v3.25.4

INCOME TAXES (Tables)

12 Months Ended

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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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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