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COMMITMENTS AND CONTINGENCIES (Tables)
 6 Months Ended
Jul. 03, 2021
Commitments and Contingencies Disclosure [Abstract]  
Roll Forward of Asbestos Liability and Related Assets Table
The following table provides a rollforward of the estimated asbestos liability and related assets for the six months ended July 3, 2021 and June 27, 2020.
July 3, 2021June 27, 2020
For the Six Months Ended
LiabilityAssetNetLiabilityAssetNet
Beginning balance$932.0 $444.7 $487.3 $817.6 $386.8 $430.8 
Asbestos provision(a)
13.4 (1.0)14.4 28.9 5.3 23.6 
Insurance settlement agreements(b)
— — — — 48.3 (48.3)
Net cash activity(a)
(46.8)(42.3)(4.5)(42.7)(35.1)(7.6)
Divestiture of asbestos-related assets and liabilities(888.2)(401.4)(486.8)— — — 
Ending balance$10.4 $— $10.4 $803.8 $405.3 $398.5 
Current portion(c)
$10.4 $— $85.9 $85.9 
Noncurrent portion$— $— $717.9 $319.4 
(c)As of July 3, 2021, the current liability represents transaction costs related to the divestiture of the entity holding asbestos-related assets and liabilities.
Rollforward of Environmental Liability and Related Assets Table
The following table provides a rollforward of the estimated environmental liability for the six months ended July 3, 2021 and June 27, 2020.
For the Six Months Ended
July 3, 2021June 27, 2020
Environmental liability - beginning balance$58.3 $61.9 
Change in estimates for pre-existing accruals:
Continuing operations0.1 1.4 
Discontinued operations(0.1)(1.6)
Accruals added during the period for new matters1.0 — 
Payments(6.7)(2.3)
Foreign currency(0.1)(0.1)
Environmental liability - ending balance$52.5 $59.3 
Transfer of Financial Assets Accounted for as Sales
The following is a summary of the impacts of the divestiture:
Cash and cash equivalents$(398.0)
Current asbestos-related assets(91.0)
Long-term asbestos-related assets(310.4)
Accrued liabilities91.2 
Long-term asbestos-related liabilities797.0 
Gain on divestiture of asbestos-related assets and liabilities before income tax$88.8 
Less: income tax expense116.9 
Loss on divestiture of asbestos-related assets and liabilities, net of tax$(28.1)
Summary of Net Asbestos Charges Table The table below summarizes the total net asbestos charges (benefits) for the three and six months ended July 3, 2021 and June 27, 2020.
Three Months EndedSix Months Ended
July 3, 2021June 27, 2020July 3, 2021June 27, 2020
Asbestos provision(a)
$12.0 $11.8 $14.4 $23.6 
Gain on divestiture before income tax(88.8)— (88.8)— 
Insurance settlement agreements(b)
— 4.2 — (48.3)
Asbestos-related (benefit) costs, net$(76.8)$16.0 $(74.4)$(24.7)
(a)Includes certain administrative costs such as legal-related costs for insurance asset recoveries and transaction costs related to the divestiture of the entity holding asbestos-related assets and liabilities. The asbestos provision for the three and six months ended June 27, 2020 includes amounts to maintain a rolling 10-year provision prior to the transition to a full horizon estimate.
(b)In March 2020, we finalized a settlement agreement with a group of insurers to settle responsibility for claims under certain insurance policies for a lump sum payment of $66.4, resulting in a benefit of $52.5. During June 2020, we entered into a settlement agreement with an insurer accelerating payments previously included in a buyout agreement, resulting in a loss of $4.2.