Income Taxes (Tables)

12 Months Ended

Dec. 29, 2023

Income before taxes and the provision (benefit) for taxes consisted of the following:


	2023			2022			2021
(In millions)
Income before taxes:
United States	$	26.9		$	117.7		$	144.0
Foreign	330.1			451.4			430.6
Total	$	357.0		$	569.1		$	574.6

Provision (benefit) for taxes:
U.S. Federal:
Current	$	57.1		$	98.4		$	27.1
Deferred	(92.5)			(97.7)			(22.9)
	(35.4)			0.7			4.2
U.S. State:
Current	12.8			12.6			5.6
Deferred	(6.6)			(5.0)			(2.5)
	6.2			7.6			3.1
Foreign:
Current	80.4			48.4			76.0
Deferred	(5.5)			62.7			(1.5)
	74.9			111.1			74.5
Income tax provision	$	45.7		$	119.4		$	81.8
Effective tax rate	12.8		%	21.0		%	14.2		%

Schedule Of Provision For Taxes

Income before taxes and the provision (benefit) for taxes consisted of the following:


	2023			2022			2021
(In millions)
Income before taxes:
United States	$	26.9		$	117.7		$	144.0
Foreign	330.1			451.4			430.6
Total	$	357.0		$	569.1		$	574.6

Provision (benefit) for taxes:
U.S. Federal:
Current	$	57.1		$	98.4		$	27.1
Deferred	(92.5)			(97.7)			(22.9)
	(35.4)			0.7			4.2
U.S. State:
Current	12.8			12.6			5.6
Deferred	(6.6)			(5.0)			(2.5)
	6.2			7.6			3.1
Foreign:
Current	80.4			48.4			76.0
Deferred	(5.5)			62.7			(1.5)
	74.9			111.1			74.5
Income tax provision	$	45.7		$	119.4		$	81.8
Effective tax rate	12.8		%	21.0		%	14.2		%

Schedule Of Difference Between The Tax Provision At The Statutory Federal Income Tax Rate And The Tax Provision (Benefit) As A Percentage Of Income Before Taxes (Effective Tax Rate)

The difference between the tax provision (benefit) at the statutory federal income tax rate and the tax provision (benefit) as a percentage of income before taxes (“effective tax rate”) was as follows:


	2023		2022		2021
Statutory federal income tax rate	21.0	%	21.0	%	21.0	%
Increase (reduction) in tax rate resulting from:
Foreign income taxed at different rates	0.8	%	4.4	%	0.5	%

U.S. State income taxes	1.0	%	1.0	%	1.1	%
Stock-based compensation	4.8	%	1.2	%	(0.8)	%


Other U.S. taxes on foreign operations	(4.4)	%	(3.1)	%	(1.6)	%
Foreign-derived intangible income	(3.9)	%	(0.4)	%	—	%
U.S. Federal research and development credits	(5.4)	%	(2.2)	%	(2.1)	%
Tax reserve releases	(2.5)	%	(1.8)	%	(2.1)	%
Intellectual property restructuring and tax law changes	—	%	—	%	(2.5)	%
Other	1.4	%	0.9	%	0.7	%
Effective tax rate	12.8	%	21.0	%	14.2	%

Schedule Of Deferred Tax Assets And Liabilities

The significant components of deferred tax assets and liabilities were as follows:


At the End of Year	2023		2022
(In millions)
Deferred tax liabilities:
Global intangible low-taxed income	$	105.8	$	137.8
Purchased intangibles	373.6		121.1

Operating lease right-of-use assets	30.2		29.0
Other	19.7		16.1
Total deferred tax liabilities	529.3		304.0

Deferred tax assets:
Depreciation and amortization	368.2		400.0
Capitalized research and development	98.4		67.5
Operating lease liabilities	36.2		32.8
U.S. tax credit carryforwards	23.5		25.6
Expenses not currently deductible	26.5		30.9
Net operating loss carryforwards	17.9		20.0
Stock-based compensation	16.7		13.8
Intercompany prepayments	36.6		—
Other	60.8		36.6
Total deferred tax assets	684.8		627.2
Valuation allowance	(31.0)		(42.6)
Total deferred tax assets	653.8		584.6
Total net deferred tax assets	$	124.5	$	280.6

Reported as:
Non-current deferred income tax assets	$	412.3	$	438.4
Non-current deferred income tax liabilities	(287.8)		(157.8)
Net deferred tax assets	$	124.5	$	280.6

Schedule Of Reconciliation Of Unrecognized Tax Benefit

The total amount of unrecognized tax benefits at the end of 2023 was $88.3 million. A reconciliation of gross unrecognized tax benefits was as follows:


	2023		2022		2021
(In millions)
Beginning balance	$	76.5	$	64.2	$	64.1
Increase related to current year tax positions	12.4		23.0		9.6
(Decrease) increase related to prior years' tax positions	7.6		(0.7)		1.3
Settlement with taxing authorities	—		—		(1.3)
Lapse of statute of limitations	(8.2)		(10.0)		(9.5)
Ending balance	$	88.3	$	76.5	$	64.2