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Income Taxes
 12 Months Ended
Dec. 28, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The components of income before income taxes were taxed under the following jurisdictions:

(In thousands)202420232022
Domestic$672,625 $722,153 $737,538 
Foreign147,837 123,079 138,493 
Income before income taxes$820,462 $845,232 $876,031 
 
Income tax expense consists of the following:

(In thousands)202420232022
Current tax expense:   
Federal$136,248 $144,111 $149,269 
Foreign37,269 39,167 36,719 
State and local32,426 32,694 41,214 
Current tax expense205,943 215,972 227,202 
Deferred tax (benefit) expense:   
Federal1,617 4,806 (3,312)
Foreign3,285 270 (192)
State and local(5,769)(286)(376)
Deferred tax (benefit) expense(867)4,790 (3,880)
Income tax expense$205,076 $220,762 $223,322 
 
The difference between the reported income tax expense and a tax determined by applying the applicable U.S. federal statutory income tax rate to income before income taxes is reconciled as follows:

(In thousands)202420232022
Expected income tax expense$172,297 $177,499 $183,967 
State and local income tax, net of federal benefit19,847 25,542 32,184 
Effect of foreign statutory rates different from U.S. and other foreign adjustments9,308 14,519 7,443 
Investment in unconsolidated affiliates2,114 1,226 206 
Other, net1,510 1,976 (478)
Income tax expense$205,076 $220,762 $223,322 

The Company continues to assert that a portion of the undistributed earnings of its foreign subsidiaries are permanently reinvested. No taxes have been accrued with respect to these undistributed earnings or any outside basis differences. The Company has accrued appropriate taxes for any undistributed earnings that are not considered permanently reinvested. The Company has elected to provide for the tax expense related to global intangible low-taxed income (GILTI) in the year the tax is incurred.
The international tax framework introduced by the Organisation for Economic Co-operation and Development under its Pillar Two initiative includes a global minimum tax of 15 percent. Legislation adopting these provisions has been enacted in certain jurisdictions where the Company operates and is effective for the Company's 2024 fiscal year. The Company has assessed this legislation, and the Pillar Two provisions do not have a material impact on the Company’s income tax expense.

The Company includes interest and penalties related to income tax matters as a component of income tax expense, none of which was material in 2024, 2023, and 2022. 

The statute of limitations is open for the Company’s federal tax return for 2021 and all subsequent years. Some state and foreign returns are open for 2021 and all subsequent years, and some state and foreign returns are also open for some earlier tax years due to differing statute periods. While the Company believes that it is adequately reserved for possible audit adjustments, the final resolution of these examinations cannot be determined with certainty and could result in final settlements that differ from current estimates.

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below:

(In thousands)20242023
Deferred tax assets:  
Inventories$17,296 $19,162 
Other postretirement benefits and accrued items16,202 10,174 
Other reserves6,870 6,956 
Foreign tax attributes4,676 4,862 
State tax attributes, net of federal benefit3,932 6,728 
Stock-based compensation5,100 4,502 
Lease liability6,230 7,354 
Basis difference in unconsolidated affiliates11,649 11,509 
Total deferred tax assets71,955 71,247 
Less valuation allowance(16,692)(23,078)
Deferred tax assets, net of valuation allowance55,263 48,169 
Deferred tax liabilities:  
Property, plant, and equipment52,405 42,980 
Lease asset6,670 7,776 
Other liabilities10,198 10,884 
Total deferred tax liabilities69,273 61,640 
Net deferred tax liabilities$(14,010)$(13,471)

As of December 28, 2024, the Company had state net operating loss (NOL) carryforwards with potential tax benefits of $3.9 million, after consideration of the federal impact, expiring between 2032 and 2036.  

As of December 28, 2024, the Company had other foreign tax attributes with potential tax benefits of $3.6 million, which have an unlimited life, and attributes with potential benefits of $1.1 million that expire between 2036 and 2040; all of these foreign attributes were fully offset by a valuation allowance. The Company has also recorded a valuation allowance against deferred tax assets related to the basis differences in investments in unconsolidated affiliates.

Income taxes paid were approximately $210.4 million in 2024, $219.6 million in 2023, and $238.3 million in 2022.