Comprehensive Income (Loss) and Equity (Tables)

9 Months Ended

Oct. 02, 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 nine months ended October 2, 2021, is shown below (in millions):

	Three Months Ended October 2, 2021		Nine Months Ended October 2, 2021
Defined benefit plans:
Balance at beginning of period	$	(276.3)	$	(276.9)
Reclassification adjustments (net of tax expense of $0.3 million and $1.0 million in the three and nine months ended October 2, 2021, respectively)	2.0		6.0
Other comprehensive income (loss) recognized during the period (net of tax impact of $— million in the three and nine months ended October 2, 2021)	2.5		(0.9)
Balance at end of period	$	(271.8)	$	(271.8)
Derivative instruments and hedging:
Balance at beginning of period	$	20.2	$	12.6
Reclassification adjustments (net of tax benefit of $3.6 million and $6.9 million in the three and nine months ended October 2, 2021, respectively)	(13.9)		(27.3)
Other comprehensive income (loss) recognized during the period (net of tax benefit (expense) of $3.5 million and ($1.7) million in the three and nine months ended October 2, 2021, respectively)	(14.3)		6.7
Balance at end of period	$	(8.0)	$	(8.0)
Foreign currency translation:
Balance at beginning of period	$	(471.7)	$	(440.8)
Other comprehensive loss recognized during the period (net of tax expense of $1.4 million and $2.9 million in the three and nine months ended October 2, 2021, respectively)	(51.1)		(82.0)
Balance at end of period	$	(522.8)	$	(522.8)
Total accumulated other comprehensive loss	$	(802.6)	$	(802.6)

A summary of changes, net of tax, in accumulated other comprehensive loss for the three and nine months ended October 3, 2020, is shown below (in millions):

	Three Months Ended October 3, 2020		Nine Months Ended October 3, 2020
Defined benefit plans:
Balance at beginning of period	$	(211.7)	$	(217.6)
Reclassification adjustments (net of tax expense of $0.6 million and $1.3 million in the three and nine months ended October 3, 2020, respectively)	11.0		13.1
Other comprehensive loss recognized during the period (net of tax benefit of $5.4 million in the three and nine months ended October 3, 2020)	(29.7)		(25.9)
Balance at end of period	$	(230.4)	$	(230.4)
Derivative instruments and hedging:
Balance at beginning of period	$	(50.4)	$	9.8
Reclassification adjustments (net of tax expense of $0.1 million and $1.8 million in the three and nine months ended October 3, 2020, respectively)	3.9		9.2
Other comprehensive income (loss) recognized during the period (net of tax benefit (expense) of ($6.3) million and $9.6 million in the three and nine months ended October 3, 2020, respectively)	14.8		(50.7)
Balance at end of period	$	(31.7)	$	(31.7)
Foreign currency translation:
Balance at beginning of period	$	(660.9)	$	(564.9)
Other comprehensive income (loss) recognized during the period (net of tax benefit of $2.9 million and $0.7 million in the three and nine months ended October 3, 2020, respectively)	83.3		(12.7)
Balance at end of period	$	(577.6)	$	(577.6)
Total accumulated other comprehensive loss	$	(839.7)	$	(839.7)

Schedule of Share Repurchases

Share repurchases since the reinstatement through October 2, 2021, are shown below (in millions except for shares and per share amounts):

Nine Months Ended							As of October 2, 2021
October 2, 2021 (1)
Aggregate Repurchases		Cash Paid for Repurchases		Number of Shares	Average Price per Share (2)		Remaining Purchase Authorization
$	100.3	$	99.3	589,717	$	170.03	$	1,329.7

(1) From reinstatement through October 2, 2021

(2) Excludes commissions

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

	Nine Months Ended
	October 2, 2021		October 3, 2020 (1)
Dividends declared	$	61.1	$	46.8
Dividends paid	60.7		52.0

(1) Prior to March 2020 suspension