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Income Taxes (Tables)

9 Months Ended

Oct. 03, 2020

Income Tax Disclosure [Abstract]

Provision for Income Taxes and Corresponding Effective Tax Rate

A summary of the provision for income taxes and the corresponding effective tax rate for the three and nine months ended October 3, 2020 and September 28, 2019, is shown below (in millions, except effective tax rates):

		Three Months Ended								Nine Months Ended
		October 3, 2020				September 28, 2019				October 3, 2020				September 28, 2019
Provision for income taxes		$	44.6			$	33.5			$	30.1			$	149.9
Pretax income before equity in net income of affiliates		$	235.2			$	267.0			$	25.4			$	820.8
Effective tax rate			19.0	%			12.5	%			118.5	%			18.3	%

Schedule of Tax Benefits (Expense)

The Company’s discrete tax benefit (expense) on significant items is shown below (in millions):

		Nine Months Ended
		October 3, 2020				September 28, 2019
Restructuring charges and various other items		$	20.7			$	35.7
Valuation allowances on deferred tax assets			(12.2	)			(10.4	)
Share-based compensation			-				3.1
Change in tax status of certain affiliates			-				18.4
Research and development tax credits			5.0				28.6
		$	13.5			$	75.4

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- References

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319

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- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

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