XML 49 R32.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 28, 2024
Income Tax Disclosure [Abstract] |
Schedule of Earnings Before Taxes | Earnings before taxes is summarized as follows (in thousands):
| 2024 |  | 2023 |  | 2022
Domestic | $ | 415,156 |  |  | $ | 346,815 |  |  | $ | 383,813 |
Foreign | 162,164 |  |  | 172,563 |  |  | 180,602 |
Total | $ | 577,320 |  |  | $ | 519,378 |  |  | $ | 564,415 |
Schedule of Provision of Taxes | The provision for income taxes is summarized as follows (in thousands):
| 2024 |  | 2023 |  | 2022
Federal | $ | 88,770 |  |  | $ | 67,023 |  |  | $ | 62,416 |
State and local | 16,510 |  |  | 15,934 |  |  | 23,892 |
Foreign | 43,607 |  |  | 35,539 |  |  | 41,538 |
Total | $ | 148,887 |  |  | $ | 118,496 |  |  | $ | 127,846 |
Current | $ | 113,010 |  |  | $ | 120,901 |  |  | $ | 134,488 |
Deferred | 35,877 |  |  | (2,405) |  |  | (6,642) |
Total | $ | 148,887 |  |  | $ | 118,496 |  |  | $ | 127,846 |
Schedule of Effective Income Tax Reconciliation | econciliation of the differences between income taxes computed at the federal statutory rate to the effective rate were as follows:
| 2024 |  | 2023 |  | 2022
U.S. federal statutory tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State taxes, net of federal benefit | 3.1 |  |  | 3.1 |  |  | 3.3 |
Permanent differences | 0.6 |  |  | 0.6 |  |  | 0.9 |
Foreign income tax rate at rates other than U.S. statutory | 1.4 |  |  | 0.2 |  |  | 0.2 |
Deferred tax changes | — |  |  | — |  |  | — |
Change in valuation allowances | 0.2 |  |  | — |  |  | — |
Tax on unremitted earnings | 0.7 |  |  | 0.4 |  |  | 0.3 |
Federal Refund | — |  |  | — |  |  | — |
Internal restructuring | — |  |  | — |  |  | (2.3) |
Other | (1.2) |  |  | (2.5) |  |  | (0.7) |
Consolidated effective tax | 25.8 | % |  | 22.8 | % |  | 22.7 | %
Schedule of Deferred Assets and Liabilities | At December 28, 2024 and December 30, 2023, the company had recorded the following deferred tax assets and liabilities (in thousands):
| 2024 |  | 2023
Deferred tax assets: |  |  |
Compensation related | $ | 20,550 |  |  | $ | 29,135 |
Pension and post-retirement benefits | 489 |  |  | 1,435 |
Inventory reserves | 29,392 |  |  | 27,311 |
Accrued liabilities and reserves | 23,185 |  |  | 22,017 |
Warranty reserves | 21,293 |  |  | 20,956 |
Operating lease liability | 22,423 |  |  | 22,096 |
Basis difference on affiliates | 7,443 |  |  | 12,099 |
Capitalized R&D costs | 45,855 |  |  | 39,585 |
Convertible debt | 6,502 |  |  | 15,860 |
Net operating loss carryforwards | 11,957 |  |  | 12,989 |
Other | 26,180 |  |  | 22,871 |
Gross deferred tax assets | $ | 215,269 |  |  | $ | 226,354 |
Valuation allowance | (14,054) |  |  | (15,749) |
Deferred tax assets | $ | 201,215 |  |  | $ | 210,605 |
Deferred tax liabilities: |  |  |
Intangible assets | $ | (318,699) |  |  | $ | (310,847) |
Depreciable assets | (43,746) |  |  | (40,036) |
Interest rate swaps | (7,587) |  |  | (10,927) |
Operating lease right-of-use assets | (21,754) |  |  | (21,139) |
Pension and post-retirement benefits | (22,886) |  |  | (9,719) |
Other | (32,324) |  |  | (26,135) |
Deferred tax liabilities | $ | (446,996) |  |  | $ | (418,803) |
Net deferred tax assets (liabilities) | $ | (245,781) |  |  | $ | (208,198) |
Long-term deferred asset | 6,281 |  |  | 7,945 |
Long-term deferred liability | (252,062) |  |  | (216,143) |
Net deferred tax assets (liabilities) | $ | (245,781) |  |  | $ | (208,198) |
Schedule of Unrecognized Tax Benefits | The following table summarizes the activity related to the unrecognized tax benefits for the fiscal years ended December 31, 2022, December 30, 2023 and December 28, 2024 (in thousands):
Balance at December 31, 2022 | $ | 33,648 |
Increases to current year tax positions | 2,126 |
Lapse of statute of limitations | (1,852) |
Balance at December 30, 2023 | $ | 33,922 |
Increases to current year tax positions | 3,689 |
Settlements | (639) |
Lapse of statute of limitations | (7,421) |
Balance as of December 28, 2024 | $ | 29,551 |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 12 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-12 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(1)(Note 1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 + Details
Name: | us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_SummaryOfIncomeTaxContingenciesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration