XML 51 R39.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 30, 2023
Income Tax Disclosure [Abstract] |
Schedule of Income before Income Tax, Domestic and Foreign | For financial reporting purposes, income befor e income taxes includes the following components:
|  | For the year ended |
|  | December 30, 2023 |  |  | December 31, 2022 |  |  | January 1, 2022 |
United States |  | $ | 12.8 |  |  | $ | 71.3 |  |  | $ | 87.1 |
Foreign |  |  | 36.4 |  |  |  | 50.5 |  |  |  | 44.1 |
Total |  | $ | 49.2 |  |  | $ | 121.8 |  |  | $ | 131.2 |
Schedule of Components of Income Tax Provision (Benefit) | The components of the income tax provision (benefit) are as follows:
|  | For the year ended |
|  | December 30, 2023 |  |  | December 31, 2022 |  |  | January 1, 2022 |
Current tax expense (benefit): |  |  |  |  |  |  |  |  |
United States |  | $ | 6.7 |  |  | $ | 12.3 |  |  | $ | 10.7 |
State and local |  |  | 1.5 |  |  |  | 0.4 |  |  |  | 3.1 |
Foreign |  |  | 11.4 |  |  |  | 15.9 |  |  |  | 17.3 |
Total current |  |  | 19.6 |  |  |  | 28.6 |  |  |  | 31.1 |
Deferred tax expense (benefit): |  |  |  |  |  |  |  |  |
United States |  |  | (3.6 | ) |  |  | (0.4 | ) |  |  | (1.1 | )
State and local |  |  | (1.4 | ) |  |  | (2.6 | ) |  |  | 0.2 |
Foreign |  |  | (2.9 | ) |  |  | (2.2 | ) |  |  | (3.6 | )
Total deferred |  |  | (7.9 | ) |  |  | (5.2 | ) |  |  | (4.5 | )
Total income tax provision |  | $ | 11.7 |  |  | $ | 23.4 |  |  | $ | 26.6 |
Schedule of Effective Income Tax Rate Reconciliation | The reconciliation between the effective income tax rate and the U.S. federal statutory rate is as follows:
|  | For the year ended |
|  | December 30, 2023 |  |  | December 31, 2022 |  |  | January 1, 2022 |
U.S. federal taxes at statutory rate |  | $ | 10.3 |  |  | $ | 25.6 |  |  | $ | 27.5 |
Increase (decrease) |  |  |  |  |  |  |  |  |
Capitalized transaction costs |  |  | 0.2 |  |  |  | 0.3 |  |  |  | — |
Foreign income taxed at different rate |  |  | 1.4 |  |  |  | 1.7 |  |  |  | 3.6 |
FDII deduction |  |  | (1.2 | ) |  |  | (2.8 | ) |  |  | (3.2 | )
Changes in estimates related to prior years including foreign |  |  | 0.1 |  |  |  | 0.2 |  |  |  | (0.2 | )
State and local taxes, net |  |  | 0.4 |  |  |  | (1.0 | ) |  |  | 2.7 |
Current year tax credits |  |  | (1.0 | ) |  |  | (0.9 | ) |  |  | (0.5 | )
Foreign deferred other true up |  |  | (1.8 | ) |  |  | (1.0 | ) |  |  | (1.6 | )
Change in reserve |  |  | 0.2 |  |  |  | 0.2 |  |  |  | (1.9 | )
Excess officer compensation |  |  | 1.3 |  |  |  | 1.4 |  |  |  | — |
Change in valuation allowance |  |  | 1.3 |  |  |  | — |  |  |  | — |
Other |  |  | 0.5 |  |  |  | (0.3 | ) |  |  | 0.1 |
Income tax provision |  | $ | 11.7 |  |  | $ | 23.4 |  |  | $ | 26.6 |
Schedule of Deferred Tax Assets and Liabilities | Deferred income tax assets and liabilities are provided to reflect the future tax consequences of differences between the tax basis of assets and liabilities and their reported amounts in the financial statements. The temporary differences that give rise to significant portions of the deferred tax assets and liabilities as of December 30, 2023 and December 31, 2022, are presented below:
|  | December 30, 2023 |  |  | December 31, 2022 |
Deferred tax assets: |  |  |  |  |  |
Foreign tax benefit of U.S. reserves |  | $ | 1.4 |  |  | $ | 1.9 |
Net operating losses |  |  | 6.2 |  |  |  | 6.2 |
Inventory |  |  | 3.7 |  |  |  | 3.2 |
Intangible assets and goodwill |  |  | 0.7 |  |  |  | 0.7 |
Lease liability |  |  | 4.5 |  |  |  | 2.0 |
Capitalized research expenditures |  |  | 8.0 |  |  |  | 3.8 |
Interest expense limitation carryforward |  |  | 3.6 |  |  |  | — |
Accrued expenses and other |  |  | 6.4 |  |  |  | 5.2 |
Other comprehensive income |  |  | 3.0 |  |  |  | 5.6 |
Total deferred tax assets |  |  | 37.5 |  |  |  | 28.6 |
Less: Valuation allowance |  |  | (3.0 | ) |  |  | (1.7 | )
Net deferred tax assets |  |  | 34.5 |  |  |  | 26.9 |
Deferred tax liabilities: |  |  |  |  |  |
Depreciation |  |  | (7.4 | ) |  |  | (8.6 | )
Right of use asset |  |  | (4.4 | ) |  |  | (1.9 | )
Intangible assets and goodwill |  |  | (78.1 | ) |  |  | (75.5 | )
Other deferred tax liabilities |  |  | — |  |  |  | (0.3 | )
Total deferred tax liabilities |  |  | (89.9 | ) |  |  | (86.3 | )
Net deferred tax liabilities |  | $ | (55.4 | ) |  | $ | (59.4 | )
Schedule of Unrecognized Tax Benefits Roll Forward | The following is a roll-forward of the Company’s unrecognized tax benefits:
Unrecognized tax benefits - January 2, 2021 |  | $ | 11.4 |
Decreases from positions taken during prior periods |  |  | (0.2 | )
Increases from positions taken during current period |  |  | 0.6 |
Lapse of statute of limitations |  |  | (2.8 | )
Unrecognized tax benefits - January 1, 2022 |  | $ | 9.0 |
Increases from positions taken during prior periods |  |  | 0.9 |
Increases from positions taken during current period |  |  | 0.2 |
Settled positions |  |  | (0.2 | )
Lapse of statute of limitations |  |  | (2.0 | )
Unrecognized tax benefits - December 31, 2022 |  | $ | 7.9 |
Increases from positions taken during prior periods |  |  | 1.1 |
Increases from positions taken during current period |  |  | 0.2 |
Settled positions |  |  | (2.7 | )
Lapse of statute of limitations |  |  | (0.4 | )
Unrecognized tax benefits - December 30, 2023 |  | $ | 6.1 |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 12 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-12 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(1)(Note 1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 + Details
Name: | us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in unrecognized tax benefits. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 217 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482663/740-10-55-217 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15A + Details
Name: | us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration