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v3.25.1

Income Taxes (Tables) | 12 Months Ended
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Jan. 03, 2025
Income Tax Disclosure [Abstract] |
Schedule Of Income Before Taxes | Income before taxes and the provision (benefit) for taxes consisted of the following:
| 2024 |  | 2023 |  | 2022
(In millions) |  |  |  |  |
Income before taxes: |  |  |  |  |
United States | $ | 216.4 |  |  | $ | 26.9 |  |  | $ | 117.7 |
Foreign | 1,789.5 |  |  | 330.1 |  |  | 451.4 |
Total | $ | 2,005.9 |  |  | $ | 357.0 |  |  | $ | 569.1 |
Provision (benefit) for taxes: |  |  |  |  |
U.S. Federal: |  |  |  |  |
Current | $ | 94.1 |  |  | $ | 57.1 |  |  | $ | 98.4 |
Deferred | (71.2) |  |  | (92.5) |  |  | (97.7) |
| 22.9 |  |  | (35.4) |  |  | 0.7 |
U.S. State: |  |  |  |  |
Current | 15.6 |  |  | 12.8 |  |  | 12.6 |
Deferred | 2.1 |  |  | (6.6) |  |  | (5.0) |
| 17.7 |  |  | 6.2 |  |  | 7.6 |
Foreign: |  |  |  |  |
Current | 364.8 |  |  | 80.4 |  |  | 48.4 |
Deferred | 96.1 |  |  | (5.5) |  |  | 62.7 |
| 460.9 |  |  | 74.9 |  |  | 111.1 |
Income tax provision | $ | 501.5 |  |  | $ | 45.7 |  |  | $ | 119.4 |
Effective tax rate | 25.0 | % |  | 12.8 | % |  | 21.0 | %
Schedule Of Provision (Benefit) For Taxes | Income before taxes and the provision (benefit) for taxes consisted of the following:
| 2024 |  | 2023 |  | 2022
(In millions) |  |  |  |  |
Income before taxes: |  |  |  |  |
United States | $ | 216.4 |  |  | $ | 26.9 |  |  | $ | 117.7 |
Foreign | 1,789.5 |  |  | 330.1 |  |  | 451.4 |
Total | $ | 2,005.9 |  |  | $ | 357.0 |  |  | $ | 569.1 |
Provision (benefit) for taxes: |  |  |  |  |
U.S. Federal: |  |  |  |  |
Current | $ | 94.1 |  |  | $ | 57.1 |  |  | $ | 98.4 |
Deferred | (71.2) |  |  | (92.5) |  |  | (97.7) |
| 22.9 |  |  | (35.4) |  |  | 0.7 |
U.S. State: |  |  |  |  |
Current | 15.6 |  |  | 12.8 |  |  | 12.6 |
Deferred | 2.1 |  |  | (6.6) |  |  | (5.0) |
| 17.7 |  |  | 6.2 |  |  | 7.6 |
Foreign: |  |  |  |  |
Current | 364.8 |  |  | 80.4 |  |  | 48.4 |
Deferred | 96.1 |  |  | (5.5) |  |  | 62.7 |
| 460.9 |  |  | 74.9 |  |  | 111.1 |
Income tax provision | $ | 501.5 |  |  | $ | 45.7 |  |  | $ | 119.4 |
Effective tax rate | 25.0 | % |  | 12.8 | % |  | 21.0 | %
Schedule Of Difference Between The Tax Provision At The Statutory Federal Income Tax Rate And The Tax Provision (Benefit) As A Percentage Of Income Before Taxes (Effective Tax Rate) | The difference between the tax provision at the statutory federal income tax rate and the tax provision as a percentage of income before taxes (“effective tax rate”) was as follows:
| 2024 |  | 2023 |  | 2022
Statutory federal income tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Increase (reduction) in tax rate resulting from: |  |  |  |  |
Foreign income taxed at different rates | 3.4 | % |  | 0.8 | % |  | 4.4 | %
U.S. State income taxes | 0.8 | % |  | 1.0 | % |  | 1.0 | %
Stock-based compensation | 0.9 | % |  | 4.8 | % |  | 1.2 | %
Other U.S. taxes on foreign operations | (2.8) | % |  | (4.4) | % |  | (3.1) | %
Foreign-derived intangible income | — | % |  | (3.9) | % |  | (0.4) | %
U.S. Federal research and development credits | (0.8) | % |  | (5.4) | % |  | (2.2) | %
Tax reserve releases | (1.0) | % |  | (2.5) | % |  | (1.8) | %
Tax on Ag divestiture | 2.1 | % |  | — | % |  | — | %
Other | 1.4 | % |  | 1.4 | % |  | 0.9 | %
Effective tax rate | 25.0 | % |  | 12.8 | % |  | 21.0 | %
Schedule Of Deferred Tax Assets And Liabilities | The significant components of deferred tax assets and liabilities were as follows:
At the End of Year | 2024 |  | 2023
(In millions) |  |  |
Deferred tax liabilities: |  |  |
Purchased intangibles | $ | 311.3 |  |  | $ | 373.6 |
Global intangible low-taxed income | 17.6 |  |  | 105.8 |
Operating lease right-of-use assets | 29.7 |  |  | 30.2 |
Other | 26.9 |  |  | 19.7 |
Total deferred tax liabilities | $ | 385.5 |  |  | $ | 529.3 |
Deferred tax assets: |  |  |
Depreciation and amortization | $ | 217.6 |  |  | $ | 368.2 |
Capitalized research and development | 118.2 |  |  | 98.4 |
Operating lease liabilities | 34.7 |  |  | 36.2 |
U.S. tax credit carryforwards | 23.1 |  |  | 23.5 |
Expenses not currently deductible | 26.3 |  |  | 26.5 |
Net operating loss carryforwards | 24.3 |  |  | 17.9 |
Stock-based compensation | 17.2 |  |  | 16.7 |
Intercompany prepayments | — |  |  | 36.6 |
Other | 74.6 |  |  | 60.8 |
Total deferred tax assets | 536.0 |  |  | 684.8 |
Valuation allowance | (56.0) |  |  | (31.0) |
Total deferred tax assets | 480.0 |  |  | 653.8 |
Total net deferred tax assets | $ | 94.5 |  |  | $ | 124.5 |
Reported as: |  |  |
Non-current deferred income tax assets | $ | 294.4 |  |  | $ | 412.3 |
Non-current deferred income tax liabilities | (199.9) |  |  | (287.8) |
Net deferred tax assets | $ | 94.5 |  |  | $ | 124.5 |
Schedule of Unrecognized Tax Benefits Roll Forward | The total amount of unrecognized tax benefits at the end of 2024 was $78.2 million. A reconciliation of gross unrecognized tax benefits was as follows:
| 2024 |  | 2023 |  | 2022
(In millions) |  |  |  |  |
Beginning balance | $ | 88.3 |  |  | $ | 76.5 |  |  | $ | 64.2 |
Increase related to current year tax positions | 11.3 |  |  | 12.4 |  |  | 23.0 |
(Decrease) increase related to prior years’ tax positions | (1.5) |  |  | 7.6 |  |  | (0.7) |
Lapse of statute of limitations | (19.9) |  |  | (8.2) |  |  | (10.0) |
Ending balance | $ | 78.2 |  |  | $ | 88.3 |  |  | $ | 76.5 |

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