Other (Income) Expense, Net

9 Months Ended

Oct. 02, 2021

Other Income and Expenses [Abstract]

Other (income) expense, net includes non-income related taxes, foreign exchange gains and losses, gains and losses related to certain derivative instruments and hedging activities, losses on the extinguishment of debt, gains and losses on the disposal of fixed assets, gains and losses on the consolidation and deconsolidation of affiliates, the non-service cost components of net periodic benefit cost and other miscellaneous income and expense.

A summary of other (income) expense, net is shown below (in millions):


	Three Months Ended				Nine Months Ended
	October 2, 2021		October 3, 2020		October 2, 2021		October 3, 2020
Other expense	$	12.5	$	20.3	$	26.5	$	61.2
Other income	(1.4)		(3.2)		(55.2)		(6.8)
Other (income) expense, net	$	11.1	$	17.1	$	(28.7)	$	54.4

In May 2021, the Brazilian Supreme Court ruled on certain matters, including the method of determining the amount of indirect

tax credits that taxpayers are entitled to monetize in future periods. As a result of the ruling, other income includes a gain of $46.0 million in the nine months ended October 2, 2021.

In the three and nine months ended October 2, 2021, other expense includes net foreign currency transaction losses of $6.9 million and $13.6 million, respectively. In the nine months ended October 2, 2021, other expense also includes a loss of $1.0 million related to the impairment of an affiliate (Note 6, "Long-Lived Assets").

In the three and nine months ended October 3, 2020, other expense includes net foreign currency transaction losses of $5.5 million and $22.2 million, respectively, and a pension settlement loss of $10.2 million (Note 10, "Pension and Other Postretirement Benefit Plans"). In the nine months ended October 3, 2020, other expense also includes a loss of $21.1 million on the extinguishment of debt (Note 8, "Debt")