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Income Taxes (Tables) | 12 Months Ended
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Dec. 28, 2024
Income Tax Disclosure [Abstract] |
Components of income from continuing operations before income taxes | The components of income before provision for income taxes are as follows:
(In thousands) |  | December 28, 2024 |  | December 30, 2023 |  | December 31, 2022
Domestic |  | $ | 51,417 |  |  | $ | 57,810 |  |  | $ | 46,558 |
Foreign |  | 101,653 |  |  | 101,206 |  |  | 119,078 |
|  | $ | 153,070 |  |  | $ | 159,016 |  |  | $ | 165,636 |
Components of the provision for income taxes from continuing operations | The components of the provision for income taxes are as follows:
(In thousands) |  | December 28, 2024 |  | December 30, 2023 |  | December 31, 2022
Current Provision: |  |  |  |  |  |
Federal |  | $ | 7,051 |  |  | $ | 12,402 |  |  | $ | 8,738 |
Foreign |  | 29,414 |  |  | 28,587 |  |  | 26,032 |
State |  | 2,819 |  |  | 3,170 |  |  | 1,977 |
|  | 39,284 |  |  | 44,159 |  |  | 36,747 |
Deferred Provision (Benefit): |  |  |  |  |  |
Federal |  | 2,094 |  |  | 48 |  |  | 1,970 |
Foreign |  | (1,222) |  |  | (2,594) |  |  | 4,233 |
State |  | 360 |  |  | 597 |  |  | 956 |
|  | 1,232 |  |  | (1,949) |  |  | 7,159 |
|  | $ | 40,516 |  |  | $ | 42,210 |  |  | $ | 43,906 |
Income tax reconciliation | The provision for income taxes in the accompanying consolidated statement of income differs from the provision calculated by applying the statutory federal income tax rate of 21% to income before provision for income taxes due to the following:
(In thousands) |  | December 28, 2024 |  | December 30, 2023 |  | December 31, 2022
Provision for Income Taxes at Statutory Rate |  | $ | 32,145 |  |  | $ | 33,393 |  |  | $ | 34,784 |
Increases (Decreases) Resulting From: |  |  |  |  |  |
Foreign tax rate differential |  | 7,697 |  |  | 5,070 |  |  | 5,770 |
State income taxes, net of federal income tax |  | 2,512 |  |  | 2,965 |  |  | 2,316 |
Nondeductible expenses |  | 1,731 |  |  | 1,730 |  |  | 2,683 |
U.S. tax (benefit) cost of foreign earnings |  | (1,379) |  |  | 1,270 |  |  | 932 |
(Reversal of) provision for tax benefit reserves, net |  | (65) |  |  | 386 |  |  | (1,368) |
Research and development tax credits |  | (503) |  |  | (520) |  |  | (425) |
Excess tax benefit related to stock-based compensation |  | (401) |  |  | (276) |  |  | (377) |
Change in valuation allowance |  | (203) |  |  | (684) |  |  | 318 |
Other |  | (1,018) |  |  | (1,124) |  |  | (727) |
|  | $ | 40,516 |  |  | $ | 42,210 |  |  | $ | 43,906 |
Net deferred tax (liability) asset | The Company's net deferred tax liability consists of the following:
(In thousands) |  | December 28, 2024 |  | December 30, 2023
Deferred Tax Asset: |  |  |  |
Net operating loss carryforwards |  | $ | 9,623 |  |  | $ | 11,300 |
Lease liabilities |  | 9,094 |  |  | 6,820 |
Inventory basis difference |  | 5,589 |  |  | 5,417 |
Employee compensation |  | 5,196 |  |  | 4,690 |
Capitalized research expenses |  | 4,682 |  |  | 4,159 |
Reserves and accruals |  | 3,125 |  |  | 2,581 |
Allowance for credit losses |  | 822 |  |  | 776 |
Foreign, state, and alternative minimum tax credit carryforwards |  | 344 |  |  | 490 |
Other |  | 153 |  |  | 214 |
Deferred tax asset, gross |  | 38,628 |  |  | 36,447 |
Less: valuation allowance |  | (7,570) |  |  | (7,829) |
Deferred tax asset, net |  | 31,058 |  |  | 28,618 |
Deferred Tax Liability: |  |  |  |
Goodwill and intangible assets |  | (44,027) |  |  | (41,116) |
Fixed asset basis difference |  | (13,372) |  |  | (11,764) |
ROU assets |  | (8,754) |  |  | (5,969) |
Provision for unremitted foreign earnings |  | (1,135) |  |  | (1,153) |
Other |  | (2,919) |  |  | (2,361) |
Deferred tax liability |  | (70,207) |  |  | (62,363) |
Net deferred tax liability |  | $ | (39,149) |  |  | $ | (33,745) |
Unrecognized tax benefits | A reconciliation of unrecognized tax benefits is as follows:
(In thousands) |  | December 28, 2024 |  | December 30, 2023
Unrecognized Tax Benefits, Beginning of Year |  | $ | 11,212 |  |  | $ | 10,354 |
Gross Increases – Tax Positions in Prior Periods |  | 80 |  |  | 44 |
Gross Increases – Tax Positions in Prior Periods Arising from Acquisitions (a) |  | 4,372 |  |  | — |
Gross Decreases – Tax Positions in Prior Periods |  | (25) |  |  | (37) |
Gross Increases – Current-Period Tax Positions |  | 931 |  |  | 1,589 |
Settlements |  | (85) |  |  | (130) |
Lapses of Statutes of Limitations |  | (1,624) |  |  | (749) |
Currency Translation |  | (351) |  |  | 141 |
Unrecognized Tax Benefits, End of Year |  | $ | 14,510 |  |  | $ | 11,212 |
(a) Indemnification assets of $4,372,000 were also recorded.

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