Income Taxes (Tables)

12 Months Ended

Dec. 28, 2013

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Significant components of the provision for income taxes including those related to noncontrolling interest and discontinued operations are as follows:

(In thousands)	2013			2012			2011
Current:
Federal	$	12,077		$	19,132		$	8,931
State	1,036			2,460			1,929
Foreign	2,153			1,175			1,719
Current provision	15,266			22,767			12,579
Deferred:
Federal	16,614			6,692			10,829
State	2,558			603			1,307
Foreign	(1,100		)	(784		)	(304		)
Deferred provision	18,072			6,511			11,832
	$	33,338		$	29,278		$	24,411

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:

	2013			2012			2011
Federal statutory tax expense	$	33,957		$	27,386		$	24,639
State taxes, net of federal tax effect	2,469			2,164			2,096
Credit for increasing research activities	(1,338		)	—			(942		)
Deduction related to domestic production activities	(1,396		)	(1,192		)	(1,005		)
Foreign income tax differential	(26		)	(899		)	(629		)
Executive compensation limitation	320			1,672			40
Valuation allowance	—			—			2
Uncertain tax positions	773			611			654
Other tax credits	(256		)	—			(203		)
Other – net	(1,165		)	(464		)	(241		)
Total income tax expense	$	33,338		$	29,278		$	24,411

Schedule of Deferred Tax Assets and Liabilities

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

(In thousands)	2013			2012			2011
Net long-term deferred tax liabilities:
Compensation	5,304			5,399			4,367
Stock-based compensation	8,911			7,069			5,582
Accrued post-retirement benefit obligations	5,972			5,918			5,749
OCI tax effected items	1,230			2,585			2,159
Warranty Accrual	2,723			2,565			2,536
Other – net	2,349			3,362			3,501
Total long-term deferred tax assets	26,489			26,898			23,894
Goodwill	(74,436		)	(66,127		)	(56,878		)
Tax over book depreciation	$	(20,081	)	$	(12,720	)	$	(6,300	)
Total long-term deferred tax liabilities	(94,517		)	(78,847		)	(63,178		)
Valuation allowance	(936		)	(919		)	(950		)
Total net long-term deferred tax liabilities	(68,964		)	(52,868		)	(40,234		)
Net current deferred tax assets:
Allowance for doubtful accounts	1,859			1,233			1,691
Vacation accrual	3,706			3,920			3,078
Inventory differences	3,695			3,660			3,676
Marketing accrual	1,317			1,348			1,323
Warranty accrual	2,412			2,022			2,212
Compensation	7,821			5,609			5,532
Other – net	7,371			7,042			4,300
Total current deferred tax assets	28,181			24,834			21,812
Deferred income	(4,148		)	(3,949		)	(3,933		)
Prepaids	(7,339		)	(812		)	(952		)
Total current deferred tax liabilities	(11,487		)	(4,761		)	(4,885		)
Valuation allowance	(643		)	(661		)	(666		)
Total net current deferred tax assets	16,051			19,412			16,261
Net deferred tax (liabilities) assets	$	(52,913	)	$	(33,456	)	$	(23,973	)

Summary of Income Tax Contingencies

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

(in thousands)	2013			2012			2011
Unrecognized tax benefits, beginning of period	$	2,927		$	3,098		$	3,193
Increases (decreases) in positions taken in a prior period	156			14			492
Decreases in positions taken in a prior period	(135		)	(8		)	(16		)
Increases in positions taken in a current period	791			626			670
Decrease due to settlements	—			—			—
Decrease due to lapse of statute of limitations	(930		)	(803		)	(1,241		)
Unrecognized tax benefits, end of period	$	2,809		$	2,927		$	3,098