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Income Taxes (Tables) | 12 Months Ended
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Dec. 29, 2019
Income Tax Disclosure [Abstract] |
Earnings (Loss) From Continuing Operations Before Taxes Per Jurisdiction | Earnings (loss) before taxes and equity in net earnings (loss) of affiliate for the years 2019, 2018 and 2017 were taxed under the following jurisdictions:
| 2019 |  | 2018 |  | 2017
| (In millions of dollars) |  |  |  |
Domestic | $ | 46.6 |  |  | $ | 53.1 |  |  | $ | 55.2 |
Foreign | 69.8 |  |  | (62.5) |  |  | 26.5 |
Total | $ | 116.4 |  |  | $ | (9.4) |  |  | $ | 81.7 |
Provision for Income Taxes From Continuing Operations | The provision for income taxes was as follows:
| 2019 |  | 2018 |  | 2017
| (In millions of dollars) |  |  |  |
Current tax expense: |  |  |  |  |
U.S. federal | $ | 4.7 |  |  | $ | 6.1 |  |  | $ | 6.6 |
U.S. state and local | 3.0 |  |  | 3.1 |  |  | 2.4 |
Foreign | 11.0 |  |  | 11.2 |  |  | 9.7 |
Total current | 18.7 |  |  | 20.4 |  |  | 18.7 |
Deferred tax (benefit) expense: |  |  |  |  |
U.S. federal | (19.4) |  |  | (15.6) |  |  | 0.4 |
U.S. state and local | (1.6) |  |  | 1.0 |  |  | 0.1 |
Foreign | 2.7 |  |  | (32.9) |  |  | (6.4) |
Total deferred | (18.3) |  |  | (47.5) |  |  | (5.9) |
Total provision | $ | 0.4 |  |  | $ | (27.1) |  |  | $ | 12.8 |
Deferred Taxes | The deferred tax assets and liabilities are comprised of the following:
| 2019 |  | 2018
| (In millions of dollars) |  |
Depreciation and amortization | $ | (13.3) |  |  | $ | (15.6) |
Employee compensation and benefit plans | 58.4 |  |  | 52.0 |
Workers’ compensation | 14.8 |  |  | 15.0 |
Unrealized gain on securities | (42.5) |  |  | (30.9) |
Investment in equity affiliate | (13.8) |  |  | (15.8) |
Loss carryforwards | 30.4 |  |  | 30.8 |
Credit carryforwards | 167.1 |  |  | 155.6 |
Other, net | 3.9 |  |  | 3.9 |
Valuation allowance | (19.0) |  |  | (27.8) |
Net deferred tax assets | $ | 186.0 |  |  | $ | 167.2 |
The deferred tax balance is classified in the consolidated balance sheet as:
| 2019 |  | 2018
| (In millions of dollars) |  |
Deferred tax asset | $ | 229.1 |  |  | $ | 198.7 |
Other long-term liabilities | (43.1) |  |  | (31.5) |
| $ | 186.0 |  |  | $ | 167.2 |
Net Tax Effect of State and Foreign Loss Carryforwards | The net tax effect of state and foreign loss carryforwards at year-end 2019 totaled $30.4 million, which will expire as follows (in millions of dollars):
Year |  | Amount
2020-2021 |  | $ | 0.5 |
2022-2036 |  | 0.8 |
No expiration |  | 29.1 |
Total |  | $ | 30.4 |
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 21% in 2019 and 2018 and 35% in 2017 as follows:
| 2019 |  | 2018 |  | 2017
| (In millions of dollars) |  |  |  |
Income tax based on statutory rate | $ | 24.4 |  |  | $ | (2.0) |  |  | $ | 28.6 |
State income taxes, net of federal benefit | 1.1 |  |  | 3.2 |  |  | 1.6 |
Foreign tax rate differential | 4.6 |  |  | (8.3) |  |  | (1.5) |
General business credits | (16.7) |  |  | (22.6) |  |  | (18.1) |
Life insurance cash surrender value | (6.5) |  |  | 2.1 |  |  | (7.4) |
Foreign items | 0.8 |  |  | 1.9 |  |  | (1.3) |
GILTI, net of foreign tax credit | 0.5 |  |  | 0.5 |  |  | — |
Foreign-derived intangible income | (0.9) |  |  | (0.9) |  |  | — |
Foreign business taxes | 3.8 |  |  | 4.2 |  |  | 4.0 |
Non-deductible expenses | 0.7 |  |  | 2.6 |  |  | 1.3 |
Tax law change | (0.2) |  |  | (0.5) |  |  | 13.9 |
Change in deferred tax realizability | (10.6) |  |  | (4.3) |  |  | (7.8) |
Stock compensation | (0.6) |  |  | (3.0) |  |  | (0.7) |
Other, net | — |  |  | — |  |  | 0.2 |
Total | $ | 0.4 |  |  | $ | (27.1) |  |  | $ | 12.8 |
Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
| 2019 |  | 2018 |  | 2017
| (In millions of dollars) |  |  |  |
Balance at beginning of the year | $ | 1.1 |  |  | $ | 1.2 |  |  | $ | 1.4 |
Additions for prior years’ tax positions | — |  |  | — |  |  | — |
Reductions for prior years’ tax positions | — |  |  | — |  |  | — |
Additions for settlements | — |  |  | — |  |  | — |
Reductions for settlements | — |  |  | — |  |  | — |
Reductions for expiration of statutes | (0.2) |  |  | (0.1) |  |  | (0.2) |
Balance at end of the year | $ | 0.9 |  |  | $ | 1.1 |  |  | $ | 1.2 |

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