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Income Taxes (Tables) | 12 Months Ended
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Dec. 28, 2019
Income Tax Disclosure [Abstract] |
Schedule of Earnings Before Taxes | Earnings before taxes is summarized as follows (in thousands):
| 2019 |  | 2018 |  | 2017
Domestic | $ | 336,688 |  |  | $ | 328,870 |  |  | $ | 290,866 |
Foreign | 125,931 |  |  | 94,643 |  |  | 92,663 |
Total | $ | 462,619 |  |  | $ | 423,513 |  |  | $ | 383,529 |
Schedule of Provision of Taxes | The provision for income taxes is summarized as follows (in thousands):
| 2019 |  | 2018 |  | 2017
Federal | $ | 69,074 |  |  | $ | 66,359 |  |  | $ | 48,688 |
State and local | 16,203 |  |  | 16,035 |  |  | 9,076 |
Foreign | 25,102 |  |  | 23,967 |  |  | 27,637 |
Total | $ | 110,379 |  |  | $ | 106,361 |  |  | $ | 85,401 |
Current | $ | 88,167 |  |  | $ | 85,872 |  |  | $ | 99,893 |
Deferred | 22,212 |  |  | 20,489 |  |  | (14,492 | )
Total | $ | 110,379 |  |  | $ | 106,361 |  |  | $ | 85,401 |
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:
| 2019 |  | 2018 |  | 2017
U.S. federal statutory tax rate | 21.0 | % |  | 21.0 | % |  | 35.0 | %
State taxes, net of federal benefit | 3.2 |  |  | 3.0 |  |  | 1.5 |
U.S. domestic manufacturers deduction | — |  |  | — |  |  | (2.1 | )
Permanent differences | 0.6 |  |  | 0.2 |  |  | (0.7 | )
Foreign income tax rate at rates other than U.S. statutory | 0.2 |  |  | 1.3 |  |  | (1.6 | )
Tax Cuts and Jobs Act of 2017 deferred tax changes | — |  |  | 0.2 |  |  | (10.0 | )
Tax Cuts and Jobs Act of 2017 transition tax | — |  |  | (0.1 | ) |  | 2.0 |
Change in valuation allowances (1) | 0.1 |  |  | (0.5 | ) |  | (2.0 | )
Tax on unremitted earnings | 0.3 |  |  | — |  |  | 1.5 |
Other | (1.5 | ) |  | — |  |  | (1.3 | )
Consolidated effective tax | 23.9 | % |  | 25.1 | % |  | 22.3 | %
Schedule of Deferred Assets and Liabilities | At December 28, 2019 and December 29, 2018, the company had recorded the following deferred tax assets and liabilities (in thousands):
| 2019 |  | 2018
Deferred tax assets: |  |  |  |  |
Compensation related | $ | 4,744 |  |  | $ | 3,776 |
Pension and post-retirement benefits | 48,716 |  |  | 41,502 |
Inventory reserves | 15,166 |  |  | 14,441 |
Accrued liabilities and reserves | 17,321 |  |  | 13,835 |
Warranty reserves | 16,550 |  |  | 10,641 |
Operating lease liability | 17,521 |  |  | — |
Net operating loss carryforwards | 17,873 |  |  | 36,629 |
Other | 22,579 |  |  | 10,531 |
Gross deferred tax assets | 160,470 |  |  | 131,355 |
Valuation allowance | (7,754 | ) |  | (26,023 | )
Deferred tax assets | $ | 152,716 |  |  | $ | 105,332 |
Deferred tax liabilities: |  |  |  |  |
Intangible assets | $ | (203,721 | ) |  | $ | (167,197 | )
Depreciable assets | (18,020 | ) |  | (13,617 | )
Operating lease right-of-use assets | (17,542 | ) |  | — |
Other | (10,001 | ) |  | (6,226 | )
Deferred tax liabilities | $ | (249,284 | ) |  | $ | (187,040 | )
Net deferred tax assets (liabilities) | $ | (96,568 | ) |  | $ | (81,708 | )
Long-term deferred asset | 36,932 |  |  | 32,188 |
Long-term deferred liability | (133,500 | ) |  | (113,896 | )
Net deferred tax assets (liabilities) | $ | (96,568 | ) |  | $ | (81,708 | )
Schedule of Unrecognized Tax Benefits | The following table summarizes the activity related to the unrecognized tax benefits for the fiscal years ended December 30, 2017, December 29, 2018 and December 28, 2019 (in thousands):
Balance at December 30, 2017 | $ | 29,930 |
Increases to current year tax positions | 3,912 |
Increase to prior year tax positions | 2,860 |
Decrease to prior year tax positions | (569 | )
Lapse of statute of limitations | (4,221 | )
Balance at December 29, 2018 | $ | 31,912 |
Increases to current year tax positions | 4,216 |
Increase to prior year tax positions | 254 |
Lapse of statute of limitations | (4,823 | )
Balance at December 28, 2019 | $ | 31,559 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure for 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 and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=84230637&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32840-109319 + Details
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