INCOME TAXES (Tables)

12 Months Ended

Dec. 27, 2020

Income Tax Disclosure [Abstract]

Income Before Income Taxes by Jurisdiction

Income (loss) before income taxes by jurisdiction is as follows:

	Year Ended
	December 27, 2020		December 29, 2019		December 30, 2018
	(In thousands)
U.S.	$	(27,095)	$	342,110	$	175,805
Foreign	188,920		275,435		156,422
Total	$	161,825	$	617,545	$	332,227

Components of Income Tax Expense (Benefit)

The components of income tax expense (benefit) are set forth below:

	Year Ended
	December 27, 2020		December 29, 2019		December 30, 2018
	(In thousands)
Current:
Federal	$	(8,800)	$	27,585	$	8,835
Foreign	28,985		78,099		45,311
State and other	9,234		12,847		(1,263)
Total current	29,419		118,531		52,883
Deferred:
Federal	13,864		51,387		41,104
Foreign	19,622		(18,596)		(17,160)
State and other	3,850		9,687		8,596
Total deferred	37,336		42,478		32,540
	$	66,755	$	161,009	$	85,423

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:

	Year Ended
	December 27, 2020		December 29, 2019		December 30, 2018
Federal income tax rate	21.0	%	21.0	%	21.0	%
State tax rate, net	6.7		3.0		3.6
One-time transition tax	—		—		7.9
Global intangible low-taxed income	(7.3)		1.5		4.4
DOJ fine	14.3		—		—
Intercompany financing	(9.5)		(1.6)		(2.0)
Permanent items	1.2		(1.6)		(1.0)
Difference in U.S. statutory tax rate and foreign country effective tax rate	5.4		2.1		2.3
Rate change	5.2		(0.1)		(2.5)
Foreign currency translation	3.0		(0.6)		1.1
Tax credits	(1.4)		(0.7)		(7.9)
Change in reserve for unrecognized tax benefits	0.3		2.7		(1.7)
Change in valuation allowance	1.2		0.1		2.7
Other	1.1		0.3		(2.2)
Total	41.2	%	26.1	%	25.7	%

Schedule of Deferred Tax Assets and Liabilities

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

	December 27, 2020		December 29, 2019
	(In thousands)
Deferred tax liabilities:
PP&E and identified intangible assets	$	322,660	$	290,427
Inventories	116,226		81,469
Insurance claims and losses	32,679		31,642
Business combinations	54,257		47,450
Incentive compensation	16,204		12,860
Operating lease assets	65,906		68,846
Other	26,968		14,267
Total deferred tax liabilities	634,900		546,961
Deferred tax assets:
U.S. net operating losses	3,034		3,120
Foreign net operating losses	56,213		50,806
Credit carry forwards	15,223		15,575
Allowance for doubtful accounts	4,005		5,429
Accrued liabilities	94,769		51,148
Workers’ compensation	36,759		36,147
Pension and other postretirement benefits	35,899		29,429
Operating lease liabilities	65,906		68,846
Other	21,640		22,502
Total deferred tax assets	333,448		283,002
Valuation allowance	(32,908)		(33,522)
Net deferred tax assets	300,540		249,480
Net deferred tax liabilities	$	334,360	$	297,481

Schedule of Unrecognized Tax Benefits

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

	December 27, 2020		December 29, 2019
	(In thousands)
Unrecognized tax benefits, beginning of year	$	12,776	$	12,412
Increase as a result of tax positions taken during prior years	731		597
Decrease for lapse in statute of limitations	(236)		(233)
Unrecognized tax benefits, end of year	$	13,271	$	12,776