Income Taxes (Tables)

12 Months Ended

Dec. 28, 2024

Schedule of Components of Income Before Income Taxes

The components of income before income taxes were taxed under the following jurisdictions:


(In thousands)	2024		2023		2022

Domestic	$	672,625	$	722,153	$	737,538
Foreign	147,837		123,079		138,493

Income before income taxes	$	820,462	$	845,232	$	876,031

Schedule of Components of Income Tax Expense

Income tax expense consists of the following:


(In thousands)	2024		2023		2022

Current tax expense:
Federal	$	136,248	$	144,111	$	149,269
Foreign	37,269		39,167		36,719
State and local	32,426		32,694		41,214

Current tax expense	205,943		215,972		227,202

Deferred tax (benefit) expense:
Federal	1,617		4,806		(3,312)
Foreign	3,285		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

Schedule of Income Tax Reconciliation

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)	2024		2023		2022

Expected income tax expense	$	172,297	$	177,499	$	183,967
State and local income tax, net of federal benefit	19,847		25,542		32,184
Effect of foreign statutory rates different from U.S. and other foreign adjustments	9,308		14,519		7,443



Investment in unconsolidated affiliates	2,114		1,226		206




Other, net	1,510		1,976		(478)

Income tax expense	$	205,076	$	220,762	$	223,322

Schedule of Components of Deferred Tax Assets and Liabilities

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)	2024		2023

Deferred tax assets:
Inventories	$	17,296	$	19,162
Other postretirement benefits and accrued items	16,202		10,174

Other reserves	6,870		6,956
Foreign tax attributes	4,676		4,862
State tax attributes, net of federal benefit	3,932		6,728
Stock-based compensation	5,100		4,502
Lease liability	6,230		7,354
Basis difference in unconsolidated affiliates	11,649		11,509

Total deferred tax assets	71,955		71,247
Less valuation allowance	(16,692)		(23,078)

Deferred tax assets, net of valuation allowance	55,263		48,169

Deferred tax liabilities:
Property, plant, and equipment	52,405		42,980

Lease asset	6,670		7,776
Other liabilities	10,198		10,884


Total deferred tax liabilities	69,273		61,640

Net deferred tax liabilities	$	(14,010)	$	(13,471)