INCOME TAXES (Tables)

12 Months Ended

Dec. 30, 2023

Income Tax Disclosure [Abstract]

Income Before Income Taxes for Which the Provision for Income Taxes was Computed

The following table presents income before income taxes used to calculate the provision for income taxes:

	Year Ended December
(In thousands)	2023		2022		2021
Domestic	$	128,026	$	153,936	$	118,142
Foreign	143,873		165,200		126,458
Income before income taxes	$	271,899	$	319,136	$	244,600

Provision for Income Taxes

The following table presents components of the provision for income taxes:

	Year Ended December
(In thousands)	2023		2022		2021
Current:
Federal	$	26,290	$	53,990	$	24,514
Foreign	16,950		12,397		15,877
State	1,415		7,129		5,149
Total current income taxes	44,655		73,516		45,540
Deferred:
Federal and state	6,848		(9,828)		2,951
Foreign	(10,598)		9,955		686
Total deferred income taxes	(3,750)		127		3,637
Total provision for income taxes	$	40,905	$	73,643	$	49,177

Differences Between Income Taxes Computed by Applying Statutory Federal Income Tax Rate and Income Tax Expense reported in Consolidated Financial Statements

The following table presents a reconciliation of the differences between income taxes computed by applying the statutory federal income tax rate and "income taxes" recorded in the Company's statements of operations:

	Year Ended December
(In thousands)	2023		2022		2021
Tax at federal statutory rate	$	57,099	$	67,019	$	51,366
State income tax, net of federal tax benefit	2,614		4,542		5,167
Foreign rate differences	(20,354)		(9,849)		(13,698)
Employee compensation	1,216		2,121		940
Change in valuation allowance	(5,089)		4,881		2,010
Global intangible low-tax income ("GILTI")	5,518		3,586		2,852
Other	(99)		1,343		540
Income taxes	$	40,905	$	73,643	$	49,177

Deferred Income Tax Assets and Liabilities

The following table presents the components of "deferred income tax assets" and "deferred income tax liabilities" recorded in the Company's balance sheets:

(In thousands)	December 2023		December 2022
Deferred income tax assets:
Inventories	$	11,592	$	15,448
Deferred compensation	10,290		10,454
Other employee benefits	7,989		6,903
Stock-based compensation	4,139		5,286
Other accrued expenses	16,741		12,887
Intangible assets	29,232		31,589
Leases	12,055		11,161
Operating loss carryforwards	30,871		25,817
Tax credit carryforwards	69,221		2,645
Gross deferred income tax assets	192,130		122,190
Less: valuation allowance	(86,213)		(25,799)
Net deferred income tax assets	105,917		96,391
Deferred income tax liabilities:
Leases	11,595		10,373
Depreciation	20,929		22,152
Taxes on unremitted earnings	3,923		3,503
Deferred income tax liabilities	36,447		36,028
Total net deferred income tax assets	$	69,470	$	60,363
Amounts included in the balance sheets:
Deferred income tax assets	$	75,081	$	67,282
Deferred income tax liabilities	(5,611)		(6,919)
	$	69,470	$	60,363

Reconciliation of Change in Accrual for Unrecognized Income Tax Benefits

The following table presents a reconciliation of the change in the accrual for unrecognized income tax benefits:

(In thousands)	Unrecognized Income Tax Benefits		Accrued Interest and Penalties		Unrecognized Income Tax Benefits Including Interest and Penalties
Balance, December 2020	$	11,893	$	4,864	$	16,757
Additions for current year tax positions	154		—		154
Additions for prior year tax positions	18		525		543
Reductions for prior year tax positions	(348)		(340)		(688)
Balance, December 2021	11,717		5,049		16,766
Additions for current year tax positions	169		—		169
Additions for prior year tax positions	853		857		1,710
Reductions for prior year tax positions	—		(30)		(30)
Reductions due to statute expirations	(137)		(58)		(195)
Balance, December 2022	12,602		5,818		18,420
Additions for current year tax positions	248		—		248
Additions for prior year tax positions	79		931		1,010
Reductions for prior year tax positions	(345)		(140)		(485)
Reductions due to statute expirations	(2,249)		(296)		(2,545)
Balance, December 2023	$	10,335	$	6,313	$	16,648

Amounts Included in Consolidated Balance Sheets

(In thousands)	December 2023		December 2022
Amounts included in the balance sheets:
Unrecognized income tax benefits, including interest and penalties	$	16,648	$	18,420
Less: deferred tax benefits	(3,035)		(3,445)
Total unrecognized tax benefits	$	13,613	$	14,975