Income Taxes

9 Months Ended

Oct. 01, 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						Nine Months Ended
	October 1, 2022			October 2, 2021			October 1, 2022			October 2, 2021
Income before income taxes	$	79.5		$	24.4		$	125.8		$	68.1
Income taxes	$	16.4		$	5.2		$	18.2		$	16.5
Effective tax rate	20.7		%	21.5		%	14.5		%	24.2		%

The Corporation's effective tax rate was substantially lower in the nine months ended October 1, 2022, compared to the same period last year, primarily due to the sale of the Lamex business in July 2022. This transaction created tax benefits related to existing deferred tax assets that were previously reduced through valuation adjustments, as well as basis differences, which significantly reduced the Corporation's year-to-date effective tax rate. See "Note 3. Acquisitions and Divestitures" for further information regarding the sale of Lamex.