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INCOME TAXES (Tables)

12 Months Ended

Dec. 26, 2020

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
			2020						2019						2018
			(in thousands)
Income from continuing operations before income taxes:
U.S.			$	226,935					$	108,326					$	95,062
Non-U.S.			220,179						195,758						186,619
Total income from continuing operations, before income taxes			$	447,114					$	304,084					$	281,681
Income tax provision (benefit):
Current:
Federal			$	38,192					$	18,101					$	17,390
Foreign			35,410						43,489						38,557
State			6,623						9,915						8,837
Total current			80,225						71,505						64,784
Deferred:
Federal			386						(3,226)						(7,145)
Foreign			5,583						(17,111)						(4,104)
State			(4,386)						(1,145)						928
Total deferred			1,583						(21,482)						(10,321)
Total provision for income taxes			$	81,808					$	50,023					$	54,463

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
			2020						2019						2018
U.S. statutory income tax rate			21.0		%				21.0		%				21.0		%
Foreign tax rate differences			1.2						2.7						0.5
State income taxes, net of federal tax benefit			0.4						2.6						2.4
Non-deductible compensation			1.0						1.7						1.0
Research tax credits and enhanced deductions			(3.4)						(4.4)						(2.9)
Stock-based compensation			(2.7)						(2.2)						(2.1)
Impact of tax uncertainties			(0.2)						(2.6)						(1.1)
Tax on unremitted earnings			1.3						1.7						1.2
Impact of acquisitions and restructuring			0.5						2.7						0.3
Net operating loss deferred tax asset recognition, net of valuation allowance (NOL DTA)			(0.1)						(6.8)						—
Other			(0.7)						0.1						(1.0)
Effective income tax rate			18.3		%				16.5		%				19.3		%

Components of Deferred Tax Assets and Liabilities

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

			December 26, 2020						December 28, 2019
			(in thousands)
Deferred tax assets:
Compensation			$	32,118					$	40,582
Accruals and reserves			17,970						13,687
Net operating loss and credit carryforwards			406,085						367,269
Operating lease liability			43,646						33,785
Other			4,253						7,181
Valuation allowance			(334,845)						(309,962)
Total deferred tax assets			169,227						152,542
Deferred tax liabilities:
Goodwill and other intangibles			(202,430)						(174,847)
Depreciation related			(33,277)						(29,317)
Venture capital investments			(32,848)						(12,806)
Tax on unremitted earnings			(27,707)						(17,282)
Right-of-use assets			(43,557)						(34,953)
Other			(8,710)						(5,961)
Total deferred tax liabilities			(348,529)						(275,166)
Net deferred taxes			$	(179,302)					$	(122,624)

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
			2020						2019						2018
			(in thousands)
Beginning balance			$	19,665					$	18,827					$	24,710
Additions to tax positions for current year			7,044						3,691						2,477
Additions to tax positions for prior years			4,589						5,234						—
Reductions to tax positions for prior years			(127)						(1,033)						(4,543)
Settlements			(5,859)						(274)						(3,380)
Expiration of statute of limitations			(342)						(6,780)						(437)
Ending balance			$	24,970					$	19,665					$	18,827

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.

+ References

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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.

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-Name Accounting Standards Codification
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-SubTopic 10
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