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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The components of income from continuing operations before income taxes were as follows:

(U.S. Dollars presented in millions)						2023						2022						2021
Domestic operations						$	213.2					$	162.2					$	204.0
Foreign operations						25.5						51.2						34.3
Income before income taxes						$	238.7					$	213.4					$	238.3

Schedule of Income Tax Expense

Income tax expense in the consolidated statement of income consisted of the following:

(U.S. Dollars presented in millions)						2023						2022						2021
Current
Federal						$	44.2					$	30.9					$	43.7
State						9.3						14.2						10.8
Foreign						8.9						10.6						8.9
Deferred
Federal						1.2						3.7						(5.4)
State						(2.1)						(2.3)						(0.2)
Foreign						(4.8)						0.9						(2.1)
Total income tax expense						$	56.7					$	58.0					$	55.7

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the U.S. federal statutory tax rate to the Company’s effective income tax rate is as follows:

(in percentages)						2023						2022						2021
Income tax expense at U.S. federal statutory income tax rate						21.0		%				21.0		%				21.0		%
State and local income taxes, net of federal tax benefit						2.2						4.3						3.9
Foreign taxes at a different rate than U.S. federal statutory income tax rate						0.6						(0.4)						(0.2)
Unrecognized tax benefits						—						(6.6)						(0.5)
IRS audit adjustments						—						8.1						—
Miscellaneous other, net						—						0.8						(0.8)
Effective income tax rate						23.8		%				27.2		%				23.4		%

Schedule of Deferred Tax Assets and Liabilities

The components of net deferred tax assets (liabilities) as of December 31, 2023 and December 25, 2022 were as follows:

(U.S. Dollars presented in millions)						2023						2022
Deferred tax assets:
Compensation and benefits						$	15.9					$	14.6
Other accrued expenses						14.7						15.9
Accounts receivable						12.5						18.8
Operating lease liabilities						11.0						14.6
Capitalized inventories						4.2						6.0
Net operating loss and other tax carryforwards						3.2						2.4
Defined benefit plans						1.1						2.4
Valuation allowance						(1.0)						(1.2)
Other						8.7						4.6
Total deferred tax assets						70.3						78.1
Deferred tax liabilities:
Intangible assets						(114.3)						(118.0)
Fixed assets						(22.0)						(25.3)
Operating lease assets						(10.5)						(14.0)
Prepaid marketing						(3.0)						(4.1)
Unremitted earnings of foreign subsidiaries						—						(0.2)
Other						(0.4)						(2.2)
Total deferred tax liabilities						(150.2)						(163.8)
Net deferred tax liability						$	(79.9)					$	(85.7)

Schedule of Classification of Deferred Tax Assets and Liabilities

Deferred taxes were classified in the Consolidated Balance Sheets as of December 31, 2023 and December 25, 2022 as follows:

(U.S. Dollars presented in millions)						2023						2022
Other assets						$	3.7					$	1.6
Deferred income taxes						(83.6)						(87.3)
Net deferred tax liability						$	(79.9)					$	(85.7)

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the Company’s gross change in UTBs, including accrued interest and penalties, is as follows:

(U.S. Dollars presented in millions)						2023						2022						2021
Unrecognized tax benefits—beginning of year						$	1.2					$	20.2					$	21.5
Gross additions—current year tax positions						—						0.1						0.1
Gross additions—prior year tax positions						—						—						0.1
Gross reductions—prior year tax positions						(0.3)						(17.8)						(1.5)
Gross reductions—settlements with taxing authorities						—						(1.3)						—
Unrecognized tax benefits—end of year						$	0.9					$	1.2					$	20.2
Unrecognized tax benefits—accrued interest and penalties						0.7						0.5						3.0
Gross unrecognized tax benefits						$	1.6					$	1.7					$	23.2

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