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Income Taxes (Tables)

12 Months Ended

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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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 of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

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