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Income Taxes (Tables)

12 Months Ended

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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