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Income Taxes (Tables) | 12 Months Ended
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Jan. 02, 2016
Income Tax Disclosure [Abstract] |
Geographic Components of Earnings Before Income Taxes | The geographic components of earnings before income taxes are as follows:
| Fiscal Year
(In millions) | 2015 |  | 2014 |  | 2013
United States | $ | 102.1 |  |  | $ | 132.4 |  |  | $ | 76.7 |
Foreign | 62.5 |  |  | 49.1 |  |  | 51.0 |
Earnings before income taxes | $ | 164.6 |  |  | $ | 181.5 |  |  | $ | 127.7 |
Provisions for Income Taxes | The provisions for income taxes consist of the following:
| Fiscal Year
(In millions) | 2015 |  | 2014 |  | 2013
Current expense: |  |  |  |  |
Federal | $ | 48.9 |  |  | $ | 42.1 |  |  | $ | 37.1 |
State | 5.2 |  |  | 5.6 |  |  | 2.2 |
Foreign | 11.6 |  |  | 18.0 |  |  | 15.0 |
Deferred expense (credit): |  |  |  |  |
Federal | (22.0 | ) |  | (9.3 | ) |  | (23.5 | )
State | (1.9 | ) |  | (6.6 | ) |  | (3.0 | )
Foreign | (0.4 | ) |  | (2.2 | ) |  | (1.1 | )
Income tax provision | $ | 41.4 |  |  | $ | 47.6 |  |  | $ | 26.7 |
Reconciliation of Income Tax Expense, Net of Federal Income Tax Rate | A reconciliation of the Company’s total income tax expense and the amount computed by applying the statutory federal income tax rate of 35% to earnings before income taxes is as follows:
| Fiscal Year
(In millions) | 2015 |  | 2014 |  | 2013
Income taxes at U.S. statutory rate (35%) | $ | 57.6 |  |  | $ | 63.5 |  |  | $ | 44.7 |
State income taxes, net of federal income tax | 1.8 |  |  | 3.7 |  |  | 0.5 |
(Nontaxable earnings) non-deductible losses of foreign affiliates: |  |  |  |  |
Cayman Islands | (0.4 | ) |  | (5.5 | ) |  | (5.4 | )
Bermuda | — |  |  | (0.4 | ) |  | 2.7 |
Other | (1.9 | ) |  | 1.1 |  |  | 1.7 |
Tax credits | (0.4 | ) |  | (0.7 | ) |  | (2.2 | )
Foreign earnings taxed at rates different from the U.S. statutory rate: |  |  |  |  |
Hong Kong | (18.1 | ) |  | (16.4 | ) |  | (17.1 | )
Other | 0.2 |  |  | 3.6 |  |  | 3.1 |
Adjustments for uncertain tax positions | 0.1 |  |  | — |  |  | (1.2 | )
Change in valuation allowance | (1.3 | ) |  | (19.2 | ) |  | 0.1 |
Change in state tax rates | (0.7 | ) |  | (6.0 | ) |  | (2.0 | )
Gain on intercompany sale of subsidiary stock | — |  |  | 23.2 |  |  | — |
Non-deductible expenses | 3.5 |  |  | 1.1 |  |  | 0.9 |
Other | 1.0 |  |  | (0.4 | ) |  | 0.9 |
Income tax provision | $ | 41.4 |  |  | $ | 47.6 |  |  | $ | 26.7 |
Significant Components of Deferred Income Tax Assets and Liabilities | Significant components of the Company’s deferred income tax assets and liabilities are as follows:
(In millions) | January 2, 2016 |  | January 3, 2015
Deferred income tax assets: |  |  |
Accounts receivable and inventory valuation allowances | $ | 22.1 |  |  | $ | 16.6 |
Deferred compensation accruals | 7.9 |  |  | 10.9 |
Accrued pension expense | 40.1 |  |  | 47.2 |
Stock-based compensation | 20.0 |  |  | 20.2 |
Net operating loss, capital loss and foreign tax credit carryforward | 13.9 |  |  | 13.9 |
Other amounts not deductible until paid | 12.1 |  |  | 14.2 |
Other | 1.3 |  |  | 1.0 |
Total gross deferred income tax assets | 117.4 |  |  | 124.0 |
Less valuation allowance | (9.5 | ) |  | (10.5 | )
Net deferred income tax assets | 107.9 |  |  | 113.5 |
Deferred income tax liabilities: |  |  |
Tax depreciation in excess of book depreciation | — |  |  | (3.8 | )
Intangible assets | (276.3 | ) |  | (288.5 | )
Other | (6.5 | ) |  | (10.3 | )
Total deferred income tax liabilities | (282.8 | ) |  | (302.6 | )
Net deferred income tax liabilities | $ | (174.9 | ) |  | $ | (189.1 | )
Unrecognized Tax Benefits | The following table summarizes the activity related to the Company’s unrecognized tax benefits:
| Fiscal Year
(In millions) | 2015 |  | 2014
Beginning balance | $ | 8.6 |  |  | $ | 8.6 |
Increases related to current year tax positions | 1.1 |  |  | 1.7 |
Decreases related to prior year positions | (0.6 | ) |  | (1.3 | )
Decrease due to lapse of statute | (0.4 | ) |  | (0.4 | )
Ending balance | $ | 8.7 |  |  | $ | 8.6 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32639-109319 + Details
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