Income Taxes (Tables)

12 Months Ended

Jan. 01, 2021

Income Tax Disclosure [Abstract]

Schedule Of Income Before Taxes

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

Fiscal Years	2020		2019		2018
(In millions)
Income before taxes:
United States	$	24.7	$	43.0	$	25.4
Foreign	370.3		301.8		252.6
Total	$	395.0	344.8		278.0

Schedule Of Provision For Taxes

Provision (benefit) for taxes:
U.S. Federal:
Current	$	(5.8)		$	(3.8)		$	(19.7)
Deferred	(16.3)			252.3			(25.8)
	(22.1)			248.5			(45.5)
U.S. State:
Current	0.8			5.1			5.0
Deferred	7.1			(0.7)			(3.6)
	7.9			4.4			1.4
Foreign:
Current	62.2			49.2			57.0
Deferred	(43.6)			(471.8)			(18.2)
	18.6			(422.6)			38.8
Income tax provision (benefit)	$	4.4		$	(169.7)		$	(5.3)
Effective tax rate	1.1		%	(49.2)		%	(1.9)		%

Schedule Of Difference Between The Tax Provision At The Statutory Federal Income Tax Rate And The Tax Provision 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:

 

Fiscal Years	2020		2019		2018
Statutory federal income tax rate	21.0	%	21.0	%	21.0	%
Increase (reduction) in tax rate resulting from:
Foreign income taxed at different rates	1.7	%	(7.3)	%	(6.7)	%
Change in valuation allowance	2.0	%	—	%	—	%
U.S. State income taxes	0.5	%	1.5	%	1.0	%
Stock-based compensation	1.5	%	1.2	%	1.1	%
Excess tax benefit related to stock-based compensation	(1.5)	%	(2.4)	%	(3.2)	%
Effect of U.S. tax law change	—	%	—	%	(7.6)	%
Other U.S. taxes on foreign operations	(1.0)	%	1.3	%	1.6	%
U.S. Federal research and development credits	(2.3)	%	(2.8)	%	(3.7)	%
Tax reserve releases	(4.8)	%	(4.9)	%	(8.7)	%
Intellectual property restructuring and tax law changes	(16.2)	%	(59.8)	%	—	%
Other	0.2	%	3.0	%	3.3	%
Effective tax rate	1.1	%	(49.2)	%	(1.9)	%

Schedule Of Deferred Tax Assets And Liabilities

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

At the End of Fiscal Year	2020		2019
(In millions)
Deferred tax liabilities:
Global intangible low-taxed income	$	219.7	$	233.7
Purchased intangibles	138.1		158.7
Operating lease right-of-use assets	32.3		35.3
Other	11.3		12.8
Total deferred tax liabilities	401.4		440.5
Deferred tax assets:
Depreciation and amortization	497.1		471.5
Operating lease liabilities	35.0		36.0
U.S. tax credit carryforwards	32.8		34.2
Expenses not currently deductible	32.3		28.0
Foreign net operating loss carryforwards	16.8		16.2
Stock-based compensation	10.6		13.3
U.S. net operating loss carryforwards	7.4		9.8
Other	20.6		14.1
Total deferred tax assets	652.6		623.1
Valuation allowance	(41.3)		(25.3)
Total deferred tax assets	611.3		597.8
Total net deferred tax assets	$	209.9	$	157.3
Reported as:
Non-current deferred income tax assets	$	510.2	$	475.5
Non-current deferred income tax liabilities	(300.3)		(318.2)
Net deferred tax assets	$	209.9	$	157.3

Schedule Of Reconciliation Of Unrecognized Tax Benefit

The total amount of the unrecognized tax benefits at the end of fiscal 2020 was $64.1 million. A reconciliation of gross unrecognized tax benefit was as follows: 

Fiscal Years	2020		2019		2018
(In millions)
Beginning balance	$	71.6	$	69.1	$	82.4
Increase related to current year tax positions	8.0		12.6		10.0
(Decrease) increase related to prior years' tax positions	(0.4)		3.8		4.5
Settlement with taxing authorities	(0.5)		(5.7)		(8.9)
Lapse of statute of limitations	(14.6)		(8.2)		(18.9)
Ending balance	$	64.1	$	71.6	$	69.1