Income Taxes (Tables)

12 Months Ended

Dec. 29, 2024

Income Tax Disclosure [Abstract]

Schedule of income before income tax

Income (loss) before income taxes for the Company’s U.S. and non-U.S. operations was as follows:

	Fiscal Year
(In millions)	2024		2023		2022
U.S.	$	421.1	$	258.2	$	394.3
Non-U.S.	65.0		37.0		(39.7)
Income before income taxes	$	486.1	$	295.2	$	354.6

Schedule income tax provision (benefit)

The income tax provision (benefit) was as follows:

	Fiscal Year
(In millions)	2024		2023		2022
Current:
Federal	$	(0.3)	$	3.0	$	5.0
State	6.9		0.5		3.7
Foreign	7.0		7.8		10.0
Total	13.6		11.3		18.7
Deferred:
Federal	84.5		(96.1)		(3.3)
State	4.3		(42.5)		0.2
Foreign	1.0		(0.9)		(0.1)
Total	89.8		(139.5)		(3.2)
Income tax provision (benefit)	$	103.4	$	(128.2)	$	15.5

Schedule of effective income tax rate reconciliation

The following is a reconciliation of income taxes computed at the statutory U.S. Federal income tax rate to the actual effective income tax provision (benefit):

	Fiscal Year
(In millions)	2024		2023		2022
Taxes computed at the federal rate	$	102.0	$	62.0	$	74.5
State and local income taxes, net of federal tax benefit	9.3		1.2		2.9
Valuation allowance	(0.3)		(198.8)		(84.4)
Global Intangible Low Taxed Income (GILTI )	3.3		5.0		—
Restructuring/Divestitures	—		—		23.0
Foreign earnings taxed at different rate	3.4		2.7		3.2
Withholding taxes	2.1		4.8		2.6
Preferential tax rate	(4.1)		(3.6)		(4.9)
Other	(12.3)		(1.5)		(1.4)
Income tax provision (benefit)	$	103.4	$	(128.2)	$	15.5

Schedule of deferred tax assets and liabilities

Deferred income taxes result from temporary differences in the recognition of income and expense for financial and income tax reporting purposes, and differences between the fair value of assets acquired in business combinations accounted for as purchases for financial reporting purposes and their corresponding tax bases. Deferred income taxes represent future tax benefits or costs to be recognized when those temporary differences reverse. The categories of assets and liabilities that have resulted in differences in the timing of the recognition of income and expense at December 29, 2024 and December 31, 2023 were as follows:

	Fiscal Year
(In millions)	2024		2023
Deferred income tax assets
Net operating loss tax carryovers	$	73.4	$	133.0
Pensions	6.0		2.2
Postretirement benefits other than pensions	45.2		48.5
Tax credits	44.0		43.5
Research and development	25.7		20.7
Inventory valuation	24.3		1.1
Other items	102.8		107.5
Gross deferred income tax assets	321.4		356.5
Valuation allowance for deferred tax assets	(57.7)		(60.3)
Total deferred income tax assets	263.7		296.2
Deferred income tax liabilities
Basis of property, plant and equipment	180.5		124.8
Basis of amortizable intangible assets	13.4		14.9
Other items	28.0		25.5
Total deferred tax liabilities	221.9		165.2
Net deferred tax asset	$	41.8	$	131.0

Schedule of NOL's and tax credits

The following summarizes the carryforward periods for the tax attributes related to NOLs and credits by jurisdiction.

($ in millions, U.S. and U.K. NOL amounts are pre-tax, all other items are after-tax, and state is before federal benefit)
Jurisdiction	Attribute	Amount	Expiration Period	Amount expiring within 5 years	Amount expiring in 5-20 years
U.S.	NOL	$83	Indefinite	$—	$—
U.S.	Foreign Tax Credit	$22	10 years	$22	$—
U.S.	Research and Development Credit	$13	20 years	$—	$13
State	NOL	$73	Various	$14	$59
State	NOL	$1	Indefinite	$—	$—
State	Credits	$8	Various	$4	$4
U.K.	NOL	$9	Indefinite	$—	$—
Poland	Economic Zone Credit	$3	7 years	$3	$—

Schedule of income taxes paid

Income taxes paid and amounts received as refunds were as follows:

	Fiscal Year
(In millions)	2024		2023		2022
Income taxes paid	$	18.2	$	16.7	$	18.9
Income tax refunds received	(3.2)		(0.9)		(0.4)
Income taxes paid, net	$	15.0	$	15.8	$	18.5

Schedule of changes in unrecognized income tax benefits

The changes in the liability for unrecognized income tax benefits for the fiscal years ended December 29, 2024, December 31, 2023 and January 1, 2023 were as follows:

	Fiscal Year
(In millions)	2024		2023		2022
Balance at beginning of fiscal year	$	8.9	$	9.1	$	14.2
Increases in prior period tax positions	—		1.2		—
Decreases in prior period tax positions	(0.9)		—		(3.3)
Settlements	(0.2)		—		—
Expiration of the statute of limitations	—		(1.4)		(1.8)
Balance at end of fiscal year	$	7.8	$	8.9	$	9.1

Summary of income tax examinations

A summary of tax years that remain subject to examination, by major tax jurisdiction, is as follows:

Jurisdiction	Earliest Year Open to Examination
U.S. Federal	2024
States:
Pennsylvania	2021
Illinois	2021
California	2020
Foreign:
China	2021
Poland	2018