Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Provision for Income Taxes

The provision for income taxes consisted of the following:

	Year Ended
	December 31,			December 25,			December 27,
(In millions)	2021			2020			2019
Current:
Federal	$	-		$	(0.1	)	$	0.1
State		1.0			0.9			0.1
Foreign		30.0			18.1			12.3
Total current		31.0			18.9			12.5
Deferred:
Federal		0.3			0.3			(0.1	)
State		0.4			0.5			0.7
Foreign		(3.8	)		(0.4	)		(3.1	)
Total deferred		(3.1	)		0.4			(2.5	)
Total provision	$	27.9		$	19.3		$	10.0

U.S. and Foreign Components of Income before Income Taxes

Income before provision for income taxes was generated from the following geographic areas:

	Year Ended
	December 31,			December 25,			December 27,
(In millions)	2021			2020			2019
United States	$	(42.1	)	$	(24.5	)	$	(49.7	)
Foreign		196.4			124.2			52.0
Total pretax income	$	154.3		$	99.7		$	2.3

Effective Tax Rate Differs from U.S. Federal Statutory Tax Rate

The effective tax rate differs from the U.S. federal statutory tax rate as follows:

	Year Ended
	December 31,				December 25,				December 27,
	2021				2020				2019
Federal income tax provision at    statutory rate		21.0		%		21.0		%		21.0		%
State income taxes, net of federal    benefit		(0.1	)	%		0.6		%		(99.5	)	%
Effect of foreign operations		(10.3	)	%		(8.3	)	%		(85.3	)	%
Change in valuation allowance		2.9		%		(0.1	)	%		552.7		%
Foreign income inclusions		4.9		%		4.6		%		34.5		%
Nondeductible executive compensation		1.8		%		-		%		-		%
Common stock purchase obligation		-		%		1.2		%		-		%
Excess tax benefits related to stock-based compensation		(3.1	)	%		-		%		-		%
Income tax audit adjustment		-		%		1.3		%		-		%
Other		1.0		%		(1.0	)	%		(7.5	)	%
Effective Tax Rate		18.1		%		19.3		%		415.9		%

Significant Components of Deferred Tax Assets and Liabilities

Significant components of deferred tax assets and liabilities are as follows:

	Year Ended
	December 31,			December 25,
(In millions)	2021			2020
Deferred tax assets:
Inventory valuation and basis difference	$	7.4		$	3.9
State taxes		-			0.2
Stock compensation		1.8			1.7
Operating lease liabilities		11.4			10.0
Interest expense limitation		13.0			6.8
Intangibles		12.9			12.6
Net operating losses		11.2			6.4
Tax credits		4.2			2.6
Other timing differences		6.6			4.9
		68.5			49.1
Valuation allowance		(30.9	)		(25.6	)
Total deferred tax assets		37.6			23.5
Deferred tax liabilities:
Undistributed earnings		(0.5	)		(0.5	)
Operating lease right-of-use assets		(10.8	)		(8.5	)
Depreciation		(8.7	)		(5.0	)
Intangibles		(19.7	)		(6.7	)
Goodwill		(15.2	)		(12.9	)
Total deferred tax liabilities		(54.9	)		(33.6	)
Net deferred tax liabilities	$	(17.3	)	$	(10.1	)

Activity Related to Company's Unrecognized Tax Benefits

The following table summarizes the activity related to the Company’s unrecognized tax benefits (in millions):

Balance as of December 28, 2018	$	1.0
Expiration of the statute of limitations		-
Balance as of December 27, 2019	$	1.0
Expiration of the statute of limitations for the assessment of taxes		(0.1	)
Balance as of December 25, 2020	$	0.9
Increases related to prior year tax positions		0.2
Increases related to current year tax positions		0.7
Expiration of the statute of limitations for the assessment of taxes		(0.2	)
Balance as of December 31, 2021	$	1.6