Income Taxes

6 Months Ended

Jul. 02, 2022

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The Corporation's tax provision for interim periods is determined using an estimate of its annual effective tax rate, adjusted for discrete items. The following table summarizes the Corporation's income tax provision:

	Three Months Ended						Six Months Ended
	July 2, 2022			July 3, 2021			July 2, 2022			July 3, 2021
Income before income taxes	$	27.8		$	22.8		$	46.2		$	43.7
Income taxes	$	(2.5)		$	5.4		$	1.8		$	11.2
Effective tax rate	(9.0		%)	23.7		%	3.8		%	25.7		%

The Corporation's effective tax rate was lower in the three and six months ended July 2, 2022, compared to the same periods last year, primarily due to the sale of the Corporation's China- and Hong Kong-based Lamex office furniture business ("Lamex") in July 2022. This transaction created tax benefits recognized in the second quarter for valuation adjustments related to existing deferred tax assets, as well as basis differences. See "Note 15. Business Held for Sale" in the Notes to Condensed Consolidated Financial Statements for further information regarding the sale of Lamex.