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EQUITY AND LONG-TERM INCENTIVE COMPENSATION (Tables) | 3 Months Ended
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Apr. 03, 2021
Equity [Abstract] |
Weighted-Average Shares Outstanding Used in Computation of Basic and Diluted Income per Share | The following table sets forth the number of weighted-average shares outstanding used in the computation of basic and diluted income per share:
| Three months ended |  |
| April 3, 2021 |  | March 28, 2020 |  |  |  |
Weighted-average number of common shares used in basic income per share | 45.132 |  |  | 44.309 |  |  |  |  |
Dilutive securities — Employee stock options and restricted stock units | 1.187 |  |  | 1.218 |  |  |  |  |
Weighted-average number of common shares and dilutive securities used in diluted income per share | 46.319 |  |  | 45.527 |  |  |  |  |
Summary of PSU and RSU Activity | The following table summarizes the PSU and RSU activity from December 31, 2020 through April 3, 2021:
| Unvested PSU's and RSU's |  | Weighted-Average Grant-Date Fair Value Per Share
Outstanding at December 31, 2020 | 0.644 |  |  | $ | 42.32 |
Granted | 0.225 |  |  | 56.80 |
Vested | (0.189) |  |  | 37.31 |
Forfeited | (0.006) |  |  | 43.59 |
Outstanding at April 3, 2021 | 0.674 |  |  | $ | 48.55 |
Black-Scholes Pricing Model Assumptions | The fair value of each option grant was estimated using the Black-Scholes option-pricing model with the following assumptions:
Annual expected stock price volatility | 41.15 | %
Annual expected dividend yield | — | %
Risk-free interest rate | 0.91 | %
Expected life of stock option (in years) | 6.0
Schedule of Changes in Components of Accumulated Other Comprehensive Income (Loss) | The changes in the components of accumulated other comprehensive income, net of tax, for the three months ended April 3, 2021 were as follows:
| Foreign Currency Translation Adjustment |  | Net Unrealized Losses on Qualifying Cash Flow Hedges(1) |  | Pension and Postretirement Liability Adjustment(2) |  | Total
Balance at beginning of period | $ | 238.6 |  |  | $ | (4.4) |  |  | $ | 14.3 |  |  | $ | 248.5 |
Other comprehensive income before reclassifications | 0.6 |  |  | 3.3 |  |  | — |  |  | 3.9 |
Amounts reclassified from accumulated other comprehensive income (loss) | — |  |  | (0.3) |  |  | (0.9) |  |  | (1.2) |
Current-period other comprehensive income (loss) | 0.6 |  |  | 3.0 |  |  | (0.9) |  |  | 2.7 |
Balance at end of period | $ | 239.2 |  |  | $ | (1.4) |  |  | $ | 13.4 |  |  | $ | 251.2 |
__________________________ (1)Net of tax benefit of $0.4 and $1.4 as of April 3, 2021 and December 31, 2020, respectively. (2)Net of tax provision of $4.6 and $4.9 as of April 3, 2021 and December 31, 2020, respectively. The balances as of April 3, 2021 and December 31, 2020 include unamortized prior service credits. The changes in the components of accumulated other comprehensive income, net of tax, for the three months ended March 28, 2020 were as follows:
| Foreign Currency Translation Adjustment |  | Net Unrealized Losses on Qualifying Cash Flow Hedges(1) |  | Pension and Postretirement Liability Adjustment(2) |  | Total
Balance at beginning of period | $ | 228.0 |  |  | $ | (1.6) |  |  | $ | 17.9 |  |  | $ | 244.3 |
Other comprehensive income (loss) before reclassifications | (5.7) |  |  | (6.8) |  |  | 0.1 |  |  | (12.4) |
Amounts reclassified from accumulated other comprehensive income (loss) | — |  |  | 0.4 |  |  | (0.9) |  |  | (0.5) |
Current-period other comprehensive loss | (5.7) |  |  | (6.4) |  |  | (0.8) |  |  | (12.9) |
Balance at end of period | $ | 222.3 |  |  | $ | (8.0) |  |  | $ | 17.1 |  |  | $ | 231.4 |
__________________________ (1)Net of tax benefit of $2.7 and $0.5 as of March 28, 2020 and December 31, 2019, respectively. (2)Net of tax provision of $5.8 and $6.1 as of March 28, 2020 and December 31, 2019, respectively. The balances as of March 28, 2020 and December 31, 2019 include unamortized prior service credits.
Schedule of Amounts Reclassified from Each Component of Other Comprehensive Income (Loss) | The following summarizes amounts reclassified from each component of accumulated comprehensive income for the three months ended April 3, 2021 and March 28, 2020:
| Amount Reclassified from AOCI |  |
| Three months ended |  |
| April 3, 2021 |  | March 28, 2020 |  | Affected Line Item in the Condensed Consolidated Statements of Operations
(Gains) losses on qualifying cash flow hedges: |  |  |  |  |
Commodity contracts | $ | (1.8) |  |  | $ | — |  |  | Cost of products sold
Swaps | 1.4 |  |  | 0.5 |  |  | Interest expense
Pre-tax | (0.4) |  |  | 0.5 |  |  |
Income taxes | 0.1 |  |  | (0.1) |  |  |
| $ | (0.3) |  |  | $ | 0.4 |  |  |
Gains on pension and postretirement items: |  |  |  |  |
Amortization of unrecognized prior service credits - Pre-tax | $ | (1.2) |  |  | $ | (1.2) |  |  | Other income, net
Income taxes | 0.3 |  |  | 0.3 |  |  |
| $ | (0.9) |  |  | $ | (0.9) |  |  |

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