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Income Taxes | 12 Months Ended
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Dec. 28, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The components of income before income taxes were taxed under the following jurisdictions:
(In thousands) |  | 2024 |  | 2023 |  | 2022
Domestic |  | $ | 672,625 |  |  | $ | 722,153 |  |  | $ | 737,538 |
Foreign |  | 147,837 |  |  | 123,079 |  |  | 138,493 |
Income before income taxes |  | $ | 820,462 |  |  | $ | 845,232 |  |  | $ | 876,031 |
Income tax expense consists of the following:
(In thousands) |  | 2024 |  | 2023 |  | 2022
Current tax expense: |  |  |  |  |  |
Federal |  | $ | 136,248 |  |  | $ | 144,111 |  |  | $ | 149,269 |
Foreign |  | 37,269 |  |  | 39,167 |  |  | 36,719 |
State and local |  | 32,426 |  |  | 32,694 |  |  | 41,214 |
Current tax expense |  | 205,943 |  |  | 215,972 |  |  | 227,202 |
Deferred tax (benefit) expense: |  |  |  |  |  |
Federal |  | 1,617 |  |  | 4,806 |  |  | (3,312) |
Foreign |  | 3,285 |  |  | 270 |  |  | (192) |
State and local |  | (5,769) |  |  | (286) |  |  | (376) |
Deferred tax (benefit) expense |  | (867) |  |  | 4,790 |  |  | (3,880) |
Income tax expense |  | $ | 205,076 |  |  | $ | 220,762 |  |  | $ | 223,322 |
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) |  | 2024 |  | 2023 |  | 2022
Expected income tax expense |  | $ | 172,297 |  |  | $ | 177,499 |  |  | $ | 183,967 |
State and local income tax, net of federal benefit |  | 19,847 |  |  | 25,542 |  |  | 32,184 |
Effect of foreign statutory rates different from U.S. and other foreign adjustments |  | 9,308 |  |  | 14,519 |  |  | 7,443 |
Investment in unconsolidated affiliates |  | 2,114 |  |  | 1,226 |  |  | 206 |
Other, net |  | 1,510 |  |  | 1,976 |  |  | (478) |
Income tax expense |  | $ | 205,076 |  |  | $ | 220,762 |  |  | $ | 223,322 |
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 international tax framework introduced by the Organisation for Economic Co-operation and Development under its Pillar Two initiative includes a global minimum tax of 15 percent. Legislation adopting these provisions has been enacted in certain jurisdictions where the Company operates and is effective for the Company's 2024 fiscal year. The Company has assessed this legislation, and the Pillar Two provisions do not have a material impact on the Company’s income tax expense. The Company includes interest and penalties related to income tax matters as a component of income tax expense, none of which was material in 2024, 2023, and 2022. The statute of limitations is open for the Company’s federal tax return for 2021 and all subsequent years. Some state and foreign returns are open for 2021 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) |  | 2024 |  | 2023
Deferred tax assets: |  |  |  |
Inventories |  | $ | 17,296 |  |  | $ | 19,162 |
Other postretirement benefits and accrued items |  | 16,202 |  |  | 10,174 |
Other reserves |  | 6,870 |  |  | 6,956 |
Foreign tax attributes |  | 4,676 |  |  | 4,862 |
State tax attributes, net of federal benefit |  | 3,932 |  |  | 6,728 |
Stock-based compensation |  | 5,100 |  |  | 4,502 |
Lease liability |  | 6,230 |  |  | 7,354 |
Basis difference in unconsolidated affiliates |  | 11,649 |  |  | 11,509 |
Total deferred tax assets |  | 71,955 |  |  | 71,247 |
Less valuation allowance |  | (16,692) |  |  | (23,078) |
Deferred tax assets, net of valuation allowance |  | 55,263 |  |  | 48,169 |
Deferred tax liabilities: |  |  |  |
Property, plant, and equipment |  | 52,405 |  |  | 42,980 |
Lease asset |  | 6,670 |  |  | 7,776 |
Other liabilities |  | 10,198 |  |  | 10,884 |
Total deferred tax liabilities |  | 69,273 |  |  | 61,640 |
Net deferred tax liabilities |  | $ | (14,010) |  |  | $ | (13,471) |
As of December 28, 2024, the Company had state net operating loss (NOL) carryforwards with potential tax benefits of $3.9 million, after consideration of the federal impact, expiring between 2032 and 2036. As of December 28, 2024, the Company had other foreign tax attributes with potential tax benefits of $3.6 million, which have an unlimited life, and attributes with potential benefits of $1.1 million that expire between 2036 and 2040; 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 basis differences in investments in unconsolidated affiliates. Income taxes paid were approximately $210.4 million in 2024, $219.6 million in 2023, and $238.3 million in 2022.

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