INCOME TAXES (Tables)

12 Months Ended

Dec. 29, 2019

Income Tax Disclosure [Abstract]

Income Before Income Taxes by Jurisdiction

Income before income taxes by jurisdiction is as follows:

	2019		2018		2017
	(In thousands)
U.S.	$	342,110	$	175,805	$	773,160
Foreign	275,435		156,422		208,906
Total	$	617,545	$	332,227	$	982,066

Components of Income Tax Expense (Benefit)

The components of income tax expense are set forth below:

	2019			2018			2017
	(In thousands)
Current:
Federal	$	27,585		$	8,835		$	213,146
Foreign	78,099			45,311			65,100
State and other	12,847			(1,263		)	35,614
Total current	118,531			52,883			313,860
Deferred:
Federal	51,387			41,104			(19,434		)
Foreign	(18,596		)	(17,160		)	(34,264		)
State and other	9,687			8,596			3,737
Total deferred	42,478			32,540			(49,961		)
	$	161,009		$	85,423		$	263,899

Schedule of Income Tax Reconciliation

The following table reconciles the statutory U.S. federal income tax rate to the Company’s effective income tax rate:

	2019			2018			2017
Federal income tax rate	21.0		%	21.0		%	35.0		%
State tax rate, net	3.0			3.6			2.6
One-time transition tax	—			7.9			—
Permanent items	(1.7	)		1.4			—
Domestic production activity	—			—			(1.6	)
Difference in U.S. statutory tax rate and foreign     country effective tax rate	2.1			2.3			(1.4	)
Rate change	(0.1	)		(2.5	)		(5.3	)
Tax credits	(0.7	)		(7.9	)		(0.5	)
Change in reserve for unrecognized tax benefits	2.7			(1.7	)		(0.7	)
Change in valuation allowance	0.1			2.7			(1.2	)
Other	(0.3	)		(1.1	)		—
Total	26.1		%	25.7		%	26.9		%

Schedule of Deferred Tax Assets and Liabilities

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

	December 29, 2019			December 30, 2018
	(In thousands)
Deferred tax liabilities:
PP&E and identified intangible assets	$	290,427		$	217,353
Inventories	81,469			69,464
Insurance claims and losses	31,642			29,964
Business combinations	47,450			46,779
Incentive compensation	12,860			11,838
Operating lease assets	68,846			—
Other	14,267			11,596
Total deferred tax liabilities	546,961			386,994
Deferred tax assets:
Net operating losses	3,120			2,923
Foreign net operating losses	50,806			38,531
Credit carry forwards	15,575			14,461
Allowance for doubtful accounts	5,429			6,788
Accrued liabilities	51,148			60,572
Workers compensation	36,147			25,297
Pension and other postretirement benefits	29,429			28,266
Operating lease liabilities	68,846			—
Other	22,502			3,133
Total deferred tax assets	283,002			179,971
Valuation allowance	(33,522		)	(26,150		)
Net deferred tax assets	249,480			153,821
Net deferred tax liabilities	$	297,481		$	233,173

Schedule of Unrecognized Tax Benefits

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

	December 29, 2019			December 30, 2018
	(In thousands)
Unrecognized tax benefits, beginning of year	$	12,412		$	11,866
Increase as a result of tax positions taken during the current year	—			261
Increase as a result of tax positions taken during prior years	597			1,152
Decrease for lapse in statute of limitations	(233		)	(867		)
Unrecognized tax benefits, end of year	$	12,776		$	12,412