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Comprehensive Income (Loss) and Equity (Tables) | 9 Months Ended
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Oct. 03, 2020
Equity [Abstract] |
Summary of Changes, Net of Tax, in Accumulated Other Comprehensive Loss | A summary of changes, net of tax, in accumulated other comprehensive loss for the three and nine months ended October 3, 2020, is shown below (in millions):
|  | Three Months Ended October 3, 2020 |  |  | Nine Months Ended October 3, 2020 |
Defined benefit plans: |  |  |  |  |  |  |  |
Balance at beginning of period |  | $ | (211.7 | ) |  | $ | (217.6 | )
Reclassification adjustments (net of tax expense of $0.6 million and $1.3 million in the three and nine months ended October 3, 2020, respectively) |  |  | 11.0 |  |  |  | 13.1 |
Other comprehensive loss recognized during the period (net of tax benefit of $5.4 million in the three and nine months ended October 3, 2020) |  |  | (29.7 | ) |  |  | (25.9 | )
Balance at end of period |  | $ | (230.4 | ) |  | $ | (230.4 | )
Derivative instruments and hedging: |  |  |  |  |  |  |  |
Balance at beginning of period |  | $ | (50.4 | ) |  | $ | 9.8 |
Reclassification adjustments (net of tax expense of $0.1 million and $1.8 million in the three and nine months ended October 3, 2020, respectively) |  |  | 3.9 |  |  |  | 9.2 |
Other comprehensive income (loss) recognized during the period (net of tax benefit (expense) of ($6.3) million and $9.6 million in the three and nine months ended October 3, 2020, respectively) |  |  | 14.8 |  |  |  | (50.7 | )
Balance at end of period |  | $ | (31.7 | ) |  | $ | (31.7 | )
Foreign currency translation: |  |  |  |  |  |  |  |
Balance at beginning of period |  | $ | (660.9 | ) |  | $ | (564.9 | )
Other comprehensive income (loss) recognized during the period (net of tax benefit of $2.9 million and $0.7 million in the three and nine months ended October 3, 2020, respectively) |  |  | 83.3 |  |  |  | (12.7 | )
Balance at end of period |  | $ | (577.6 | ) |  | $ | (577.6 | )
Total accumulated other comprehensive loss |  | $ | (839.7 | ) |  | $ | (839.7 | )
A summary of changes, net of tax, in accumulated other comprehensive loss for the three and nine months ended September 28, 2019, is shown below (in millions):
|  | Three Months Ended September 28, 2019 |  |  | Nine Months Ended September 28, 2019 |
Defined benefit plans: |  |  |  |  |  |  |  |
Balance at beginning of period |  | $ | (173.9 | ) |  | $ | (172.8 | )
Reclassification adjustments (net of tax expense of $0.4 million and $0.8 million in the three and nine months ended September 28, 2019, respectively) |  |  | 1.5 |  |  |  | 4.7 |
Other comprehensive loss recognized during the period (net of tax benefit of $1.6 million in the three and nine months ended September 28, 2019) |  |  | (4.6 | ) |  |  | (8.9 | )
Balance at end of period |  | $ | (177.0 | ) |  | $ | (177.0 | )
Derivative instruments and hedging: |  |  |  |  |  |  |  |
Balance at beginning of period |  | $ | (1.2 | ) |  | $ | (9.7 | )
Reclassification adjustments (net of tax benefit of $2.4 million and $7.2 million in the three and nine months ended September 28, 2019, respectively) |  |  | (8.4 | ) |  |  | (25.5 | )
Other comprehensive income (loss) recognized during the period (net of tax benefit (expense) of $1.1 million and ($6.2) million in the three and nine months ended September 28, 2019, respectively) |  |  | (3.9 | ) |  |  | 21.7 |
Balance at end of period |  | $ | (13.5 | ) |  | $ | (13.5 | )
Foreign currency translation: |  |  |  |  |  |  |  |
Balance at beginning of period |  | $ | (523.1 | ) |  | $ | (523.3 | )
Other comprehensive loss recognized during the period (net of tax impact of $— million in the three and nine months ended September 28, 2019) |  |  | (115.7 | ) |  |  | (115.5 | )
Balance at end of period |  | $ | (638.8 | ) |  | $ | (638.8 | )
Total accumulated other comprehensive loss |  | $ | (829.3 | ) |  | $ | (829.3 | )
Common Stock Repurchase Program | Share repurchases prior to the suspension are shown below (in millions except for shares and per share amounts):
Nine Months Ended |  |  | As of |
October 3, 2020 |  |  | October 3, 2020 |
Aggregate Repurchases |  |  | Cash paid for Repurchases |  |  | Number of Shares |  |  | Average Price per Share(1) |  |  | Remaining Purchase Authorization |
$ | 70.0 |  |  | $ | 70.0 |  |  |  | 641,149 |  |  | $ | 109.22 |  |  | $ | 1,430.0 |
(1) | Excludes commissions
Dividends Declared and Paid | Dividends declared and paid are shown below (in millions):
|  | Nine Months Ended |
|  | October 3, 2020 |  |  | September 28, 2019 |
Dividends declared |  | $ | 46.8 |  |  | $ | 140.3 |
Dividends paid |  |  | 52.0 |  |  |  | 141.1 |

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