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Income Taxes (Tables)

12 Months Ended

Jan. 03, 2015

Components of Income Tax Expense

The company’s provision for income tax expense consists of the following for fiscal years 2014, 2013 and 2012:

		Fiscal 2014				Fiscal 2013				Fiscal 2012
		(Amounts in thousands)
Current Taxes:
Federal		$	72,780			$	73,669			$	54,599
State			10,294				11,325				6,602
			83,074				84,994				61,201
Deferred Taxes:
Federal			7,691				7,970				9,703
State			1,550				(1,485	)			1,747
			9,241				6,485				11,450
Income tax expense		$	92,315			$	91,479			$	72,651

Reconciliation of Effective Tax Amount

Income tax expense differs from the amount computed by applying the U.S. federal income tax rate (35%) because of the effect of the following items for fiscal years 2014, 2013, and 2012:

		Fiscal 2014				Fiscal 2013				Fiscal 2012
		(Amounts in thousands)
Tax at U.S. federal income tax rate		$	93,819			$	112,831			$	73,070
State income taxes, net of federal income tax benefit			7,698				6,396				5,427
Section 199 qualifying production activities benefit			(6,892	)			(7,022	)			(5,407	)
Bargain purchase			—				(17,524	)			—
Other			(2,310	)			(3,202	)			(439	)
Income tax expense		$	92,315			$	91,479			$	72,651

Components of Deferred Tax Assets and (Liabilities)

Deferred tax assets (liabilities) are comprised of the following:

		January 3, 2015				December 28, 2013
		(Amounts in thousands)
Self-insurance		$	6,294			$	7,227
Compensation and employee benefits			12,898				13,558
Deferred income			9,896				7,397
Loss and credit carryforwards			21,421				27,055
Equity-based compensation			15,597				14,402
Hedging			7,153				7,158
Pension			30,160				10,822
Postretirement benefits			6,796				7,595
Other			15,437				16,084
Deferred tax assets valuation allowance			(2,534	)			(2,895	)
Deferred tax assets			123,118				108,403
Depreciation			(79,480	)			(86,235	)
Intangible assets			(107,188	)			(99,268	)
Other			(3,780	)			(3,250	)
Deferred tax liabilities			(190,448	)			(188,753	)
Net deferred tax liability		$	(67,330	)		$	(80,350	)

Reconciliation of Total Amounts of Unrecognized Tax Benefits

The following is a reconciliation of the total amounts of unrecognized tax benefits for fiscal years 2014, 2013 and 2012:

		Fiscal 2014				Fiscal 2013				Fiscal 2012
		(Amounts in thousands)
Unrecognized tax benefit at beginning of fiscal year		$	4,809			$	7,304			$	8,709
Gross increases — tax positions in a current period			—				—				331
Gross increases — acquisitions			—				500				—
Lapses of statutes of limitations			(2,702	)			(2,995	)			(1,736	)
Unrecognized tax benefit at end of fiscal year		$	2,107			$	4,809			$	7,304

X

- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

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X

- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

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- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319

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X

- Definition

Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 15

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319

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