Income Taxes (Tables)

12 Months Ended

Jan. 02, 2021

Income Tax Disclosure [Abstract]

Income Before Taxes And Noncontrolling Interest

Income before taxes consisted of the following (in millions):

	2020		2019		2018
United States	$	80.2	$	126.7	$	121.5
Foreign	170.4		177.1		170.7
Total	$	250.6	$	303.8	$	292.2

Provision For Income Taxes

The provision for income taxes is summarized as follows (in millions):

	2020		2019		2018
Current
Federal	$	7.1	$	1.8	$	4.5
State	2.7		1.1		0.8
Foreign	63.5		35.9		37.9
	$	73.3	$	38.8	$	43.2
Deferred
Federal	$	(2.0)	$	20.4	$	16.6
State	(0.3)		2.6		2.1
Foreign	(14.2)		(0.6)		(5.5)
	(16.5)		22.4		13.2
Total	$	56.8	$	61.2	$	56.4

Reconciliation Of The Statutory Federal Income Tax Rate And The Effective Tax Rate

A reconciliation of the statutory federal income tax rate and the effective tax rate reflected in the consolidated statements of income follows:

	2020	2019	2018
Federal Statutory Rate	21.0%	21.0%	21.0%
State Income Taxes, Net of Federal Benefit	0.8%	1.3%	1.1%
Foreign Rate Differential - China	1.2%	0.9%	0.9%
Foreign Rate Differential - All Other	(0.4)%	(2.8)%	(1.4)%
Research and Development Credit	(3.0)%	(2.5)%	(2.5)%
Valuation Allowance	(0.1)%	0.8%	(0.3)%
Tax Cuts and Jobs Act of 2017	—%	—%	(1.3)%
Tax on Repatriation	1.2%	3.4%	1.3%
Adjustments to Tax Accruals and Reserves	0.1%	0.3%	—%
Tax Impact of Divestitures	—%	(1.7)%	—%
Other	1.9%	(0.6)%	0.5%
Effective Tax Rate	22.7%	20.1%	19.3%

Components Of Net Deferred Tax Asset (Liability)

The components of this net deferred tax liability are as follows (in millions):

	January 2, 2021		December 28, 2019
Accrued Benefits	$	36.8	$	54.3
Bad Debt Allowances	4.9		2.0
Warranty Accruals	3.4		2.5
Inventory	10.4		7.3
Accrued Liabilities	(8.8)		(2.6)
Derivative Instruments	(7.5)		1.4
Tax Loss Carryforward	9.2		35.4
Valuation Allowance	(7.4)		(12.9)
Operating Lease Liability	18.8		17.2
Other	34.6		18.0
Deferred Tax Assets	94.4		122.6
Property Related	(33.7)		(36.1)
Intangible Items	(170.9)		(182.8)
Operating Lease Asset	(17.9)		(17.2)
Deferred Tax Liabilities	(222.5)		(236.1)
Net Deferred Tax Liability	$	(128.1)	$	(113.5)

Reconciliation Of The Beginning And Ending Amount Of Unrecognized Tax Benefits

Following is a reconciliation of the beginning and ending amount of unrecognized tax benefits (in millions):

Unrecognized Tax Benefits, December 30, 2017	$	6.7
Gross Increases from Prior Period Tax Positions	—
Gross Increases from Current Period Tax Positions	0.3
Settlements with Taxing Authorities	(0.1)
Lapse of Statute of Limitations	(0.4)
Unrecognized Tax Benefits, December 29, 2018	$	6.5
Gross Increases from Prior Period Tax Positions	—
Gross Increases from Current Period Tax Positions	0.7
Settlements with Taxing Authorities	—
Lapse of Statute of Limitations	(0.3)
Unrecognized Tax Benefits, December 28, 2019	$	6.9
Gross Increases from Prior Period Tax Positions	—
Gross Increases from Current Period Tax Positions	0.2
Settlements with Taxing Authorities	—
Lapse of Statute of Limitations	(0.3)
Unrecognized Tax Benefits, January 2, 2021	$	6.8