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Income Taxes (Tables) | 12 Months Ended
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Jan. 03, 2016
Income Tax Disclosure [Abstract] |
Earnings (Loss) From Continuing Operations Before Taxes Per Jurisdiction | Earnings before taxes for the years 2015, 2014 and 2013 were taxed under the following jurisdictions:
| 2015 |  | 2014 |  | 2013
| (In millions of dollars)
Domestic | $ | 28.9 |  |  | $ | 5.9 |  |  | $ | 35.1 |
Foreign | 33.6 |  |  | 10.7 |  |  | 13.7 |
Total | $ | 62.5 |  |  | $ | 16.6 |  |  | $ | 48.8 |
Provision for Income Taxes From Continuing Operations | The provision for income taxes was as follows:
| 2015 |  | 2014 |  | 2013
| (In millions of dollars)
Current tax expense: |  |  |  |  |
U.S. federal | $ | 8.3 |  |  | $ | 5.6 |  |  | $ | 7.3 |
U.S. state and local | 1.4 |  |  | 1.4 |  |  | 3.5 |
Foreign | 10.8 |  |  | 12.7 |  |  | 10.4 |
Total current | 20.5 |  |  | 19.7 |  |  | 21.2 |
Deferred tax expense: |  |  |  |  |
U.S. federal | (10.6 | ) |  | (22.0 | ) |  | (26.9 | )
U.S. state and local | 0.8 |  |  | (0.4 | ) |  | (1.6 | )
Foreign | (2.0 | ) |  | (4.4 | ) |  | (2.8 | )
Total deferred | (11.8 | ) |  | (26.8 | ) |  | (31.3 | )
Total provision | $ | 8.7 |  |  | $ | (7.1 | ) |  | $ | (10.1 | )
Deferred Taxes | Deferred taxes are comprised of the following:
| 2015 |  | 2014
| (In millions of dollars)
Depreciation and amortization | $ | (14.3 | ) |  | $ | (14.4 | )
Employee compensation and benefit plans | 70.6 |  |  | 70.4 |
Workers’ compensation | 21.4 |  |  | 21.6 |
Unrealized gain on securities | (36.7 | ) |  | (23.7 | )
Loss carryforwards | 40.6 |  |  | 47.2 |
Credit carryforwards | 113.4 |  |  | 103.0 |
Other, net | 8.1 |  |  | 11.0 |
Valuation allowance | (50.9 | ) |  | (58.5 | )
Net deferred tax assets | $ | 152.2 |  |  | $ | 156.6 |
The deferred tax balance is classified in the consolidated balance sheet as:
| 2015 |  | 2014
| (In millions of dollars)
Current assets, deferred tax | $ | — |  |  | $ | 34.4 |
Noncurrent deferred tax asset | 189.3 |  |  | 146.3 |
Current liabilities, income and other taxes | — |  |  | (0.4 | )
Noncurrent liabilities, other long-term liabilities | (37.1 | ) |  | (23.7 | )
| $ | 152.2 |  |  | $ | 156.6 |
Differences Between Income Taxes From Continuing Operations and U.S. Statutory Rate | The differences between income taxes from continuing operations for financial reporting purposes and the U.S. statutory rate of 35% are as follows:
| 2015 |  | 2014 |  | 2013
| (In millions of dollars)
Income tax based on statutory rate | $ | 21.9 |  |  | $ | 5.8 |  |  | $ | 17.1 |
State income taxes, net of federal benefit | 1.3 |  |  | 0.7 |  |  | 1.2 |
General business credits | (17.9 | ) |  | (17.5 | ) |  | (26.2 | )
Life insurance cash surrender value | 0.3 |  |  | (2.2 | ) |  | (5.8 | )
Foreign items | (2.3 | ) |  | (0.2 | ) |  | 0.3 |
Foreign business taxes | 3.7 |  |  | 4.2 |  |  | 3.9 |
Foreign tax law change | (0.7 | ) |  | (2.2 | ) |  | (4.6 | )
Non-deductible expenses | 2.3 |  |  | 2.1 |  |  | 1.6 |
Change in deferred tax realizability | — |  |  | 2.2 |  |  | 2.8 |
Other, net | 0.1 |  |  | — |  |  | (0.4 | )
Total | $ | 8.7 |  |  | $ | (7.1 | ) |  | $ | (10.1 | )
Net Tax Effect of State and Foreign Loss Carryforwards | The net tax effect of state and foreign loss carryforwards at year-end 2015 totaled $40.6 million, which expire as follows (in millions of dollars):
Year |  | Amount
2016-2018 |  | $ | 2.3 |
2019-2021 |  | 1.9 |
2022-2025 |  | 0.4 |
2026-2029 |  | 0.1 |
No expiration |  | 35.9 |
Total |  | $ | 40.6 |
Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
| 2015 |  | 2014 |  | 2013
| (In millions of dollars)
Balance at beginning of the year | $ | 2.4 |  |  | $ | 2.8 |  |  | $ | 2.9 |
Additions for prior years’ tax positions | 0.1 |  |  | — |  |  | — |
Reductions for prior years’ tax positions | (0.7 | ) |  | (0.4 | ) |  | (0.1 | )
Additions for settlements | — |  |  | — |  |  | — |
Reductions for settlements | — |  |  | — |  |  | — |
Reductions for expiration of statutes | (0.1 | ) |  | — |  |  | — |
Balance at end of the year | $ | 1.7 |  |  | $ | 2.4 |  |  | $ | 2.8 |

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