Income Taxes (Tables)

12 Months Ended

Dec. 29, 2024

Income Tax Disclosure [Abstract]

Earnings (Loss) From Continuing Operations Before Taxes Per Jurisdiction

Earnings (loss) before taxes and equity in net earnings of affiliate for the years 2024, 2023 and 2022 were taxed under the following jurisdictions (in millions of dollars):

	2024		2023		2022
Domestic	$	(33.2)	$	29.9	$	(39.4)
Foreign	11.3		(5.0)		(31.8)
Total	$	(21.9)	$	24.9	$	(71.2)

Provision for Income Taxes From Continuing Operations

The provision for income taxes was as follows (in millions of dollars):

	2024		2023		2022
Current tax expense:
U.S. federal	$	(0.7)	$	1.0	$	1.3
U.S. state and local	(0.8)		2.5		1.4
Foreign	8.0		9.9		61.5
Total current	6.5		13.4		64.2
Deferred tax (benefit) expense:
U.S. federal	(24.9)		(36.8)		(2.5)
U.S. state and local	(2.6)		(3.6)		0.7
Foreign	(0.3)		15.5		(70.3)
Total deferred	(27.8)		(24.9)		(72.1)
Total provision	$	(21.3)	$	(11.5)	$	(7.9)

Deferred Taxes

The deferred tax assets and liabilities are comprised of the following (in millions of dollars):

	2024		2023
Fixed assets and right-of-use assets	$	(15.2)	$	(19.0)
Intangible assets and goodwill	0.1		19.0
Employee compensation and benefit plans	77.0		71.5
Outside basis difference on held for sale assets	—		34.7
Operating lease liabilities	17.7		18.3
Net operating loss carryforwards	10.9		36.7
Capital loss carryforward	19.6		—
Credit carryforwards	230.6		208.7
Other, net	23.6		15.4
Valuation allowance	(34.2)		(60.5)
Net deferred tax assets	$	330.1	$	324.8

Differences Between Income Taxes From Continuing Operations and U.S. Statutory Rate

The differences between income taxes from continuing operations for financial reporting purposes and the U.S. statutory rate of 21% in 2024, 2023, and 2022 are as follows (in millions of dollars):

	2024		2023		2022
Income tax based on statutory rate	$	(4.6)	$	5.2	$	(14.9)
State income taxes, net of federal benefit	(2.7)		(0.9)		1.6
Foreign tax rate differential	0.9		4.6		1.6
U.S. work opportunity credits	(7.8)		(8.5)		(10.7)
Life insurance cash surrender value	(6.2)		(6.5)		7.8
Foreign items	0.3		3.0		0.1
Foreign-derived intangible income deduction	(3.0)		(2.3)		(2.3)
Sale of foreign subsidiaries	0.4		—		3.9
Foreign business taxes	—		1.1		1.8
Change in deferred tax realizability	(0.4)		4.4		—
Non-deductible expenses	2.1		0.7		—
Uncertain tax positions	—		(0.3)		0.1
Stock compensation	0.4		0.7		0.6
Outside basis difference on held for sale assets	—		(13.1)		—
MRP earnout liability revaluation	(0.7)		—		—
Non-deductible goodwill impairment	—		—		2.7
Other	—		0.4		(0.2)
Total	$	(21.3)	$	(11.5)	$	(7.9)

Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in millions of dollars):

	2024		2023		2022
Balance at beginning of the year	$	0.6	$	0.5	$	0.6
Additions for prior years’ tax positions	—		0.3		—
Reductions for prior years’ tax positions	—		—		—
Additions for settlements	—		—		—
Reductions for settlements	—		—		—
Reductions for expiration of statutes	(0.1)		(0.2)		(0.1)
Balance at end of the year	$	0.5	$	0.6	$	0.5