XML 64 R46.htm IDEA: XBRL DOCUMENT v3.20.4

Income Taxes (Tables)

12 Months Ended

Jan. 02, 2021

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)			2020						2019						2018
United States			$	(218.6)					$	79.3					$	159.2
Foreign			34.5						66.6						68.2
Earnings (loss) before income taxes			$	(184.1)					$	145.9					$	227.4

Provisions for Income Taxes

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

			Fiscal Year
(In millions)			2020						2019						2018
Current expense:
Federal			$	0.7					$	10.6					$	6.7
State			0.6						0.5						2.4
Foreign			8.3						12.5						10.9
Deferred expense (credit):
Federal			(51.6)						(5.8)						2.1
State			(4.4)						(2.0)						3.3
Foreign			0.9						1.2						1.7
Income tax provision			$	(45.5)					$	17.0					$	27.1

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)			2020						2019						2018
Income taxes at U.S. statutory rate of 21%			$	(38.7)					$	30.6					$	47.7
State income taxes, net of federal income tax			(8.1)						0.5						2.8
Foreign earnings taxed at rates different from the U.S. statutory rate:
Hong Kong			(3.3)						(8.5)						(10.8)
Other			1.2						2.8						(3.1)
Adjustments for uncertain tax positions			(1.4)						(1.0)						(1.4)
Change in valuation allowance			4.7						(0.2)						3.3
Change in state tax rates			—						(1.5)						1.9
Global Intangible Low Tax Income tax			2.5						2.1						3.7
Foreign Derived Intangible Income tax benefit			(1.6)						(4.4)						(6.8)
Non-deductible executive compensation			1.6						2.0						0.9
Permanent adjustments related to employee share based compensation			(4.6)						(5.1)						(3.8)
Deferred tax on future cash dividends			1.0						0.6						(0.9)
Other Permanent adjustments and non-deductible expenses			1.0						(0.6)						(6.7)
Other			0.2						(0.3)						0.3
Income tax provision			$	(45.5)					$	17.0					$	27.1

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, 2021						December 28, 2019
Deferred income tax assets:
Accounts receivable and inventory valuation allowances			$	3.5					$	5.7
Deferred compensation accruals			4.5						4.0
Accrued pension expense			33.4						25.3
Stock-based compensation			9.1						14.5
Net operating loss and foreign tax credit carryforwards			21.0						17.6
Book over tax depreciation and amortization			0.4						0.5
Tenant lease expenses			4.4						3.6
Environmental reserve			24.9						15.4
Other			9.1						5.1
Total gross deferred income tax assets			110.3						91.7
Less valuation allowance			(22.3)						(17.6)
Net deferred income tax assets			88.0						74.1
Deferred income tax liabilities:
Intangible assets			(105.3)						(157.5)
Tax over book depreciation and amortization			(10.7)						(8.6)
Other			(4.3)						(4.1)
Total deferred income tax liabilities			(120.3)						(170.2)
Net deferred income tax liabilities			$	(32.3)					$	(96.1)

Unrecognized Tax Benefits

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

			Fiscal Year
(In millions)			2020						2019
Unrecognized tax benefits at beginning of the year			$	6.9					$	7.9
Increases related to current year tax positions			2.6						1.6
Decreases related to prior year positions			(1.3)						(1.4)
Decreases relating to settlements with taxing authorities			(2.4)						(1.2)
Decrease due to lapse of statute			(0.3)						—
Unrecognized tax benefits at end of the year			$	5.5					$	6.9

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h)(1)(i))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Name:	us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the change in unrecognized tax benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 55
-Paragraph 217
-URI http://asc.fasb.org/extlink&oid=121610041&loc=d3e36027-109320

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15A
-URI http://asc.fasb.org/extlink&oid=84230637&loc=SL6600010-109319

+ Details

Name:	us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration