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Comprehensive Income (Loss) and Equity (Tables)

6 Months Ended

Jul. 02, 2022

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 six months ended July 2, 2022, is shown below (in millions):

			Three Months Ended July 2, 2022						Six Months Ended July 2, 2022
Defined benefit plans:
Balance at beginning of period			$	(198.5)					$	(199.4)
Reclassification adjustments (net of tax expense of $0.2 million and $0.5 million in the three and six months ended July 2, 2022, respectively)			0.9						2.3
Other comprehensive income recognized during the period (net of tax impact of $— million in the three and six months ended July 2, 2022)			3.1						2.6
Balance at end of period			$	(194.5)					$	(194.5)
Derivative instruments and hedging:
Balance at beginning of period			$	6.4					$	(18.6)
Reclassification adjustments (net of tax benefit of $1.9 million and $3.3 million in the three and six months ended July 2, 2022, respectively)			(7.8)						(14.4)
Other comprehensive income (loss) recognized during the period (net of tax benefit (expense) of $1.7 million and ($6.2) million in the three and six months ended July 2, 2022, respectively)			(5.8)						25.8
Balance at end of period			$	(7.2)					$	(7.2)
Foreign currency translation:
Balance at beginning of period			$	(570.5)					$	(552.2)
Other comprehensive loss recognized during the period (net of tax expense of $4.0 million and $4.4 million in the three and six months ended July 2, 2022, respectively)			(182.0)						(200.3)
Balance at end of period			$	(752.5)					$	(752.5)
Total accumulated other comprehensive loss			$	(954.2)					$	(954.2)

A summary of changes, net of tax, in accumulated other comprehensive loss for the three and six months ended July 3, 2021, is shown below (in millions):

			Three Months Ended July 3, 2021						Six Months Ended July 3, 2021
Defined benefit plans:
Balance at beginning of period			$	(275.6)					$	(276.9)
Reclassification adjustments (net of tax expense of $0.3 million and $0.7 million in the three and six months ended July 3, 2021, respectively)			1.8						4.0
Other comprehensive loss recognized during the period (net of tax impact of $— million in the three and six months ended July 3, 2021)			(2.5)						(3.4)
Balance at end of period			$	(276.3)					$	(276.3)
Derivative instruments and hedging:
Balance at beginning of period			$	9.6					$	12.6
Reclassification adjustments (net of tax benefit of $1.9 million and $3.3 million in the three and six months ended July 3, 2021, respectively)			(8.1)						(13.4)
Other comprehensive income recognized during the period (net of tax expense of $4.5 million and $5.2 million in the three and six months ended July 3, 2021, respectively)			18.7						21.0
Balance at end of period			$	20.2					$	20.2
Foreign currency translation:
Balance at beginning of period			$	(524.4)					$	(440.8)
Other comprehensive income (loss) recognized during the period (net of tax benefit (expense) of $0.6 million and ($1.5) million in the three and six months ended July 3, 2021, respectively)			52.7						(30.9)
Balance at end of period			$	(471.7)					$	(471.7)
Total accumulated other comprehensive loss			$	(727.8)					$	(727.8)

Schedule of Common Stock Repurchase Program

Share repurchases in the first six months of 2022 and the remaining purchase authorization as of July 2, 2022, are shown below (in millions, except for share and per share amounts):

Six Months Ended																								As of July 2, 2022
July 2, 2022
Aggregate Repurchases						Cash Paid for Repurchases						Number of Shares						Average Price per Share (1)						Remaining Purchase Authorization
$	50.2					$	50.2					380,220						$	131.92					$	1,279.5

(1) Excludes commissions

Schedule of Dividends Declared and Paid

Dividends declared and paid are shown below (in millions):

			Six Months Ended
			July 2, 2022						July 3, 2021
Dividends declared			$	93.4					$	30.6
Dividends paid			93.5						30.8

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