Income Taxes (Tables)

12 Months Ended

Jan. 01, 2022

Income Tax Disclosure [Abstract]

Income Before Taxes And Noncontrolling Interest

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

	2021		2020		2019
United States	$	35.8	$	80.2	$	126.7
Foreign	248.8		170.4		177.1
Total	$	284.6	$	250.6	$	303.8

Provision For Income Taxes

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

	2021		2020		2019
Current
Federal	$	18.2	$	7.1	$	1.8
State	10.6		2.7		1.1
Foreign	54.6		63.5		35.9
	$	83.4	$	73.3	$	38.8
Deferred
Federal	$	1.2	$	(2.0)	$	20.4
State	(2.7)		(0.3)		2.6
Foreign	(13.4)		(14.2)		(0.6)
	(14.9)		(16.5)		22.4
Total	$	68.5	$	56.8	$	61.2

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:

	2021	2020	2019
Federal Statutory Rate	21.0%	21.0%	21.0%
State Income Taxes, Net of Federal Benefit	0.5%	0.8%	1.3%
Effect of Impairment Charges	3.0%	0.9%	—%
Foreign Rate Differential	0.1%	0.8%	(1.8)%
Research and Development Credit	(2.9)%	(3.0)%	(2.5)%
Valuation Allowance	(0.5)%	(0.1)%	0.8%
Tax on Repatriation	0.3%	1.2%	3.4%
Transaction Costs	2.3%	—%	—%
Tax Impact of Divestitures	—%	—%	(1.7)%
Deferred Tax Remeasurement	0.2%	(0.4)%	0.1%
Other	0.1%	1.5%	(0.5)%
Effective Tax Rate	24.1%	22.7%	20.1%

Components Of Net Deferred Tax Asset (Liability)

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

	January 1, 2022		January 2, 2021
Accrued Benefits	$	55.7	$	36.8
Bad Debt Allowances	6.9		4.9
Warranty Accruals	4.6		3.4
Inventory	(2.0)		10.4
Tax Loss Carryforward	8.8		9.2
Operating Lease Liability	49.8		18.8
Other	44.4		34.6
Deferred Tax Assets before Valuation Allowance	168.2		118.1
Valuation Allowance	(5.3)		(7.4)
Total Deferred Tax Assets	162.9		110.7
Property Related	(77.0)		(33.7)
Intangible Items	(636.2)		(170.9)
Accrued Liabilities	(15.8)		(8.8)
Derivative Instruments	(7.4)		(7.5)
Operating Lease Asset	(42.8)		(17.9)
Deferred Tax Liabilities	(779.2)		(238.8)
Net Deferred Tax Liability	$	(616.3)	$	(128.1)

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 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
Gross Increases from Prior Period Tax Positions	0.1
Gross Increases from Current Period Tax Positions	0.6
Gross Increases from Acquisitions	5.3
Settlements with Taxing Authorities	—
Lapse of Statute of Limitations	(4.0)
Unrecognized Tax Benefits, January 1, 2022	$	8.8