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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 30, 2018
Income Tax Disclosure [Abstract] |
Income Before Income Taxes by Jurisdiction | Income before income taxes by jurisdiction is as follows:
| 2018 |  | 2017 |  | 2016
| (In thousands)
U.S. | $ | 175,805 |  |  | $ | 773,160 |  |  | $ | 532,853 |
Foreign | 156,422 |  |  | 208,906 |  |  | 191,183 |
Total | $ | 332,227 |  |  | $ | 982,066 |  |  | $ | 724,036 |
Components of Income Tax Expense (Benefit) | The components of income tax expense (benefit) are set forth below:
| 2018 |  | 2017 |  | 2016
| (In thousands)
Current: |  |  |
Federal | $ | 8,835 |  |  | $ | 213,146 |  |  | $ | 165,989 |
Foreign | 45,311 |  |  | 65,100 |  |  | 62,753 |
State and other | (1,263 | ) |  | 35,614 |  |  | 20,211 |
Total current | 52,883 |  |  | 313,860 |  |  | 248,953 |
Deferred: |  |  |  |  |
Federal | 41,104 |  |  | (19,434 | ) |  | (3,529 | )
Foreign | (17,160 | ) |  | (34,264 | ) |  | (2,490 | )
State and other | 8,596 |  |  | 3,737 |  |  | 985 |
Total deferred | 32,540 |  |  | (49,961 | ) |  | (5,034 | )
| $ | 85,423 |  |  | $ | 263,899 |  |  | $ | 243,919 |
Schedule of Income Tax Reconciliation | The following table reconciles the statutory U.S. federal income tax rate to the Company’s effective income tax rate:
| 2018 |  | 2017 |  | 2016 |
Federal income tax rate | 21.0 |  | % | 35.0 |  | % | 35.0 |  | %
State tax rate, net | 3.6 |  |  | 2.6 |  |  | 2.2 |  |
One-time transition tax | 7.9 |  |  | — |  |  | — |  |
Permanent items | 1.4 |  |  | — |  |  | 0.8 |  |
Domestic production activity | — |  |  | (1.6 | ) |  | (1.2 | ) |
Difference in U.S. statutory tax rate and foreign country effective tax rate | 2.3 |  |  | (1.4 | ) |  | (2.8 | ) |
Rate change | (2.5 | ) |  | (5.3 | ) |  | — |  |
Tax credits | (7.9 | ) |  | (0.5 | ) |  | (0.6 | ) |
Change in reserve for unrecognized tax benefits | (1.7 | ) |  | (0.7 | ) |  | (0.2 | ) |
Change in valuation allowance | 2.7 |  |  | (1.2 | ) |  | (0.1 | ) |
Other | (1.1 | ) |  | — |  |  | 0.6 |  |
Total | 25.7 |  | % | 26.9 |  | % | 33.7 |  | %
Schedule of Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax liabilities and assets are as follows:
| December 30, 2018 |  | December 31, 2017
| (In thousands)
Deferred tax liabilities: |  |  |
PP&E and identified intangible assets | $ | 217,353 |  |  | $ | 213,500 |
Inventories | 69,464 |  |  | 57,641 |
Insurance claims and losses | 29,964 |  |  | 29,253 |
Business combinations | 46,779 |  |  | 50,695 |
Other | 23,434 |  |  | 18,519 |
Total deferred tax liabilities | 386,994 |  |  | 369,608 |
Deferred tax assets: |  |  |
Net operating losses | 2,923 |  |  | 3,276 |
Foreign net operating losses | 38,531 |  |  | 26,934 |
Credit carry forwards | 14,461 |  |  | 2,425 |
Allowance for doubtful accounts | 6,788 |  |  | 1,767 |
Deferred revenue | 1,860 |  |  | — |
Accrued liabilities | 52,181 |  |  | 50,389 |
Workers compensation | — |  |  | 26,119 |
Pension and other postretirement benefits | — |  |  | 13,379 |
Other | 63,227 |  |  | 51,306 |
Total deferred tax assets | 179,971 |  |  | 175,595 |
Valuation allowance | (26,150 | ) |  | (14,479 | )
Net deferred tax assets | 153,821 |  |  | 161,116 |
Net deferred tax liabilities | $ | 233,173 |  |  | $ | 208,492 |
Schedule of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:
| December 30, 2018 |  | December 31, 2017
| (In thousands)
Unrecognized tax benefits, beginning of year | $ | 11,866 |  |  | $ | 16,813 |
Increase as a result of tax positions taken during the current year | 261 |  |  | 1,163 |
Increase as a result of tax positions taken during prior years | 1,152 |  |  | 60 |
Decrease as a result of tax positions taken during prior years | — |  |  | (892 | )
Decrease for lapse in statute of limitations | (867 | ) |  | (4,123 | )
Decrease relating to settlements with taxing authorities | — |  |  | (1,155 | )
Unrecognized tax benefits, end of year | $ | 12,412 |  |  | $ | 11,866 |

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- Definition Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=84230637&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32840-109319 + Details
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