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Income Taxes (Tables) | 12 Months Ended
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Dec. 28, 2024
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) | 2024 |  | 2023 |  | 2022
Domestic | $ | 3,151 |  |  | $ | 40,571 |  |  | $ | 32,462 |
Foreign | 148,712 |  |  | 288,027 |  |  | 410,582 |
Income before income taxes | $ | 151,863 |  |  | $ | 328,598 |  |  | $ | 443,044 |
Federal, state, and foreign income tax expense (benefit) consists of the following:
(in thousands) | 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |
Federal | $ | (5,881) |  |  | $ | 8,188 |  |  | $ | 12,423 |
State | 1,826 |  |  | 2,880 |  |  | 2,183 |
Foreign | 58,551 |  |  | 57,999 |  |  | 77,551 |
Subtotal | $ | 54,496 |  |  | $ | 69,067 |  |  | $ | 92,157 |
Deferred: |  |  |  |  |
Federal and State | $ | 4,091 |  |  | $ | 1,751 |  |  | $ | (9,182) |
Foreign | (6,914) |  |  | (1,705) |  |  | (13,237) |
Subtotal | $ | (2,823) |  |  | $ | 46 |  |  | $ | (22,419) |
Provision for income taxes | $ | 51,673 |  |  | $ | 69,113 |  |  | $ | 69,738 |
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) | 2024 |  | 2023 |  | 2022
Tax expense at statutory rate of 21% | $ | 31,891 |  |  | $ | 69,006 |  |  | $ | 93,039 |
Non-U.S. income tax rate differential | (1,130) |  |  | (25,623) |  |  | (41,731) |
Non-U.S. losses and expenses with no tax benefit | 9,401 |  |  | 11,261 |  |  | 10,660 |
Tax on unremitted earnings | 6,616 |  |  | 6,394 |  |  | 10,870 |
Tax impact of non-deductible goodwill impairment charge | 5,810 |  |  | — |  |  | — |
Net impact associated with U.S. tax on non-U.S. income, including GILTI | 5,809 |  |  | 4,739 |  |  | 2,546 |
State and local taxes, net of federal tax benefit | 2,533 |  |  | 1,503 |  |  | 215 |
Certain changes in unrecognized tax benefits and related accrued interest | (8,692) |  |  | (172) |  |  | 1,839 |
One-time tax deductions for stock of subsidiaries | — |  |  | — |  |  | (11,495) |
Other, net | (565) |  |  | 2,005 |  |  | 3,795 |
Provision for income taxes | $ | 51,673 |  |  | $ | 69,113 |  |  | $ | 69,738 |
Schedule of deferred tax assets and liabilities | Significant components of the Company’s deferred tax assets and liabilities at December 28, 2024 and December 30, 2023, are as follows:
(in thousands) | 2024 |  | 2023
Deferred tax assets: |  |  |
Net operating loss carryforwards | $ | 46,263 |  |  | $ | 36,941 |
Interest expense carryforwards | 34,800 |  |  | 34,205 |
Accrued expenses and reserves | 32,336 |  |  | 39,299 |
Capitalized expenses | 18,939 |  |  | 16,872 |
Lease liabilities | 13,016 |  |  | — |
U.S. foreign tax credit carryforwards | 3,490 |  |  | 3,561 |
U.S. research and other general business tax credit carryforwards | 1,252 |  |  | 1,468 |
Other | 196 |  |  | — |
Deferred tax assets | 150,292 |  |  | 132,346 |
Less: Valuation allowance | (55,468) |  |  | (41,542) |
Total deferred tax assets | 94,824 |  |  | 90,804 |
Deferred tax liabilities: |  |  |
Excess of book basis over the tax basis for intangible assets and goodwill | 133,701 |  |  | 148,659 |
Excess of book basis over the tax basis for property, plant, and equipment | 24,238 |  |  | 22,570 |
Tax on unremitted earnings | 14,612 |  |  | 18,621 |
Right of use lease assets | 12,906 |  |  | — |
Unrealized foreign currency exchange gains | — |  |  | 1,288 |
Total deferred tax liabilities | 185,457 |  |  | 191,138 |
Net deferred tax liabilities | $ | 90,633 |  |  | $ | 100,334 |
Schedule of unrecognized tax benefits roll forward | A reconciliation of the beginning and ending amount of unrecognized tax benefits as of December 28, 2024, December 30, 2023, and December 31, 2022 is as follows:
(in thousands) | Unrecognized Tax Benefits
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 |
Additions for tax positions taken in the current year | 1,251 |
Additions for tax positions taken in the prior year | 375 |
Decreases for lapses in statute of limitations | (7,650) |
Other | 574 |
Balance at December 28, 2024 | $ | 25,999 |

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