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Income Taxes (Tables)

12 Months Ended

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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