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Comprehensive Income and Equity (Tables) | 3 Months Ended
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Apr. 01, 2023
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 months ended April 1, 2023, is shown below (in millions):
| Three Months Ended April 1, 2023 |  |
Defined benefit plans: |  |  |
Balance at beginning of period | $ | (95.7) |  |  |
Reclassification adjustments | (0.3) |  |  |
Other comprehensive income recognized during the period | 0.3 |  |  |
Balance at end of period | $ | (95.7) |  |  |
Derivative instruments and hedging: |  |  |
Balance at beginning of period | $ | 33.4 |  |  |
Reclassification adjustments (net of tax benefit of $4.6 million) | (17.8) |  |  |
Other comprehensive income recognized during the period (net of tax expense of $19.5 million) | 76.2 |  |  |
Balance at end of period | $ | 91.8 |  |  |
Foreign currency translation: |  |  |
Balance at beginning of period | $ | (742.8) |  |  |
Other comprehensive income recognized during the period (net of tax benefit of $0.2 million) | 41.9 |  |  |
Balance at end of period | $ | (700.9) |  |  |
Total accumulated other comprehensive loss | $ | (704.8) |  |  |
A summary of changes, net of tax, in accumulated other comprehensive loss for the three months ended April 2, 2022, is shown below (in millions):
| Three Months Ended April 2, 2022 |  |
Defined benefit plans: |  |  |
Balance at beginning of period | $ | (199.4) |  |  |
Reclassification adjustments (net of tax expense of $0.3 million) | 1.4 |  |  |
Other comprehensive loss recognized during the period | (0.5) |  |  |
Balance at end of period | $ | (198.5) |  |  |
Derivative instruments and hedging: |  |  |
Balance at beginning of period | $ | (18.6) |  |  |
Reclassification adjustments (net of tax benefit of $1.4 million) | (6.6) |  |  |
Other comprehensive income recognized during the period (net of tax expense of $7.9 million) | 31.6 |  |  |
Balance at end of period | $ | 6.4 |  |  |
Foreign currency translation: |  |  |
Balance at beginning of period | $ | (552.2) |  |  |
Other comprehensive loss recognized during the period (net of tax expense of $0.4 million) | (18.3) |  |  |
Balance at end of period | $ | (570.5) |  |  |
Total accumulated other comprehensive loss | $ | (762.6) |  |  |
Schedule of Common Stock Repurchase Program | Share repurchases in the first three months of 2023 and the remaining purchase authorization as of April 1, 2023, are shown below (in millions, except for share and per share amounts):
Three Months Ended April 1, 2023 |  | As of April 1, 2023
Aggregate Repurchases |  | Cash Paid for Repurchases |  | Number of Shares |  | Average Price per Share (1) |  | Remaining Purchase Authorization
$ | 25.1 |  |  | $ | 25.1 |  |  | 182,902 |  |  | $ | 137.24 |  |  | $ | 1,204.3 |
(1) Excludes commissions
Schedule of Dividends Declared and Paid | Dividends declared and paid are shown below (in millions):
| Three Months Ended
| April 1, 2023 |  | April 2, 2022
Dividends declared | $ | 46.7 |  |  | $ | 46.8 |
Dividends paid | 46.8 |  |  | 47.4 |

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