Income Taxes (Tables)

3 Months Ended

Apr. 01, 2023

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 months ended April 1, 2023 and April 2, 2022, is shown below (in millions, except effective tax rates):

	Three Months Ended
	April 1, 2023			April 2, 2022
Provision for income taxes	$	45.6		$	20.4
Pretax income before equity in net income of affiliates	$	199.4		$	76.3
Effective tax rate	22.9		%	26.7		%

Schedule of Tax Benefits (Expense)

In addition, the Company recognized discrete tax benefits (expense) on the significant items shown below (in millions):

	Three Months Ended
	April 1, 2023		April 2, 2022
Restructuring charges and various other items	$	3.7	$	10.3
Valuation allowances on deferred tax assets	—		0.5
Share-based compensation	(0.5)		1.2
	$	3.2	$	12.0