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Income Taxes (Tables) | 12 Months Ended
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Jan. 01, 2022
Income Tax Disclosure [Abstract] |
Schedule of components of income tax expense (benefit) | Domestic and foreign income (loss) before income taxes is as follows:
(in thousands) | 2021 |  | 2020 |  | 2019
Domestic | $ | 13,746 |  |  | $ | (16,732) |  |  | $ | (11,970) |
Foreign | 327,279 |  |  | 177,985 |  |  | 177,854 |
Income before income taxes | $ | 341,025 |  |  | $ | 161,253 |  |  | $ | 165,884 |
Federal, state and foreign income tax expense (benefit) consists of the following:
(in thousands) | 2021 |  | 2020 |  | 2019
Current: |  |  |  |  |
Federal | $ | 4,832 |  |  | $ | 437 |  |  | $ | (3,495) |
State | 1,401 |  |  | 203 |  |  | 834 |
Foreign | 59,006 |  |  | 33,841 |  |  | 30,610 |
Subtotal | 65,239 |  |  | 34,481 |  |  | 27,949 |
Deferred: |  |  |  |  |
Federal and State | (9,658) |  |  | (5,354) |  |  | 1,839 |
Foreign | 1,638 |  |  | 2,140 |  |  | (2,986) |
Subtotal | (8,020) |  |  | (3,214) |  |  | (1,147) |
Provision for income taxes | $ | 57,219 |  |  | $ | 31,267 |  |  | $ | 26,802 |
Schedule of effective income tax rate reconciliation | A reconciliation between income taxes computed on income before income taxes at the federal statutory rate and the provision for income taxes is provided below:
(in thousands) | 2021 |  | 2020 |  | 2019
Tax expense at statutory rate of 21% | $ | 71,615 |  |  | $ | 33,863 |  |  | $ | 34,836 |
Non-U.S. income tax rate differential | (31,414) |  |  | (19,730) |  |  | (22,457) |
Non-U.S. losses and expenses with no tax benefit | 7,820 |  |  | 2,774 |  |  | 6,570 |
Tax on unremitted earnings | 7,585 |  |  | 3,955 |  |  | 2,136 |
Certain changes in unrecognized tax benefits and related accrued interest | 4,263 |  |  | 2,160 |  |  | (1,468) |
Net impact associated with the GILTI tax provisions | (238) |  |  | 3,731 |  |  | 6,469 |
State and local taxes, net of federal tax benefit | (172) |  |  | (584) |  |  | 1,080 |
Tax impact of non-deductible goodwill impairment charge | — |  |  | 5,642 |  |  | — |
Other, net | (2,240) |  |  | (544) |  |  | (364) |
Provision for income taxes | $ | 57,219 |  |  | $ | 31,267 |  |  | $ | 26,802 |
Schedule of deferred tax assets and liabilities | Significant components of the company’s deferred tax assets and liabilities at January 1, 2022 and December 26, 2020, are as follows:
(in thousands) | 2021 |  | 2020
Deferred tax assets: |  |  |
Accrued expenses and reserves | $ | 36,168 |  |  | $ | 31,123 |
Domestic and non-U.S. net operating loss carryforwards | 27,818 |  |  | 24,763 |
Domestic and non-U.S. interest expense carryforwards | 16,089 |  |  | 10,352 |
Excess of tax basis over the book basis for intangible assets and goodwill | 5,636 |  |  | — |
Capitalized expenses | 4,878 |  |  | 4,178 |
U.S. research and other general business tax credit carryforwards | 1,104 |  |  | 3,724 |
U.S. foreign tax credit carryforwards | 980 |  |  | 772 |
Other | 183 |  |  | 117 |
Gross deferred tax assets | 92,856 |  |  | 75,029 |
Less: Valuation allowance | (34,869) |  |  | (13,131) |
Total deferred tax assets | 57,987 |  |  | 61,898 |
Deferred tax liabilities: |  |  |
Excess of book basis over the tax basis for intangible assets and goodwill | 98,046 |  |  | 76,472 |
Tax on unremitted earnings | 15,467 |  |  | 14,223 |
Unrealized foreign currency exchange gains | 73 |  |  | 5,719 |
Excess of book basis over the tax basis for property, plant, and equipment | 12,563 |  |  | 4,394 |
Total deferred tax liabilities | 126,149 |  |  | 100,808 |
Net deferred tax liabilities | $ | 68,162 |  |  | $ | 38,910 |
Schedule of unrecognized tax benefits roll forward | A reconciliation of the beginning and ending amount of unrecognized tax benefits as of January 1, 2022, December 26, 2020, and December 28, 2019 is as follows:
(in thousands) | Unrecognized Tax Benefits
Balance at December 28, 2019 | $ | 16,721 |
Additions for tax positions taken in the current year | 700 |
Decreases due to a lapse in the statute of limitations | (103) |
Other | 119 |
Balance at December 26, 2020 | 17,437 |
Additions for tax positions related to pre-acquisition periods of acquired subsidiaries | 3,260 |
Additions for tax positions taken in the current year | 1,587 |
Additions for tax positions taken in the prior year | 1,100 |
Other | 61 |
Balance at January 1, 2022 | 23,445 |

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