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COMMITMENTS AND CONTINGENCIES (Tables) | 9 Months Ended
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Oct. 02, 2021
Commitments and Contingencies Disclosure [Abstract] |
Roll Forward of Asbestos Liability and Related Assets Table | The following table provides a rollforward of the estimated legacy asbestos liability and related assets.
| October 2, 2021 |  | September 26, 2020
For the Nine 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 |  |  | 35.4 |  |  | 6.3 |  |  | 29.1 |
Asbestos remeasurement(b) | — |  |  | — |  |  | — |  |  | 155.7 |  |  | 19.8 |  |  | 135.9 |
Insurance settlement agreements | — |  |  | — |  |  | — |  |  | — |  |  | 48.3 |  |  | (48.3) |
Net cash activity(a) | (57.2) |  |  | (42.3) |  |  | (14.9) |  |  | (60.7) |  |  | (51.8) |  |  | (8.9) |
Divestiture of legacy asbestos-related assets and liabilities | (888.2) |  |  | (401.4) |  |  | (486.8) |  |  | — |  |  | — |  |  | — |
Ending balance | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 948.0 |  |  | $ | 409.4 |  |  | $ | 538.6 |
Current portion | $ | — |  |  | $ | — |  |  |  |  | $ | 91.3 |  |  | $ | 91.0 |  |  |
Noncurrent portion | $ | — |  |  | $ | — |  |  |  |  | $ | 856.7 |  |  | $ | 318.4 |  |  |
Rollforward of Environmental Liability and Related Assets Table | The following table provides a rollforward of our estimated environmental liability.
For the Nine Months Ended | October 2, 2021 |  | September 26, 2020
Environmental liability - beginning balance | $ | 58.3 |  |  | $ | 61.9 |
Change in estimates for pre-existing accruals: |  |  |
Continuing operations | — |  |  | 1.2 |
Discontinued operations | (0.1) |  |  | (1.6) |
Accruals added during the period for new matters | 1.0 |  |  | — |
Payments | (7.2) |  |  | (2.9) |
Foreign currency | (0.2) |  |  | — |
Environmental liability - ending balance | $ | 51.8 |  |  | $ | 58.6 |
Transfer of Financial Assets Accounted for as Sales | The following is a summary of the impacts of the divestiture of InTelCo:
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 legacy asbestos-related assets and liabilities before income tax | $ | 88.8 |  |  |
Less: income tax expense | 116.9 |  |  |
Loss on divestiture of legacy asbestos-related assets and liabilities, net of tax | $ | (28.1) |  |  |
Summary of Net Asbestos Charges Table | The following table summarizes our total net asbestos-related costs (benefit).
| Three Months Ended |  | Nine Months Ended
| October 2, 2021 |  | September 26, 2020 |  | October 2, 2021 |  | September 26, 2020
Asbestos provision(a) | $ | — |  |  | $ | 5.5 |  |  | $ | 14.4 |  |  | $ | 29.1 |
Gain on divestiture before income tax | — |  |  | — |  |  | (88.8) |  |  | — |
Net asbestos remeasurement cost(b) | — |  |  | 135.9 |  |  | — |  |  | 135.9 |
Insurance settlement agreements(c) | — |  |  | — |  |  | — |  |  | (48.3) |
Asbestos-related costs (benefit), net | $ | — |  |  | $ | 141.4 |  |  | $ | (74.4) |  |  | $ | 116.7 |
(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 legacy asbestos-related assets and liabilities. The asbestos provision for the three and nine months ended September 26, 2020 includes amounts to maintain a rolling 10-year provision prior to the transition to a full horizon estimate. (b)In the third quarter of 2020, we extended our projection to include pending claims and claims expected to be filed through 2052, reflecting the full time period over which we expected asbestos claims to be filed against InTelCo. (c)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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