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Other (Income) Expense, Net | 6 Months Ended
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Jul. 03, 2021
Other Income and Expenses [Abstract] |
Other (Income) Expense, Net | Other (Income) Expense, Net Other (income) expense, net includes non-income related taxes, foreign exchange gains and losses, gains and losses related to certain derivative instruments and hedging activities, losses on the extinguishment of debt, gains and losses on the disposal of fixed assets, gains and losses on the consolidation and deconsolidation of affiliates, the non-service cost components of net periodic benefit cost and other miscellaneous income and expense. A summary of other (income) expense, net is shown below (in millions):
| Three Months Ended |  | Six Months Ended
| July 3, 2021 |  | July 4, 2020 |  | July 3, 2021 |  | July 4, 2020
Other expense | $ | 6.2 |  |  | $ | 4.4 |  |  | $ | 15.3 |  |  | $ | 43.6 |
Other income | (52.3) |  |  | (7.6) |  |  | (55.1) |  |  | (6.3) |
Other (income) expense, net | $ | (46.1) |  |  | $ | (3.2) |  |  | $ | (39.8) |  |  | $ | 37.3 |
In May 2021, the Brazilian Supreme Court ruled on certain matters, including the method of determining the amount of indirect tax credits that taxpayers are entitled to monetize in future periods. As a result of the ruling, other income includes a gain of $47.0 million in the three and six months ended July 3, 2021. In the three and six months ended July 3, 2021, other expense includes net foreign currency transaction losses of $2.5 million and $6.7 million, respectively, and a loss of $1.0 million related to the impairment of an affiliate. In the three months ended July 4, 2020, other income includes net foreign currency transaction gains of $1.0 million. In the six months ended July 4, 2020, other expense includes net foreign currency transaction losses of $16.7 million and a loss of $21.1 million on the extinguishment of debt (Note 8, "Debt")

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- Definition The entire disclosure for other income or other expense items (both operating and nonoperating). Sources of nonoperating income or nonoperating expense that may be disclosed, include amounts earned from dividends, interest on securities, profits (losses) on securities, net and miscellaneous other income or income deductions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 720 -URI http://asc.fasb.org/topic&trid=2122503 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 610 -URI http://asc.fasb.org/topic&trid=49130413 + Details
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