INCOME TAXES (Tables)

12 Months Ended

Dec. 26, 2021

Income Tax Disclosure [Abstract]

Income Before Income Taxes by Jurisdiction

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

	Year Ended
	December 26, 2021		December 27, 2020		December 29, 2019
	(In thousands)
U.S.	$	(141,940)	$	(27,095)	$	342,110
Foreign	234,330		188,920		275,435
Total	$	92,390	$	161,825	$	617,545

Components of Income Tax Expense (Benefit)

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

	Year Ended
	December 26, 2021		December 27, 2020		December 29, 2019
	(In thousands)
Current:
Federal	$	22,591	$	(8,800)	$	27,585
Foreign	115,772		28,985		78,099
State and other	9,150		9,234		12,847
Total current	147,513		29,419		118,531
Deferred:
Federal	(52,147)		13,864		51,387
Foreign	(16,225)		19,622		(18,596)
State and other	(18,019)		3,850		9,687
Total deferred	(86,391)		37,336		42,478
	$	61,122	$	66,755	$	161,009

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 26, 2021		December 27, 2020		December 29, 2019
Federal income tax rate	21.0	%	21.0	%	21.0	%
State tax rate, net	(4.5)		6.7		3.0
Global intangible low-taxed income	—		(7.3)		1.5
DOJ agreement	—		14.3		—
Intercompany financing	(14.1)		(9.5)		(1.6)
Permanent items	1.7		1.2		(1.6)
Difference in U.S. statutory tax rate and foreign country effective tax rate	22.3		5.4		2.1
Rate change	26.6		5.2		(0.1)
Foreign currency translation	10.6		3.0		(0.6)
Tax credits	(4.1)		(1.4)		(0.7)
Change in reserve for unrecognized tax benefits	7.3		0.3		2.7
Change in valuation allowance	(0.2)		1.2		0.1
Other	(0.4)		1.1		0.3
Total	66.2	%	41.2	%	26.1	%

Schedule of Deferred Tax Assets and Liabilities

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

	December 26, 2021		December 27, 2020
	(In thousands)
Deferred tax liabilities:
PP&E and identified intangible assets	$	518,641	$	376,917
Inventories	26,590		116,226
Insurance claims and losses	33,416		32,679
Incentive compensation	11,444		16,204
Operating lease assets	88,028		65,906
Other	11,373		26,968
Total deferred tax liabilities	689,492		634,900
Deferred tax assets:
U.S. net operating losses	2,693		3,034
Foreign net operating losses	53,227		56,213
Credit carry forwards	19,026		15,223
Allowance for credit losses	6,996		4,005
Accrued liabilities	103,482		94,769
Workers’ compensation	37,681		36,759
Pension and other postretirement benefits	28,083		35,899
Operating lease liabilities	88,028		65,906
Other	10,666		21,640
Total deferred tax assets	349,882		333,448
Valuation allowance	(24,261)		(32,908)
Net deferred tax assets	325,621		300,540
Net deferred tax liabilities	$	363,871	$	334,360

Schedule of Unrecognized Tax Benefits

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

	December 26, 2021		December 27, 2020
	(In thousands)
Unrecognized tax benefits, beginning of year	$	13,271	$	12,776
Increase as a result of tax positions taken during the current year	6,472		—
Increase as a result of tax positions taken during prior years	1,156		731
Decrease for lapse in statute of limitations	(657)		(236)
Unrecognized tax benefits, end of year	$	20,242	$	13,271