Income Taxes (Tables)

12 Months Ended

Dec. 29, 2018

Schedule of Components of Income Tax Expense (Benefit)

Domestic and foreign income (loss) before income taxes is as follows:



(in thousands)	2018			2017			2015
Domestic	$	(49,995	)	$	(20,496	)	$	(9,563	)
Foreign	254,937			224,533			132,837
Income before income taxes	$	204,942		$	204,037		$	123,274

Federal, state and foreign income tax expense (benefit) consists of the following:



(in thousands)	2018			2017		2016
Current:
Federal	$	(3,193	)	$	34,060	$	(3,992	)
State	119			450		(648		)
Foreign	48,130			32,945		28,695
Subtotal	45,056			67,455		24,055
Deferred:
Federal and State	(3,896		)	16,562		(1,594		)
Foreign	(783		)	501		(3,675		)
Subtotal	(4,679		)	17,063		(5,269		)
Provision for income taxes	$	40,377		$	84,518	$	18,786

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation between income taxes computed on income before income taxes at the federal statutory rate and the provision for income taxes is provided below:



(in thousands)	2018			2017			2016
Tax expense at statutory rate of 21% (35% for 2017 and 2016)	$	43,038		$	71,413		$	43,146
2017 Toll Charge (and 2018 adjustment)	2,278			49,000			—
Provisional Tax Act impact other than Toll Charge (and 2018 adjustment)	966			(1,962		)	—
Net impact associated with the GILTI tax provisions	5,075			—			—
State and local taxes, net of federal tax benefit	(1,238		)	292			(415		)
Non-U.S. income tax rate differential	(20,472		)	(47,077		)	(25,471		)
Impairment of goodwill without tax benefit	—			—			3,088
Tax on unremitted earnings	4,660			12,202			2,747
Non-U.S. losses and expenses with no tax benefit	3,107			—			—
Nondeductible professional fees	1,001			1,240			313
Tax deduction for stock of foreign subsidiary	—			—			(3,896		)
Other, net	1,962			(590		)	(726		)
Provision for income taxes	$	40,377		$	84,518		$	18,786

Schedule of Deferred Tax Assets and Liabilities

Significant components of the company’s deferred tax assets and liabilities at December 29, 2018 and December 30, 2017, are as follows:



(in thousands)	2018			2017
Deferred tax assets:
Accrued expenses and reserves	$	35,597		$	24,094
Foreign tax credit carryforwards	1,506			1,053
Other U.S. tax attribute carryforwards	1,539			—
Accrued restructuring	60			156
Capital loss carryforwards	47			3,165
Domestic and non-U.S. net operating loss and credit carryforwards	8,613			5,778
Gross deferred tax assets	47,362			34,246
Less: Valuation allowance	(4,794		)	(6,203		)
Total deferred tax assets	42,568			28,043

Deferred tax liabilities:
Excess of book basis over the tax basis of assets	74,410			21,254
Tax on unremitted earnings	12,681			12,000
Total deferred tax liabilities	87,091			33,254
Net deferred tax liabilities	$	44,523		$	5,211

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending amount of unrecognized tax benefits as of December 29, 2018, December 30, 2017, and December 31, 2016 is as follows:



(in thousands)	Unrecognized Tax Benefits
Balance at December 31, 2016	$	8,617
Additions for tax positions taken in the current year	370
Other	(1,327		)
Balance at December 30, 2017	$	7,660
Additions for tax positions taken in the current year	2,929
Additions for tax positions related to the pre-acquisition periods of acquired subsidiaries	9,394
Decreases due to a lapse in the statute of limitations	(1,257		)
Other	(467		)
Balance at December 29, 2018	$	18,259