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Income Taxes (Tables) | 12 Months Ended
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Dec. 28, 2019
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) | 2019 |  | 2018 |  | 2017
United States | $ | 79.3 |  |  | $ | 159.2 |  |  | $ | (78.2 | )
Foreign | 66.6 |  |  | 68.2 |  |  | 67.6 |
Earnings (loss) before income taxes | $ | 145.9 |  |  | $ | 227.4 |  |  | $ | (10.6 | )
Provisions for Income Taxes | The provisions for income tax expense (benefit) consist of the following:
| Fiscal Year
(In millions) | 2019 |  | 2018 |  | 2017
Current expense: |  |  |  |  |
Federal | $ | 10.6 |  |  | $ | 6.7 |  |  | $ | 48.1 |
State | 0.5 |  |  | 2.4 |  |  | 1.9 |
Foreign | 12.5 |  |  | 10.9 |  |  | 14.0 |
Deferred expense (credit): |  |  |  |  |
Federal | (5.8 | ) |  | 2.1 |  |  | (72.0 | )
State | (2.0 | ) |  | 3.3 |  |  | (0.2 | )
Foreign | 1.2 |  |  | 1.7 |  |  | (1.7 | )
Income tax provision | $ | 17.0 |  |  | $ | 27.1 |  |  | $ | (9.9 | )
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 to earnings before income taxes is as follows:
| Fiscal Year
(In millions) | 2019 |  | 2018 |  | 2017
Income taxes at U.S. statutory rates of 21%, 21% and 35% | $ | 30.6 |  |  | $ | 47.7 |  |  | $ | (3.7 | )
State income taxes, net of federal income tax | 0.5 |  |  | 2.8 |  |  | (4.2 | )
(Nontaxable earnings) non-deductible losses of foreign affiliates: |  |  |  |  |
Cayman Islands | — |  |  | — |  |  | (3.5 | )
Other | (0.1 | ) |  | (0.1 | ) |  | (0.3 | )
Foreign earnings taxed at rates different from the U.S. statutory rate: |  |  |  |  |
Hong Kong | (8.5 | ) |  | (10.8 | ) |  | (17.3 | )
Other | 2.8 |  |  | (3.1 | ) |  | 3.5 |
Adjustments for uncertain tax positions | (1.0 | ) |  | (1.4 | ) |  | 0.4 |
Change in valuation allowance | (0.2 | ) |  | 3.3 |  |  | 3.0 |
Change in state tax rates | (1.5 | ) |  | 1.9 |  |  | 0.1 |
Transition tax due to TCJA | — |  |  | (0.1 | ) |  | 58.1 |
Remeasurement of U.S. deferred taxes due to TCJA | — |  |  | — |  |  | (52.5 | )
Global Intangible Low Tax Income tax | 2.1 |  |  | 3.7 |  |  | — |
Foreign Derived Intangible Income tax benefit | (4.4 | ) |  | (6.8 | ) |  | — |
Non-deductible executive compensation | 2.0 |  |  | 0.9 |  |  | 0.7 |
Permanent adjustments related to employee share based compensation | (5.1 | ) |  | (3.8 | ) |  | (1.9 | )
Deferred tax on future cash dividends | 0.6 |  |  | (0.9 | ) |  | 3.0 |
Other Permanent adjustments and non-deductible expenses | (0.6 | ) |  | (6.7 | ) |  | 0.6 |
Other | (0.2 | ) |  | 0.5 |  |  | 4.1 |
Income tax provision | $ | 17.0 |  |  | $ | 27.1 |  |  | $ | (9.9 | )
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 28, 2019 |  | December 29, 2018
Deferred income tax assets: |  |  |
Accounts receivable and inventory valuation allowances | $ | 5.7 |  |  | $ | 4.9 |
Deferred compensation accruals | 4.0 |  |  | 6.9 |
Accrued pension expense | 25.3 |  |  | 21.6 |
Stock-based compensation | 14.5 |  |  | 16.9 |
Net operating loss and foreign tax credit carryforwards | 17.6 |  |  | 19.2 |
Book over tax depreciation and amortization | 0.5 |  |  | 0.8 |
Tenant lease expenses | 3.6 |  |  | 4.1 |
Environmental reserve | 15.4 |  |  | 5.0 |
Other | 5.1 |  |  | 5.8 |
Total gross deferred income tax assets | 91.7 |  |  | 85.2 |
Less valuation allowance | (17.6 | ) |  | (17.8 | )
Net deferred income tax assets | 74.1 |  |  | 67.4 |
Deferred income tax liabilities: |  |  |
Intangible assets | (157.5 | ) |  | (157.3 | )
Tax over book depreciation and amortization | (8.6 | ) |  | (8.3 | )
Other | (4.1 | ) |  | (6.6 | )
Total deferred income tax liabilities | (170.2 | ) |  | (172.2 | )
Net deferred income tax liabilities | $ | (96.1 | ) |  | $ | (104.8 | )
Unrecognized Tax Benefits | The following table summarizes the activity related to the Company’s unrecognized tax benefits:
| Fiscal Year
(In millions) | 2019 |  | 2018
Unrecognized tax benefits at beginning of the year | $ | 7.9 |  |  | $ | 9.3 |
Increases related to current year tax positions | 1.6 |  |  | 0.8 |
Decreases related to prior year positions | (1.4 | ) |  | (2.0 | )
Decreases relating to settlements with taxing authorities | (1.2 | ) |  | — |
Decrease due to lapse of statute | — |  |  | (0.2 | )
Unrecognized tax benefits at end of the year | $ | 6.9 |  |  | $ | 7.9 |

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