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Income Taxes (Tables)

12 Months Ended

Dec. 30, 2017

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Significant components of the provision for income taxes, including those related to non-controlling interest, are as follows (in thousands):

	2017				2016				2015
Current:
Federal	$	9,501			$	18,963			$	27,768
State	3,408				3,740				5,258
Foreign	789				1,450				1,713
Current provision	13,698				24,153				34,739
Deferred:
Federal	(35,914		)		18,167				15,348
State	2,552				2,533				2,217
Foreign	378				(1,580		)		(540		)
Deferred provision	(32,984		)		19,120				17,025
Total income tax expense	$	(19,286	)		$	43,273			$	51,764

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 (in thousands):

	2017				2016				2015
Federal statutory tax expense	$	24,678			$	45,098			$	55,020
State taxes, net of federal tax effect	2,197				3,874				4,269
Credit for increasing research activities	(3,407		)		(3,808		)		(3,320		)
Deduction related to domestic production activities	(1,537		)		(2,243		)		(3,320		)
Valuation allowance	4,232				231				565
Federal rate adjustment to deferred taxes	(45,386		)		—				—
Equity based compensation	(1,544		)		—				—
Change in uncertain tax positions	(163		)		117				(1,344		)
Foreign income tax rate differential	2,094				845				1,074
Other – net	(450		)		(841		)		(1,180		)
Total income tax expense	$	(19,286	)		$	43,273			$	51,764

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Corporation’s deferred tax liabilities and assets are as follows (in thousands):

	2017				2016
Deferred Taxes
Allowance for doubtful accounts	$	2,679			$	495
Compensation	5,618				16,684
Inventory differences	2,541				3,977
Marketing accrual	1,653				1,458
Stock-based compensation	8,224				11,607
Accrued post-retirement benefit obligations	6,896				10,106
Vacation accrual	2,577				4,153
Warranty accrual	3,737				5,725
Net operating loss carryforward	6,534				5,820
Charitable contributions carryforward	2,839				—
Other – net	6,372				7,224
Total deferred tax assets	$	49,670			$	67,249
Deferred income	(4,330		)		(5,716		)
Goodwill and other intangible assets	(53,255		)		(87,146		)
Prepaids	(5,862		)		(9,271		)
Tax over book depreciation	(54,227		)		(70,946		)
Total deferred tax liabilities	$	(117,674	)		$	(173,079	)
Valuation allowance	(8,664		)		(4,159		)
Total net deferred tax liabilities	$	(76,668	)		$	(109,989	)
Long-term net deferred tax assets	193				719
Long-term net deferred tax liabilities	(76,861		)		(110,708		)
Total net deferred tax liabilities	$	(76,668	)		$	(109,989	)

Summary of Valuation Allowance

The valuation allowance for deferred tax assets is as follows (in thousands):

		Balance at beginning of period				Charged to expenses				Adjustments to balance sheet				Balance at end of period
Year ended December 30, 2017		$	4,159			$	4,505			$	—			$	8,664
Year ended December 31, 2016		$	3,978			$	231			$	(50	)		$	4,159
Year ended January 2, 2016		$	3,413			$	565			$	—			$	3,978

Summary of Income Tax Contingencies

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):

	2017				2016
Balance at beginning of period	$	3,043			$	2,858
Increases in positions taken in a prior period	—				86
Decreases in positions taken in a prior period	(45		)		—
New positions taken in a current period	569				792
Decrease due to settlements	(363		)		(560		)
Decrease due to lapse of statute of limitations	(680		)		(133		)
Balance at end of period	$	2,524			$	3,043

Schedule Of Interest And Penalties On Income Taxes

Interest, penalties, and benefits recognized in the Consolidated Statements of Comprehensive Income were as follows (in thousands):

	December 30, 2017				December 31, 2016				January 2, 2016
Interest, penalties, and (benefits)	$	(25	)		$	70			$	(66	)

The Corporation recorded a liability for interest and penalties related to unrecognized tax benefits in the Consolidated Statements of Comprehensive Income as follows (in thousands):

	December 30, 2017				December 31, 2016
Liability related to unrecognized tax benefits	$	183			$	208

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