Income Taxes (Tables)

12 Months Ended

Dec. 27, 2024

Income Tax Disclosure [Abstract]

Summary of 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
(In millions)	December 27, 2024		December 29, 2023		December 30, 2022
United States	$	(106.4)	$	(133.5)	$	(61.9)
Foreign	173.6		122.2		150.2
Total pretax income	$	67.2	$	(11.3)	$	88.3

Summary of Provision for Income Taxes

The provision for income taxes consisted of the following:

	Year Ended
(In millions)	December 27, 2024		December 29, 2023		December 30, 2022
Current:
Federal	$	(0.1)	$	0.1	$	(0.8)
State	0.5		0.3		1.1
Foreign	35.1		22.7		37.5
Total current	35.5		23.1		37.8
Deferred:
Federal	0.4		(9.4)		0.3
State	0.1		(1.5)		0.2
Foreign	(3.3)		(1.3)		(0.4)
Total deferred	(2.8)		(12.2)		0.1
Total provision	$	32.7	$	10.9	$	37.9

Summary of 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 27, 2024		December 29, 2023		December 30, 2022
Federal income tax provision at statutory rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal benefit	(8.1)	%	48.5	%	(1.6)	%
Effect of foreign operations	(11.0)	%	21.5	%	(6.7)	%
Change in valuation allowance	37.4	%	(34.0)	%	24.3	%
Foreign income inclusions	18.9	%	(141.2)	%	4.0	%
Nondeductible executive compensation	1.4	%	(7.0)	%	1.8	%
Stock-based compensation	(0.5)	%	(3.7)	%	(0.3)	%
Acquisition related expenses	(9.1)	%	(8.0)	%	—
Tax credits	(0.7)	%	6.2	%	(0.7)	%
Tax reserves	(1.5)	%	(0.1)	%	1.1	%
Other	0.9	%	0.3	%	—	%
Effective Tax Rate	48.7	%	(96.5)	%	42.9	%

Summary of Significant Components of Deferred Tax Assets and Liabilities

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

	Year Ended
(In millions)	December 27, 2024		December 29, 2023
Deferred tax assets:
Interest expense limitation	$	39.5	$	29.4
Operating lease liabilities	28.3		27.3
Tax loss carryforwards	40.4		19.9
Capitalized research and development costs	12.5		10.9
Inventory valuation and basis difference	7.4		5.3
Accruals	4.6		4.4
Tax credits	6.5		7.3
Other timing differences	8.2		7.1
	147.4		111.6
Valuation allowance	(96.3)		(57.9)
Total deferred tax assets	51.1		53.7
Deferred tax liabilities:
Goodwill	(21.7)		(19.7)
Operating lease right-of-use assets	(27.2)		(26.1)
Intangibles	(9.6)		(12.9)
Depreciation	(3.6)		(9.0)
Other	(2.0)		(1.9)
Total deferred tax liabilities	(64.1)		(69.6)
Net deferred tax liabilities	$	(13.0)	$	(15.9)

Summary of 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 31, 2021	$	1.6
Increases related to prior year tax positions	0.1
Increases related to current year tax positions	1.0
Balance at December 30, 2022	$	2.7
Increases related to current year tax positions	0.3
Settlement	(0.1)
Balance at December 29, 2023	$	2.9
Increases related to prior year tax positions	0.1
Increases related to current year tax positions	0.5
Reduction due to lapse statute of limitations	(1.2)
Balance at December 27, 2024	$	2.3