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Income Taxes (Tables) | 12 Months Ended
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Dec. 30, 2023
Income Tax Disclosure [Abstract] |
Schedule of Earnings Before Taxes | Earnings before taxes is summarized as follows (in thousands):
| 2023 |  | 2022 |  | 2021
Domestic | $ | 346,815 |  |  | $ | 383,813 |  |  | $ | 453,357 |
Foreign | 172,563 |  |  | 180,602 |  |  | 166,147 |
Total | $ | 519,378 |  |  | $ | 564,415 |  |  | $ | 619,504 |
Schedule of Provision of Taxes | The provision for income taxes is summarized as follows (in thousands):
| 2023 |  | 2022 |  | 2021
Federal | $ | 67,023 |  |  | $ | 62,416 |  |  | $ | 84,689 |
State and local | 15,934 |  |  | 23,892 |  |  | 24,363 |
Foreign | 35,539 |  |  | 41,538 |  |  | 21,960 |
Total | $ | 118,496 |  |  | $ | 127,846 |  |  | $ | 131,012 |
Current | $ | 120,901 |  |  | $ | 134,488 |  |  | $ | 124,149 |
Deferred | (2,405) |  |  | (6,642) |  |  | 6,863 |
Total | $ | 118,496 |  |  | $ | 127,846 |  |  | $ | 131,012 |
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:
| 2023 |  | 2022 |  | 2021
U.S. federal statutory tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State taxes, net of federal benefit | 3.1 |  |  | 3.3 |  |  | 3.1 |
Permanent differences | 0.6 |  |  | 0.9 |  |  | 0.5 |
Foreign income tax rate at rates other than U.S. statutory | 0.2 |  |  | 0.2 |  |  | 0.2 |
Deferred tax changes | — |  |  | — |  |  | (2.2) |
Change in valuation allowances | — |  |  | — |  |  | 0.4 |
Tax on unremitted earnings | 0.4 |  |  | 0.3 |  |  | 0.4 |
Federal Refund | — |  |  | — |  |  | (0.7) |
Internal restructuring | — |  |  | (2.3) |  |  | — |
Other | (2.5) |  |  | (0.7) |  |  | (1.6) |
Consolidated effective tax | 22.8 | % |  | 22.7 | % |  | 21.1 | %
Schedule of Deferred Assets and Liabilities | At December 30, 2023 and December 31, 2022, the company had recorded the following deferred tax assets and liabilities (in thousands):
| 2023 |  | 2022
Deferred tax assets: |  |  |
Compensation related | $ | 29,135 |  |  | $ | 26,273 |
Pension and post-retirement benefits | 1,435 |  |  | 1,640 |
Inventory reserves | 27,311 |  |  | 26,134 |
Accrued liabilities and reserves | 22,017 |  |  | 21,743 |
Warranty reserves | 20,956 |  |  | 17,593 |
Operating lease liability | 22,096 |  |  | 19,890 |
Basis difference on affiliates | 12,099 |  |  | 14,473 |
Capitalized R&D costs | 39,585 |  |  | 19,381 |
Convertible debt | 15,860 |  |  | 25,637 |
Net operating loss carryforwards | 12,989 |  |  | 12,964 |
Other | 22,871 |  |  | 14,879 |
Gross deferred tax assets | 226,354 |  |  | 200,607 |
Valuation allowance | (15,749) |  |  | (11,599) |
Deferred tax assets | $ | 210,605 |  |  | $ | 189,008 |
Deferred tax liabilities: |  |  |
Intangible assets | $ | (310,847) |  |  | $ | (306,814) |
Depreciable assets | (40,036) |  |  | (32,267) |
Operating lease right-of-use assets | (21,139) |  |  | (19,240) |
Interest rate swaps | (10,927) |  |  | (16,836) |
Pension and post-retirement benefits | (9,719) |  |  | — |
Other | (26,135) |  |  | (27,317) |
Deferred tax liabilities | $ | (418,803) |  |  | $ | (402,474) |
Net deferred tax assets (liabilities) | $ | (208,198) |  |  | $ | (213,466) |
Long-term deferred asset | 7,945 |  |  | 6,738 |
Long-term deferred liability | (216,143) |  |  | (220,204) |
Net deferred tax assets (liabilities) | $ | (208,198) |  |  | $ | (213,466) |
Schedule of Unrecognized Tax Benefits | The following table summarizes the activity related to the unrecognized tax benefits for the fiscal years ended January 1, 2022, December 31, 2022 and December 30, 2023 (in thousands):
Balance at January 1, 2022 | $ | 36,209 |
Increases to current year tax positions | 2,195 |
Increase to prior year tax positions | 534 |
Decrease to prior year tax positions | (1,709) |
Settlements | (1,974) |
Lapse of statute of limitations | (1,607) |
Balance at December 31, 2022 | $ | 33,648 |
Increases to current year tax positions | 2,126 |
Lapse of statute of limitations | (1,852) |
Balance as of December 30, 2023 | $ | 33,922 |

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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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 19 -SubTopic 10 -Topic 740 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-19 + Details
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