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Taxes (Tables)

12 Months Ended

Jan. 03, 2015

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		2014			2013
Current deferred income tax assets (liabilities):
Bad debt allowance		$	4,387		$	4,467
Returns allowance			8,724			8,641
Inventory			11,882			12,169
Warranty reserve			2,590			3,040
Compensation			6,459			9,189
Accrued liabilities			6,658			0
Deferred rent			1,128			1,810
Loss carryforwards			1,910			3,392
Other			(5,007	)		12,070
​	​	​	​	​	​	​	​
Total current deferred tax assets			38,731			54,778
Valuation allowance			(5,168	)		(7,946	)
​	​	​	​	​	​	​	​
Net current deferred income tax assets		$	33,563		$	46,832
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​
Total short-term deferred income tax assets		$	34,084		$	46,986
Total short-term deferred income tax liabilities			(521	)		(154	)
​	​	​	​	​	​	​	​
Net short-term deferred income tax assets		$	33,563		$	46,832
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​
Long-term deferred income tax (liabilities) assets:
Unrealized exchange losses		$	8,325		$	(1,939	)
State income tax and interest on tax contingencies			2,880			160
Fixed assets			(51,719	)		(50,194	)
Trade names and customer lists			(6,782	)		(6,803	)
Compensation			3,481			4,803
Deferred rent			9,425			7,456
Loss carryforwards			1,409			2,429
Undistributed earnings of certain foreign subsidiaries			(52,122	)		(52,546	)
Tax deductible foreign reserves			3,248			0
Other			4,231			11,111
​	​	​	​	​	​	​	​
Total deferred income tax liabilities			(77,624	)		(85,523	)
Valuation allowance			(1,653	)		(2,601	)
​	​	​	​	​	​	​	​
Net long-term deferred income tax liabilities		$	(79,277	)	$	(88,124	)
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​
Total long-term deferred income tax assets		$	8,583		$	10,044
Total long-term deferred income tax liabilities			(87,860	)		(98,168	)
​	​	​	​	​	​	​	​
Net long-term deferred income tax liabilities		$	(79,277	)	$	(88,124	)
​	​	​	​	​	​	​	​
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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 2015 through 2019		$	6,100
Expires 2020 through 2024			2,855
Expires 2025 through 2028			2,696
Indefinite			3,263
​	​	​	​	​
Total loss carryforwards		$	14,914
​	​	​	​	​
​	​	​	​	​

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		2014			2013			2012
U.S		$	169,079		$	194,956		$	193,985
Non-U.S			388,999			366,511			298,237
​	​	​	​	​	​	​	​	​	​	​
Total		$	558,078		$	561,467		$	492,222
​	​	​	​	​	​	​	​	​	​	​
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Components of provision for income taxes

Fiscal Year		2014			2013			2012
Current provision:
U.S. federal		$	84,669		$	97,860		$	64,552
Non-U.S			74,190			69,901			60,239
State and local			10,582			8,297			6,314
​	​	​	​	​	​	​	​	​	​	​
Total current			169,441			176,058			131,105
Deferred provision (benefit)
U.S. federal			5,124			(2,346	)		9,485
Non-U.S			(3,622	)		(166	)		(2,426	)
State and local			524			(127	)		(201	)
​	​	​	​	​	​	​	​	​	​	​
Total deferred			2,026			(2,639	)		6,858
​	​	​	​	​	​	​	​	​	​	​
Provision for income taxes		$	171,467		$	173,419		$	137,963
​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​

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		2014			2013			2012
Tax at statutory rate			35.0	%		35.0	%		35.0	%
State, net of federal tax benefit			0.9			0.9			1.0
Foreign rate differential			(12.3	)		(12.5	)		(10.0	)
U.S. tax on foreign income			6.3			5.9			3.1
Income tax contingencies			0.7			0.0			(1.7	)
Valuation allowances			(0.3	)		0.9			0.0
Other			0.4			0.7			0.6
​	​	​	​	​	​	​	​	​	​	​
Provision for income taxes			30.7	%		30.9	%		28.0	%
​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​

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		2014			2013			2012
Balance at beginning of year		$	14,314		$	15,549		$	17,974
Gross increases tax positions in prior years			4,234			3,310			1,245
Gross decreases tax positions in prior years			(1,018	)		(4,384	)		(2,580	)
Gross increases—current year tax positions			3,508			3,575			2,486
Settlements			(194	)		(3,456	)		(3,582	)
Lapse in statute of limitations			(617	)		(297	)		0
Change due to currency revaluation			(141	)		17			6
​	​	​	​	​	​	​	​	​	​	​
Balance at end of year		$	20,086		$	14,314		$	15,549
​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​

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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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