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Income Taxes (Tables) | 12 Months Ended
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Dec. 29, 2024
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | Significant components of the provision for income taxes were as follows:
| Fiscal Year Ended
(In millions) | 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |
Federal | $ | (1.1) |  |  | $ | (49.3) |  |  | $ | 162.2 |
State | 4.9 |  |  | (1.6) |  |  | 48.8 |
Foreign | 22.1 |  |  | 36.4 |  |  | 17.6 |
Total current provision (benefit) | 25.9 |  |  | (14.5) |  |  | 228.6 |
Deferred: |  |  |  |  |
Federal | (130.5) |  |  | 8.5 |  |  | (31.9) |
State | 0.6 |  |  | (3.6) |  |  | (9.3) |
Foreign | 24.5 |  |  | (9.4) |  |  | (0.2) |
Total deferred benefit | (105.4) |  |  | (4.5) |  |  | (41.4) |
(Benefit from) provision for income taxes | $ | (79.5) |  |  | $ | (19.0) |  |  | $ | 187.2 |
Schedule of Income before Income Tax, Domestic and Foreign | The Company’s income before income taxes was subject to taxes in the following jurisdictions for the following periods:
| Fiscal Year Ended
(In millions) | 2024 |  | 2023 |  | 2022
United States | $ | (2,167.1) |  |  | $ | (163.9) |  |  | $ | 672.1 |
Foreign | 35.6 |  |  | 134.8 |  |  | 63.8 |
(Loss) income before income taxes | $ | (2,131.5) |  |  | $ | (29.1) |  |  | $ | 735.9 |
Schedule of Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and deferred tax liabilities as of December 29, 2024 and December 31, 2023 are shown below:
(In millions) | December 29, 2024 |  | December 31, 2023
Deferred tax assets: |  |  |
Lease liability | $ | 46.2 |  |  | $ | 47.2 |
Allowance for returns and discounts | 38.4 |  |  | 42.3 |
Inventory reserve | 14.7 |  |  | 14.0 |
Stock-based compensation | 9.7 |  |  | 15.8 |
Tax loss, interest expense and credit carryforwards | 468.7 |  |  | 603.8 |
Research & development expenses | 95.7 |  |  | 75.9 |
Employee related obligations | 13.2 |  |  | 6.0 |
Other, net | — |  |  | 10.8 |
Total deferred tax assets | 686.6 |  |  | 815.8 |
Valuation allowance for deferred tax assets | (142.4) |  |  | (274.7) |
Total deferred tax assets, net of valuation allowance | 544.2 |  |  | 541.1 |
Deferred tax liabilities: |  |  |
Right-of-use assets | (38.9) |  |  | (38.9) |
Intangible assets | (468.6) |  |  | (554.2) |
Property, plant and equipment | (107.5) |  |  | (114.3) |
Other, net | (5.7) |  |  | — |
Total deferred tax liabilities | (620.7) |  |  | (707.4) |
Net deferred tax liabilities | $ | (76.5) |  |  | $ | (166.3) |
Schedule of Effective Income Tax Rate Reconciliation | The reconciliation of income tax computed at the federal statutory rate to the provision for income taxes from continuing operations was as follows:
| Fiscal Year Ended
(In millions) | 2024 |  | 2023 |  | 2022
Tax (benefit) expense at statutory tax rate | $ | (447.6) |  |  | $ | (6.1) |  |  | $ | 154.5 |
State tax (benefit) expense, net of federal tax | (7.2) |  |  | (2.8) |  |  | 29.3 |
Foreign income taxed at rates other than the applicable U.S. rate | 10.3 |  |  | (23.0) |  |  | (27.5) |
Goodwill Impairment | 316.2 |  |  | — |  |  | — |
Permanent differences | 14.8 |  |  | (4.3) |  |  | 8.2 |
Federal and state research credits—current year | (5.1) |  |  | (10.3) |  |  | (7.3) |
Stock-based compensation | 6.2 |  |  | 1.5 |  |  | 1.5 |
Change in valuation allowance | 31.3 |  |  | 10.4 |  |  | 26.2 |
Foreign Derived Intangible Income Deduction | — |  |  | — |  |  | (10.2) |
Global Intangible Low-Taxed Income | 0.1 |  |  | 20.1 |  |  | 3.8 |
Change in uncertain tax positions | (7.8) |  |  | (11.8) |  |  | — |
Other | 9.3 |  |  | 7.3 |  |  | 8.7 |
(Benefit from) provision for income taxes | $ | (79.5) |  |  | $ | (19.0) |  |  | $ | 187.2 |
Schedule of Unrecognized Tax Benefits Roll Forward | The following table summarizes the activity related to the Company’s unrecognized tax benefits:
| Fiscal Year Ended
(In millions) | 2024 |  | 2023 |  | 2022
Beginning balance | $ | 28.8 |  |  | $ | 40.0 |  |  | $ | 17.7 |
Increases related to current year tax positions | — |  |  | 2.6 |  |  | 1.8 |
Increases (decreases) related to prior year tax positions | 165.4 |  |  | (0.1) |  |  | (0.6) |
Increases due to current year acquisitions | — |  |  | — |  |  | 27.8 |
Decreases due to settlements and expirations | (10.3) |  |  | (13.7) |  |  | (6.7) |
Ending balance | $ | 183.9 |  |  | $ | 28.8 |  |  | $ | 40.0 |
Summary of Valuation Allowance | The following table summarizes the changes to the valuation allowance for balances for fiscal years ended 2024, 2023 and 2022:
| Beginning Balance |  | Additions Due to Current Year Acquisitions |  | Additions Charged to (Benefit From) Provision for Income Taxes |  | Currency Translation/Other(1) |  | Ending Balance
Deferred tax valuation allowance |  |  |  |  |  |  |  |  |
Fiscal year ended December 29, 2024 | $ | 274.7 |  |  | — |  |  | 31.3 |  |  | (163.6) |  |  | $ | 142.4 |
Fiscal year ended December 31, 2023 | $ | 251.3 |  |  | — |  |  | 10.4 |  |  | 13.0 |  |  | $ | 274.7 |
Fiscal year ended January 1, 2023 | $ | 2.3 |  |  | 223.5 |  |  | 26.2 |  |  | (0.7) |  |  | $ | 251.3 |
(1) The other decreases in valuation allowance during fiscal year ended 2024 related predominately to reserves for unrecognized tax benefits recorded on certain Luxembourg tax loss carryforwards during the period.

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