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Income Taxes (Tables) | 12 Months Ended
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Dec. 28, 2024
Income Tax Disclosure [Abstract] |
Schedule of Components of the Provision for Income Taxes | Significant components of the provision for income taxes are as follows:
| 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |
Federal | $ | 44.0 |  |  | $ | 11.6 |  |  | $ | 29.8 |
State | 7.2 |  |  | 4.1 |  |  | 8.3 |
Foreign | 1.9 |  |  | 0.9 |  |  | 0.3 |
Current provision | 53.1 |  |  | 16.6 |  |  | 38.5 |
Deferred: |  |  |  |  |
Federal | (12.0) |  |  | (2.0) |  |  | (13.1) |
State | (1.3) |  |  | 1.1 |  |  | (2.8) |
Foreign | 0.0 |  |  | (0.1) |  |  | 0.0 |
Deferred provision | (13.2) |  |  | (1.0) |  |  | (15.9) |
Total income tax expense | $ | 39.8 |  |  | $ | 15.6 |  |  | $ | 22.5 |
Schedule of Differences Between the Actual Tax Expense and Tax Expense | The differences between the actual tax expense and tax expense computed at the statutory United States federal tax rate are explained as follows:
| 2024 |  | 2023 |  | 2022
Federal statutory tax expense | $ | 37.7 |  |  | $ | 13.6 |  |  | $ | 30.7 |
State taxes, net of federal tax effect | 6.0 |  |  | 3.7 |  |  | 5.6 |
Credit for research activities | (6.2) |  |  | (5.3) |  |  | (4.2) |
Valuation allowance | 0.3 |  |  | (0.9) |  |  | (7.1) |
Foreign taxes | 1.2 |  |  | 0.7 |  |  | 0.7 |
Executive compensation limitation | 3.0 |  |  | 1.7 |  |  | 1.4 |
Acquisition expenses | — |  |  | 1.8 |  |  | — |
Sale of foreign subsidiary | — |  |  | — |  |  | (4.2) |
Provision to return true-up | (1.7) |  |  | (0.8) |  |  | 0.1 |
Other – net | (0.5) |  |  | 1.1 |  |  | (0.5) |
Total income tax expense | $ | 39.8 |  |  | $ | 15.6 |  |  | $ | 22.5 |
Schedule of Deferred Tax Assets and Liabilities | Significant components of the Corporation’s deferred tax liabilities and assets are as follows:
| December 28, 2024 |  | December 30, 2023
Deferred Taxes |  |  |
Allowance for doubtful accounts | $ | 0.8 |  |  | $ | 1.3 |
Compensation | 11.1 |  |  | 13.5 |
Stock-based compensation | 5.6 |  |  | 8.5 |
Accrued post-retirement benefit obligations | 4.1 |  |  | 4.5 |
Vacation accrual | 0.0 |  |  | 2.1 |
Warranty accrual | 4.6 |  |  | 5.2 |
Tax loss and tax credit carryforwards | 8.8 |  |  | 9.1 |
Capital loss carryforward | 0.8 |  |  | 3.3 |
Lease liability | 37.1 |  |  | 35.0 |
Research and development capitalization | 43.0 |  |  | 30.9 |
Other – net | 2.8 |  |  | 3.8 |
Total deferred tax assets | $ | 118.8 |  |  | $ | 117.2 |
Deferred income | (5.2) |  |  | (5.7) |
Inventory differences | (4.7) |  |  | (3.8) |
Goodwill and other intangible assets | (64.6) |  |  | (64.7) |
Prepaid expenses | (8.1) |  |  | (7.7) |
Right of use asset | (33.2) |  |  | (31.4) |
Tax over book depreciation | (65.7) |  |  | (78.3) |
Total deferred tax liabilities | $ | (181.5) |  |  | $ | (191.6) |
Valuation allowance | (7.9) |  |  | (9.8) |
Total net deferred tax liabilities | $ | (70.6) |  |  | $ | (84.2) |
Long-term net deferred tax assets | 1.1 |  |  | 0.9 |
Long-term net deferred tax liabilities | (71.6) |  |  | (85.1) |
Total net deferred tax liabilities | $ | (70.6) |  |  | $ | (84.2) |
Schedule of Valuation Allowance for Deferred Tax Asset | 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 28, 2024 |  | $ | 9.8 |  |  | $ | 0.3 |  |  | $ | (2.2) |  |  | $ | 7.9 |
Year ended December 30, 2023 |  | $ | 4.2 |  |  | $ | (0.9) |  |  | $ | 6.5 |  |  | $ | 9.8 |
Year ended December 31, 2022 |  | $ | 11.3 |  |  | $ | (7.1) |  |  | $ | — |  |  | $ | 4.2 |
Schedule of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
| 2024 |  | 2023 |  |
Balance at beginning of period | $ | 3.0 |  |  | $ | 2.2 |  |  |
Changes in positions taken in a prior period | (0.0) |  |  | 0.8 |  |  |
New positions taken in a current period | 0.9 |  |  | 0.6 |  |  |
Decrease due to lapse of statute of limitations | (0.6) |  |  | (0.6) |  |  |
Balance at end of period | $ | 3.3 |  |  | $ | 3.0 |  |  |

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