INCOME TAXES (Tables)

12 Months Ended

Dec. 30, 2023

Income Tax Disclosure [Abstract]

Schedule of Income Before Income Tax, Domestic and Foreign

Earnings before income taxes and equity in loss of nonconsolidated subsidiaries for the fiscal years ended December 30, 2023, December 31, 2022, and December 25, 2021 were as follows:

	Fiscal Year Ended
	December 30,		December 31,		December 25,
	2023		2022		2021
United States	$	195,491	$	224,370	$	202,051
Foreign		40,961		139,518		58,032
Earnings before income taxes and equity in loss of nonconsolidated subsidiaries	$	236,452	$	363,888	$	260,083

Schedule of Income Tax Expense (Benefit)

	Fiscal Year Ended
	December 30,		December 31,		December 25,
	2023		2022		2021
United States	$	195,491	$	224,370	$	202,051
Foreign		40,961		139,518		58,032
Earnings before income taxes and equity in loss of nonconsolidated subsidiaries	$	236,452	$	363,888	$	260,083

Schedule of Reconciliation of Statutory Federal Income Tax Rate and Effective Tax Rate

	Fiscal Year Ended
	December 30,		December 31,		December 25,
	2023		2022		2021
Current:
Federal	$	42,226	$	48,309	$	30,031
State		8,480		11,888		8,891
Foreign		56,107		48,273		20,644
Total current income tax expense		106,813		108,470		59,566
Non-current:		1,957		1,442		1,777
Deferred:
Federal		(12,585)		(7,544)		4,587
State		(2,586)		(1,973)		558
Foreign		(3,478)		8,292		(5,074)
Total deferred income tax expense (benefit)		(18,649)		(1,225)		71
Total income tax expense	$	90,121	$	108,687	$	61,414

The reconciliations of the statutory federal income tax rate and the effective tax rate for the fiscal years ended December 30, 2023, December 31, 2022, and December 25, 2021 were as follows:

	Fiscal Year Ended
	December 30,		December 31,		December 25,
	2023		2022		2021
Statutory federal income tax rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal benefit	1.8		2.3		2.9
Carryforwards, credits and changes in valuation allowances	(2.4)		1.0		1.5
Foreign jurisdictional tax rate differences	4.6		4.2		(0.1)
Changes in unrecognized tax benefits	0.8		0.3		0.7
Impairment of long-lived assets	11.9		—		—
Excess tax benefit on equity compensation	1.1		0.5		0.7
Loss from divestiture of offshore wind energy structures business	—		2.2		—
Other	(0.7)		(1.6)		(3.1)
Effective tax rate	38.1	%	29.9	%	23.6	%

Schedule of Tax Effects of Significant Items Comprising Net Deferred Income Tax Liabilities

The tax effects of significant items comprising the Company’s net deferred income tax assets (liabilities) as of December 30, 2023 and December 31, 2022 were as follows:

	December 30,		December 31,
	2023		2022
Deferred income tax assets:
Accrued expenses and allowances	$	36,883	$	25,927
Tax credits and loss carryforwards		58,519		67,249
Inventory allowances		8,427		7,912
Accrued compensation and benefits		23,880		24,398
Lease liabilities		41,769		40,709
Research and development expenditures		22,751		7,650
Deferred compensation		16,163		16,308
Gross deferred income tax assets		208,392		190,153
Valuation allowance		(48,632)		(48,974)
Net deferred income tax assets		159,760		141,179
Deferred income tax liabilities:
Property, plant, and equipment		42,299		45,300
Intangible assets		52,017		52,750
Defined benefit pension asset		3,851		6,054
Lease assets		42,717		40,708
Other deferred tax liabilities		6,616		4,941
Total deferred income tax liabilities		147,500		149,753
Net deferred income tax assets (liabilities)	$	12,260	$	(8,574)

Schedule of Deferred Income Tax Assets (Liabilities) Presented on the Consolidated Balance Sheets

	December 30,		December 31,
	2023		2022
Deferred income tax assets:
Accrued expenses and allowances	$	36,883	$	25,927
Tax credits and loss carryforwards		58,519		67,249
Inventory allowances		8,427		7,912
Accrued compensation and benefits		23,880		24,398
Lease liabilities		41,769		40,709
Research and development expenditures		22,751		7,650
Deferred compensation		16,163		16,308
Gross deferred income tax assets		208,392		190,153
Valuation allowance		(48,632)		(48,974)
Net deferred income tax assets		159,760		141,179
Deferred income tax liabilities:
Property, plant, and equipment		42,299		45,300
Intangible assets		52,017		52,750
Defined benefit pension asset		3,851		6,054
Lease assets		42,717		40,708
Other deferred tax liabilities		6,616		4,941
Total deferred income tax liabilities		147,500		149,753
Net deferred income tax assets (liabilities)	$	12,260	$	(8,574)

Deferred income tax assets (liabilities) were presented as follows as of December 30, 2023 and December 31, 2022 in the Consolidated Balance Sheets:

	December 30,		December 31,
	2023		2022
Other non-current assets	$	33,465	$	32,517
Deferred income taxes		(21,205)		(41,091)
Net deferred income tax assets (liabilities)	$	12,260	$	(8,574)

Schedule of Activity Related to Unrecognized Tax Benefits

The following summarizes the activity related to the unrecognized tax benefits for the fiscal years ended December 30, 2023 and December 31, 2022:

	Fiscal Year Ended
	December 30,		December 31,
	2023		2022
Gross unrecognized tax benefits—beginning of period	$	2,536	$	2,664
Gross increases—tax positions in prior period		2,174		1,133
Gross increases—current‑period tax positions		370		523
Settlements with taxing authorities		(32)		(1,576)
Lapses of statutes of limitation		(742)		(208)
Gross unrecognized tax benefits—end of period	$	4,306	$	2,536