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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Income Before Income Taxes by Jurisdiction | Income (loss) before income taxes by jurisdiction is as follows:
| Year Ended
| December 31, 2023 |  | December 25, 2022 |  | December 26, 2021
| (In thousands)
U.S. | $ | 26,887 |  |  | $ | 928,709 |  |  | $ | (141,940) |
Foreign | 338,335 |  |  | 96,764 |  |  | 234,330 |
Total | $ | 365,222 |  |  | $ | 1,025,473 |  |  | $ | 92,390 |
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax expense (benefit) are set forth below:
| Year Ended
| December 31, 2023 |  | December 25, 2022 |  | December 26, 2021
| (In thousands)
Current: |  |  |  |  |
Federal | $ | (19,727) |  |  | $ | 169,660 |  |  | $ | 22,591 |
Foreign | 59,326 |  |  | 52,995 |  |  | 115,772 |
State and other | (3,369) |  |  | 34,985 |  |  | 9,150 |
Total current | 36,230 |  |  | 257,640 |  |  | 147,513 |
Deferred: |  |  |  |  |
Federal | 12,783 |  |  | 14,654 |  |  | (52,147) |
Foreign | (10,573) |  |  | 5,694 |  |  | (16,225) |
State and other | 4,465 |  |  | 947 |  |  | (18,019) |
Total deferred | 6,675 |  |  | 21,295 |  |  | (86,391) |
Total | $ | 42,905 |  |  | $ | 278,935 |  |  | $ | 61,122 |
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 31, 2023 |  | December 25, 2022 |  | December 26, 2021
Federal income tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State tax rate, net | 0.6 |  |  | 3.2 |  |  | (4.5) |
Mexico tax audit | — |  |  | 3.8 |  |  | — |
Intercompany financing | (5.7) |  |  | (1.9) |  |  | (14.1) |
Permanent items | (0.9) |  |  | (0.9) |  |  | 1.7 |
Difference in U.S. statutory tax rate and foreign country effective tax rate | 5.2 |  |  | 1.2 |  |  | 22.3 |
Rate change | (0.7) |  |  | (0.9) |  |  | 26.6 |
Foreign currency translation | (7.4) |  |  | (0.9) |  |  | 10.6 |
Tax credits | (3.0) |  |  | (0.4) |  |  | (4.1) |
Change in reserve for unrecognized tax benefits | — |  |  | (0.4) |  |  | 7.3 |
Change in valuation allowance | 6.9 |  |  | 2.8 |  |  | (0.2) |
Return to provision | (4.1) |  |  | — |  |  | — |
Other | (0.2) |  |  | 0.6 |  |  | (0.4) |
Total | 11.7 | % |  | 27.2 | % |  | 66.2 | %
Schedule of Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax liabilities and assets are as follows:
| December 31, 2023 |  | December 25, 2022
| (In thousands)
Deferred tax liabilities: |  |  |
PP&E and identified intangible assets | $ | 519,458 |  |  | $ | 547,113 |
Inventories | 99,144 |  |  | 99,889 |
Incentive compensation | 8,984 |  |  | 11,138 |
Operating lease assets | 81,942 |  |  | 76,914 |
Other | 2,534 |  |  | 7,867 |
Total deferred tax liabilities | 712,062 |  |  | 742,921 |
Deferred tax assets: |  |  |
U.S. net operating losses | 24,902 |  |  | 12,297 |
Foreign net operating losses | 55,583 |  |  | 53,801 |
Credit carry forwards | 23,985 |  |  | 18,102 |
Allowance for credit losses | 5,167 |  |  | 9,197 |
Accrued liabilities | 81,156 |  |  | 127,714 |
Workers’ compensation | 5,361 |  |  | 4,192 |
Pension and other postretirement benefits | — |  |  | 3,351 |
Operating lease liabilities | 80,823 |  |  | 76,914 |
Advance payments | 22,774 |  |  | 68,361 |
Interest expense limitations | 93,685 |  |  | 37,353 |
Other | 26,428 |  |  | 33,785 |
Total deferred tax assets | 419,864 |  |  | 445,067 |
Valuation allowance | (88,460) |  |  | (64,361) |
Net deferred tax assets | 331,404 |  |  | 380,706 |
Net deferred tax liabilities | $ | 380,658 |  |  | $ | 362,215 |
Summary of Valuation Allowance |
| Beginning Balance |  | Additions |  | Deductions |  | Ending Balance
| (In thousands)
Valuation allowance: |  |  |  |  |  |  |
2023 | $ | 64,361 |  |  | $ | 25,296 |  |  | $ | (1,197) |  |  | $ | 88,460 |
2022 | 24,261 |  |  | 43,188 |  |  | (3,088) |  |  | 64,361 |
2021 | 33,678 |  |  | — |  |  | (9,417) |  |  | 24,261 |
Schedule of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:
| December 31, 2023 |  | December 25, 2022
| (In thousands)
Unrecognized tax benefits, beginning of year | $ | 27,585 |  |  | $ | 20,242 |
Increase as a result of tax positions taken during prior years | 17,415 |  |  | 13,950 |
Decrease for lapse in statute of limitations | (7,201) |  |  | (6,473) |
Decrease for tax positions of prior years | (234) |  |  | (134) |
Unrecognized tax benefits, end of year | $ | 37,565 |  |  | $ | 27,585 |

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