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Income Taxes (Tables)

12 Months Ended

Jan. 03, 2026

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 January 3, 2026						Year Ended December 28, 2024						Year Ended December 30, 2023
United States			$	133.9					$	(17.8)					$	56.3
Foreign			138.7						39.6						56.7
Total			$	272.6					$	21.8					$	113.0

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 January 3, 2026						Year Ended December 28, 2024						Year Ended December 30, 2023
Current:
Federal			$	23.5					$	17.3					$	12.6
State			4.1						3.0						3.4
Foreign			25.5						8.6						9.1
Subtotal			$	53.1					$	28.9					$	25.1
Deferred:
Federal			$	6.1					$	(19.0)					$	(5.4)
State			6.4						(5.6)						(6.3)
Foreign			(0.7)						1.3						(8.1)
Subtotal			11.8						(23.3)						(19.8)
Total			$	64.9					$	5.6					$	5.3

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 after the adoption of ASU 2023-09 is as follows:

			Year Ended January 3, 2026
			(in millions)						Percent
Statutory regular federal income tax rate			$	57.1					21.0		%
State and local income taxes, net of federal income tax effect (a)			8.3						3.1
Foreign tax effects:
Switzerland
Statutory tax rate differential			(17.6)						(6.5)
Cantonal taxes			5.0						1.8
Impairment			(4.3)						(1.6)
Cross-border tax laws			4.7						1.7
Other			2.3						0.8
Other foreign jurisdictions			5.7						2.1
Effects of cross-board tax laws
Foreign GILTI, net with FTC			2.4						0.9
Other			0.8						0.3
Tax credits
R&D credits			(4.8)						(1.8)
Nontaxable and nondeductible items
Excess stock-based compensation			(5.0)						(1.8)
Other			7.5						2.8
Changes in unrecognized tax benefit			2.8						1.0
Effective tax rate			$	64.9					23.8		%

____________

(a)    The states and local jurisdictions that contribute to the majority (greater than 50%) of the tax effect in this category include California, Illinois, Massachusetts, New York, and Texas.

A reconciliation of the provision for income taxes to the amount computed by applying the 21% statutory U.S. federal income tax rate to income before income taxes for years prior to the adoption of ASU 2023-09 is as follows:

			Year Ended December 28, 2024						Year Ended December 30, 2023
Statutory regular federal income tax rate			21.0		%				21.0		%
State provision, net of federal benefit			(12.1)						(2.0)
U.S. tax on foreign income, net			42.5						5.3
Foreign income taxed at different rates			8.0						(2.4)
Research and development tax credits			(16.7)						(3.4)
Tax credit			—						(7.3)
Excess stock-based compensation			(26.3)						(2.3)
Nondeductible executive compensation			16.9						(1.7)
Derecognition of uncertain tax position			(15.5)						(1.6)
Other			7.9						(0.9)
Total			25.7		%				4.7		%

Schedule of Components of Deferred Tax Assets

The components of the deferred tax assets are as follows:

(in millions)			January 3, 2026						December 28, 2024
Deferred tax assets:
Capital loss			$	134.2					$	—
Accrued liabilities			35.7						28.6
Capitalized R&D			29.5						41.2
Tax credits			30.6						31.5
Deferred revenue			24.8						27.5
Net operating losses			16.8						10.9
Operating lease liabilities			7.4						5.6
Stock-based compensation			5.6						8.4
Intangible assets			1.6						6.4
Other			6.2						5.8
Total			292.4						165.9
Valuation allowance			(145.1)						(15.2)
Total deferred tax assets			$	147.3					$	150.7
Deferred tax liabilities:
Property and equipment			$	(8.4)					$	(12.2)
Withholding taxes on undistributed foreign earnings			(3.5)						(3.1)
ROU assets			(7.3)						(5.2)
State taxes and other			(14.1)						(12.0)
Total deferred tax liabilities			(33.3)						(32.5)
Net deferred tax assets			$	114.0					$	118.2

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 January 3, 2026						Year Ended December 28, 2024
Unrecognized tax benefits (gross), beginning of period			$	33.4					$	30.2
Increase from tax positions in prior period			0.5						1.8
Increase from tax positions in current period			7.3						4.9
Lapse of statute of limitations			(5.3)						(3.5)
Unrecognized tax benefits (gross), end of period			$	35.9					$	33.4

Schedule of Supplemental Cash Flow Information

Supplemental cash flow information includes the following:

			Year Ended
(in millions)			January 3, 2026						December 28, 2024						December 30, 2023
Cash paid during the year for:
Interest expense:
Continuing operations			$	32.8					$	36.7					$	46.1
Discontinued operations			1.5						2.4						4.9
Income taxes:
Continuing operations			28.5						35.9						20.4
Discontinued operations			8.8						6.0						34.0
Operating lease liabilities:
Continuing operations			10.1						10.9						10.4
Discontinued operations			10.4						13.7						12.0
Non-cash operating activities:
ROU assets obtained in exchange for lease liabilities:
Continuing operations			$	11.1					$	10.2					$	5.0
Discontinued operations			0.6						18.4						11.3
Non-cash investing activities - continuing operations:
Unpaid purchases of property and equipment			$	1.7					$	0.7					$	0.2
Non-cash financing activities - continuing operations:
Unpaid excise taxes on stock repurchases			$	2.0					$	—					$	—
Unpaid debt issuance costs			0.3						—						—
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents:
Continuing operations			$	152.3					$	123.6					$	120.8
Discontinued operations			1.0						54.0						42.2
Restricted cash:
Continuing operations			—						2.7						4.1
Discontinued operations			—						1.1						1.1
Total cash, cash equivalents and restricted cash shown in the statement of cash flows			$	153.3					$	181.4					$	168.2

The amounts of cash income tax paid by the Company were as follows:

(in millions)			Year Ended January 3, 2026
Federal			$	13.4
Foreign
Switzerland			6.9
Mexico			2.0
All other foreign			4.2
State and local			2.0
Income taxes, net of amounts refunded			$	28.5

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