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Income Taxes (Tables) | 12 Months Ended
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Dec. 30, 2023
Income Tax Disclosure [Abstract] |
Schedule of components of Income Before Provision for Income Taxes | The components of income before provision for income taxes are as follows:
(in millions) | Year Ended December 30, 2023 |  | Year Ended December 31, 2022 |  | Year Ended January 1, 2022
United States | $ | 9.1 |  |  | $ | 77.6 |  |  | $ | 221.2 |
Foreign | 79.0 |  |  | 115.8 |  |  | 53.2 |
Total | $ | 88.1 |  |  | $ | 193.4 |  |  | $ | 274.4 |
Schedule of current and deferred provision (benefit) for income taxes | The following table presents the current and deferred provision (benefit) for income taxes:
(in millions) | Year Ended December 30, 2023 |  | Year Ended December 31, 2022 |  | Year Ended January 1, 2022
Current: |  |  |  |  |
Federal | $ | 15.0 |  |  | $ | 48.7 |  |  | $ | 38.1 |
State | 3.5 |  |  | 6.1 |  |  | 7.1 |
Foreign | 23.7 |  |  | 34.4 |  |  | 14.7 |
Subtotal | $ | 42.2 |  |  | $ | 89.2 |  |  | $ | 59.9 |
Deferred: |  |  |  |  |
Federal | $ | (12.5) |  |  | $ | (20.5) |  |  | $ | (4.9) |
State | (9.0) |  |  | (8.7) |  |  | (6.1) |
Foreign | (14.1) |  |  | (10.1) |  |  | (4.1) |
Subtotal | (35.6) |  |  | (39.3) |  |  | (15.1) |
Total | $ | 6.6 |  |  | $ | 49.9 |  |  | $ | 44.8 |
Schedule of reconciliation of U.S. federal statutory tax rate to company's effective tax rate | The reconciliation of the U.S. federal statutory tax rate to the Company’s effective tax rate is as follows:
| Year Ended December 30, 2023 |  | Year Ended December 31, 2022 |  | Year Ended January 1, 2022
Statutory regular federal income tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
U.S. tax on foreign income, net | 10.0 |  |  | 4.8 |  |  | 0.9 |
Foreign income taxed at different rates | 1.1 |  |  | — |  |  | (0.3) |
Transaction-related costs | — |  |  | 0.9 |  |  | — |
Nondeductible executive compensation | (1.6) |  |  | 2.9 |  |  | 2.1 |
Derecognition of uncertain tax position | (2.3) |  |  | (0.8) |  |  | (1.0) |
State provision, net of federal benefit | (4.9) |  |  | (1.0) |  |  | 0.3 |
Excess stock-based compensation | (3.2) |  |  | (1.2) |  |  | (5.5) |
Research and development tax credits | (5.1) |  |  | (1.7) |  |  | (1.8) |
Tax Credit | (9.2) |  |  | — |  |  | — |
Other | 1.6 |  |  | 0.9 |  |  | 0.6 |
Total | 7.4 | % |  | 25.8 | % |  | 16.3 | %
Schedule of components of deferred tax assets | The components of the deferred tax assets are as follows:
(in millions) | December 30, 2023 |  | December 31, 2022
Deferred tax assets: |  |  |
Net operating losses | $ | 53.7 |  |  | $ | 34.7 |
Tax credits | 33.2 |  |  | 18.0 |
Capitalized R&D | 33.0 |  |  | 18.5 |
Deferred revenue | 28.0 |  |  | 27.8 |
Accrued liabilities | 24.6 |  |  | 32.1 |
Interest | 15.6 |  |  | 22.4 |
Stock-based compensation | 12.3 |  |  | 10.9 |
Operating lease liabilities | 9.7 |  |  | 8.7 |
Other | 7.3 |  |  | 5.8 |
Total | 217.4 |  |  | 178.9 |
Valuation allowance | (18.9) |  |  | (7.3) |
Total deferred tax assets | $ | 198.5 |  |  | $ | 171.6 |
Deferred tax liabilities: |  |  |
Inventory | $ | (0.8) |  |  | $ | (4.0) |
Interest rate hedge | (1.9) |  |  | (4.1) |
Withholding taxes on undistributed foreign earnings | (3.1) |  |  | (2.8) |
State taxes and other | (10.4) |  |  | (7.5) |
Operating lease liabilities | (11.8) |  |  | (8.6) |
Property and equipment | (14.4) |  |  | (18.2) |
Intangible assets | (160.5) |  |  | (186.7) |
Other | (0.2) |  |  | (0.9) |
Total deferred tax liabilities | (203.1) |  |  | (232.8) |
Net deferred tax assets | $ | (4.6) |  |  | $ | (61.2) |
Schedule of reconciliation of total amounts of unrecognized tax benefits | The following is a tabular reconciliation of the total amounts of unrecognized tax benefits:
(in millions) | Year Ended December 30, 2023 |  | Year Ended December 31, 2022
Unrecognized tax benefits (gross), beginning of period | $ | 26.1 |  |  | $ | 21.6 |
Increase from tax positions in current period | 7.9 |  |  | 6.0 |
Increase from tax positions in prior period | 1.3 |  |  | 0.7 |
Decrease from tax position in prior period | — |  |  | (0.6) |
Lapse of statute of limitations | (2.3) |  |  | (1.6) |
Unrecognized tax benefits (gross), end of period | $ | 33.0 |  |  | $ | 26.1 |

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