Other (Income) Expense, Net

6 Months Ended

Jul. 03, 2021

Other Income and Expenses [Abstract]

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")