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Income Taxes (Tables) | 12 Months Ended
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Dec. 29, 2012
Income Tax Disclosure [Abstract] |
Schedule of Earnings Before Taxes | Earnings before taxes is summarized as follows:
| 2012 |  | 2011 |  | 2010
| (dollars in thousands)
Domestic | $ | 157,471 |  |  | $ | 125,730 |  |  | $ | 104,421 |
Foreign | 16,969 |  |  | 14,719 |  |  | 9,815 |
Total | $ | 174,440 |  |  | $ | 140,449 |  |  | $ | 114,236 |
Schedule of Provision of Taxes | The provision for income taxes is summarized as follows:
| 2012 |  | 2011 |  | 2010
| (dollars in thousands)
Federal | $ | 42,660 |  |  | $ | 33,778 |  |  | $ | 31,309 |
State and local | 7,216 |  |  | 7,169 |  |  | 7,052 |
Foreign | 3,867 |  |  | 4,028 |  |  | 3,008 |
Total | $ | 53,743 |  |  | $ | 44,975 |  |  | $ | 41,369 |
Current | $ | 53,826 |  |  | $ | 39,554 |  |  | $ | 39,949 |
Deferred | (83 | ) |  | 5,421 |  |  | 1,420 |
Total | $ | 53,743 |  |  | $ | 44,975 |  |  | $ | 41,369 |
Schedule of Effective Income Tax Reconciliation | Reconciliation of the differences between income taxes computed at the federal statutory rate to the effective rate are as follows:
| 2012 |  | 2011 |  | 2010
U.S. federal statutory tax rate | 35.0 | % |  | 35.0 | % |  | 35.0 | %
State taxes, net of federal benefit | 2.7 |  |  | 3.0 |  |  | 4.1 |
Tax relief for U.S. manufacturers | (2.4 | ) |  | (2.1 | ) |  | (1.9 | )
Permanent book vs. tax differences | (1.6 | ) |  | (1.1 | ) |  | (1.3 | )
U.S. taxes on foreign earnings and foreign tax rate differentials | (1.5 | ) |  | (1.5 | ) |  | (0.3 | )
Reserve adjustments and other | (1.4 | ) |  | (1.3 | ) |  | 0.6 |
Consolidated effective tax | 30.8 | % |  | 32.0 | % |  | 36.2 | %
Schedule of Deferred Assets and Liabilities | At December 29, 2012 and December 31, 2011, the company had recorded the following deferred tax assets and liabilities, which were comprised of the following:
| 2012 |  | 2011
| (dollars in thousands)
Deferred tax assets: |  |  |  |  |
Federal net operating loss carryforwards | $ | 13,406 |  |  | $ | 20,430 |
Compensation related | 20,038 |  |  | 18,654 |
Accrued retirement benefits | 7,105 |  |  | 8,780 |
Inventory reserves | 5,241 |  |  | 4,611 |
Product liability and workers compensation reserves | 6,351 |  |  | 5,052 |
Warranty reserves | 5,122 |  |  | 4,490 |
Receivable related reserves | 2,192 |  |  | 2,350 |
UNICAP | 2,425 |  |  | 2,138 |
State net operating loss carryforwards | 509 |  |  | 580 |
Interest rate swap | 964 |  |  | 1,114 |
Other | 10,501 |  |  | 10,802 |
Gross deferred tax assets | 73,854 |  |  | 79,001 |
Valuation allowance | (740 | ) |  | — |
Deferred tax assets | $ | 73,114 |  |  | $ | 79,001 |
Deferred tax liabilities: |  |  |  |  |
Intangible assets | $ | (68,568 | ) |  | $ | (69,998 | )
Foreign tax earnings repatriation | (2,005 | ) |  | (1,546 | )
LIFO reserves | (72 | ) |  | (161 | )
Depreciation | (1,794 | ) |  | (2,547 | )
Other | (2,148 | ) |  | (3,504 | )
Deferred tax liabilities | $ | (74,587 | ) |  | $ | (77,756 | )
Net deferred tax assets (liabilities) | $ | (1,473 | ) |  | $ | 1,245 |
Current deferred asset | $ | 43,365 |  |  | $ | 39,090 |
Long-term deferred liability | (44,838 | ) |  | (37,845 | )
Net deferred tax assets (liabilities) | $ | (1,473 | ) |  | $ | 1,245 |
Schedule of Unrecognized Tax Benefits | The following table summarizes the activity related to the unrecognized tax benefits for the fiscal years ended January 1, 2011, December 31, 2011 and December 29, 2012 (dollars in thousands):
Balance at January 2, 2010 | $ | 20,251 |
Increases to current year tax positions | 3,524 |
Increase to prior year tax positions | 1,700 |
Decrease to prior year tax positions | (7,689 | )
Balance at January 1, 2011 | $ | 17,786 |
Increases to current year tax positions | 2,113 |
Increase to prior year tax positions | 334 |
Decrease to prior year tax positions | (2,393 | )
Settlements | (1,494 | )
Lapse of statute of limitations | (755 | )
Balance at December 31, 2011 | $ | 15,591 |
Increases to current year tax positions | 1,572 |
Increase to prior year tax positions | 84 |
Decrease to prior year tax positions | (1,289 | )
Settlements | (3,836 | )
Balance at December 29, 2012 | $ | 12,122 |
Summary of Income Tax Examinations | A summary of the tax years that remain subject to examination in the company’s major tax jurisdictions are:
United States – federal | 2008 – 2012
United States – states | 2004 – 2012
Australia | 2011 – 2012
Brazil | 2010 – 2012
Canada | 2009 – 2012
China | 2003 – 2012
Denmark | 2009 – 2012
France | 2011 – 2012
Germany | 2011 – 2012
Italy | 2009 – 2012
Luxembourg | 2011 – 2012
Mexico | 2007 – 2012
Philippines | 2008 – 2012
South Korea | 2006 – 2012
Spain | 2008 – 2012
Taiwan | 2008 – 2012
United Kingdom | 2008 – 2012

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- Definition Tabular disclosure of 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 + Details
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- Definition 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 Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319 + Details
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- Definition Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Interpretation (FIN) -Number 48 -Paragraph 21 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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- Definition Tabular disclosure of income tax examinations that an enterprise is currently subject to or that have been completed in the current period typically including a description of the examination, the jurisdiction conducting the examination, the tax year(s) under examination, the likelihood of an unfavorable settlement, the range of possible losses, the liability recorded, the increase or decrease in the liability from the prior period, and any penalties and interest that have been recorded. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Interpretation (FIN) -Number 48 -Paragraph 21 -Subparagraph e -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Interpretation (FIN) -Number 14 -Paragraph 3 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 55 -Paragraph 217 -URI http://asc.fasb.org/extlink&oid=21917533&loc=d3e36027-109320 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (c),(d)(2)-(3) -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 + Details
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