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Income Taxes Income Taxes (Tables) | 12 Months Ended
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Dec. 30, 2023
Income Tax Disclosure [Abstract] |
Schedule of Income before Income Tax, Domestic and Foreign | U.S. and foreign income before income taxes are as follows (in thousands):
| December 30, 2023 |  | December 31, 2022 |  | January 1, 2022
United States | $ | 399,378 |  |  | $ | 551,521 |  |  | $ | 545,861 |
Foreign | 320,579 |  |  | 342,197 |  |  | 275,535 |
Income before income taxes | $ | 719,957 |  |  | $ | 893,718 |  |  | $ | 821,396 |
Schedule of Components of Income Tax Expense (Benefit) | Income tax expense attributable to income before income taxes consists of the following (in thousands):
| December 30, 2023 |  | December 31, 2022 |  | January 1, 2022
Current: |  |  |  |  |
Federal | $ | 1,574 |  |  | $ | (206) |  |  | $ | (31) |
State | 1,336 |  |  | 2,288 |  |  | 8,442 |
Foreign | 104,997 |  |  | 105,368 |  |  | 60,730 |
Total current | 107,907 |  |  | 107,450 |  |  | 69,141 |
Deferred: |  |  |  |  |
Federal | (22,868) |  |  | 35,290 |  |  | 66,883 |
State | (28,511) |  |  | 18,150 |  |  | 19,495 |
Foreign | 3,040 |  |  | (14,264) |  |  | 8,587 |
Total deferred | (48,339) |  |  | 39,176 |  |  | 94,965 |
| $ | 59,568 |  |  | $ | 146,626 |  |  | $ | 164,106 |
A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows (in thousands):
| December 30, 2023 |  | December 31, 2022
Balance at beginning of Year | $ | 17,842 |  |  | $ | 10,508 |
Change in tax positions related to current year | (1,883) |  |  | 7,904 |
Change in tax positions related to prior years | (1,986) |  |  | (38) |
Change in tax positions due to settlement with tax authorities | — |  |  | — |
Expiration of the Statute of Limitations | (101) |  |  | (532) |
Balance at end of year | $ | 13,872 |  |  | $ | 17,842 |
Schedule of Effective Income Tax Rate Reconciliation | Income tax expense for the years ended December 30, 2023, December 31, 2022 and January 1, 2022, differed from the amount computed by applying the statutory U.S. federal income tax rate to income before income taxes as a result of the following (in thousands):
| December 30, 2023 |  | December 31, 2022 |  | January 1, 2022
Computed "expected" tax expense | $ | 151,191 |  |  | $ | 187,681 |  |  | $ | 172,493 |
Change in valuation allowance | 27,713 |  |  | (3,241) |  |  | (4,996) |
Non-deductible compensation expenses | 5,779 |  |  | 5,320 |  |  | 4,324 |
Deferred tax on unremitted foreign earnings | 3,686 |  |  | 4,939 |  |  | 3,415 |
Foreign rate differential | 16,607 |  |  | 17,628 |  |  | 14,748 |
Change in uncertain tax positions | (3,477) |  |  | 8,167 |  |  | 6,809 |
State income taxes, net of federal benefit | (20,868) |  |  | 10,738 |  |  | 18,205 |
Biofuel tax incentives | (125,006) |  |  | (77,189) |  |  | (38,778) |
Global intangible low taxed income | 14,943 |  |  | 5,745 |  |  | 1,549 |
Change in tax law | (5,890) |  |  | (13) |  |  | 1,869 |
Equity compensation windfall | (2,241) |  |  | (13,441) |  |  | (11,046) |
Other, net | (2,869) |  |  | 292 |  |  | (4,486) |
| $ | 59,568 |  |  | $ | 146,626 |  |  | $ | 164,106 |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 30, 2023 and December 31, 2022 are presented below (in thousands):
| December 30, 2023 |  | December 31, 2022
Deferred tax assets: |  |  |
Loss contingency reserves | $ | 15,247 |  |  | $ | 11,775 |
Employee benefits | 15,466 |  |  | 14,480 |
Pension liability | 3,193 |  |  | 3,505 |
Interest expense carryforwards | 53,591 |  |  | 28,769 |
Tax loss carryforwards | 291,910 |  |  | 275,675 |
Tax credit carryforwards | 2,051 |  |  | 2,432 |
Operating lease liabilities | 57,503 |  |  | 53,765 |
Inventory | 17,013 |  |  | 15,002 |
Accrued liabilities and other | 23,090 |  |  | 18,408 |
Total gross deferred tax assets | 479,064 |  |  | 423,811 |
Less valuation allowance | (40,063) |  |  | (12,788) |
Net deferred tax assets | 439,001 |  |  | 411,023 |
Deferred tax liabilities: |  |  |
Intangible assets amortization, including taxable goodwill | (248,146) |  |  | (238,347) |
Property, plant and equipment depreciation | (242,666) |  |  | (218,316) |
Investment in DGD Joint Venture | (324,583) |  |  | (344,633) |
Operating lease assets | (56,098) |  |  | (52,330) |
Tax on unremitted foreign earnings | (18,139) |  |  | (12,890) |
Other | (29,832) |  |  | (8,451) |
Total gross deferred tax liabilities | (919,464) |  |  | (874,967) |
Net deferred tax liability | $ | (480,463) |  |  | $ | (463,944) |
Amounts reported on Consolidated Balance Sheets: |  |  |
Non-current deferred tax asset | $ | 17,711 |  |  | $ | 17,888 |
Non-current deferred tax liability | (498,174) |  |  | (481,832) |
Net deferred tax liability | $ | (480,463) |  |  | $ | (463,944) |

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