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COMMITMENTS AND CONTINGENCIES (Tables) | 6 Months Ended
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Jul. 03, 2021
Commitments and Contingencies Disclosure [Abstract] |
Roll Forward of Asbestos Liability and Related Assets Table | The following table provides a rollforward of the estimated asbestos liability and related assets for the six months ended July 3, 2021 and June 27, 2020.
| July 3, 2021 |  | June 27, 2020
For the Six Months Ended | Liability |  | Asset |  | Net |  | Liability |  | Asset |  | Net
Beginning balance | $ | 932.0 |  |  | $ | 444.7 |  |  | $ | 487.3 |  |  | $ | 817.6 |  |  | $ | 386.8 |  |  | $ | 430.8 |
Asbestos provision(a) | 13.4 |  |  | (1.0) |  |  | 14.4 |  |  | 28.9 |  |  | 5.3 |  |  | 23.6 |
Insurance settlement agreements(b) | — |  |  | — |  |  | — |  |  | — |  |  | 48.3 |  |  | (48.3) |
Net cash activity(a) | (46.8) |  |  | (42.3) |  |  | (4.5) |  |  | (42.7) |  |  | (35.1) |  |  | (7.6) |
Divestiture of asbestos-related assets and liabilities | (888.2) |  |  | (401.4) |  |  | (486.8) |  |  | — |  |  | — |  |  | — |
Ending balance | $ | 10.4 |  |  | $ | — |  |  | $ | 10.4 |  |  | $ | 803.8 |  |  | $ | 405.3 |  |  | $ | 398.5 |
Current portion(c) | $ | 10.4 |  |  | $ | — |  |  |  |  | $ | 85.9 |  |  | $ | 85.9 |  |  |
Noncurrent portion | $ | — |  |  | $ | — |  |  |  |  | $ | 717.9 |  |  | $ | 319.4 |  |  |
(c)As of July 3, 2021, the current liability represents transaction costs related to the divestiture of the entity holding asbestos-related assets and liabilities.
Rollforward of Environmental Liability and Related Assets Table | The following table provides a rollforward of the estimated environmental liability for the six months ended July 3, 2021 and June 27, 2020.
For the Six Months Ended | July 3, 2021 |  | June 27, 2020
Environmental liability - beginning balance | $ | 58.3 |  |  | $ | 61.9 |
Change in estimates for pre-existing accruals: |  |  |
Continuing operations | 0.1 |  |  | 1.4 |
Discontinued operations | (0.1) |  |  | (1.6) |
Accruals added during the period for new matters | 1.0 |  |  | — |
Payments | (6.7) |  |  | (2.3) |
Foreign currency | (0.1) |  |  | (0.1) |
Environmental liability - ending balance | $ | 52.5 |  |  | $ | 59.3 |
Transfer of Financial Assets Accounted for as Sales | The following is a summary of the impacts of the divestiture:
Cash and cash equivalents | $ | (398.0) |  |  |
Current asbestos-related assets | (91.0) |  |  |
Long-term asbestos-related assets | (310.4) |  |  |
Accrued liabilities | 91.2 |  |  |
Long-term asbestos-related liabilities | 797.0 |  |  |
Gain on divestiture of asbestos-related assets and liabilities before income tax | $ | 88.8 |  |  |
Less: income tax expense | 116.9 |  |  |
Loss on divestiture of asbestos-related assets and liabilities, net of tax | $ | (28.1) |  |  |
Summary of Net Asbestos Charges Table | The table below summarizes the total net asbestos charges (benefits) for the three and six months ended July 3, 2021 and June 27, 2020.
| Three Months Ended |  | Six Months Ended
| July 3, 2021 |  | June 27, 2020 |  | July 3, 2021 |  | June 27, 2020
Asbestos provision(a) | $ | 12.0 |  |  | $ | 11.8 |  |  | $ | 14.4 |  |  | $ | 23.6 |
Gain on divestiture before income tax | (88.8) |  |  | — |  |  | (88.8) |  |  | — |
Insurance settlement agreements(b) | — |  |  | 4.2 |  |  | — |  |  | (48.3) |
Asbestos-related (benefit) costs, net | $ | (76.8) |  |  | $ | 16.0 |  |  | $ | (74.4) |  |  | $ | (24.7) |
(a)Includes certain administrative costs such as legal-related costs for insurance asset recoveries and transaction costs related to the divestiture of the entity holding asbestos-related assets and liabilities. The asbestos provision for the three and six months ended June 27, 2020 includes amounts to maintain a rolling 10-year provision prior to the transition to a full horizon estimate. (b)In March 2020, we finalized a settlement agreement with a group of insurers to settle responsibility for claims under certain insurance policies for a lump sum payment of $66.4, resulting in a benefit of $52.5. During June 2020, we entered into a settlement agreement with an insurer accelerating payments previously included in a buyout agreement, resulting in a loss of $4.2.

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