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Income Taxes (Tables) | 12 Months Ended
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Dec. 30, 2023
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) | 2023 |  | 2022 |  | 2021
Domestic | $ | 40,571 |  |  | $ | 32,462 |  |  | $ | 13,746 |
Foreign | 288,027 |  |  | 410,582 |  |  | 327,279 |
Income before income taxes | $ | 328,598 |  |  | $ | 443,044 |  |  | $ | 341,025 |
Federal, state and foreign income tax expense (benefit) consists of the following:
(in thousands) | 2023 |  | 2022 |  | 2021
Current: |  |  |  |  |
Federal | $ | 8,188 |  |  | $ | 12,423 |  |  | $ | 4,832 |
State | 2,880 |  |  | 2,183 |  |  | 1,401 |
Foreign | 57,999 |  |  | 77,551 |  |  | 59,006 |
Subtotal | 69,067 |  |  | 92,157 |  |  | 65,239 |
Deferred: |  |  |  |  |
Federal and State | 1,751 |  |  | (9,182) |  |  | (9,658) |
Foreign | (1,705) |  |  | (13,237) |  |  | 1,638 |
Subtotal | 46 |  |  | (22,419) |  |  | (8,020) |
Provision for income taxes | $ | 69,113 |  |  | $ | 69,738 |  |  | $ | 57,219 |
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) | 2023 |  | 2022 |  | 2021
Tax expense at statutory rate of 21% | $ | 69,006 |  |  | $ | 93,039 |  |  | $ | 71,615 |
Non-U.S. income tax rate differential | (25,623) |  |  | (41,731) |  |  | (31,414) |
Non-U.S. losses and expenses with no tax benefit | 11,261 |  |  | 10,660 |  |  | 7,820 |
Tax on unremitted earnings | 6,394 |  |  | 10,870 |  |  | 7,585 |
Net impact associated with U.S. tax on Non-U.S. income, including GILTI | 4,739 |  |  | 2,546 |  |  | (238) |
State and local taxes, net of federal tax benefit | 1,503 |  |  | 215 |  |  | (172) |
Certain changes in unrecognized tax benefits and related accrued interest | (172) |  |  | 1,839 |  |  | 4,263 |
One-time tax deductions for stock of subsidiaries | — |  |  | (11,495) |  |  | — |
Other, net | 2,005 |  |  | 3,795 |  |  | (2,240) |
Provision for income taxes | $ | 69,113 |  |  | $ | 69,738 |  |  | $ | 57,219 |
Schedule of deferred tax assets and liabilities | Significant components of the Company’s deferred tax assets and liabilities at December 30, 2023 and December 31, 2022, are as follows:
(in thousands) | 2023 |  | 2022
Deferred tax assets: |  |  |
Accrued expenses and reserves | $ | 39,299 |  |  | $ | 49,138 |
Net operating loss carryforwards | 36,941 |  |  | 30,403 |
Interest expense carryforwards | 34,205 |  |  | 33,507 |
Capitalized expenses | 16,872 |  |  | 11,632 |
U.S. foreign tax credit carryforwards | 3,561 |  |  | 3,385 |
U.S. research and other general business tax credit carryforwards | 1,468 |  |  | 2,076 |
Excess of tax basis over the book basis for intangible assets and goodwill | — |  |  | 404 |
Deferred tax assets | 132,346 |  |  | 130,545 |
Less: Valuation allowance | (41,542) |  |  | (37,001) |
Total deferred tax assets | 90,804 |  |  | 93,544 |
Deferred tax liabilities: |  |  |
Excess of book basis over the tax basis for intangible assets and goodwill | 148,659 |  |  | 143,542 |
Excess of book basis over the tax basis for property, plant, and equipment | 22,570 |  |  | 18,489 |
Tax on unremitted earnings | 18,621 |  |  | 16,282 |
Unrealized foreign currency exchange gains | 1,288 |  |  | 1,094 |
Total deferred tax liabilities | 191,138 |  |  | 179,407 |
Net deferred tax liabilities | $ | 100,334 |  |  | $ | 85,863 |
Schedule of unrecognized tax benefits roll forward | A reconciliation of the beginning and ending amount of unrecognized tax benefits as of December 30, 2023, December 31, 2022, and January 1, 2022 is as follows:
(in thousands) | Unrecognized Tax Benefits
Balance at January 1, 2022 | $ | 23,445 |
Additions for tax positions related to pre-acquisition periods of acquired subsidiaries | 6,726 |
Additions for tax positions taken in the current year | 2,153 |
Decreases for tax positions taken in the prior year | (957) |
Decreases for lapses in statute of limitations | (758) |
Other | (235) |
Balance at December 31, 2022 | $ | 30,374 |
Additions for tax positions related to pre-acquisition periods of acquired subsidiaries | 1,975 |
Additions for tax positions taken in the current year | 1,200 |
Decreases for tax positions taken in the prior year | (792) |
Decreases for lapses in statute of limitations | (1,051) |
Decreases for settlements | (215) |
Other | (42) |
Balance at December 30, 2023 | $ | 31,449 |

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