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Income Taxes (Tables) | 12 Months Ended
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Jan. 02, 2016
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | Significant components of the provision for income taxes including those related to noncontrolling interest and discontinued operations are as follows:
(In thousands) | 2015 |  |  | 2014 |  |  | 2013 |
Current: |  |  |  |  |
Federal | $ | 27,768 |  |  | $ | 22,738 |  |  | $ | 12,077 |
State | 5,258 |  |  | 4,623 |  |  | 1,036 |
Foreign | 1,713 |  |  | 972 |  |  | 2,153 |
Current provision | 34,739 |  |  | 28,333 |  |  | 15,266 |
Deferred: |  |  |  |  |  |  |  |
Federal | 15,348 |  |  | 13,692 |  |  | 16,614 |
State | 2,217 |  |  | 2,013 |  |  | 2,558 |
Foreign | (540 | ) |  | (262 | ) |  | (1,100 | )
Deferred provision | 17,025 |  |  | 15,443 |  |  | 18,072 |
| $ | 51,764 |  |  | $ | 43,776 |  |  | $ | 33,338 |
Schedule of Effective Income Tax Rate Reconciliation | The differences between the actual tax expense and tax expense computed at the statutory U.S. Federal tax rate are explained as follows:
| 2015 |  |  | 2014 |  |  | 2013 |
Federal statutory tax expense | $ | 55,020 |  |  | $ | 36,836 |  |  | $ | 33,957 |
State taxes, net of federal tax effect | 4,269 |  |  | 4,118 |  |  | 2,469 |
Credit for increasing research activities | (3,320 | ) |  | (2,569 | ) |  | (1,338 | )
Deduction related to domestic production activities | (3,320 | ) |  | (1,751 | ) |  | (1,396 | )
Valuation allowance | — |  |  | 2,474 |  |  | — |
Goodwill Impairment | — |  |  | 4,298 |  |  | — |
Change in uncertain tax positions | (1,344 | ) |  | 1,099 |  |  | 773 |
Other – net | 459 |  |  | (729 | ) |  | (1,127 | )
Total income tax expense | $ | 51,764 |  |  | $ | 43,776 |  |  | $ | 33,338 |
Schedule of Deferred Tax Assets and Liabilities | Significant components of the Corporation’s deferred tax liabilities and assets are as follows:
(In thousands) | 2015 |  |  | 2014 |
Deferred Taxes |  |  |
Allowance for doubtful accounts | $ | 1,089 |  |  | $ | 1,240 |
Compensation | 15,491 |  |  | 16,817 |
Inventory differences | 4,497 |  |  | 5,691 |
Marketing accrual | 1,355 |  |  | 1,454 |
Stock-based compensation | 11,923 |  |  | 9,906 |
Accrued post-retirement benefit obligations | 6,682 |  |  | 6,341 |
OCI tax effected items | 3,169 |  |  | 3,887 |
Vacation accrual | 4,181 |  |  | 3,875 |
Warranty Accrual | 6,052 |  |  | 6,023 |
Other – net | 12,167 |  |  | 10,774 |
Total deferred tax assets | $ | 66,606 |  |  | $ | 66,008 |
Deferred income | (4,907 | ) |  | (4,836 | )
Goodwill | (79,471 | ) |  | (80,366 | )
Prepaids | (7,876 | ) |  | (7,724 | )
Tax over book depreciation | (59,308 | ) |  | (41,770 | )
Total deferred tax liabilities | $ | (151,562 | ) |  | $ | (134,696 | )
Valuation allowance | (3,978 | ) |  | (3,413 | )
Total net deferred tax liabilities | $ | (88,934 | ) |  | $ | (72,101 | )
Current net deferred tax assets | — |  |  | 17,310 |
Long term net deferred tax liabilities | (88,934 | ) |  | (89,411 | )
Total net deferred tax liabilities | $ | (88,934 | ) |  | $ | (72,101 | )
Summary of Valuation Allowance | The valuation allowance for deferred tax assets is as follows:
Valuation allowance for deferred tax asset (in thousands) | Balance at beginning of period |  | Charged to expenses |  | Adjustments to balance sheet |  | Balance at end of period
Year ended January 2, 2016 | 3,413 |  |  | — |  |  | 565 |  |  | 3,978 |
Year ended January 3, 2015 | 1,579 |  |  | 2,474 |  |  | (640 | ) |  | 3,413 |
Year ended December 28, 2013 | 1,580 |  |  | — |  |  | (1 | ) |  | 1,579 |
Summary of Income Tax Contingencies | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
(in thousands) | 2015 |  |  | 2014 |
Unrecognized tax benefits, beginning of period | $ | 4,250 |  |  | $ | 2,809 |
Increases in positions due to purchase accounting | — |  |  | 400 |
Increases in positions taken in a prior period | 82 |  |  | 406 |
Decreases in positions taken in a prior period | (1,611 | ) |  | (124 | )
New positions taken in a current period | 793 |  |  | 1,422 |
Decrease due to settlements | — |  |  | — |
Decrease due to lapse of statute of limitations | (656 | ) |  | (663 | )
Unrecognized tax benefits, end of period | $ | 2,858 |  |  | $ | 4,250 |

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- 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 + Details
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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 + Details
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- 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 + Details
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