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Income Taxes (Tables) | 12 Months Ended
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Dec. 28, 2024
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Before (Benefit) Provision for Income Taxes | The components of income before (benefit) provision for income taxes are as follows:
(in millions) | Year Ended December 28, 2024 |  | Year Ended December 30, 2023 |  | Year Ended December 31, 2022
United States | $ | (67.1) |  |  | $ | 9.1 |  |  | $ | 77.6 |
Foreign | (238.2) |  |  | 79.0 |  |  | 115.8 |
Total | $ | (305.3) |  |  | $ | 88.1 |  |  | $ | 193.4 |
Schedule of Current and Deferred Provision (Benefit) for Income Taxes | The following table presents the current and deferred (benefit) provision for income taxes:
(in millions) | Year Ended December 28, 2024 |  | Year Ended December 30, 2023 |  | Year Ended December 31, 2022
Current: |  |  |  |  |
Federal | $ | 15.0 |  |  | $ | 15.0 |  |  | $ | 48.7 |
State | 3.4 |  |  | 3.5 |  |  | 6.1 |
Foreign | 19.4 |  |  | 23.7 |  |  | 34.4 |
Subtotal | $ | 37.8 |  |  | $ | 42.2 |  |  | $ | 89.2 |
Deferred: |  |  |  |  |
Federal | $ | (19.0) |  |  | $ | (12.5) |  |  | $ | (20.5) |
State | (8.3) |  |  | (9.0) |  |  | (8.7) |
Foreign | (10.9) |  |  | (14.1) |  |  | (10.1) |
Subtotal | (38.2) |  |  | (35.6) |  |  | (39.3) |
Total | $ | (0.4) |  |  | $ | 6.6 |  |  | $ | 49.9 |
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 28, 2024 |  | Year Ended December 30, 2023 |  | Year Ended December 31, 2022
Statutory regular federal income tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Foreign income taxed at different rates | 6.7 |  |  | 1.1 |  |  | — |
Excess stock-based compensation | 1.8 |  |  | (3.2) |  |  | (1.2) |
State provision, net of federal benefit | 1.3 |  |  | (4.9) |  |  | (1.0) |
Research and development tax credits | 1.2 |  |  | (5.1) |  |  | (1.7) |
Derecognition of uncertain tax position | 1.1 |  |  | (2.3) |  |  | (0.8) |
Transaction-related costs | — |  |  | — |  |  | 0.9 |
Tax credit | — |  |  | (9.2) |  |  | — |
Nondeductible executive compensation | (1.2) |  |  | (1.6) |  |  | 2.9 |
U.S. tax on foreign income, net | (3.5) |  |  | 10.0 |  |  | 4.8 |
Goodwill impairment | (27.4) |  |  | — |  |  | — |
Other | (0.9) |  |  | 1.6 |  |  | 0.9 |
Total | 0.1 | % |  | 7.4 | % |  | 25.8 | %
Schedule of Components of Deferred Tax Assets | The components of the deferred tax assets are as follows:
(in millions) | December 28, 2024 |  | December 30, 2023
Deferred tax assets: |  |  |
Net operating losses | $ | 54.8 |  |  | $ | 53.7 |
Capitalized R&D | 44.6 |  |  | 33.0 |
Accrued liabilities | 39.3 |  |  | 24.6 |
Tax credits | 36.7 |  |  | 33.2 |
Deferred revenue | 27.6 |  |  | 28.0 |
Operating lease liabilities | 13.8 |  |  | 9.7 |
Interest | 11.8 |  |  | 15.6 |
Stock-based compensation | 9.4 |  |  | 12.3 |
Inventory Reserve | 1.1 |  |  | — |
Other | 7.2 |  |  | 7.3 |
Total | 246.3 |  |  | 217.4 |
Valuation allowance | (26.5) |  |  | (18.9) |
Total deferred tax assets | $ | 219.8 |  |  | $ | 198.5 |
Deferred tax liabilities: |  |  |
Inventory | $ | (0.8) |  |  | $ | (0.8) |
Interest rate hedge | (1.5) |  |  | (1.9) |
Withholding taxes on undistributed foreign earnings | (3.1) |  |  | (3.1) |
Property and equipment | (11.4) |  |  | (14.4) |
State taxes and other | (12.4) |  |  | (10.4) |
Operating lease liabilities | (17.2) |  |  | (11.8) |
Intangible assets | (129.6) |  |  | (160.5) |
Other | (0.3) |  |  | (0.2) |
Total deferred tax liabilities | (176.3) |  |  | (203.1) |
Net deferred tax assets | $ | 43.5 |  |  | $ | (4.6) |
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 28, 2024 |  | Year Ended December 30, 2023
Unrecognized tax benefits (gross), beginning of period | $ | 33.0 |  |  | $ | 26.1 |
Increase from tax positions in current period | 7.2 |  |  | 7.9 |
Increase from tax positions in prior period | 1.8 |  |  | 1.3 |
Lapse of statute of limitations | (3.5) |  |  | (2.3) |
Unrecognized tax benefits (gross), end of period | $ | 38.5 |  |  | $ | 33.0 |

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