INCOME TAXES (Tables)
|
12 Months Ended |
Dec. 30, 2017 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Provision for Income Taxes was Computed Based on Amounts of Income Before Income Taxes |
The provision for income taxes was computed based on the following amounts of income from continuing operations before income taxes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
|
2017 |
|
|
2016 |
|
2015 |
Domestic |
|
$ |
364,846 |
|
|
|
$ |
301,760 |
|
|
$ |
741,246 |
|
Foreign |
|
1,051,649 |
|
|
|
982,956 |
|
|
823,011 |
|
Income before income taxes |
|
$ |
1,416,495 |
|
|
|
$ |
1,284,716 |
|
|
$ |
1,564,257 |
|
|
| Provision for Income Taxes |
The provision for income taxes consisted of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
|
2017 |
|
|
2016 |
|
2015 |
Current: |
|
|
|
|
|
|
|
Federal |
|
$ |
618,611 |
|
|
|
$ |
115,570 |
|
|
$ |
194,776 |
|
Foreign |
|
135,007 |
|
|
|
123,960 |
|
|
111,976 |
|
State |
|
21,506 |
|
|
|
37,957 |
|
|
33,361 |
|
|
|
775,124 |
|
|
|
277,487 |
|
|
340,113 |
|
Deferred: |
|
|
|
|
|
|
|
Federal and state |
|
(76,039 |
) |
|
|
(63,610 |
) |
|
401 |
|
Foreign |
|
(3,799 |
) |
|
|
(8,015 |
) |
|
6,687 |
|
Income taxes |
|
$ |
695,286 |
|
|
|
$ |
205,862 |
|
|
$ |
347,201 |
|
|
| Differences Between Income Taxes Computed by Applying Statutory Federal Income Tax Rate and Income Tax Expense reported in Consolidated Financial Statements |
The differences between income taxes computed by applying the statutory federal income tax rate and income tax expense reported in the consolidated financial statements are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
|
2017 |
|
|
2016 |
|
2015 |
Tax at federal statutory rate |
|
$ |
495,772 |
|
|
|
$ |
449,650 |
|
|
$ |
547,489 |
|
State income taxes, net of federal tax benefit |
|
23,684 |
|
|
|
24,426 |
|
|
20,383 |
|
Foreign rate differences |
|
(217,131 |
) |
|
|
(262,392 |
) |
|
(193,514 |
) |
Tax reform |
|
465,501 |
|
|
|
— |
|
|
— |
|
Capital losses |
|
(67,032 |
) |
|
|
— |
|
|
— |
|
Valuation allowances (federal) |
|
37,296 |
|
|
|
— |
|
|
— |
|
Stock compensation (federal) |
|
(22,826 |
) |
|
|
(25,135 |
) |
|
— |
|
Other |
|
(19,978 |
) |
|
|
19,313 |
|
|
(27,157 |
) |
Income taxes |
|
$ |
695,286 |
|
|
|
$ |
205,862 |
|
|
$ |
347,201 |
|
|
| Deferred Income Tax Assets and Liabilities |
Deferred income tax assets and liabilities consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
|
2017 |
|
|
2016 |
Deferred income tax assets: |
|
|
|
|
|
Inventories |
|
$ |
21,146 |
|
|
|
$ |
31,260 |
|
Deferred compensation |
|
55,326 |
|
|
|
87,765 |
|
Other employee benefits |
|
45,464 |
|
|
|
77,360 |
|
Stock compensation |
|
45,960 |
|
|
|
68,722 |
|
Other accrued expenses |
|
158,596 |
|
|
|
157,907 |
|
Capital loss carryforwards |
|
34,705 |
|
|
|
— |
|
Operating loss carryforwards |
|
251,236 |
|
|
|
152,587 |
|
Gross deferred income tax assets |
|
612,433 |
|
|
|
575,601 |
|
Valuation allowances |
|
(225,141 |
) |
|
|
(114,990 |
) |
Net deferred income tax assets |
|
387,292 |
|
|
|
460,611 |
|
Deferred income tax liabilities: |
|
|
|
|
|
Depreciation |
|
25,574 |
|
|
|
35,461 |
|
Intangible assets |
|
237,667 |
|
|
|
471,493 |
|
Other deferred tax liabilities |
|
78,824 |
|
|
|
58,767 |
|
Deferred income tax liabilities |
|
342,065 |
|
|
|
565,721 |
|
Net deferred income tax assets (liabilities) |
|
$ |
45,227 |
|
|
|
$ |
(105,110 |
) |
Amounts included in the Consolidated Balance Sheets: |
|
|
|
|
|
Other assets (Note I) |
|
$ |
103,601 |
|
|
|
$ |
42,171 |
|
Other liabilities (Note M) |
|
(58,374 |
) |
|
|
(147,281 |
) |
|
|
$ |
45,227 |
|
|
|
$ |
(105,110 |
) |
|
| Reconciliation of Change in Accrual for Unrecognized Income Tax Benefits |
A reconciliation of the change in the accrual for unrecognized income tax benefits is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
Unrecognized
Income Tax
Benefits |
|
Accrued
Interest
and Penalties |
|
Unrecognized
Income Tax
Benefits
Including Interest
and Penalties |
Balance, December 2014 |
$ |
113,604 |
|
|
$ |
17,219 |
|
|
$ |
130,823 |
|
Additions for current year tax positions |
13,470 |
|
|
— |
|
|
13,470 |
|
Additions for prior year tax positions |
4,396 |
|
|
3,188 |
|
|
7,584 |
|
Reductions for prior year tax positions |
(32,432 |
) |
|
(6,350 |
) |
|
(38,782 |
) |
Reductions due to statute expirations |
(11,780 |
) |
|
(2,528 |
) |
|
(14,308 |
) |
Payments in settlement |
(11,437 |
) |
|
(2,065 |
) |
|
(13,502 |
) |
Currency translation |
(144 |
) |
|
(95 |
) |
|
(239 |
) |
Balance, December 2015 |
75,677 |
|
|
9,369 |
|
|
85,046 |
|
Additions for current year tax positions |
121,025 |
|
|
— |
|
|
121,025 |
|
Additions for prior year tax positions |
6,164 |
|
|
2,880 |
|
|
9,044 |
|
Reductions for prior year tax positions |
(4,798 |
) |
|
(1,362 |
) |
|
(6,160 |
) |
Reductions due to statute expirations |
(14,985 |
) |
|
(1,335 |
) |
|
(16,320 |
) |
Payments in settlement |
(6,108 |
) |
|
(829 |
) |
|
(6,937 |
) |
Currency translation |
(9 |
) |
|
(14 |
) |
|
(23 |
) |
Balance, December 2016 |
176,966 |
|
|
8,709 |
|
|
185,675 |
|
Additions for current year tax positions |
28,049 |
|
|
— |
|
|
28,049 |
|
Additions for prior year tax positions |
22,968 |
|
|
6,808 |
|
|
29,776 |
|
Reductions for prior year tax positions |
(22,163 |
) |
|
(279 |
) |
|
(22,442 |
) |
Reductions due to statute expirations |
(9,028 |
) |
|
(915 |
) |
|
(9,943 |
) |
Payments in settlement |
(855 |
) |
|
(248 |
) |
|
(1,103 |
) |
Currency translation |
55 |
|
|
11 |
|
|
66 |
|
Balance, December 2017 |
$ |
195,992 |
|
|
$ |
14,086 |
|
|
$ |
210,078 |
|
|
| Amounts Included in Consolidated Balance Sheets |
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
|
2017 |
|
|
2016 |
Amounts included in the Consolidated Balance Sheets: |
|
|
|
|
|
Unrecognized income tax benefits, including interest and penalties |
|
$ |
210,078 |
|
|
|
$ |
185,675 |
|
Less deferred tax benefits |
|
31,197 |
|
|
|
35,141 |
|
Total unrecognized tax benefits |
|
$ |
178,881 |
|
|
|
$ |
150,534 |
|
|