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Income Taxes (Tables) | 12 Months Ended
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Dec. 29, 2024
Income Tax Disclosure [Abstract] |
Schedule of income before income tax | Income (loss) before income taxes for the Company’s U.S. and non-U.S. operations was as follows:
|  | Fiscal Year
(In millions) |  | 2024 |  | 2023 |  | 2022
U.S. |  | $ | 421.1 |  |  | $ | 258.2 |  |  | $ | 394.3 |
Non-U.S. |  | 65.0 |  |  | 37.0 |  |  | (39.7) |
Income before income taxes |  | $ | 486.1 |  |  | $ | 295.2 |  |  | $ | 354.6 |
Schedule income tax provision (benefit) | The income tax provision (benefit) was as follows:
|  | Fiscal Year
(In millions) |  | 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |  |
Federal |  | $ | (0.3) |  |  | $ | 3.0 |  |  | $ | 5.0 |
State |  | 6.9 |  |  | 0.5 |  |  | 3.7 |
Foreign |  | 7.0 |  |  | 7.8 |  |  | 10.0 |
Total |  | 13.6 |  |  | 11.3 |  |  | 18.7 |
Deferred: |  |  |  |  |  |
Federal |  | 84.5 |  |  | (96.1) |  |  | (3.3) |
State |  | 4.3 |  |  | (42.5) |  |  | 0.2 |
Foreign |  | 1.0 |  |  | (0.9) |  |  | (0.1) |
Total |  | 89.8 |  |  | (139.5) |  |  | (3.2) |
Income tax provision (benefit) |  | $ | 103.4 |  |  | $ | (128.2) |  |  | $ | 15.5 |
Schedule of effective income tax rate reconciliation | The following is a reconciliation of income taxes computed at the statutory U.S. Federal income tax rate to the actual effective income tax provision (benefit):
|  | Fiscal Year
(In millions) |  | 2024 |  | 2023 |  | 2022
Taxes computed at the federal rate |  | $ | 102.0 |  |  | $ | 62.0 |  |  | $ | 74.5 |
State and local income taxes, net of federal tax benefit |  | 9.3 |  |  | 1.2 |  |  | 2.9 |
Valuation allowance |  | (0.3) |  |  | (198.8) |  |  | (84.4) |
Global Intangible Low Taxed Income (GILTI ) |  | 3.3 |  |  | 5.0 |  |  | — |
Restructuring/Divestitures |  | — |  |  | — |  |  | 23.0 |
Foreign earnings taxed at different rate |  | 3.4 |  |  | 2.7 |  |  | 3.2 |
Withholding taxes |  | 2.1 |  |  | 4.8 |  |  | 2.6 |
Preferential tax rate |  | (4.1) |  |  | (3.6) |  |  | (4.9) |
Other |  | (12.3) |  |  | (1.5) |  |  | (1.4) |
Income tax provision (benefit) |  | $ | 103.4 |  |  | $ | (128.2) |  |  | $ | 15.5 |
Schedule of deferred tax assets and liabilities | Deferred income taxes result from temporary differences in the recognition of income and expense for financial and income tax reporting purposes, and differences between the fair value of assets acquired in business combinations accounted for as purchases for financial reporting purposes and their corresponding tax bases. Deferred income taxes represent future tax benefits or costs to be recognized when those temporary differences reverse. The categories of assets and liabilities that have resulted in differences in the timing of the recognition of income and expense at December 29, 2024 and December 31, 2023 were as follows:
|  | Fiscal Year
(In millions) |  | 2024 |  | 2023
Deferred income tax assets |  |  |  |
Net operating loss tax carryovers |  | $ | 73.4 |  |  | $ | 133.0 |
Pensions |  | 6.0 |  |  | 2.2 |
Postretirement benefits other than pensions |  | 45.2 |  |  | 48.5 |
Tax credits |  | 44.0 |  |  | 43.5 |
Research and development |  | 25.7 |  |  | 20.7 |
Inventory valuation |  | 24.3 |  |  | 1.1 |
Other items |  | 102.8 |  |  | 107.5 |
Gross deferred income tax assets |  | 321.4 |  |  | 356.5 |
Valuation allowance for deferred tax assets |  | (57.7) |  |  | (60.3) |
Total deferred income tax assets |  | 263.7 |  |  | 296.2 |
Deferred income tax liabilities |  |  |  |
Basis of property, plant and equipment |  | 180.5 |  |  | 124.8 |
Basis of amortizable intangible assets |  | 13.4 |  |  | 14.9 |
Other items |  | 28.0 |  |  | 25.5 |
Total deferred tax liabilities |  | 221.9 |  |  | 165.2 |
Net deferred tax asset |  | $ | 41.8 |  |  | $ | 131.0 |
Schedule of NOL's and tax credits | The following summarizes the carryforward periods for the tax attributes related to NOLs and credits by jurisdiction.
($ in millions, U.S. and U.K. NOL amounts are pre-tax, all other items are after-tax, and state is before federal benefit)
Jurisdiction | Attribute | Amount | Expiration Period | Amount expiring within 5 years | Amount expiring in 5-20 years
U.S. | NOL | $83 | Indefinite | $— | $—
U.S. | Foreign Tax Credit | $22 | 10 years | $22 | $—
U.S. | Research and Development Credit | $13 | 20 years | $— | $13
State | NOL | $73 | Various | $14 | $59
State | NOL | $1 | Indefinite | $— | $—
State | Credits | $8 | Various | $4 | $4
U.K. | NOL | $9 | Indefinite | $— | $—
Poland | Economic Zone Credit | $3 | 7 years | $3 | $—
Schedule of income taxes paid | Income taxes paid and amounts received as refunds were as follows:
|  | Fiscal Year
(In millions) |  | 2024 |  | 2023 |  | 2022
Income taxes paid |  | $ | 18.2 |  |  | $ | 16.7 |  |  | $ | 18.9 |
Income tax refunds received |  | (3.2) |  |  | (0.9) |  |  | (0.4) |
Income taxes paid, net |  | $ | 15.0 |  |  | $ | 15.8 |  |  | $ | 18.5 |
Schedule of changes in unrecognized income tax benefits | The changes in the liability for unrecognized income tax benefits for the fiscal years ended December 29, 2024, December 31, 2023 and January 1, 2023 were as follows:
|  | Fiscal Year
(In millions) |  | 2024 |  | 2023 |  | 2022
Balance at beginning of fiscal year |  | $ | 8.9 |  |  | $ | 9.1 |  |  | $ | 14.2 |
Increases in prior period tax positions |  | — |  |  | 1.2 |  |  | — |
Decreases in prior period tax positions |  | (0.9) |  |  | — |  |  | (3.3) |
Settlements |  | (0.2) |  |  | — |  |  | — |
Expiration of the statute of limitations |  | — |  |  | (1.4) |  |  | (1.8) |
Balance at end of fiscal year |  | $ | 7.8 |  |  | $ | 8.9 |  |  | $ | 9.1 |
Summary of income tax examinations | A summary of tax years that remain subject to examination, by major tax jurisdiction, is as follows:
Jurisdiction |  | Earliest Year Open to Examination
U.S. Federal |  | 2024
States: |  |
Pennsylvania |  | 2021
Illinois |  | 2021
California |  | 2020
Foreign: |  |
China |  | 2021
Poland |  | 2018

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
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- Definition Tabular disclosure of income tax examinations that an enterprise is currently subject to or that have been completed in the current period typically including a description of the examination, the jurisdiction conducting the examination, the tax year(s) under examination, the likelihood of an unfavorable settlement, the range of possible losses, the liability recorded, the increase or decrease in the liability from the prior period, and any penalties and interest that have been recorded. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-15 + Details
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