Annual report [Section 13 and 15(d), not S-K Item 405]

Income Taxes (Tables)

v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 28, 2024
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign For the years ended December 28, 2024, December 30, 2023 and December 31, 2022, income before taxes consist of the following:
(dollar amounts in millions)
 Year Ended
December 28, 2024 December 30, 2023 December 31, 2022
US operations $ 105.7  $ 178.7  $ 140.7 
Foreign operations (5.4) 4.1  4.6 
Total $ 100.3  $ 182.8  $ 145.3 
Schedule of Components of Income Tax Expense (Benefit)
Income tax expense (benefit) attributable to income from operations consists of:
(dollar amounts in millions)
 Current Deferred Total
Year ended December 28, 2024:
U.S. federal $ 22.8  $ (0.5) $ 22.3 
State and local 7.1  1.1  8.2 
Foreign jurisdiction (0.1) (0.5) (0.6)
Total $ 29.8  $ 0.1  $ 29.9 
Current Deferred Total
Year ended December 30, 2023:
U.S. federal $ 27.8  $ 9.5  $ 37.3 
State and local 7.6  0.5  8.1 
Foreign jurisdiction 2.2  (0.5) 1.7 
Total $ 37.6  $ 9.5  $ 47.1 
Current Deferred Total
Year ended December 31, 2022:
U.S. federal $ 19.4  $ 9.8  $ 29.2 
State and local 3.4  3.6  7.0 
Foreign jurisdiction 1.3  0.1  1.4 
Total $ 24.1  $ 13.5  $ 37.6 
Schedule of Effective Income Tax Rate Reconciliation
Income tax expense attributable to income from continuing operations was approximately $29.9, $47.1, and $37.6 for the years ended December 28, 2024, December 30, 2023, and December 31, 2022, respectively:
(dollar amounts in millions)
 Year Ended
December 28, 2024 December 30, 2023 December 31, 2022
Income before taxes $ 100.3  $ 182.8  $ 145.3 
Computed “expected” tax expense 21.1  38.4  30.5 
Increase (reduction) in income taxes resulting from:
Statutory rate differential (0.2) 0.2  0.4 
Permanent difference 0.8  0.4  — 
State income taxes, net of federal benefit 5.5  7.8  6.0 
Change in tax rates 0.4  (1.2) 1.2 
Out of period adjustments
 3.4  —  — 
Change in estimate (1.3) (0.2) 0.8 
Change in valuation allowance —  —  (0.3)
Tax Credits (1.0) (0.6) (1.3)
U.S. tax on foreign operations 0.9  0.9  — 
Other, net 0.3  1.4  0.3 
Total $ 29.9  $ 47.1  $ 37.6 
Schedule of Deferred Tax Assets and Liabilities
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 28, 2024 and December 30, 2023 are presented below:

(dollar amounts in millions)
 December 28, 2024 December 30, 2023
Deferred tax assets
Allowance for credit losses $ 4.4  $ 1.3 
Intangibles 25.6  36.3 
Lease obligations
 14.8  11.9 
Research and development
 3.9  0.3 
Accrued expenses
 1.7  0.9 
Inventories 1.0  0.2 
Stock compensation 1.6  1.5 
Interest expense carryforward 0.9  0.2 
Other 1.1  0.1 
Total deferred tax assets $ 55.0  $ 52.7 
Deferred tax liabilities
Property, plant and equipment
 $ (5.4) $ (6.0)
Right-of-use assets (13.6) (10.9)
Other (0.8) (0.7)
Total deferred tax liabilities
 $ (19.8) $ (17.6)
Net deferred tax asset $ 35.2  $ 35.1