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Income Taxes (Tables)

12 Months Ended

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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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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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.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of the change in unrecognized tax benefits.

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