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Taxes (Tables)

12 Months Ended

Dec. 28, 2013

Taxes

Schedule of significant components of the consolidated deferred tax assets and liabilities

Significant components of the consolidated deferred tax assets and liabilities were (in thousands):

Fiscal Year		2013			2012
Current deferred income tax assets (liabilities):
Bad debt allowance		$	4,467		$	6,542
Returns allowance			14,310			14,835
Inventory			12,169			10,019
Warranty reserve			3,040			2,403
Compensation			9,189			(2,872	)
Accrued liabilities			0			2,600
Returns cost of sales			(5,669	)		(6,005	)
Deferred rent			1,810			804
Loss carryforwards			3,392			1,735
Other			12,070			6,016
​	​	​	​	​	​	​	​
Total current deferred tax assets			54,778			36,077
Valuation allowance			(7,946	)		(1,843	)
​	​	​	​	​	​	​	​
Net current deferred income tax assets		$	46,832		$	34,234
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​
Total short-term deferred income tax assets		$	46,986		$	34,238
Total short-term deferred income tax liabilities			(154	)		(4	)
​	​	​	​	​	​	​	​
Net short-term deferred income tax assets		$	46,832		$	34,234
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​
Long-term deferred income tax (liabilities) assets:
Unrealized exchange losses		$	(1,939	)	$	1,098
State income tax and interest on tax contingencies			160			24
Fixed assets			(50,194	)		(45,237	)
Trade names and customer lists			(6,803	)		(7,139	)
Compensation			4,803			12,010
Deferred rent			7,456			7,732
Loss carryforwards			2,429			3,357
Undistributed earnings of certain foreign subsidiaries			(52,546	)		(51,578	)
Tax deductible foreign reserves			0			335
Other			11,111			10,098
​	​	​	​	​	​	​	​
Total deferred income tax liabilities			(85,523	)		(69,300	)
Valuation allowance			(2,601	)		(3,920	)
​	​	​	​	​	​	​	​
Net long-term deferred income tax liabilities		$	(88,124	)	$	(73,220	)
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​
Total long-term deferred income tax assets		$	10,044		$	6,536
Total long-term deferred income tax liabilities			(98,168	)		(79,756	)
​	​	​	​	​	​	​	​
Net long-term deferred income tax liabilities		$	(88,124	)	$	(73,220	)
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​

Schedule of the amounts and the fiscal year of expiration of the entity's loss carry-forwards

The amounts and the fiscal year of expiration of the loss carryforwards are (in thousands):

Expires 2013 through 2017		$	2,559
Expires 2018 through 2022			10,237
Expires 2023 through 2027			2,353
Indefinite			6,456
​	​	​	​	​
Total loss carryforwards		$	21,605
​	​	​	​	​
​	​	​	​	​

Schedule of income before income taxes for the Company's U.S. and non-U.S. based operations

The following table identifies income before income taxes for the Company's U.S. and non-U.S. based operations for the fiscal years indicated (in thousands):

Fiscal Year		2013			2012			2011
U.S.		$	194,956		$	193,985		$	173,861
Non-U.S.			366,511			298,237			277,698
​	​	​	​	​	​	​	​	​	​	​
Total		$	561,467		$	492,222		$	451,559
​	​	​	​	​	​	​	​	​	​	​
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Components of provision for income taxes

The Company's provision for income taxes consisted of the following for the fiscal years indicated (in thousands):

Fiscal Year		2013			2012			2011
Current provision:
U.S. federal		$	97,860		$	64,552		$	59,854
Non-U.S.			69,901			60,239			55,407
State and local			8,297			6,314			7,416
​	​	​	​	​	​	​	​	​	​	​
Total current			176,058			131,105			122,677
Deferred provision (benefit)
U.S. federal			(2,346	)		9,485			25,116
Non-U.S.			(166	)		(2,426	)		(4,680	)
State and local			(127	)		(201	)		1,044
​	​	​	​	​	​	​	​	​	​	​
Total deferred			(2,639	)		6,858			21,480
Provision for income taxes		$	173,419		$	137,963		$	144,157
​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​

Schedule of reconciliation of the U.S. federal statutory income tax rate to the effective tax rate

A reconciliation of the U.S. federal statutory income tax rate of 35% to the Company's effective tax rate is as follows:

Fiscal Year		2013			2012			2011
Tax at statutory rate			35.0	%		35.0	%		35.0	%
State, net of federal tax benefit			0.9			1.0			1.2
Foreign rate differential			(12.5	)		(10.0	)		(12.0	)
U.S. tax on foreign income			5.9			3.1			6.7
Income tax contingencies			0.0			(1.7	)		0.7
Valuation allowances			0.9			0.0			0.0
Other			0.7			0.6			0.3
​	​	​	​	​	​	​	​	​	​	​
Provision for income taxes			30.9	%		28.0	%		31.9	%
​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​

Schedule of reconciliation of the total amounts of unrecognized tax benefits

The following is a tabular reconciliation of the total amounts of unrecognized tax benefits for the fiscal years indicated (in thousands):

Fiscal Year		2013			2012			2011
Balance at beginning of year		$	15,549		$	17,974		$	10,945
Gross increases tax positions in prior years			3,310			1,245			5,963
Gross decreases tax positions in prior years			(4,384	)		(2,580	)		0
Gross increases—current year tax positions			3,575			2,486			1,192
Settlements			(3,456	)		(3,582	)		(119	)
Lapse in statute of limitations			(297	)		0			0
Increase due to currency revaluation			17			6			(7	)
​	​	​	​	​	​	​	​	​	​	​
Balance at end of year		$	14,314		$	15,549		$	17,974
​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​

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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.

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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.

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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.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of the change in unrecognized tax benefits.

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Tabular disclosure of pertinent information, such as tax authority, amounts, and expiration dates, of net operating loss carryforwards, including an assessment of the likelihood of utilization.

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