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Income Taxes (Tables)

12 Months Ended

Dec. 30, 2017

Income Tax Disclosure [Abstract]

Geographic Components of Earnings Before Income Taxes

The geographic components of earnings (loss) before income taxes are as follows:

	Fiscal Year
(In millions)	2017				2016				2015
United States	$	(78.2	)		$	54.7			$	102.1
Foreign	67.6				55.8				62.5
Earnings (loss) before income taxes	$	(10.6	)		$	110.5			$	164.6

Provisions for Income Taxes

The provisions for income tax expense (benefit) consist of the following:

	Fiscal Year
(In millions)	2017				2016				2015
Current expense:
Federal	$	48.1			$	16.0			$	48.9
State	1.9				1.4				5.2
Foreign	14.0				11.3				11.6
Deferred expense (credit):
Federal	(72.0		)		(6.9		)		(22.0		)
State	(0.2		)		(0.3		)		(1.9		)
Foreign	(1.7		)		1.5				(0.4		)
Income tax provision	$	(9.9	)		$	23.0			$	41.4

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)	2017				2016				2015
Income taxes at U.S. statutory rate (35%)	$	(3.7	)		$	38.7			$	57.6
State income taxes, net of federal income tax	(4.2		)		(6.1		)		1.8
(Nontaxable earnings) non-deductible losses of foreign affiliates:
Cayman Islands	(3.5		)		(0.4		)		(0.4		)
Other	(0.3		)		0.2				(1.9		)
Foreign earnings taxed at rates different from the U.S. statutory rate:
Hong Kong	(17.3		)		(17.3		)		(18.1		)
Other	3.5				3.3				0.2
Adjustments for uncertain tax positions	0.4				0.2				0.1
Change in valuation allowance	3.0				2.0				(1.3		)
Change in state tax rates	0.1				(0.1		)		(0.7		)
Transition tax due to TCJA	58.1				—				—
Remeasurement of U.S. deferred taxes due to TCJA	(52.5		)		—				—
Deferred tax on future cash dividends	3.0				—				—
Non-deductible expenses	(0.6		)		1.9				3.5
Other	4.1				0.6				0.6
Income tax provision	$	(9.9	)		$	23.0			$	41.4

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)	December 30, 2017				December 31, 2016
Deferred income tax assets:
Accounts receivable and inventory valuation allowances	$	5.9			$	17.2
Deferred compensation accruals	8.9				9.0
Accrued pension expense	33.9				53.7
Stock-based compensation	16.7				22.6
Net operating loss and foreign tax credit carryforwards	15.1				9.7
Book over tax depreciation and amortization	—				2.0
Tenant lease expenses	3.2				5.0
Environmental reserve	7.9				—
Other	10.4				9.3
Total gross deferred income tax assets	102.0				128.5
Less valuation allowance	(14.5		)		(11.5		)
Net deferred income tax assets	87.5				117.0
Deferred income tax liabilities:
Intangible assets	(155.3		)		(270.5		)
Tax over book depreciation and amortization	(6.3		)		—
Other	(5.8		)		(5.2		)
Total deferred income tax liabilities	(167.4		)		(275.7		)
Net deferred income tax liabilities	$	(79.9	)		$	(158.7	)

Unrecognized Tax Benefits

The following table summarizes the activity related to the Company’s unrecognized tax benefits:

	Fiscal Year
(In millions)	2017				2016
Beginning balance	$	8.9			$	8.7
Increases related to current year tax positions	1.8				1.4
Decreases related to prior year positions	(1.1		)		(1.0		)
Decrease due to lapse of statute	(0.3		)		(0.2		)
Ending balance	$	9.3			$	8.9

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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.

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-Publisher FASB
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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of the change in unrecognized tax benefits.

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