Other (Income) Expense, Net

6 Months Ended

Jul. 02, 2022

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, gains and losses on the disposal of fixed assets, 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 2, 2022		July 3, 2021		July 2, 2022		July 3, 2021
Other expense	$	17.1	$	6.2	$	47.1	$	15.3
Other income	(2.7)		(52.3)		(5.4)		(55.1)
Other (income) expense, net	$	14.4	$	(46.1)	$	41.7	$	(39.8)

In the three and six months ended July 2, 2022, other expense includes net foreign currency transaction losses of $5.8 million and $25.7 million, respectively, including $2.3 million and $13.7 million, respectively, related to foreign exchange rate volatility following Russia's invasion of Ukraine.

In the three and six months ended July 3, 2021, other income includes a gain of $47.0 million related to a favorable indirect tax ruling in Brazil. 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 million related to the impairment of an affiliate.