Other Asset

12 Months Ended

Jan. 02, 2022

Other Assets [Abstract]

Other Assets

(8) Other assets

The components of other assets were as follows:

	January 2, 2022		January 3, 2021
Right-of-use assets	$	30.4	$	26.7
Equity investments		21.9		21.0
Indemnity receivables		15.4		17.0
Deposits and advances		6.2		6.2
Indirect tax benefit		6.0		6.0
Lease receivable		2.3		2.8
Restricted cash		1.9		11.4
Other		14.3		16.4
Total Other Assets	$	98.2	$	107.5

Equity investments

In January 2015, the Company entered into an exclusive agreement with commercial-stage diagnostics company Quotient Limited (“Quotient”) to distribute and sell Quotient’s transfusion diagnostics platform MosaiQ™. See further discussion of the Quotient relationship in Note 13–Collaborations and Other Relationships. Simultaneous with the establishment of the Distribution and Supply Agreement, the Company invested $25.0 million in Quotient consisting of (i) 444,445 common shares with a fair value of $5.8 million and (ii) 666,665 cumulative redeemable preferred shares carrying a 7% annual dividend with a fair value of $11.7 million and a redemption value of $15.0 million. As of January 2, 2022, the investment in common shares represented approximately 0.4% of outstanding Quotient shares. As of January 2, 2022, the carrying value of the preferred shares approximates fair value.

Indemnity receivables

The Acquisition Agreement included indemnification provisions with respect to certain tax liabilities. The Acquisition Agreement generally provided that Johnson & Johnson retained all income tax liabilities accrued as of the date of the Acquisition, including reserves for unrecognized tax benefits.