Income Taxes (Tables)

3 Months Ended

Apr. 03, 2021

Income Tax Disclosure [Abstract]

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 months ended April 3, 2021 and April 4, 2020, is shown below (in millions, except effective tax rates):

	Three Months Ended
	April 3, 2021			April 4, 2020
Provision for income taxes	$	58.9		$	26.5
Pretax income before equity in net income of affiliates	$	278.8		$	108.5
Effective tax rate	21.1		%	24.4		%

Schedule of Tax Benefits (Expense)

The Company's discrete tax benefit (expense) on significant items is shown below (in millions):

	Three Months Ended
	April 3, 2021		April 4, 2020
Restructuring charges and various other items	$	5.2	$	10.0
Valuation allowances on deferred tax assets	0.2		0.8
Share-based compensation	0.1		(0.2)
	$	5.5	$	10.6