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Income Taxes (Tables) | 12 Months Ended
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Dec. 30, 2023
Income Tax Disclosure [Abstract] |
Components of Loss Income Before Income Taxes and Noncontrolling Interests | The components of income from continuing operations before income taxes and noncontrolling interests were as follows:
(In millions) |  |  | 2023 |  |  |  | 2022 |  |  | 2021 |
Domestic operations |  |  | $ | 418.1 |  |  |  | $ | 563.1 |  |  | $ | 591.0 |
Foreign operations |  |  |  | 99.8 |  |  |  |  | 104.0 |  |  |  | 135.4 |
Income before income taxes and noncontrolling interests |  |  | $ | 517.9 |  |  |  | $ | 667.1 |  |  | $ | 726.4 |
Summary of Income Tax Expense | Income tax expense in the consolidated statement of income consisted of the following:
(In millions) |  |  | 2023 |  |  |  | 2022 |  |  | 2021 |
Current |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | $ | 86.9 |  |  |  | $ | 62.4 |  |  | $ | 102.4 |
Foreign |  |  |  | 38.3 |  |  |  |  | 34.3 |  |  |  | 40.2 |
State and other |  |  |  | 15.2 |  |  |  |  | 16.0 |  |  |  | 16.9 |
Deferred |  |  |  |  |  |  |  |  |  |  |
Federal |  |  |  | (21.2 | ) |  |  |  | 15.3 |  |  |  | 11.5 |
Foreign |  |  |  | (3.5 | ) |  |  |  | 1.5 |  |  |  | (4.9 | )
State and Local |  |  |  | (3.3 | ) |  |  |  | (2.3 | ) |  |  | 0.6 |
Total income tax expense |  |  | $ | 112.4 |  |  |  | $ | 127.2 |  |  | $ | 166.7 |
Reconciliation Between Federal Statutory Tax Rate to Effective Tax Rate from Continuing Operations | A reconciliation between the federal statutory tax rate and the effective tax rate is as follows:
(In millions) |  |  | 2023 |  |  |  | 2022 |  |  | 2021 |
Income tax expense computed at federal statutory income tax rate |  |  | $ | 108.8 |  |  |  | $ | 140.1 |  |  | $ | 152.5 |
State and local income taxes, net of federal tax benefit |  |  |  | 13.2 |  |  |  |  | 13.2 |  |  |  | 17.4 |
Foreign taxes at a different rate than U.S. federal statutory income tax rate |  |  |  | 5.2 |  |  |  |  | 9.1 |  |  |  | 9.2 |
Provision for foreign earnings repatriation, net |  |  |  | (2.5 | ) |  |  |  | 1.2 |  |  |  | — |
Net adjustments for uncertain tax positions |  |  |  | (8.0 | ) |  |  |  | (26.2 | ) |  |  | (11.3 | )
Share-based compensation |  |  |  | (1.3 | ) |  |  |  | (5.4 | ) |  |  | (9.0 | )
Valuation allowance (decrease) increase |  |  |  | 1.7 |  |  |  |  | (5.8 | ) |  |  | 4.7 |
Non-deductible executive compensation |  |  |  | 3.5 |  |  |  |  | 7.5 |  |  |  | 5.0 |
Research and development credit |  |  |  | (5.1 | ) |  |  |  | (3.0 | ) |  |  | (2.3 | )
Miscellaneous other, net |  |  |  | (3.1 | ) |  |  |  | (3.5 | ) |  |  | 0.5 |
Income tax expense as reported |  |  | $ | 112.4 |  |  |  | $ | 127.2 |  |  | $ | 166.7 |
Effective income tax rate |  |  |  | 21.7 | % |  |  |  | 19.1 | % |  |  | 22.9 | %
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits (“UTBs”) is as follows:
(In millions) |  |  | 2023 |  |  |  | 2022 |  |  | 2021 |
Unrecognized tax benefits—beginning of year |  |  | $ | 33.4 |  |  |  | $ | 83.1 |  |  | $ | 96.1 |
Gross additions—current year tax positions |  |  |  | 2.1 |  |  |  |  | 2.1 |  |  |  | 2.6 |
Gross additions—prior year tax positions |  |  |  | 0.2 |  |  |  |  | — |  |  |  | 2.0 |
Gross additions (reductions)—purchase accounting adjustments |  |  |  | — |  |  |  |  | — |  |  |  | — |
Gross reductions—prior year tax positions |  |  |  | (10.1 | ) |  |  |  | (50.5 | ) |  |  | (16.6 | )
Gross reductions—settlements with taxing authorities |  |  |  | — |  |  |  |  | (1.3 | ) |  |  | (1.0 | )
Unrecognized tax benefits—end of year |  |  | $ | 25.6 |  |  |  | $ | 33.4 |  |  | $ | 83.1 |
Components of Net Deferred Tax Assets Liabilities | The components of net deferred tax assets (liabilities) as of December 30, 2023 and December 31, 2022 were as follows:
(In millions) |  |  | 2023 |  |  |  | 2022 |
Deferred tax assets: |  |  |  |  |  |  |  |
Compensation and benefits |  |  | $ | 29.5 |  |  |  | $ | 21.0 |
Defined benefit plans |  |  |  | 10.9 |  |  |  |  | 15.4 |
Capitalized inventories |  |  |  | 24.5 |  |  |  |  | 17.8 |
Capitalized research and development costs |  |  |  | 37.4 |  |  |  |  | 13.8 |
Accounts receivable |  |  |  | 4.9 |  |  |  |  | 4.2 |
Operating lease liabilities |  |  |  | 43.2 |  |  |  |  | 31.0 |
Other accrued expenses |  |  |  | 40.3 |  |  |  |  | 51.2 |
Net operating loss and other tax carryforwards |  |  |  | 27.5 |  |  |  |  | 23.5 |
Valuation allowance |  |  |  | (15.1 | ) |  |  |  | (13.8 | )
Miscellaneous |  |  |  | 6.7 |  |  |  |  | 6.7 |
Total deferred tax assets |  |  |  | 209.8 |  |  |  |  | 170.8 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Fixed assets |  |  |  | (75.1 | ) |  |  |  | (74.1 | )
Intangible assets |  |  |  | (153.2 | ) |  |  |  | (152.5 | )
Operating lease assets |  |  |  | (42.7 | ) |  |  |  | (29.3 | )
Other investments |  |  |  | (26.4 | ) |  |  |  | (28.2 | )
Miscellaneous |  |  |  | (5.2 | ) |  |  |  | (6.5 | )
Total deferred tax liabilities |  |  |  | (302.6 | ) |  |  |  | (290.6 | )
Net deferred tax liability |  |  | $ | (92.8 | ) |  |  | $ | (119.8 | )
In accordance with ASC requirements for Income Taxes, deferred taxes were classified in the consolidated balance sheets as of December 30, 2023 and December 31, 2022 as follows:
(In millions) |  |  | 2023 |  |  |  | 2022 |
Other assets |  |  |  | 18.5 |  |  |  |  | 17.1 |
Deferred income taxes |  |  |  | (111.3 | ) |  |  |  | (136.9 | )
Net deferred tax liability |  |  | $ | (92.8 | ) |  |  | $ | (119.8 | )

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