Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v2.4.0.8
Income Taxes (Tables)
12 Months Ended
Dec. 28, 2013
Income Taxes [Abstract]  
Schedule Of Income Tax Expense (Benefit)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense (benefit) included in income from net earnings consists of the following:

 

 

 

 

 

 

 

 

 

Year ended

 

 

2011

 

2012

 

2013

 

 

 

 

 

 

 

Current

 

 

 

 

 

 

Federal

 

$             22,383

 

$             27,779

 

$             26,233

State

 

1,913 

 

1,141 

 

94 

Foreign

 

4,442 

 

4,051 

 

9,626 

 

 

 

 

 

 

 

Total Current

 

28,738 

 

32,971 

 

35,953 

 

 

 

 

 

 

 

Deferred

 

 

 

 

 

 

Federal

 

1,044 

 

(145)

 

5,507 

State

 

(71)

 

94 

 

(5)

Foreign

 

(2,985)

 

(927)

 

(3,898)

 

 

 

 

 

 

 

Total Deferred

 

(2,012)

 

(978)

 

1,604 

 

 

 

 

 

 

 

 

 

$             26,726

 

$             31,993

 

$             37,557

 

Reconciliation Of Income Tax Provision

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The income tax provision, as reconciled to the tax computed at the federal statutory rate of 35% for 2011, 2012, and

2013, is as follows:

 

 

 

 

 

 

 

 

Year ended

 

 

2011

 

2012

 

2013

 

 

 

 

 

 

 

Federal income taxes at statutory rate

 

$             27,117

 

$             34,449

 

$             40,803

State income taxes, net of federal tax benefit

 

1,373 

 

1,201 

 

102 

Qualified production activities deduction

 

(1,576)

 

(2,651)

 

(1,700)

Foreign income taxes

 

 -

 

(337)

 

(890)

All other, net

 

(188)

 

(669)

 

(758)

 

 

 

 

 

 

 

 

 

$             26,726

 

$             31,993

 

$             37,557

 

 

 

 

 

 

 

 

Schedule Of Deferred Taxes

 

 

 

 

 

 

 

 

 

 

The significant categories of deferred taxes are as follows:

 

 

December 29,

 

December 28,

 

 

2012

 

2013

Deferred tax assets

 

 

 

 

Inventory differences

 

$              2,415

 

$              3,111

Accruals not currently deductible

 

2,533 

 

5,345 

Equity-based compensation

 

4,375 

 

2,779 

Intangible assets

 

9,532 

 

10,590 

Net operating losses

 

2,240 

 

530 

Other

 

2,675 

 

2,315 

 

 

 

 

 

Gross deferred tax assets

 

23,770 

 

24,670 

Valuation allowance

 

(1,598)

 

(530)

 

 

 

 

 

Net deferred tax assets

 

22,172 

 

24,140 

 

 

 

 

 

Deferred tax liabilities

 

 

 

 

Depreciation/amortization

 

(5,260)

 

(5,323)

Accumulated other comprehensive income

 

(3,833)

 

(3,418)

Prepaid expenses

 

(1,240)

 

(1,370)

Intangible assets

 

(10,521)

 

(10,590)

Other

 

(2,490)

 

(5,268)

 

 

 

 

 

Gross deferred tax liabilities

 

(23,344)

 

(25,969)

 

 

 

 

 

Net deferred taxes

 

$            (1,172)

 

$            (1,829)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The Components of deferred taxes, net on a jurisdiction basis are as follows:

 

 

 

 

 

 

 

 

 

 

 

December 29,

 

December 28,

 

 

2012

 

2013

 

 

 

 

 

Net current deferred tax assets

 

$              4,255

 

$              8,588

Net noncurrent deferred tax assets

 

5,956 

 

5,519 

Net current deferred tax liabilities

 

(1,382)

 

(5,070)

Net noncurrent deferred tax liabilities

 

(10,001)

 

(10,866)

 

 

 

 

 

Net deferred taxes

 

$            (1,172)

 

$            (1,829)