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Income Taxes (Tables)

12 Months Ended

Dec. 30, 2023

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:

			2023						2022						2021
Current:
Federal			$	11.6					$	29.8					$	14.1
State			4.1						8.3						4.0
Foreign			0.9						0.3						0.8
Current provision			16.6						38.5						18.8
Deferred:
Federal			(2.0)						(13.1)						(0.7)
State			1.1						(2.8)						0.4
Foreign			(0.1)						0.0						(0.1)
Deferred provision			(1.0)						(15.9)						(0.4)
Total income tax expense			$	15.6					$	22.5					$	18.5

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:

			2023						2022						2021
Federal statutory tax expense			$	13.6					$	30.7					$	16.4
State taxes, net of federal tax effect			3.7						5.6						3.7
Credit for research activities			(5.3)						(4.2)						(4.0)
Valuation allowance			(0.9)						(7.1)						(0.2)
Foreign taxes			0.7						0.7						0.8
Executive compensation limitation			1.7						1.4						1.2
Acquisition expenses			1.8						—						—
Sale of foreign subsidiary			—						(4.2)						—
Provision to return true-up			(0.8)						0.1						(0.8)
Other – net			1.1						(0.5)						1.4
Total income tax expense			$	15.6					$	22.5					$	18.5

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Corporation’s deferred tax liabilities and assets are as follows:

			December 30, 2023						December 31, 2022
Deferred Taxes
Allowance for doubtful accounts			$	1.3					$	0.7
Compensation			13.5						7.2
Inventory differences			—						1.2
Stock-based compensation			8.5						7.9
Accrued post-retirement benefit obligations			4.5						4.4
Vacation accrual			2.1						3.9
Warranty accrual			5.2						4.2
Tax loss and tax credit carryforwards			9.1						5.8
Capital loss carryforward			3.3						0.1
Lease liability			35.0						27.3
Research and development capitalization			30.9						16.3
Other			3.8						2.6
Total deferred tax assets			$	117.2					$	81.7
Deferred income			(5.7)						(5.6)
Inventory differences			(3.8)						—
Goodwill and other intangible assets			(64.7)						(48.1)
Prepaid expenses			(7.7)						(6.6)
Right of use asset			(31.4)						(24.7)
Tax over book depreciation			(78.3)						(53.0)
Total deferred tax liabilities			$	(191.6)					$	(137.9)
Valuation allowance			(9.8)						(4.2)
Total net deferred tax liabilities			$	(84.2)					$	(60.4)
Long-term net deferred tax assets			0.9						0.7
Long-term net deferred tax liabilities			(85.1)						(61.0)
Total net deferred tax liabilities			$	(84.2)					$	(60.4)

Schedule of Valuation Allowance

The valuation allowance, which primarily relates to acquired deferred tax assets, is as follows:

						Balance at beginning of period						Expenses (benefits)						Impact of business combination						Balance at end of period
Year ended December 30, 2023						$	4.2					$	(0.9)					$	6.5					$	9.8
Year ended December 31, 2022						$	11.3					$	(7.1)					$	—					$	4.2
Year ended January 1, 2022						$	11.5					$	(0.2)					$	—					$	11.3

Schedule of Income Tax Contingencies

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

			2023						2022
Balance at beginning of period			$	2.2					$	2.2
Increases in positions taken in a prior period			0.8						—
New positions taken in a current period			0.6						0.5
Decrease due to lapse of statute of limitations			(0.6)						(0.5)
Balance at end of period			$	3.0					$	2.2

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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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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.

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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 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.

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