INCOME TAXES (Tables)

12 Months Ended

Dec. 25, 2022

Income Tax Disclosure [Abstract]

Income Before Income Taxes by Jurisdiction

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

	Year Ended
	December 25, 2022		December 26, 2021		December 27, 2020
	(In thousands)
U.S.	$	928,709	$	(141,940)	$	(27,095)
Foreign	96,764		234,330		188,920
Total	$	1,025,473	$	92,390	$	161,825

Components of Income Tax Expense (Benefit)

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

	Year Ended
	December 25, 2022		December 26, 2021		December 27, 2020
	(In thousands)
Current:
Federal	$	169,660	$	22,591	$	(8,800)
Foreign	52,995		115,772		28,985
State and other	34,985		9,150		9,234
Total current	257,640		147,513		29,419
Deferred:
Federal	14,654		(52,147)		13,864
Foreign	5,694		(16,225)		19,622
State and other	947		(18,019)		3,850
Total deferred	21,295		(86,391)		37,336
Total	$	278,935	$	61,122	$	66,755

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 25, 2022		December 26, 2021		December 27, 2020
Federal income tax rate	21.0	%	21.0	%	21.0	%
State tax rate, net	3.2		(4.5)		6.7
Global intangible low-taxed income	—		—		(7.3)
DOJ agreement	—		—		14.3
Mexico tax audit	3.8		—		—
Intercompany financing	(1.9)		(14.1)		(9.5)
Permanent items	(0.9)		1.7		1.2
Difference in U.S. statutory tax rate and foreign country effective tax rate	1.2		22.3		5.4
Rate change	(0.9)		26.6		5.2
Foreign currency translation	(0.9)		10.6		3.0
Tax credits	(0.4)		(4.1)		(1.4)
Change in reserve for unrecognized tax benefits	(0.4)		7.3		0.3
Change in valuation allowance	2.8		(0.2)		1.2
Other	0.6		(0.4)		1.1
Total	27.2	%	66.2	%	41.2	%

Schedule of Deferred Tax Assets and Liabilities

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

	December 25, 2022		December 26, 2021
	(In thousands)
Deferred tax liabilities:
PP&E and identified intangible assets	$	547,113	$	518,641
Inventories	99,889		26,590
Insurance claims and losses	—		33,416
Incentive compensation	11,138		11,444
Operating lease assets	76,914		88,028
Other	7,867		11,373
Total deferred tax liabilities	742,921		689,492
Deferred tax assets:
U.S. net operating losses	12,297		2,693
Foreign net operating losses	53,801		53,227
Credit carry forwards	18,102		19,026
Allowance for credit losses	9,197		6,996
Accrued liabilities	127,714		103,482
Workers’ compensation	4,192		37,681
Pension and other postretirement benefits	3,351		28,083
Operating lease liabilities	76,914		88,028
Advance payments	68,361		—
Interest expense limitations	37,353		—
Other	33,785		10,666
Total deferred tax assets	445,067		349,882
Valuation allowance	(64,361)		(24,261)
Net deferred tax assets	380,706		325,621
Net deferred tax liabilities	$	362,215	$	363,871

Schedule of Unrecognized Tax Benefits

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

	December 25, 2022		December 26, 2021
	(In thousands)
Unrecognized tax benefits, beginning of year	$	20,242	$	13,271
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	13,950		1,156
Decrease for lapse in statute of limitations	(6,473)		(657)
Decrease for tax positions of prior years	(134)		—
Unrecognized tax benefits, end of year	$	27,585	$	20,242