Income Taxes (Tables)

9 Months Ended

Oct. 02, 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 and nine months ended October 2, 2021 and October 3, 2020, is shown below (in millions, except effective tax rates):

	Three Months Ended						Nine Months Ended
	October 2, 2021			October 3, 2020			October 2, 2021			October 3, 2020
Provision for income taxes	$	20.9		$	44.6		$	119.1		$	30.1
Pretax income before equity in net (income) loss of affiliates	$	13.9		$	235.2		$	522.0		$	25.4
Effective tax rate	150.4		%	19.0		%	22.8		%	118.5		%

Schedule of Tax Benefits (Expense)

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

	Nine Months Ended
	October 2, 2021		October 3, 2020
Restructuring charges and various other items	$	25.5	$	20.7
Valuation allowances on deferred tax assets	(13.4)		(12.2)
Release of tax reserves	1.3		—
Favorable indirect tax ruling in a foreign jurisdiction	(9.2)		—
Research and development tax credits	—		5.0
	$	4.2	$	13.5