v3.25.4

INCOME TAXES (Tables) | 12 Months Ended
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Dec. 28, 2025
Income Tax Disclosure [Abstract] |
Schedule of Income (Loss) Before Income Taxes by Jurisdiction | Income (loss) before income taxes by jurisdiction is as follows:
| Year Ended
| December 28, 2025 |  | December 29, 2024 |  | December 31, 2023
| (In thousands)
U.S. | $ | 1,363,533 |  |  | $ | 1,428,497 |  |  | $ | 26,887 |
Foreign | 138,605 |  |  | (16,228) |  |  | 338,335 |
Total | $ | 1,502,138 |  |  | $ | 1,412,269 |  |  | $ | 365,222 |
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax expense (benefit) are set forth below:
| Year Ended
| December 28, 2025 |  | December 29, 2024 |  | December 31, 2023
| (In thousands)
Current |  |  |  |  |
Federal | $ | 244,524 |  |  | $ | 172,269 |  |  | $ | (19,727) |
Foreign | 121,437 |  |  | 113,194 |  |  | 59,326 |
State and other | 42,794 |  |  | 34,752 |  |  | (3,369) |
Total current | 408,755 |  |  | 320,215 |  |  | 36,230 |
Deferred |  |  |  |  |
Federal | 19,293 |  |  | 21,334 |  |  | 12,783 |
Foreign | (16,577) |  |  | (25,697) |  |  | (10,573) |
State and other | 7,323 |  |  | 9,194 |  |  | 4,465 |
Total deferred | 10,039 |  |  | 4,831 |  |  | 6,675 |
Current and Deferred |  |  |  |  |
Federal | 263,817 |  |  | 193,603 |  |  | (6,944) |
Foreign | 104,860 |  |  | 87,497 |  |  | 48,753 |
State and other | 50,117 |  |  | 43,946 |  |  | 1,096 |
Total Current and Deferred | $ | 418,794 |  |  | $ | 325,046 |  |  | $ | 42,905 |
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 28, 2025 |  | December 29, 2024 |  | December 31, 2023
| (In thousands, except percent data)
U.S. federal statutory tax rate | $ | 315,449 |  | 21.0 | % |  | $ | 296,577 |  | 21.0 | % |  | $ | 76,697 |  | 21.0 | %
United States |  |  |  |  |  |  |  |
Changes in valuation allowances | 820 |  | 0.1 |  |  | 3,278 |  | 0.2 |  |  | (1,071) |  | (0.3) |
Effect of cross-border tax laws |  |  |  |  |  |  |  |
Global intangible low-taxed income | (434) |  | — |  |  | 1,501 |  | 0.1 |  |  | 9,294 |  | 2.6 |
Other | 6,502 |  | 0.3 |  |  | 5,936 |  | 0.4 |  |  | (2,986) |  | (0.8) |
Nontaxable or nondeductible items |  |  |  |  |  |  |  |
Other | 9,225 |  | 0.6 |  |  | 4,981 |  | 0.3 |  |  | 2,887 |  | 0.8 |
Tax credits |  |  |  |  |  |  |  |
Foreign tax credit | — |  | — |  |  | — |  | — |  |  | (5,530) |  | (1.5) |
Other | 3,308 |  | 0.2 |  |  | (7,534) |  | (0.5) |  |  | (2,267) |  | (0.6) |
State and local income taxes, net of federal income tax effect | 74,849 |  | 5.0 |  |  | 28,517 |  | 2.0 |  |  | (13,031) |  | (3.6) |
Foreign tax effect |  |  |  |  |  |  |  |
Ireland |  |  |  |  |  |  |  |
Other | — |  | — |  |  | 2,500 |  | 0.2 |  |  | 843 |  | 0.2 |
Statutory income tax rate differential | 94 |  | — |  |  | 963 |  | 0.1 |  |  | 2,177 |  | 0.6 |
Changes in valuation allowances | (1,348) |  | (0.1) |  |  | (1,767) |  | (0.1) |  |  | 2,286 |  | 0.6 |
Luxembourg |  |  |  |  |  |  |  |
Imputed interest on intercompany financing | (14,754) |  | (1.0) |  |  | (14,907) |  | (1.1) |  |  | (15,871) |  | (4.3) |
Other | 1,495 |  | 0.1 |  |  | 22 |  | — |  |  | 11 |  | — |
Statutory income tax rate differential | 1,498 |  | 0.1 |  |  | 1,699 |  | 0.1 |  |  | 2,435 |  | 0.7 |
Changes in valuation allowances | 799 |  | 0.1 |  |  | 752 |  | 0.1 |  |  | 618 |  | 0.2 |
Malta |  |  |  |  |  |  |  |
Notional deduction against interest income | — |  | — |  |  | — |  | — |  |  | (12,392) |  | (3.4) |
Notional deduction carryforward from prior year | (24) |  | — |  |  | (25,963) |  | (1.8) |  |  | — |  | — |
Other | (523) |  | — |  |  | (451) |  | — |  |  | (1,082) |  | (0.3) |
Statutory income tax rate differential | (1,043) |  | (0.1) |  |  | (899) |  | (0.1) |  |  | 5,508 |  | 1.5 |
Mexico |  |  |  |  |  |  |  |
Non taxable and nondeductible items | 3,054 |  | 0.2 |  |  | 294 |  | — |  |  | 348 |  | 0.1 |
Foreign currency translation | 5,563 |  | 0.4 |  |  | (6,222) |  | (0.4) |  |  | (29,437) |  | (8.1) |
Other | (9,610) |  | (0.6) |  |  | 2,109 |  | 0.1 |  |  | (4,594) |  | (1.3) |
Statutory income tax rate differential | 16,046 |  | 1.1 |  |  | 24,116 |  | 1.7 |  |  | 18,026 |  | 4.9 |
Changes in valuation allowances | (111) |  | — |  |  | 180 |  | — |  |  | (1,028) |  | (0.3) |
United Kingdom |  |  |  |  |  |  |  |
Federal tax credit carryforward adjustment from prior years | — |  | — |  |  | 19,168 |  | 1.4 |  |  | 592 |  | 0.2 |
Other | 2,807 |  | 0.2 |  |  | 5,250 |  | 0.4 |  |  | (6,478) |  | (1.8) |
Statutory income tax rate differential | 5,360 |  | 0.4 |  |  | 2,622 |  | 0.2 |  |  | 875 |  | 0.2 |
Changes in valuation allowances | (3,004) |  | (0.2) |  |  | (18,221) |  | (1.3) |  |  | 14,155 |  | 3.9 |
Other foreign jurisdictions | 2,776 |  | 0.2 |  |  | 545 |  | — |  |  | 1,920 |  | 0.5 |
Total | $ | 418,794 |  | 28.0 | % |  | $ | 325,046 |  | 23.0 | % |  | $ | 42,905 |  | 11.7 | %
Schedule of Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax liabilities and assets are as follows:
| December 28, 2025 |  | December 29, 2024
| (In thousands)
Deferred tax liabilities |  |  |
PP&E and identified intangible assets | $ | 523,968 |  |  | $ | 495,571 |
Inventories | 104,591 |  |  | 93,513 |
Operating lease assets | 65,910 |  |  | 63,717 |
Other | 19,406 |  |  | 6,959 |
Total deferred tax liabilities | 713,875 |  |  | 659,760 |
Deferred tax assets |  |  |
U.S. net operating losses | 1,025 |  |  | 14,603 |
Foreign net operating losses | 82,035 |  |  | 49,166 |
Credit carry forwards | 14,644 |  |  | 20,099 |
Allowance for credit losses | 3,954 |  |  | 3,532 |
Accrued liabilities | 119,226 |  |  | 92,565 |
Workers’ compensation | — |  |  | 7,172 |
Incentive compensation | — |  |  | 1,161 |
Operating lease liabilities | 66,523 |  |  | 63,717 |
Interest expense limitations | 59,121 |  |  | 72,615 |
Other | 32,107 |  |  | 27,918 |
Total deferred tax assets | 378,635 |  |  | 352,548 |
Valuation allowance | (85,875) |  |  | (86,257) |
Net deferred tax assets | 292,760 |  |  | 266,291 |
Net deferred tax liabilities | $ | 421,115 |  |  | $ | 393,469 |
Schedule of Valuation Allowance |
| Beginning Balance |  | Additions |  | Deductions |  | Ending Balance
| (In thousands)
Valuation allowance |  |  |  |  |  |  |
2025 | $ | 86,257 |  |  | $ | 4,470 |  |  | $ | (4,852) |  |  | $ | 85,875 |
2024 | 88,460 |  |  | 637 |  |  | (2,840) |  |  | 86,257 |
2023 | 64,361 |  |  | 25,296 |  |  | (1,197) |  |  | 88,460 |
Schedule of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:
| December 28, 2025 |  | December 29, 2024
| (In thousands)
Unrecognized tax benefits, beginning of year | $ | 28,969 |  |  | $ | 37,565 |
Increase as a result of tax positions taken during prior years | 2,831 |  |  | — |
Decrease for lapse in statute of limitations | (74) |  |  | (8,300) |
Decrease for tax positions of prior years | (65) |  |  | (296) |
Unrecognized tax benefits, end of year | $ | 31,661 |  |  | $ | 28,969 |
Schedule of Cash Flow, Supplemental Disclosures | Income taxes paid (net of refunds) exceeded 5% of total income taxes paid (net of refunds) in the following jurisdictions:
| Year Ended
| December 28, 2025 |  | December 29, 2024 |  | December 31, 2023
| (In thousands)
U.S. federal | $ | 151,548 |  |  | $ | 125,143 |  |  | $ | (28,777) |
U.S. state and local |  |  |  |  |
Florida | — |  |  | — |  |  | 3,150 |
Other | 74,131 |  |  | 23,513 |  |  | (1,388) |
Total state and local | 74,131 |  |  | 23,513 |  |  | 1,762 |
Foreign |  |  |  |  |
Mexico | 55,310 |  |  | — |  |  | 39,053 |
United Kingdom | 67,361 |  |  | 30,909 |  |  | 2,741 |
France | — |  |  | 11,668 |  |  | 3,847 |
Other | 13,542 |  |  | 6,324 |  |  | 1,122 |
Total foreign | 136,213 |  |  | 48,901 |  |  | 46,763 |
Total | $ | 361,892 |  |  | $ | 197,557 |  |  | $ | 19,748 |

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