Income Taxes (Tables)

6 Months Ended

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

	Three Months Ended						Six Months Ended
	July 3, 2021			July 4, 2020			July 3, 2021			July 4, 2020
Provision (benefit) for income taxes	$	39.3		$	(41.0)		$	98.2		$	(14.5)
Pretax income (loss) before equity in net income of affiliates	$	229.3		$	(318.3)		$	508.1		$	(209.8)
Effective tax rate	17.1		%	12.9		%	19.3		%	6.9		%

Schedule of Tax Benefits (Expense)

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

	Six Months Ended
	July 3, 2021		July 4, 2020
Restructuring charges and various other items	$	13.4	$	29.6
Valuation allowances on deferred tax assets	6.7		(22.0)
Release of tax reserves	6.5		1.3
Favorable indirect tax ruling in a foreign jurisdiction	(16.0)		—
	$	10.6	$	8.9