Income Taxes Income Taxes (Tables)

12 Months Ended

Dec. 28, 2024

Schedule of Income before Income Tax, Domestic and Foreign

U.S. and foreign income before income taxes are as follows (in thousands):


	December 28, 2024		December 30, 2023		December 31, 2022
United States	$	(17,062)	$	399,378	$	551,521
Foreign	264,570		320,579		342,197
Income before income taxes	$	247,508	$	719,957	$	893,718

Schedule of Components of Income Tax Expense (Benefit)

Income tax expense/(benefit) attributable to income before income taxes consists of the following (in thousands):


	December 28, 2024		December 30, 2023		December 31, 2022
Current:
Federal	$	287	$	1,574	$	(206)
State	1,956		1,336		2,288
Foreign	81,704		104,997		105,368
Total current	83,947		107,907		107,450
Deferred:
Federal	(121,872)		(22,868)		35,290
State	(1,643)		(28,511)		18,150
Foreign	1,231		3,040		(14,264)
Total deferred	(122,284)		(48,339)		39,176
	$	(38,337)	$	59,568	$	146,626

A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows (in thousands):


	December 28, 2024		December 30, 2023
Balance at beginning of Year	$	13,872	$	17,842
Change in tax positions related to current year	(4,600)		(1,883)
Change in tax positions related to prior years	1,480		(1,986)
Change in tax positions due to settlement with tax authorities	—		—
Expiration of the statute of limitations	—		(101)
Balance at end of year	$	10,752	$	13,872

Schedule of Effective Income Tax Rate Reconciliation

Income tax expense/(benefit) for the years ended December 28, 2024, December 30, 2023 and December 31, 2022, differed from the amount computed by applying the statutory U.S. federal income tax rate to income before income taxes as a result of the following (in thousands):


	December 28, 2024		December 30, 2023		December 31, 2022
Computed "expected" tax expense	$	51,977	$	151,191	$	187,681

Change in valuation allowance	50,231		27,713		(3,241)
Non-deductible compensation expenses	3,443		5,779		5,320
Deferred tax on unremitted foreign earnings	1,897		3,686		4,939

Foreign rate differential	13,817		16,607		17,628
Withholding taxes	(4,063)		(4,696)		(325)
Change in uncertain tax positions	(2,594)		(3,477)		8,167
State income taxes, net of federal benefit	(9,786)		(20,868)		10,738
Biofuel tax incentives	(127,081)		(125,006)		(77,189)
Global intangible low taxed income	1,882		14,943		5,745
Change in contingent payment liability	(16,029)		(655)		—
Change in tax law	—		(5,890)		(13)

Equity compensation windfall	(341)		(2,241)		(13,441)
Other, net	(1,690)		2,482		617
	$	(38,337)	$	59,568	$	146,626

Schedule 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 at December 28, 2024 and December 30, 2023 are presented below (in thousands):


	December 28, 2024		December 30, 2023
Deferred tax assets:
Loss contingency reserves	$	14,099	$	15,247
Employee benefits	13,715		15,466
Pension liability	3,307		3,193

Interest expense carryforwards	87,702		53,591
Tax loss carryforwards	417,119		291,910
Tax credit carryforwards	2,771		2,051
Operating lease liabilities	56,484		57,503
Inventory	9,705		17,013
Accrued liabilities and other	62,800		23,090
Total gross deferred tax assets	667,702		479,064
Less valuation allowance	(86,927)		(40,063)
Net deferred tax assets	580,775		439,001

Deferred tax liabilities:
Intangible assets amortization, including tax deductible goodwill	(256,453)		(248,146)
Property, plant and equipment depreciation	(192,280)		(242,666)
Investment in DGD Joint Venture	(316,993)		(324,583)
Operating lease assets	(55,221)		(56,098)
Tax on unremitted foreign earnings	(16,492)		(18,139)
Other	(13,990)		(29,832)
Total gross deferred tax liabilities	(851,429)		(919,464)
Net deferred tax liability	$	(270,654)	$	(480,463)

Amounts reported on Consolidated Balance Sheets:
Non-current deferred tax asset	$	22,368	$	17,711
Non-current deferred tax liability	(293,022)		(498,174)
Net deferred tax liability	$	(270,654)	$	(480,463)