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INCOME TAXES (Tables)

12 Months Ended

Dec. 29, 2018

Income Tax Disclosure [Abstract]

Components of Income from Continuing Operations Before Income Taxes and the Related Provision for Income Taxes

The components of income from continuing operations before income taxes and the related provision for income taxes are presented below:

	Fiscal Year
	2018				2017				2016
	(in thousands)
Income from continuing operations before income taxes:
U.S.	$	95,062			$	123,896			$	59,255
Non-U.S.	186,619				173,059				163,666
	$	281,681			$	296,955			$	222,921
Income tax provision (benefit):
Current:
Federal	$	17,390			$	93,871			$	18,592
Foreign	38,557				37,150				39,829
State	8,837				12,361				5,263
Total current	64,784				143,382				63,684
Deferred:
Federal	(7,145		)		9,416				7,206
Foreign	(4,104		)		14,953				(4,024		)
State	928				3,618				(31		)
Total deferred	(10,321		)		27,987				3,151
	$	54,463			$	171,369			$	66,835

Components of Deferred Tax Assets and Liabilities

The components of deferred tax assets and liabilities are as follows:

	December 29, 2018				December 30, 2017
	(in thousands)
Deferred tax assets:
Compensation	$	36,724			$	40,788
Accruals and reserves	13,183				8,248
Inventory reserves and valuations	2,482				2,135
Net operating loss and credit carryforwards	35,679				33,160
Other	2,578				7,661
Valuation allowance	(9,788		)		(10,591		)
Total deferred tax assets	80,858				81,401
Deferred tax liabilities:
Goodwill and other intangibles	(154,743		)		(89,636		)
Financing related	(898		)		(429		)
Depreciation related	(19,373		)		(23,763		)
Venture capital investments	(10,557		)		(7,796		)
Tax on unremitted earnings	(14,140		)		(19,204		)
Other	(1,398		)		(7,459		)
Total deferred tax liabilities	(201,109		)		(148,287		)
Net deferred taxes	$	(120,251	)		$	(66,886	)

Reconciliations of the Statutory U.S. Federal Income Tax Rate to Effective Tax Rates

Reconciliations of the statutory U.S. federal income tax rate to effective tax rates are as follows:

	Fiscal Year
	2018			2017			2016
U.S. statutory income tax rate	21.0	%		35.0	%		35.0	%
Foreign tax rate differences	0.5			(6.8	)		(10.3	)
State income taxes, net of federal tax benefit	2.4			2.0			1.6
Research tax credits and enhanced deductions	(2.9	)		(2.4	)		(3.5	)
Stock-based compensation	(2.1	)		(3.2	)		—
Enacted tax rate changes	(0.1	)		(4.2	)		(0.8	)
Transition Tax	(0.3	)		24.8			—
Impact of tax uncertainties	(1.1	)		(0.4	)		0.2
Tax on unremitted earnings	1.2			7.3			2.0
GILTI, net of foreign tax credits	1.1			—			—
Foreign-Derived Intangible Income (FDII)	(1.4	)		—			—
Impact of acquisitions and restructuring	0.3			3.8			1.8
Other	0.7			1.8			4.0
Effective income tax rate	19.3	%		57.7	%		30.0	%

Reconciliation of the Company's Beginning and Ending Unrecognized Income Tax Benefits

A reconciliation of the Company’s beginning and ending unrecognized income tax benefits is as follows:

	Fiscal Year
	2018				2017				2016
	(in thousands)
Beginning balance	$	24,710			$	24,186			$	23,338
Additions to tax positions for current year	2,477				1,791				2,194
Additions to tax positions for prior years	—				1,428				2,035
Reductions to tax positions for prior years	(4,543		)		—				(1,866		)
Settlements	(3,380		)		(1,754		)		(918		)
Expiration of statute of limitations	(437		)		(941		)		(597		)
Ending balance	$	18,827			$	24,710			$	24,186

X

- Definition

Tabular disclosure of income before income tax between domestic and foreign jurisdictions and the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the change in unrecognized tax benefits.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

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-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
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