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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 27, 2020
Income Tax Disclosure [Abstract] |
Income Before Income Taxes by Jurisdiction | Income (loss) before income taxes by jurisdiction is as follows:
| Year Ended
| December 27, 2020 |  | December 29, 2019 |  | December 30, 2018
| (In thousands)
U.S. | $ | (27,095) |  |  | $ | 342,110 |  |  | $ | 175,805 |
Foreign | 188,920 |  |  | 275,435 |  |  | 156,422 |
Total | $ | 161,825 |  |  | $ | 617,545 |  |  | $ | 332,227 |
Components of Income Tax Expense (Benefit) | The components of income tax expense (benefit) are set forth below:
| Year Ended
| December 27, 2020 |  | December 29, 2019 |  | December 30, 2018
| (In thousands)
Current: |  |  |  |  |
Federal | $ | (8,800) |  |  | $ | 27,585 |  |  | $ | 8,835 |
Foreign | 28,985 |  |  | 78,099 |  |  | 45,311 |
State and other | 9,234 |  |  | 12,847 |  |  | (1,263) |
Total current | 29,419 |  |  | 118,531 |  |  | 52,883 |
Deferred: |  |  |  |  |
Federal | 13,864 |  |  | 51,387 |  |  | 41,104 |
Foreign | 19,622 |  |  | (18,596) |  |  | (17,160) |
State and other | 3,850 |  |  | 9,687 |  |  | 8,596 |
Total deferred | 37,336 |  |  | 42,478 |  |  | 32,540 |
| $ | 66,755 |  |  | $ | 161,009 |  |  | $ | 85,423 |
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:
| Year Ended
| December 27, 2020 |  | December 29, 2019 |  | December 30, 2018
Federal income tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State tax rate, net | 6.7 |  |  | 3.0 |  |  | 3.6 |
One-time transition tax | — |  |  | — |  |  | 7.9 |
Global intangible low-taxed income | (7.3) |  |  | 1.5 |  |  | 4.4 |
DOJ fine | 14.3 |  |  | — |  |  | — |
Intercompany financing | (9.5) |  |  | (1.6) |  |  | (2.0) |
Permanent items | 1.2 |  |  | (1.6) |  |  | (1.0) |
Difference in U.S. statutory tax rate and foreign country effective tax rate | 5.4 |  |  | 2.1 |  |  | 2.3 |
Rate change | 5.2 |  |  | (0.1) |  |  | (2.5) |
Foreign currency translation | 3.0 |  |  | (0.6) |  |  | 1.1 |
Tax credits | (1.4) |  |  | (0.7) |  |  | (7.9) |
Change in reserve for unrecognized tax benefits | 0.3 |  |  | 2.7 |  |  | (1.7) |
Change in valuation allowance | 1.2 |  |  | 0.1 |  |  | 2.7 |
Other | 1.1 |  |  | 0.3 |  |  | (2.2) |
Total | 41.2 | % |  | 26.1 | % |  | 25.7 | %
Schedule of Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax liabilities and assets are as follows:
| December 27, 2020 |  | December 29, 2019
| (In thousands)
Deferred tax liabilities: |  |  |
PP&E and identified intangible assets | $ | 322,660 |  |  | $ | 290,427 |
Inventories | 116,226 |  |  | 81,469 |
Insurance claims and losses | 32,679 |  |  | 31,642 |
Business combinations | 54,257 |  |  | 47,450 |
Incentive compensation | 16,204 |  |  | 12,860 |
Operating lease assets | 65,906 |  |  | 68,846 |
Other | 26,968 |  |  | 14,267 |
Total deferred tax liabilities | 634,900 |  |  | 546,961 |
Deferred tax assets: |  |  |
U.S. net operating losses | 3,034 |  |  | 3,120 |
Foreign net operating losses | 56,213 |  |  | 50,806 |
Credit carry forwards | 15,223 |  |  | 15,575 |
Allowance for doubtful accounts | 4,005 |  |  | 5,429 |
Accrued liabilities | 94,769 |  |  | 51,148 |
Workers’ compensation | 36,759 |  |  | 36,147 |
Pension and other postretirement benefits | 35,899 |  |  | 29,429 |
Operating lease liabilities | 65,906 |  |  | 68,846 |
Other | 21,640 |  |  | 22,502 |
Total deferred tax assets | 333,448 |  |  | 283,002 |
Valuation allowance | (32,908) |  |  | (33,522) |
Net deferred tax assets | 300,540 |  |  | 249,480 |
Net deferred tax liabilities | $ | 334,360 |  |  | $ | 297,481 |
Schedule of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:
| December 27, 2020 |  | December 29, 2019
| (In thousands)
Unrecognized tax benefits, beginning of year | $ | 12,776 |  |  | $ | 12,412 |
Increase as a result of tax positions taken during prior years | 731 |  |  | 597 |
Decrease for lapse in statute of limitations | (236) |  |  | (233) |
Unrecognized tax benefits, end of year | $ | 13,271 |  |  | $ | 12,776 |

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