Comprehensive Income (Loss) and Equity (Tables)

6 Months Ended

Jul. 03, 2021

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 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)

A summary of changes, net of tax, in accumulated other comprehensive loss for the three and six months ended July 4, 2020, is shown below (in millions):

	Three Months Ended July 4, 2020		Six Months Ended July 4, 2020
Defined benefit plans:
Balance at beginning of period	$	(208.7)	$	(217.6)
Reclassification adjustments (net of tax expense of $0.4 million and $0.7 million in the three and six months ended July 4, 2020, respectively)	0.8		2.1
Other comprehensive income (loss) recognized during the period (net of tax impact of $— million in the three and six months ended July 4, 2020)	(3.8)		3.8
Balance at end of period	$	(211.7)	$	(211.7)
Derivative instruments and hedging:
Balance at beginning of period	$	(111.3)	$	9.8
Reclassification adjustments (net of tax expense of $3.1 million and $1.7 million in the three and six months ended July 4, 2020, respectively)	11.0		5.3
Other comprehensive income (loss) recognized during the period (net of tax benefit (expense) of ($12.0) million and $15.9 million in the three and six months ended July 4, 2020, respectively)	49.9		(65.5)
Balance at end of period	$	(50.4)	$	(50.4)
Foreign currency translation:
Balance at beginning of period	$	(729.3)	$	(564.9)
Other comprehensive income (loss) recognized during the period (net of tax benefit (expense) of $2.6 million and ($2.2) million in the three and six months ended July 4, 2020, respectively)	68.4		(96.0)
Balance at end of period	$	(660.9)	$	(660.9)
Total accumulated other comprehensive loss	$	(923.0)	$	(923.0)

Schedule of Share Repurchases

Share repurchases since the reinstatement through July 3, 2021, are shown below (in millions except for shares and per share amounts):

Six Months Ended							As of July 3, 2021
July 3, 2021 (1)
Aggregate Repurchases		Cash Paid for Repurchases		Number of Shares	Average Price per Share (2)		Remaining Purchase Authorization
$	31.2	$	29.2	169,814	$	183.56	$	1,398.8

(1) From reinstatement through July 3, 2021

(2) Excludes commissions

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

	Six Months Ended
	July 3, 2021		July 4, 2020 (1)
Dividends declared	$	30.6	$	46.8
Dividends paid	30.8		47.9

(1) Prior to March 2020 suspension