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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | Significant components of the provision for income taxes, including those related to non-controlling interest, are as follows:
| 2022 |  | 2021 |  | 2020
Current: |  |  |  |  |
Federal | $ | 29.8 |  |  | $ | 14.1 |  |  | $ | 18.4 |
State | 8.3 |  |  | 4.0 |  |  | 6.0 |
Foreign | 0.3 |  |  | 0.8 |  |  | 0.1 |
Current provision | 38.5 |  |  | 18.8 |  |  | 24.5 |
Deferred: |  |  |  |  |
Federal | (13.1) |  |  | (0.7) |  |  | (9.1) |
State | (2.8) |  |  | 0.4 |  |  | (2.4) |
Foreign | 0.0 |  |  | (0.1) |  |  | (0.6) |
Deferred provision | (15.9) |  |  | (0.4) |  |  | (12.1) |
Total income tax expense | $ | 22.5 |  |  | $ | 18.5 |  |  | $ | 12.5 |
Schedule of Effective Income Tax Rate Reconciliation | The differences between the actual tax expense and tax expense computed at the statutory United States federal tax rate are explained as follows:
| 2022 |  | 2021 |  | 2020
Federal statutory tax expense | $ | 30.7 |  |  | $ | 16.4 |  |  | $ | 11.4 |
State taxes, net of federal tax effect | 5.6 |  |  | 3.7 |  |  | 2.4 |
Credit for research activities | (4.2) |  |  | (4.0) |  |  | (3.9) |
Valuation allowance | (7.1) |  |  | (0.2) |  |  | 1.3 |
Goodwill impairment | — |  |  | 0.1 |  |  | 1.5 |
Executive compensation limitation | 1.4 |  |  | 1.2 |  |  | 0.5 |
Sale of foreign subsidiary | (4.2) |  |  | — |  |  | — |
Other – net | 0.3 |  |  | 1.2 |  |  | (0.7) |
Total income tax expense | $ | 22.5 |  |  | $ | 18.5 |  |  | $ | 12.5 |
Schedule of Deferred Tax Assets and Liabilities | Significant components of the Corporation’s deferred tax liabilities and assets are as follows:
| December 31, 2022 |  | January 1, 2022
Deferred Taxes |  |  |
Allowance for doubtful accounts | $ | 0.7 |  |  | $ | 0.5 |
Compensation | 7.2 |  |  | 7.3 |
Inventory differences | 1.2 |  |  | 3.1 |
Stock-based compensation | 7.9 |  |  | 7.9 |
Accrued post-retirement benefit obligations | 4.4 |  |  | 5.7 |
Vacation accrual | 3.9 |  |  | 3.2 |
Warranty accrual | 4.2 |  |  | 4.4 |
Tax loss and tax credit carryforwards | 5.8 |  |  | 10.2 |
Capital loss carryforward | 0.1 |  |  | 2.1 |
Lease liability | 27.3 |  |  | 23.4 |
Payroll deferral | — |  |  | 2.1 |
Research and development capitalization | 16.3 |  |  | — |
Other | 2.6 |  |  | 8.0 |
Total deferred tax assets | $ | 81.7 |  |  | $ | 77.9 |
Deferred income | (5.6) |  |  | (5.0) |
Goodwill and other intangible assets | (48.1) |  |  | (49.7) |
Prepaid expenses | (6.6) |  |  | (6.5) |
Right of use asset | (24.7) |  |  | (23.1) |
Tax over book depreciation | (53.0) |  |  | (56.6) |
Total deferred tax liabilities | $ | (137.9) |  |  | $ | (141.0) |
Valuation allowance | (4.2) |  |  | (11.3) |
Total net deferred tax liabilities | $ | (60.4) |  |  | $ | (74.3) |
Long-term net deferred tax assets | 0.7 |  |  | 0.7 |
Long-term net deferred tax liabilities | (61.0) |  |  | (75.0) |
Total net deferred tax liabilities | $ | (60.4) |  |  | $ | (74.3) |
Summary of Valuation Allowance | The valuation allowance, which primarily relates to foreign deferred tax assets, is as follows:
|  | Balance at beginning of period |  | Charged to expenses |  |  |  | Balance at end of period
Year ended December 31, 2022 |  | $ | 11.3 |  |  | $ | (7.1) |  |  |  |  | $ | 4.2 |
Year ended January 1, 2022 |  | $ | 11.5 |  |  | $ | (0.2) |  |  |  |  | $ | 11.3 |
Year ended January 2, 2021 |  | $ | 10.3 |  |  | $ | 1.3 |  |  |  |  | $ | 11.5 |
Summary of Income Tax Contingencies | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
| 2022 |  | 2021 |  |
Balance at beginning of period | $ | 2.2 |  |  | $ | 2.2 |  |  |
Increases in positions taken in a prior period | — |  |  | 0.1 |  |  |
New positions taken in a current period | 0.5 |  |  | 0.6 |  |  |
Decrease due to lapse of statute of limitations | (0.5) |  |  | (0.7) |  |  |
Balance at end of period | $ | 2.2 |  |  | $ | 2.2 |  |  |

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- Definition Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI https://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32840-109319 + Details
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