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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 29, 2024
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 29, 2024 |  | December 31, 2023 |  | December 25, 2022
| (In thousands)
U.S. | $ | 1,428,497 |  |  | $ | 26,887 |  |  | $ | 928,709 |
Foreign | (16,228) |  |  | 338,335 |  |  | 96,764 |
Total | $ | 1,412,269 |  |  | $ | 365,222 |  |  | $ | 1,025,473 |
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax expense (benefit) are set forth below:
| Year Ended
| December 29, 2024 |  | December 31, 2023 |  | December 25, 2022
| (In thousands)
Current |  |  |  |  |
Federal | $ | 172,269 |  |  | $ | (19,727) |  |  | $ | 169,660 |
Foreign | 113,194 |  |  | 59,326 |  |  | 52,995 |
State and other | 34,752 |  |  | (3,369) |  |  | 34,985 |
Total current | 320,215 |  |  | 36,230 |  |  | 257,640 |
Deferred |  |  |  |  |
Federal | 21,334 |  |  | 12,783 |  |  | 14,654 |
Foreign | (25,697) |  |  | (10,573) |  |  | 5,694 |
State and other | 9,194 |  |  | 4,465 |  |  | 947 |
Total deferred | 4,831 |  |  | 6,675 |  |  | 21,295 |
Total | $ | 325,046 |  |  | $ | 42,905 |  |  | $ | 278,935 |
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 29, 2024 |  | December 31, 2023 |  | December 25, 2022
Federal income tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State tax rate, net | 2.4 |  |  | 0.6 |  |  | 3.2 |
Global intangible low-taxed income | 0.1 |  |  | — |  |  | — |
Mexico tax audit | — |  |  | — |  |  | 3.8 |
Intercompany financing | (0.9) |  |  | (5.7) |  |  | (1.9) |
Permanent items | 1.7 |  |  | (0.9) |  |  | (0.9) |
Difference in U.S. statutory tax rate and foreign country effective tax rate | 2.3 |  |  | 5.2 |  |  | 1.2 |
Rate change | (0.5) |  |  | (0.7) |  |  | (0.9) |
Foreign currency translation | (0.8) |  |  | (7.4) |  |  | (0.9) |
Tax credits | (0.8) |  |  | (3.0) |  |  | (0.4) |
Change in reserve for unrecognized tax benefits | 0.1 |  |  | — |  |  | (0.4) |
Change in valuation allowance | (0.2) |  |  | 6.9 |  |  | 2.8 |
Return to provision | 0.1 |  |  | (4.1) |  |  | — |
Other | (1.5) |  |  | (0.2) |  |  | 0.6 |
Total | 23.0 | % |  | 11.7 | % |  | 27.2 | %
Schedule of Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax liabilities and assets are as follows:
| December 29, 2024 |  | December 31, 2023
| (In thousands)
Deferred tax liabilities |  |  |
PP&E and identified intangible assets | $ | 495,571 |  |  | $ | 519,458 |
Inventories | 93,513 |  |  | 99,144 |
Incentive compensation | — |  |  | 8,984 |
Operating lease assets | 63,717 |  |  | 81,942 |
Other | 6,959 |  |  | 2,534 |
Total deferred tax liabilities | 659,760 |  |  | 712,062 |
Deferred tax assets |  |  |
U.S. net operating losses | 14,603 |  |  | 24,902 |
Foreign net operating losses | 49,166 |  |  | 55,583 |
Credit carry forwards | 20,099 |  |  | 23,985 |
Allowance for credit losses | 3,532 |  |  | 5,167 |
Accrued liabilities | 92,565 |  |  | 81,156 |
Workers’ compensation | 7,172 |  |  | 5,361 |
Incentive compensation | 1,161 |  |  | — |
Operating lease liabilities | 63,717 |  |  | 80,823 |
Advance payments | — |  |  | 22,774 |
Interest expense limitations | 72,615 |  |  | 93,685 |
Other | 27,918 |  |  | 26,428 |
Total deferred tax assets | 352,548 |  |  | 419,864 |
Valuation allowance | (86,257) |  |  | (88,460) |
Net deferred tax assets | 266,291 |  |  | 331,404 |
Net deferred tax liabilities | $ | 393,469 |  |  | $ | 380,658 |
Summary of Valuation Allowance |
| Beginning Balance |  | Additions |  | Deductions |  | Ending Balance
| (In thousands)
Valuation allowance |  |  |  |  |  |  |
2024 | $ | 88,460 |  |  | $ | 637 |  |  | $ | (2,840) |  |  | $ | 86,257 |
2023 | 64,361 |  |  | 25,296 |  |  | (1,197) |  |  | 88,460 |
2022 | 24,261 |  |  | 43,188 |  |  | (3,088) |  |  | 64,361 |
Schedule of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:
| December 29, 2024 |  | December 31, 2023
| (In thousands)
Unrecognized tax benefits, beginning of year | $ | 37,565 |  |  | $ | 27,585 |
Increase as a result of tax positions taken during prior years | — |  |  | 17,415 |
Decrease for lapse in statute of limitations | (8,300) |  |  | (7,201) |
Decrease for tax positions of prior years | (296) |  |  | (234) |
Unrecognized tax benefits, end of year | $ | 28,969 |  |  | $ | 37,565 |

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