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Income Taxes (Tables) | 9 Months Ended
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Sep. 28, 2024
Income Tax Disclosure [Abstract] |
Schedule of Provision for Income Taxes and Corresponding Effective Tax Rate | A summary of the provision for income taxes and the corresponding effective tax rate for the three and nine months ended September 28, 2024 and September 30, 2023, is shown below (in millions, except effective tax rates):
| Three Months Ended |  | Nine Months Ended
| September 28, 2024 |  | September 30, 2023 |  | September 28, 2024 |  | September 30, 2023
Provision for income taxes | $ | 47.1 |  |  | $ | 47.0 |  |  | $ | 133.8 |  |  | $ | 134.1 |
Pretax income before equity in net income of affiliates | $ | 190.6 |  |  | $ | 188.7 |  |  | $ | 574.0 |  |  | $ | 600.6 |
Effective tax rate | 24.7 | % |  | 24.9 | % |  | 23.3 | % |  | 22.3 | %
Schedule of Tax Benefits (Expense) | In addition, the Company recognized discrete tax benefits (expense) on the significant items shown below (in millions):
| Nine Months Ended
| September 28, 2024 |  | September 30, 2023
Restructuring charges and various other items | $ | 24.7 |  |  | $ | 17.0 |
Tax reserves and audit settlements | 3.3 |  |  | 2.3 |
Share-based compensation | (0.4) |  |  | (0.5) |
Valuation allowances on deferred tax assets | — |  |  | 5.7 |
| $ | 27.6 |  |  | $ | 24.5 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
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