |  |  | $ | 165,858 |
The Company continues to assert that a portion of the undistributed earnings of its foreign subsidiaries are permanently reinvested. No taxes have been accrued with respect to these undistributed earnings or any outside basis differences. The Company has accrued appropriate taxes for any undistributed earnings that are not considered permanently reinvested. The Company has elected to provide for the tax expense related to global intangible low-taxed income (GILTI) in the year the tax is incurred. The Company includes interest and penalties related to income tax matters as a component of income tax expense, none of which was material in 2023, 2022, and 2021. During 2021, the Internal Revenue Service completed its audit of the Company’s 2015 and 2017 tax returns, the results of which were immaterial to the Consolidated Financial Statements. The statute of limitations is open for the Company’s federal tax return for 2020 and all subsequent years, and some 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) |  | 2023 |  | 2022
Deferred tax assets: |  |  |  |
Inventories |  | $ | 19,162 |  |  | $ | 16,829 |
Other postretirement benefits and accrued items |  | 10,174 |  |  | 7,260 |
Other reserves |  | 6,956 |  |  | 8,046 |
Foreign tax attributes |  | 4,862 |  |  | 5,750 |
State tax attributes, net of federal benefit |  | 6,728 |  |  | 8,063 |
Stock-based compensation |  | 4,502 |  |  | 5,249 |
Lease liability |  | 7,354 |  |  | 4,540 |
Basis difference in unconsolidated affiliates |  | 11,509 |  |  | 6,881 |
Total deferred tax assets |  | 71,247 |  |  | 62,618 |
Less valuation allowance |  | (23,078) |  |  | (21,505) |
Deferred tax assets, net of valuation allowance |  | 48,169 |  |  | 41,113 |
Deferred tax liabilities: |  |  |  |
Property, plant, and equipment |  | 42,980 |  |  | 44,001 |
Lease asset |  | 7,776 |  |  | 4,970 |
Other liabilities |  | 10,884 |  |  | 2,918 |
Total deferred tax liabilities |  | 61,640 |  |  | 51,889 |
Net deferred tax liabilities |  | $ | (13,471) |  |  | $ | (10,776) |
As of December 30, 2023, after consideration of the federal impact, the Company had state income tax credit carryforwards of $1.3 million, all of which expire by 2024, and state net operating loss (NOL) carryforwards with potential tax benefits of $5.6 million, after consideration of the federal impact, expiring between 2027 and 2036. The state tax credit and NOL carryforwards were fully offset by valuation allowances. As of December 30, 2023, the Company had other foreign tax attributes with potential tax benefits of $3.8 million, which have an unlimited life, and attributes with potential benefits of $1.0 million that expire between 2035 and 2039; all of these foreign attributes were fully offset by a valuation allowance. The Company has also recorded a valuation allowance against deferred tax assets related to the book-tax differences in investments in unconsolidated affiliates. Income taxes paid were approximately $219.6 million in 2023, $238.3 million in 2022, and $132.9 million in 2021.

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