INCOME TAXES (Tables)

12 Months Ended

Dec. 29, 2017

Schedule of Components of Income Tax Expense (Benefit)

Income tax expense was comprised of:

(In millions)	Years Ended
	December 29, 2017			December 30, 2016			January 1, 2016
Current:
Foreign	$	21.7		$	18.5		$	14.1
State	8.3			7.0			7.2
Federal	99.4			50.2			58.8
	129.4			75.7			80.1
Deferred:
Foreign	0.2			(2.8		)	7.1
State	2.0			0.2			(0.7		)
Federal	(3.0		)	3.3			(0.5		)
	(0.8		)	0.7			5.9
Income tax expense	$	128.6		$	76.4		$	86.0

Schedule of Effective Income Tax Rate Reconciliation

Reconciliations of income tax expense to the statutory corporate federal tax rate of 35% were as follows:

(In millions)	Years Ended
	December 29, 2017			December 30, 2016			January 1, 2016
Statutory tax expense	$	83.2		$	69.1		$	64.0
Increase (reduction) in taxes resulting from:
State income taxes, net	4.4			4.5			4.7
Foreign tax effects	2.0			1.8			6.3
Change in valuation allowance	(0.3		)	1.6			9.3
Impact of tax legislation	35.6			—			—
Other, net	3.7			(0.6		)	1.7
Income tax expense	$	128.6		$	76.4		$	86.0

Schedule of Deferred Tax Assets and Liabilities

Deferred Income Taxes: Significant components of the Company's deferred tax assets (liabilities) included in "Other assets" and "Other liabilities" on the Consolidated Balance Sheets were as follows:

(In millions)	December 29, 2017			December 30, 2016
Deferred compensation and other postretirement benefits	31.1			46.9
Foreign NOL carryforwards and other	29.4			27.7
Accrued expenses and other	8.3			15.2
Inventory reserves	9.9			13.4
Allowance for doubtful accounts	8.7			11.1
Federal and state credits	52.9			—
Gross deferred tax assets	140.3			114.3
Property, equipment, intangibles and other	(75.1		)	(107.1		)
Gross deferred tax liabilities	(75.1		)	(107.1		)
Deferred tax assets, net of deferred tax liabilities	65.2			7.2
Valuation allowance	(79.9		)	(20.7		)
Net deferred tax liabilities	$	(14.7	)	$	(13.5	)

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending amount of unrecognized tax benefits for fiscal 2015, 2016 and 2017 is as follows:

(In millions)
Balance at January 2, 2015	$	3.0
Additions for tax positions of prior years	0.4
Addition for Power Solutions acquisition	2.2
Reductions for tax positions of prior years	(0.3		)
Balance at January 1, 2016	$	5.3
Additions for tax positions of prior years	0.4
Reductions for tax positions of prior years	(0.7		)
Balance at December 30, 2016	$	5.0
Reductions for tax positions of prior years	(0.3		)
Balance at December 29, 2017	$	4.7