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Comprehensive Income (Loss) and Equity (Tables)

9 Months Ended

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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