INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income Before Income Taxes by Jurisdiction

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

	Year Ended
	December 31, 2023		December 25, 2022		December 26, 2021
	(In thousands)
U.S.	$	26,887	$	928,709	$	(141,940)
Foreign	338,335		96,764		234,330
Total	$	365,222	$	1,025,473	$	92,390

Schedule of Components of Income Tax Expense (Benefit)

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

	Year Ended
	December 31, 2023		December 25, 2022		December 26, 2021
	(In thousands)
Current:
Federal	$	(19,727)	$	169,660	$	22,591
Foreign	59,326		52,995		115,772
State and other	(3,369)		34,985		9,150
Total current	36,230		257,640		147,513
Deferred:
Federal	12,783		14,654		(52,147)
Foreign	(10,573)		5,694		(16,225)
State and other	4,465		947		(18,019)
Total deferred	6,675		21,295		(86,391)
Total	$	42,905	$	278,935	$	61,122

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 31, 2023		December 25, 2022		December 26, 2021
Federal income tax rate	21.0	%	21.0	%	21.0	%
State tax rate, net	0.6		3.2		(4.5)
Mexico tax audit	—		3.8		—
Intercompany financing	(5.7)		(1.9)		(14.1)
Permanent items	(0.9)		(0.9)		1.7
Difference in U.S. statutory tax rate and foreign country effective tax rate	5.2		1.2		22.3
Rate change	(0.7)		(0.9)		26.6
Foreign currency translation	(7.4)		(0.9)		10.6
Tax credits	(3.0)		(0.4)		(4.1)
Change in reserve for unrecognized tax benefits	—		(0.4)		7.3
Change in valuation allowance	6.9		2.8		(0.2)
Return to provision	(4.1)		—		—
Other	(0.2)		0.6		(0.4)
Total	11.7	%	27.2	%	66.2	%

Schedule of Deferred Tax Assets and Liabilities

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

	December 31, 2023		December 25, 2022
	(In thousands)
Deferred tax liabilities:
PP&E and identified intangible assets	$	519,458	$	547,113
Inventories	99,144		99,889
Incentive compensation	8,984		11,138
Operating lease assets	81,942		76,914
Other	2,534		7,867
Total deferred tax liabilities	712,062		742,921
Deferred tax assets:
U.S. net operating losses	24,902		12,297
Foreign net operating losses	55,583		53,801
Credit carry forwards	23,985		18,102
Allowance for credit losses	5,167		9,197
Accrued liabilities	81,156		127,714
Workers’ compensation	5,361		4,192
Pension and other postretirement benefits	—		3,351
Operating lease liabilities	80,823		76,914
Advance payments	22,774		68,361
Interest expense limitations	93,685		37,353
Other	26,428		33,785
Total deferred tax assets	419,864		445,067
Valuation allowance	(88,460)		(64,361)
Net deferred tax assets	331,404		380,706
Net deferred tax liabilities	$	380,658	$	362,215

Summary of Valuation Allowance

	Beginning Balance		Additions		Deductions		Ending Balance
	(In thousands)
Valuation allowance:
2023	$	64,361	$	25,296	$	(1,197)	$	88,460
2022	24,261		43,188		(3,088)		64,361
2021	33,678		—		(9,417)		24,261

Schedule of Unrecognized Tax Benefits

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

	December 31, 2023		December 25, 2022
	(In thousands)
Unrecognized tax benefits, beginning of year	$	27,585	$	20,242
Increase as a result of tax positions taken during prior years	17,415		13,950
Decrease for lapse in statute of limitations	(7,201)		(6,473)
Decrease for tax positions of prior years	(234)		(134)
Unrecognized tax benefits, end of year	$	37,565	$	27,585