Stanley Black & Decker (SWK) 10-Q 28 Jul 22 2022 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jul. 02, 2022	Jul. 22, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 02, 2022
Document Transition Report	false
Entity File Number	001-05224
Entity Registrant Name	STANLEY BLACK & DECKER, INC.
Entity Incorporation, State or Country Code	CT
Entity Tax Identification Number	06-0548860
Entity Address, Address Line One	1000 STANLEY DRIVE
Entity Address, City or Town	NEW BRITAIN
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06053
City Area Code	860
Local Phone Number	225-5111
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		147,815,805
Entity Central Index Key	0000093556
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false
Common Stock $2.50 Par Value Per Share
Document Information [Line Items]
Title of 12(b) Security	Common Stock
Trading Symbol	SWK
Security Exchange Name	NYSE
Corporate Units - SWT
Document Information [Line Items]
Title of 12(b) Security	Corporate Units
Trading Symbol	SWT
Security Exchange Name	NYSE

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 03, 2021
Income Statement [Abstract]
Net Sales	$ 4,393	$ 3,798.9	$ 8,841	$ 7,519.7
Costs and Expenses
Cost of sales	3,185.9	2,437.1	6,328.5	4,770.1
Selling, general and administrative	849.4	772	1,798.6	1,488.9
Provision for credit losses	3.3	(4.9)	14.4	(2.7)
Other, net	79.1	42.5	141.1	90.5
(Gain) loss on sales of businesses	(0.2)	2.6	(0.2)	3.6
Asset impairment charge	168.4	0	168.4	0
Restructuring charges	19.5	10.4	72.2	12.2
Interest income	(6.5)	(2.7)	(9.3)	(5.6)
Interest expense	78.2	46.5	132.9	94
Costs and Expenses	4,377.1	3,303.5	8,646.6	6,451
Earnings from continuing operations before income taxes and equity interest	15.9	495.4	194.4	1,068.7
Income taxes on continuing operations	(62.8)	67.3	(39.9)	182.8
Net earnings from continuing operations before equity interest	78.7	428.1	234.3	885.9
Share of net earnings of equity method investment	0	4.4	0	6.2
Net earnings from continuing operations	78.7	432.5	234.3	892.1
Less: Net earnings (losses) attributable to non-controlling interests	0.1	(1)	0.2	(1.6)
Net earnings from continuing operations attributable to Stanley Black & Decker, Inc.	78.6	433.5	234.1	893.7
Less: Preferred stock dividends and beneficial conversion feature	0	4.8	0	14.2
Net Earnings from Continuing Operations Attributable to Common Shareowners	78.6	428.7	234.1	879.5
Add: Contract adjustment payments accretion	0.4	0.3	0.7	0.5
Net Earnings from Continuing Operations Attributable to Common Shareowners - Diluted	79	429	234.8	880
Earnings from discontinued operations before income taxes	6.4	32.4	28.6	63.5
Income taxes on discontinued operations	(2.6)	6.4	(0.2)	10.3
Net earnings from discontinued operations	9	26	28.8	53.2
Net Earnings Attributable to Common Shareowners - Diluted	88	455	263.6	933.2
Net Earnings Attributable to Stanley Black & Decker, Inc.	87.6	459.5	262.9	946.9
Total Comprehensive (Loss) Income Attributable to Common Shareowners	$ (190.1)	$ 479.1	$ (42.5)	$ 859.4
Basic earnings per share of common stock:
Continuing operations (in dollars per share)	$ 0.54	$ 2.70	$ 1.56	$ 5.56
Discontinuing operations (in dollars per share)	0.06	0.16	0.19	0.34
Total basic earnings per share of common share (in dollars per share)	0.60	2.87	1.75	5.90
Diluted earnings per share of common stock:
Continuing operations (in dollars per share)	0.51	2.60	1.47	5.34
Discontinued operations (in dollars per share)	0.06	0.16	0.18	0.32
Total diluted earnings per share of common stock (in dollars per share)	$ 0.57	$ 2.75	$ 1.65	$ 5.67

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jul. 02, 2022	Jan. 01, 2022
Current Assets
Cash and cash equivalents	$ 282.3	$ 142.1
Accounts and notes receivable, net	1,592.1	1,481.7
Inventories, net	6,635.5	5,419.9
Current assets held for sale	851	869.6
Prepaid expenses	506.8	507
Other current assets	105.1	106.1
Total Current Assets	9,972.8	8,526.4
Property, plant and equipment, net	2,310.6	2,336.8
Goodwill	8,459.1	8,590.7
Customer Relationships, net	1,909.1	2,000
Trade Names, net	2,653.1	2,681.8
Other intangible Assets, net	10.5	13.2
Long-term assets held for sale	2,564.2	2,635.8
Other assets	1,482	1,395.3
Total Assets	29,361.4	28,180
Current Liabilities
Short-term borrowings	5,833	2,241.1
Current maturities of long-term debt	1.2	1.3
Accounts payable	3,138.8	3,423.6
Accrued expenses	2,304.2	2,641
Liabilities held for sale	483.5	460.4
Total Current Liabilities	11,760.7	8,767.4
Long-term debt	5,351.8	4,353.6
Deferred taxes	625.9	711.2
Post-retirement benefits	432.5	474.1
Long-term liabilities held for sale	137.1	137.4
Other liabilities	1,971.5	2,143.9
Commitments and Contingencies (Notes R and S)
Stanley Black & Decker, Inc. Shareowners’ Equity
Preferred stock, without par value: Authorized 10,000,000 shares in 2022 and 2021 Issued and outstanding 750,000 shares in 2022 and 2021	620.3	620.3
Common stock, par value $2.50 per share: Authorized 300,000,000 shares in 2022 and 2021 Issued 176,902,738 shares in 2022 and 2021	442.3	442.3
Retained earnings	8,775	8,742.4
Additional paid in capital	5,027.3	4,999.2
Accumulated other comprehensive loss	(2,151)	(1,845.6)
Stockholders' Equity Subtotal, Total	12,713.9	12,958.6
Less: cost of common stock in treasury (29,101,258 shares in 2022 and 13,964,054 shares in 2021)	(3,634.1)	(1,368.1)
Stanley Black & Decker, Inc. Shareowners’ Equity	9,079.8	11,590.5
Non-controlling interests	2.1	1.9
Total Shareowners’ Equity	9,081.9	11,592.4
Total Liabilities and Shareowners’ Equity	$ 29,361.4	$ 28,180

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jul. 02, 2022	Jan. 01, 2022
Statement of Financial Position [Abstract]
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	750,000	750,000
Preferred stock, shares outstanding (in shares)	750,000	750,000
Common stock, par value (in dollars per share)	$ 2.50	$ 2.50
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	176,902,738	176,902,738
Treasury stock (in shares)	29,101,258	13,964,054

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 03, 2021
OPERATING ACTIVITIES
Net earnings from continuing operations	$ 78.7	$ 432.5	$ 234.3	$ 892.1
Net earnings from discontinued operations	9	26	28.8	53.2
Adjustments to reconcile net earnings to cash (used in) provided by operating activities:
Depreciation and amortization of property, plant and equipment	91.9	91.9	183.9	185.4
Amortization of intangibles	51.5	50.5	103.2	101
(Gain) loss on sales of businesses	(0.2)	2.6	(0.2)	3.6
Asset impairment charge	168.4	0	168.4	0
Share of net earnings of equity method investment	0	(4.4)	0	(6.2)
Changes in working capital	(568)	(196.4)	(1,904.1)	(916.8)
Changes in other assets and liabilities	(275.2)	41.7	(499.3)	(25.7)
Cash (used in) provided by operating activities	(443.9)	444.4	(1,685)	286.6
INVESTING ACTIVITIES
Capital and software expenditures	(145.7)	(105.1)	(285.5)	(193.4)
Proceeds from sales of assets	6.2	4.1	15.2	5.4
Business acquisitions, net of cash acquired	(9.1)	(1.3)	(45.6)	(1.5)
Purchases of investments	(9.2)	(4)	(9.3)	(11)
Net investment hedge settlements	4.2	0	8.9	(52.6)
Other	(0.7)	(2.5)	(1.4)	(3.6)
Cash used in investing activities	(154.3)	(108.8)	(317.7)	(256.7)
FINANCING ACTIVITIES
Proceeds from debt issuances, net of fees	(2.2)
Proceeds from debt issuances, net of fees		0	992.6	0
Stock purchase contract fees	(9.8)	(9.8)	(19.6)	(19.6)
Net short-term borrowings	746.6	1.8	3,591.4	1.1
Proceeds from issuances of common stock	5.9	36.3	19.6	100.4
Purchases of common stock for treasury	(1.1)	(2.4)	(2,314.1)	(17.3)
Redemption of preferred stock for treasury	0	(750)	0	(750)
Craftsman contingent consideration			(21.1)
Termination of interest rate swaps	0	0	22.7	0
Cash dividends on common stock	(114)	(111.6)	(230.3)	(221.7)
Cash dividends on preferred stock	0	(9.5)	0	(18.9)
Other	(5.9)	(1.2)	(7.6)	(8.4)
Cash provided by (used in) financing activities	608.2	(853.3)	2,033.6	(948.3)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(22.4)	8.5	(17.6)	(30.4)
Change in cash, cash equivalents and restricted cash	(12.4)	(509.2)	13.3	(948.8)
Cash, cash equivalents and restricted cash, beginning of period	320.5	958.7	294.8	1,398.3
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD	308.1	449.5	308.1	449.5
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	282.3		282.3
Restricted cash included in Other current assets	6.1		6.1
Cash and cash equivalents included in Current assets held for sale	19.7		19.7
Cash, cash equivalents and restricted cash	308.1	449.5	308.1	449.5
Craftsman
FINANCING ACTIVITIES
Craftsman contingent consideration	$ (11.3)	$ (6.9)	$ (21.1)	$ (13.9)

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREOWNERS' EQUITY - USD ($) $ in Millions	Total	Preferred Stock	Common Stock	Additional Paid In Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Stock	Non- Controlling Interests
Beginning balance at Jan. 02, 2021	$ 11,066.4	$ 1,370.3	$ 442.3	$ 4,967.8	$ 7,542.2	$ (1,713.7)	$ (1,549.3)	$ 6.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	486.8				487.4			(0.6)
Other comprehensive loss	(97.7)					(97.7)
Cash dividends declared, common share	(110.1)				(110.1)
Cash dividends declared, preferred share	(9.4)				(9.4)
Issuance of common stock	64.1			(12.7)			76.8
Repurchase of common stock	(14.9)			0			(14.9)
Non-controlling interest buyout	(6)			(2.8)				(3.2)
Stock-based compensation related	25.6			25.6
Ending balance at Apr. 03, 2021	11,404.8	1,370.3	442.3	4,977.9	7,910.1	(1,811.4)	(1,487.4)	3
Beginning balance at Jan. 02, 2021	11,066.4	1,370.3	442.3	4,967.8	7,542.2	(1,713.7)	(1,549.3)	6.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive loss	(73.3)
Ending balance at Jul. 03, 2021	11,086	620.3	442.3	4,951.7	8,253.2	(1,787)	(1,396.5)	2
Beginning balance at Apr. 03, 2021	11,404.8	1,370.3	442.3	4,977.9	7,910.1	(1,811.4)	(1,487.4)	3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	458.5				459.5			(1)
Other comprehensive loss	24.4					24.4
Cash dividends declared, common share	(111.6)				(111.6)
Cash dividends declared, preferred share	(4.8)				(4.8)
Issuance of common stock	36.3			8.1			28.2
Repurchase of common stock	(2.4)			72.2			(74.6)
Redemption and conversion of preferred stock	(750)	(750)		(137.3)			137.3
Stock-based compensation related	30.8			30.8
Ending balance at Jul. 03, 2021	11,086	620.3	442.3	4,951.7	8,253.2	(1,787)	(1,396.5)	2
Beginning balance at Jan. 01, 2022	11,592.4	620.3	442.3	4,999.2	8,742.4	(1,845.6)	(1,368.1)	1.9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	175.4				175.3			0.1
Other comprehensive loss	(27.7)					(27.7)
Cash dividends declared, common share	(116.3)				(116.3)
Issuance of common stock	13.7			(24)			37.7
Repurchase of common stock	(2,313)			(300)			(2,013)
Stock-based compensation related	30.3			30.3
Ending balance at Apr. 02, 2022	9,354.8	620.3	442.3	4,705.5	8,801.4	(1,873.3)	(3,343.4)	2
Beginning balance at Jan. 01, 2022	11,592.4	620.3	442.3	4,999.2	8,742.4	(1,845.6)	(1,368.1)	1.9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive loss	(305.4)
Ending balance at Jul. 02, 2022	9,081.9	620.3	442.3	5,027.3	8,775	(2,151)	(3,634.1)	2.1
Beginning balance at Apr. 02, 2022	9,354.8	620.3	442.3	4,705.5	8,801.4	(1,873.3)	(3,343.4)	2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	87.7				87.6			0.1
Other comprehensive loss	(277.7)					(277.7)
Cash dividends declared, common share	(114)				(114)
Issuance of common stock	5.9			(4.4)			10.3
Repurchase of common stock	(1.1)			299.9			(301)
Stock-based compensation related	26.3			26.3
Ending balance at Jul. 02, 2022	$ 9,081.9	$ 620.3	$ 442.3	$ 5,027.3	$ 8,775	$ (2,151)	$ (3,634.1)	$ 2.1

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREOWNERS' EQUITY (PARENTHETICAL) - $ / shares	3 Months Ended
	Jul. 02, 2022	Apr. 02, 2022	Jul. 03, 2021	Apr. 03, 2021
Statement of Stockholders' Equity [Abstract]
Cash dividends declared, common shares, per share (in dollars per share)	$ 0.79	$ 0.79	$ 0.70	$ 0.70
Cash dividends declared, preferred shares, per share (in dollars per share)			$ 50	$ 50
Issuance of common Stock (in shares)	83,264	338,897	305,153	848,275
Repurchase of common stock (in shares)	3,219,632	12,729,825	355,751	80,310
Preferred stock issued (in shares)			1,469,055

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jul. 02, 2022
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (hereinafter referred to as “generally accepted accounting principles”) for interim financial statements and with the instructions to Form 10-Q and Article 10 of Regulation S-X and do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation of the results of operations for the interim periods have been included and are of a normal, recurring nature. Operating results for the three and six months ended July 2, 2022 are not necessarily indicative of the results that may be expected for a full fiscal year. For further information, refer to the consolidated financial statements and footnotes included in Stanley Black & Decker, Inc.’s (the “Company”) Form 10-K for the year ended January 1, 2022, and subsequent related filings with the Securities and Exchange Commission ("SEC"). In December 2021, the Company acquired the remaining 80 percent ownership stake in MTD Holdings Inc. ("MTD"), a privately held global manufacturer of outdoor power equipment. The Company previously acquired a 20 percent interest in MTD in January 2019. Prior to closing on the remaining 80 percent ownership stake, the Company applied the equity method of accounting to the 20% investment in MTD. In November 2021, the Company acquired Excel Industries ("Excel"), a leading designer and manufacturer of premium commercial and residential turf-care equipment. These acquisitions are being accounted for as business combinations using the acquisition method of accounting and the results subsequent to the dates of acquisition are included in the Company's Tools & Outdoor segment. On July 5, 2022, the Company completed the previously announced sale of its Mechanical Access Solutions ("MAS") business, the automatic doors business. On July 22, 2022, the Company completed the previously announced sale of its Convergent Security Solutions ("CSS") business comprising of the commercial electronic security and healthcare businesses. Based on management's commitment to sell these businesses, the assets and liabilities related to MAS and CSS were classified as held for sale on the Company's Condensed Consolidated Balance Sheets as of July 2, 2022 and January 1, 2022. The MAS and CSS divestitures represent a single plan to exit the Security segment and are considered a strategic shift that will have a major effect on the Company’s operations and financial results. The operating results of MAS and CSS have been reported as discontinued operations in the consolidated financial statements. Amounts previously reported have been reclassified to conform to this presentation in accordance with Accounting Standard Codification ("ASC") 205 , Presentation of Financial Statements ("ASC 205") , to allow for meaningful comparison of continuing operations. In June 2022, the Company announced that it had reached a definitive agreement for the sale of its Oil & Gas business as part of the Company's strategic commitment to simplify and streamline its portfolio to focus on the core Tools & Outdoor and Industrial businesses. Based on management's commitment to sell this business, the assets and liabilities related to Oil & Gas were classified as held for sale on the Company's Condensed Consolidated Balance Sheet as of July 2, 2022. There were no assets or liabilities held for sale relating to the Oil & Gas business as of January 1, 2022. This pending divestiture does not qualify for discontinued operations and therefore, its results are included in the Company's continuing operations for all periods presented. Refer to Note F, Acquisitions and Investments, and Note T, Divestitures, for further discussion of these transactions.

NEW ACCOUNTING STANDARDS

NEW ACCOUNTING STANDARDS	6 Months Ended
	Jul. 02, 2022
Accounting Policies [Abstract]
NEW ACCOUNTING STANDARDS	NEW ACCOUNTING STANDARDS NEW ACCOUNTING STANDARDS ADOPTED — In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers . The new standard improves the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency. The new standard requires an entity to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 606, Revenue from Contracts with Customers . The ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The standard should be applied prospectively to business combinations occurring on or after the effective date of the amendments. The Company elected to early adopt this standard in the first quarter of 2022 and it did not have a material impact on its consolidated financial statements. In May 2021, the FASB issued ASU 2021-04, Earnings per share (Topic 260), Debt-Modifications and Extinguishments (Subtopic 470-50), Compensation-Stock Compensation (Topic 718), and Derivatives and Hedging – Contracts in Equity (Subtopic 815-40). The new standard clarifies and reduces diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options (for example, warrants) that remain equity classified after modification or exchange. The ASU is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The standard should be applied prospectively. The Company adopted this standard in the first quarter of 2022 and it did not have a material impact on its consolidated financial statements. In August 2020, the FASB issued ASU 2020-06 , Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40). The new standard reduces the number of accounting models for convertible debt instruments and convertible preferred stock, and amends the guidance for the derivatives scope exception for contracts in an entity's own equity. The standard also amends and makes targeted improvements to the related earnings per share guidance. The ASU is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. The Company adopted this standard in the first quarter of 2022, using the modified retrospective method, which has no impact to prior periods. In accordance with the standard, the Company increased weighted-average shares outstanding used to calculate diluted earnings per share for both the three and six months ended July 2, 2022 by 4.1 million shares, as required by the use of the if-converted method for convertible instruments that may be settled in cash or shares. See Note C, Earnings Per Share for further discussion. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The new standard provides optional expedients and exceptions that companies can apply during a limited time period to account for contracts, hedging relationships, and other transactions affected by reference rate reform, if certain criteria are met. Companies may elect to apply these optional expedients and exceptions beginning March 12, 2020 through December 31, 2022. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848), to clarify the scope of Topic 848 and provide explicit guidance to help companies applying optional expedients and exceptions. This ASU is effective immediately for all entities that have applied optional expedients and exceptions. The Company applied certain optional expedients and exceptions as needed to comply with regulatory and tax authorities for the transition to alternative reference rates. The Company's adoption of this standard did not have a material impact on its consolidated financial statements. RECENTLY ISSUED ACCOUNTING STANDARDS NOT YET ADOPTED — In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions . The new standard clarifies that a contractual restriction on the sale of an equity security should not be considered in measuring the fair value of the security. The new standard also requires certain disclosures related to equity securities with contractual sale restrictions. The ASU is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The standard should be applied prospectively. The Company is currently evaluating this guidance to determine the impact it may have on its consolidated financial statements. In March 2022, the FASB issued ASU 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures . The new standard eliminates the recognition and measurement guidance for troubled debt restructurings (TDRs) for creditors that have adopted ASC 326 and requires public entities to present gross write-offs by year of origination in their vintage disclosures. The ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The standard should be applied prospectively, and it allows for a modified retrospective transition method resulting in a cumulative-effect adjustment to retained earnings in the period of adoption. The Company is currently evaluating this guidance to determine the impact it may have on its consolidated financial statements. In March 2022, the FASB issued ASU 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging—Portfolio Layer Method . The new standard expands and clarifies the use of the portfolio layer method for fair value hedges of interest rate risk. The new standard allows non-prepayable financial assets to also be included in a closed portfolio hedged using the portfolio layer method. The ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The new guidance on hedging multiple layers in a closed portfolio should be applied prospectively and the guidance on the accounting for fair value basis adjustments should

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jul. 02, 2022
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE The following table reconciles net earnings attributable to common shareowners and the weighted-average shares outstanding used to calculate basic and diluted earnings per share for the three and six months ended July 2, 2022 and July 3, 2021: Second Quarter Year-to-Date 2022 2021 2022 2021 Numerator (in millions): Net Earnings from Continuing Operations Attributable to Common Shareowners $ 78.6 $ 428.7 $ 234.1 $ 879.5 Add: Contract adjustment payments accretion 0.4 0.3 0.7 0.5 Net Earnings from Continuing Operations Attributable to Common Shareowners - Diluted $ 79.0 $ 429.0 $ 234.8 $ 880.0 Net earnings from discontinued operations 9.0 26.0 28.8 53.2 Net Earnings Attributable to Common Shareowners - Diluted $ 88.0 $ 455.0 $ 263.6 $ 933.2 Second Quarter Year-to-Date 2022 2021 2022 2021 Denominator (in thousands): Basic weighted-average shares outstanding 145,353 158,644 150,385 158,081 Dilutive effect of stock contracts and awards 9,461 6,543 9,742 6,653 Diluted weighted-average shares outstanding 154,814 165,187 160,127 164,734 Second Quarter Year-to-Date 2022 2021 2022 2021 Earnings per share of common stock: Basic earnings per share of common stock: Continuing operations $ 0.54 $ 2.70 $ 1.56 $ 5.56 Discontinued operations $ 0.06 $ 0.16 $ 0.19 $ 0.34 Total basic earnings per share of common stock $ 0.60 $ 2.87 $ 1.75 $ 5.90 Diluted earnings per share of common stock: Continuing operations $ 0.51 $ 2.60 $ 1.47 $ 5.34 Discontinued operations $ 0.06 $ 0.16 $ 0.18 $ 0.32 Total dilutive earnings per share of common stock $ 0.57 $ 2.75 $ 1.65 $ 5.67 The following weighted-average stock options were not included in the computation of weighted-average diluted shares outstanding because the effect would be anti-dilutive (in thousands): Second Quarter Year-to-Date 2022 2021 2022 2021 Number of stock options 4,166 706 3,356 901 In November 2019, the Company issued 7,500,000 Equity Units with a total notional value of $750.0 million ("2019 Equity Units"). Each unit has a stated amount of $100 and initially consists of a three-year forward stock purchase contract (“2022 Purchase Contracts”) for the purchase of a variable number of shares of common stock, on November 15, 2022, for a price of $100, and a 10% beneficial ownership interest in one share of 0% Series D Cumulative Perpetual Convertible Preferred Stock, without par, with a liquidation preference of $1,000 per share (“Series D Preferred Stock”). The shares associated with the forward stock purchase contracts component of the 2019 Equity Units have been reflected in diluted earnings per share using the if-converted method. On and after November 15, 2022, the Series D Preferred Stock may be converted into common stock at the option of the holder. At the election of the Company, upon conversion, the Company may deliver cash, common stock, or a combination thereof. The conversion rate was initially 5.2263 shares of common stock per one share of Series D Preferred Stock, which was equivalent to an initial conversion price of approximately $191.34 per share of common stock. As of July 2, 2022, due to customary anti-dilution provisions, the conversion rate was 5.2409, equivalent to a conversion price of approximately $190.81 per share of common stock. Upon the adoption of ASU 2020-06 , Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40) , beginning in the first quarter of 2022, the common shares that would be required to settle the applicable conversion value of the Series D Preferred Stock were included in the denominator of diluted earnings per share using the if-converted method. In accordance with the standard, the Company increased weighted-average shares outstanding used to calculate diluted earnings per share for both the three and six months ended July 2, 2022 by 4.1 million shares. In May 2017, the Company issued 7,500,000 Equity Units with a total notional value of $750.0 million ( “ 2017 Equity Units”). Each unit had a stated amount of $100 and initially consisted of a three-year forward stock purchase contract ( “ 2020 Purchase Contracts”) for the purchase of a variable number of shares of common stock, on May 15, 2020, for a price of $100, and a 10% beneficial ownership interest in one share of 0% Series C Cumulative Perpetual Convertible Preferred Stock, without par, with a liquidation preference of $1,000 per share ( “ Series C Preferred Stock”). In May 2020, the Company successfully remarketed the Series C Preferred Stock (the “Remarketed Series C Preferred Stock”) resulting in cash proceeds of $750.0 million. Upon completion of the remarketing, the holders of the 2017 Equity Units received 5,463,750 common shares and the Company issued 750,000 shares of Remarketed Series C Preferred Stock, without par, with a liquidation preference of $1,000 per share. Holders of the Remarketed Series C Preferred Stock were entitled to receive cumulative dividends, if declared by the Board of Directors, at an initial fixed rate equal to 5.0% per annum of the $1,000 per share liquidation preference (equivalent to $50.00 per annum per share). Beginning on May 15, 2020, the holders had the option to convert the Remarketed Series C Preferred Stock into common stock. At the election of the Company, upon conversion, the Company may deliver cash, common stock, or a combination thereof. In connection with the remarketing described above, the conversion rate was reset to 6.7352 shares of the Company's common stock per one share of Remarketed Series C Preferred Stock, which was equivalent to a conversion price of approximately $148.47 per share of common stock. In April 2021, the Company informed holders that it would redeem all outstanding shares of the Remarketed Series C Preferred Stock on June 3, 2021 (the “Redemption Date”) at $1,002.50 per share in cash (the “Redemption Price”) which was equal to 100% of the liquidation preference of a share of Remarketed Series C Preferred Stock, plus accumulated and unpaid dividends to, but excluding, the Redemption Date. If a holder elected to convert its shares of Remarketed Series C Preferred Stock prior to the Redemption Date, the Company elected a combination settlement with a specified cash amount of $1,000 per share. In June 2021, the Company redeemed the Remarketed Series C Preferred Stock and settled all conversions, paying $750 million in cash and issuing 1,469,055 common shares. The conversion rate used was 6.7548 (equivalent to a conversion price set at $148.04 per common share). Prior to the Redemption Date, the Remarketed Series C Preferred Stock was excluded from the denominator of the diluted earnings per share calculation on the basis that the Remarketed Series C Preferred Stock would be settled in cash except to the extent that the conversion value exceeded its liquidation preference. Therefore, before any redemption or conversion, the common shares that would be required to settle the applicable conversion value in excess of the liquidation preference were included in the denominator of diluted earnings per share in periods in which they were dilutive. Refer to Note J, Equity Arrangements , for further discussion of the above transactions.

ACCOUNTS AND NOTES RECEIVABLE,

ACCOUNTS AND NOTES RECEIVABLE, NET	6 Months Ended
	Jul. 02, 2022
Receivables [Abstract]
ACCOUNTS AND NOTES RECEIVABLE, NET	ACCOUNTS AND NOTES RECEIVABLE, NET (Millions of Dollars) July 2, 2022 January 1, 2022 Trade accounts receivable $ 1,522.0 $ 1,398.2 Trade notes receivable 69.6 75.3 Other accounts receivable 102.7 104.1 Gross accounts and notes receivable $ 1,694.3 $ 1,577.6 Allowance for credit losses (102.2) (95.9) Accounts and notes receivable, net $ 1,592.1 $ 1,481.7 Trade receivables are dispersed among a large number of retailers, distributors and industrial accounts in many countries. Adequate reserves have been established to cover anticipated credit losses. The changes in the allowance for credit losses for the three and six months ended July 2, 2022 and July 3, 2021 are as follows: Second Quarter Year-to-Date (Millions of Dollars) 2022 2021 2022 2021 Beginning Balance $ 107.8 $ 109.3 $ 95.9 $ 106.2 Charged To Costs and Expenses 3.3 (4.9) 14.4 (2.7) Other, including recoveries and deductions (a) (8.9) (1.3) (8.1) (0.4) Balance end of period $ 102.2 $ 103.1 $ 102.2 $ 103.1 (a) Amounts represent charge-offs less recoveries, the impacts of foreign currency translation, acquisitions and net transfers to/from other accounts. The Company's payment terms are generally consistent with the industries in which their businesses operate and typically range from 30-90 days globally. The Company does not adjust the promised amount of consideration for the effects of a significant financing component when the period between transfer of the product and receipt of payment is less than one year. Any significant financing components for contracts greater than one year are included in revenue over time. At July 2, 2022 and January 1, 2022, the Industrial segment operating lease receivable was $0.7 million and $21.2 million, respectively, from leasing equipment to customers. The decrease is primarily due to reclassifying $22.9 million to held for sale as of July 2, 2022, related to the Oil & Gas business. Net sales from operating lease revenue were $16.0 million and $28.7 million for the three and six months ended July 2, 2022, respectively. Net sales from operating lease revenue were $11.0 million and $30.6 million for the three and six months ended July 3, 2021, respectively. The Company has an accounts receivable sale program. According to the terms, the Company sells certain of its trade accounts receivables at fair value to a wholly owned, consolidated, bankruptcy-remote special purpose subsidiary (“BRS"). The BRS, in turn, can sell such receivables to a third-party financial institution (“Purchaser”) for cash. The Purchaser’s maximum cash investment in the receivables at any time is $110.0 million. The purpose of the program is to provide liquidity to the Company. These transfers qualify as sales under ASC 860, Transfers and Servicing , and receivables are derecognized from the Company’s consolidated balance sheet when the BRS sells those receivables to the Purchaser. The Company has no retained interests in the transferred receivables, other than collection and administrative responsibilities. At July 2, 2022 and January 1, 2022, the Company did not record a servicing asset or liability related to its retained responsibility based on its assessment of the servicing fee, market values for similar transactions and its cost of servicing the receivables sold. At July 2, 2022 and January 1, 2022, net receivables of approximately $110.0 million and $100.0 million, respectively, were derecognized. Proceeds from transfers of receivables to the Purchaser totaled $132.3 million and $214.6 million for the three and six months ended July 2, 2022, respectively, and payments to the Purchaser totaled $108.7 million and $204.6 million, respectively. Proceeds from transfers of receivables to the Purchaser totaled $119.3 million and $182.7 million for the three and six months ended July 3, 2021, respectively, and payments to the Purchaser totaled $83.6 million and $169.5 million, respectively. The program resulted in a pre-tax loss of $0.9 million and $1.3 million for the three and six months ended July 2, 2022, respectively, which included service fees of $0.2 million and $0.4 million, respectively. The program resulted in a pre-tax loss of $0.4 million and $0.8 million for the three and six months ended July 3, 2021, respectively, which included service fees of $0.2 million and $0.4 million, respectively . All cash flows under the program are reported as a component of changes in accounts receivable within operating activities in the Condensed Consolidated Statements of Cash Flows since all the cash from the Purchaser is received upon the initial sale of the receivable. As of July 2, 2022 and January 1, 2022, the Company's deferred revenue totaled $105.2 million and $117.1 million, respectively, of which $26.1 million and $35.0 million, respectively, was classified as current. As of July 2, 2022, deferred revenue of $10.5 million related to the Oil & Gas business was reclassified as held for sale, all of which was current.

INVENTORIES

INVENTORIES	6 Months Ended
	Jul. 02, 2022
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES The components of Inventories, net at July 2, 2022 and January 1, 2022 are as follows: (Millions of Dollars) July 2, 2022 January 1, 2022 Finished products $ 4,114.7 $ 3,486.2 Work in process 456.3 394.8 Raw materials 2,064.5 1,538.9 Total $ 6,635.5 $ 5,419.9

ACQUISITIONS AND INVESTMENTS

ACQUISITIONS AND INVESTMENTS	6 Months Ended
	Jul. 02, 2022
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS AND INVESTMENTS	ACQUISITIONS AND INVESTMENTS 2021 ACQUISITIONS MTD On December 1, 2021, the Company acquired the remaining 80 percent ownership stake in MTD, a privately held global manufacturer of outdoor power equipment, for $1.5 billion, net of cash acquired. The Company previously acquired a 20 percent interest in MTD in January 2019 for $234 million. T he Company’s pre-existing 20 percent equity investment in MTD was remeasured at fair value of $295.1 million as of the transaction date based on the purchase price for the remaining 80 percent ownership, which was calculated using an EBITDA-based formula. As a result, the Company recorded a $68.0 million gain on investment during the fourth quarter of 2021. MTD designs, manufactures and distributes lawn tractors, zero turn ride on mowers, walk behind mowers, snow blowers, residential robotic mowers, handheld outdoor power equipment and garden tools for both residential and professional consumers under well-known brands like Cub Cadet® and Troy-Bilt®. This combination will create a global leader in the outdoor category, with strong brands and growth opportunities. The results of MTD subsequent to the date of acquisition are included in the Company's Tools & Outdoor segment. The MTD acquisition is being accounted for as a business combination using the acquisition method of accounting, which requires, among other things, certain assets acquired and liabilities assumed to be recognized at their fair values as of the acquisition date. The following table summarizes the estimated acquisition date value of identifiable net assets acquired and liabilities assumed: (Millions of Dollars) Cash and cash equivalents $ 111.6 Accounts receivable, net 275.1 Inventories, net 897.0 Prepaid expenses and other assets 97.7 Property, plant and equipment 258.7 Trade names 390.0 Customer relationships 460.0 Other assets 37.8 Accounts payable (394.4) Accrued expenses (261.2) Deferred revenue (0.9) Long-term debt (110.9) Deferred taxes (205.4) Other liabilities (68.4) Total identifiable net assets $ 1,486.7 Goodwill 450.0 Total consideration $ 1,936.7 The weighted-average useful life assigned to the definite-lived intangible assets is 15 years. Goodwill is calculated as the excess of the consideration transferred over the net assets recognized and represents the expected cost synergies of the combined business and assembled workforce. It is estimated that $0.6 million of goodwill will be deductible for tax purposes. The acquisition accounting for MTD is preliminary in certain respects. During the measurement period, the Company expects to record adjustments relating to the finalization of intangible assets, property, plant and equipment, working capital accounts, and opening balance sheet contingencies, amongst others. A single estimate of fair value results from a complex series of judgments about future events and uncertainties and relies heavily on estimates and assumptions. The Company’s judgments used to determine the estimated fair value assigned to each class of assets acquired and liabilities assumed, as well as asset lives, can materially impact the Company’s results from operations. Excel On November 12, 2021, the Company acquired Excel Industries ("Excel") for $373.7 million, net of cash acquired. Excel is a leading designer and manufacturer of premium commercial and residential turf-care equipment under the brands of Hustler Turf Equipment and BigDog Mower Co. The results of Excel subsequent to the date of acquisition are included in the Company's Tools & Outdoor segment. The Company believes this is a strategically important bolt-on acquisition as it builds an outdoor products leader. The Excel acquisition is being accounted for as a business combination, which requires, among other things, certain assets acquired and liabilities assumed to be recognized at their fair values as of the acquisition date. The estimated value of identifiable net assets acquired, which includes $36.7 million of working capital, $48.5 million of deferred tax liabilities, and $203.5 million of intangible assets, is $200.4 million. The related goodwill is $173.3 million. The amount allocated to intangible assets includes $158.0 million for customer relationships. The weighted-average useful life assigned to the intangible assets is 14 years. Goodwill is calculated as the excess of the consideration transferred over the net assets recognized and represents the expected cost synergies of the combined business and assembled workforce. It is estimated that $0.6 million of goodwill will be deductible for tax purposes. The acquisition accounting for Excel is preliminary in certain respects. During the measurement period, the Company expects to record adjustments relating to the finalization of working capital accounts, and opening balance sheet contingencies, amongst others. A single estimate of fair value results from a complex series of judgments about future events and uncertainties and relies heavily on estimates and assumptions. The Company’s judgments used to determine the estimated fair value assigned to each class of assets acquired and liabilities assumed, as well as asset lives, can materially impact the Company’s results from operations. Other 2021 Acquisitions During 2021, the Company completed two other acquisitions for a total purchase price of $207.7 million, net of cash acquired. The estimated acquisition date value of the identifiable net assets acquired is $51.5 million and working capital is $36.6 million. The related goodwill is $156.2 million. The results of these acquisitions subsequent to the dates of acquisition are included in the Company's Tools & Outdoor segment. Goodwill is calculated as the excess of the consideration transferred over the net assets recognized and represents the expected cost synergies of the combined business and assembled workforce. It is estimated that $44.8 million of goodwill will be deductible for tax purposes. The acquisition accounting for these acquisitions is preliminary in certain respects. During the measurement period, the Company expects to record adjustments relating to working capital accounts, various opening balance sheet contingencies and various income tax matters, amongst others. ACTUAL AND PRO-FORMA IMPACT OF THE ACQUISITIONS Actual Impact from Acquisition The Company did not complete any material acquisitions in the first half of 2022. As such, there was no material impact from new acquisitions on the Company's Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and six months ended July 2, 2022. Pro-forma Impact from Acquisitions The following table presents supplemental pro-forma information as if the 2021 acquisitions had occurred on December 29, 2019. The pro-forma consolidated results are not necessarily indicative of what the Company’s consolidated net sales and net earnings would have been had the Company completed the acquisitions on the aforementioned date. In addition, the pro-forma consolidated results do not purport to project the future results of the Company. (Millions of Dollars, except per share amounts) Second Quarter Year-To-Date 2022 2021 2022 2021 Net sales $ 4,393.0 $ 4,672.8 $ 8,841.0 $ 9,267.6 Net earnings from continuing operations attributable to common shareowners - Diluted $ 107.4 $ 451.8 $ 350.3 $ 927.6 Diluted earnings per share of common stock - Continuing operations $ 0.69 $ 2.74 $ 2.19 $ 5.63 2022 Pro-forma Results The 2022 pro-forma results were calculated by combining the actual results of Stanley Black & Decker for the three and six months ended July 2, 2022, inclusive of the results of MTD and Excel, with the following adjustment: • Because the 2021 acquisitions were assumed to occur on December 29, 2019, there were no acquisition-related costs or inventory step-up charges factored into the 2022 pro-forma period, as such expenses would have occurred in the first year following the assumed acquisition date. 2021 Pro-forma Results The 2021 pro-forma results were calculated by combining the results of Stanley Black & Decker with the stand-alone results of the 2021 acquisitions for their respective pre-acquisition period. Accordingly, the following adjustment was made: • Elimination of the historical pre-acquisition intangible asset amortization expense and the addition of intangible asset amortization expense related to intangibles valued as part of the acquisition accounting that would have been incurred from January 2, 2021 to July 3, 2021. • Because the 2021 acquisitions were assumed to occur on December 29, 2019, there were no acquisition-related costs or inventory step-up charges factored into the 2021 pro-forma year, as such expenses would have occurred in the first year following the assumed acquisition date. INVESTMENTS

GOODWILL

GOODWILL	6 Months Ended
	Jul. 02, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL	GOODWILL Changes in the carrying amount of goodwill by segment are as follows: (Millions of Dollars) Tools & Outdoor Industrial Total Balance January 1, 2022 $ 5,973.7 $ 2,617.0 $ 8,590.7 Reclassification to assets held for sale — (39.5) (39.5) Acquisitions 46.5 — 46.5 Foreign currency translation (115.8) (22.8) (138.6) Balance July 2, 2022 $ 5,904.4 $ 2,554.7 $ 8,459.1 Goodwill totaling $2,010.7 million and $2,088.0 million from the previously reported Security segment was reclassified to assets held for sale as of July 2, 2022 and January 1, 2022, respectively. In addition, $39.5 million of goodwill was reclassified to assets held for sale as of July 2, 2022 relating to the Oil & Gas business. Refer to Footnote T, Divestitures , for additional information.

LONG-TERM DEBT AND FINANCING AR

LONG-TERM DEBT AND FINANCING ARRANGEMENTS	6 Months Ended
	Jul. 02, 2022
Debt Disclosure [Abstract]
LONG-TERM DEBT AND FINANCING ARRANGEMENTS	LONG-TERM DEBT AND FINANCING ARRANGEMENTS Long-term debt and financing arrangements at July 2, 2022 and January 1, 2022 are as follows: July 2, 2022 January 1, 2022 (Millions of Dollars) Interest Rate Original Notional Unamortized Discount Unamortized Gain/(Loss) Terminated Swaps 1 Purchase Accounting FV Adjustment Deferred Financing Fees Carrying Value Carrying Value Notes payable due 2025 2.30% $ 500.0 $ (0.6) $ — $ — $ (2.2) $ 497.2 $ — Notes payable due 2026 3.40% 500.0 (0.4) — — (1.6) 498.0 497.8 Notes payable due 2026 3.42% 25.0 — — 1.5 (0.1) 26.4 24.9 Notes payable due 2026 1.84% 28.5 — — (0.5) (0.1) 27.9 28.4 Notes payable due 2028 7.05% 150.0 — 6.5 6.4 — 162.9 163.9 Notes payable due 2028 4.25% 500.0 (0.2) — — (2.8) 497.0 496.8 Notes payable due 2028 3.52% 50.0 — — 4.0 (0.2) 53.8 49.9 Notes payable due 2030 2.30% 750.0 (1.9) — — (4.0) 744.1 743.7 Notes payable due 2032 3.00% 500.0 (0.9) — — (3.4) 495.7 — Notes payable due 2040 5.20% 400.0 (0.2) (26.8) — (2.5) 370.5 369.7 Notes payable due 2048 4.85% 500.0 (0.5) — — (4.8) 494.7 494.6 Notes payable due 2050 2.75% 750.0 (1.9) — — (7.9) 740.2 740.0 Notes payable due 2060 (junior subordinated) 4.00% 750.0 — — — (9.0) 741.0 740.9 Other, payable in varying amounts 2022 through 2027 3.47%-4.31% 4.3 — — — (0.7) 3.6 4.3 Total Long-term debt, including current maturities $ 5,407.8 $ (6.6) $ (20.3) $ 11.4 $ (39.3) $ 5,353.0 $ 4,354.9 Less: Current maturities of long-term debt (1.2) (1.3) Long-term debt $ 5,351.8 $ 4,353.6 1 Unamortized gain/(loss) associated with interest rate swaps are more fully discussed in Note I, Financial Instruments. In February 2022, the Company issued $500.0 million of senior unsecured term notes maturing February 24, 2025 ("2025 Term Notes") and $500.0 million of senior unsecured term notes maturing May 15, 2032 (“2032 Term Notes”). The 2025 Term Notes will accrue interest at a fixed rate of 2.3% per annum and the 2032 Term Notes at a fixed rate of 3.0% per annum, with interest payable semi-annually in arrears, and rank equally in right of payment with all of the Company's existing and future unsecured unsubordinated debt. The Company received total net proceeds from this offering of approximately $992.6 million, net of approximately $7.4 million of underwriting expenses and other fees associated with the transaction. The Company used the net proceeds from the offering for general corporate purposes, including repayment of indebtedness under the commercial paper facilities. The Company has a $3.5 billion commercial paper program which includes Euro denominated borrowings in addition to U.S. Dollars. As of July 2, 2022 and January 1, 2022, the Company had commercial paper borrowings outstanding of $3.3 billion and $2.2 billion, respectively. The Company has a five-year $2.5 billion committed credit facility (the “5-Year Credit Agreement”). Borrowings under the 5-Year Credit Agreement may be made in U.S. Dollars, Euros or Pounds Sterling. A sub-limit amount of $814.3 million is designated for swing line advances which may be drawn in Euros pursuant to the terms of the 5-Year Credit Agreement. Borrowings bear interest at a floating rate plus an applicable margin dependent upon the denomination of the borrowing and specific terms of the 5-Year Credit Agreement. The Company must repay all advances under the 5-Year Credit Agreement by the earlier of September 8, 2026 or upon termination. The 5-Year Credit Agreement is designated to be a liquidity back-stop for the Company's $3.5 billion U.S. Dollar and Euro commercial paper program. As of July 2, 2022, and January 1, 2022, the Company had not drawn on its five-year committed credit facility. The Company has a 364-Day $1.0 billion committed credit facility (the "364-Day Credit Agreement"). Borrowings under the 364-Day Credit Agreement may be made in U.S. Dollars or Euros and bear interest at a floating rate plus an applicable margin dependent upon the denomination of the borrowing and pursuant to the terms of the 364-Day Credit Agreement. The Company must repay all advances under the 364-Day Credit Agreement by the earlier of September 7, 2022 or upon termination. The Company may, however, convert all advances outstanding upon termination into a term loan that shall be repaid in full no later than the first anniversary of the termination date provided that the Company, among other things, pays a fee to the administrative agent for the account of each lender. The 364 -Day Credit Agreement serves as part of the liquidity back-stop for the Company’s $3.5 billion U.S. Dollar and Euro commercial paper program. As of July 2, 2022, and January 1, 2022, the Company had not drawn on its 364-Day Credit Agreement . The Company has a second 364-Day $1.0 billion committed credit facility (the "Second 364-Day Credit A greement"). Borrowings under the Second 364-Day Credit Agreement may be made in U.S. Dollars and Euros and bear interest at a base rate plus an applicable margin determined at the time of borrowing. The Company must repay all advances under the Second 364-Day Credit Agreement by the earlier of November 15, 2022 or upon termination. The Company may, however, convert all advances outstanding upon termination into a term loan that shall be repaid in full no later than the first anniversary of the termination date provided that the Company, among other things, pays a fee to the administrative agent for the account of each lender. As of July 2, 2022 and January 1, 2022, the Company had not drawn on its Second 364-Day Credit Agreement . In January 2022, the Company executed a third 364-Day $2.5 billion committed credit facility (the "Third 364-Day Credit Agreement"). Borrowings under the Third 364-Day Credit Agreement shall be made in U.S. Dollars and bear interest at a base rate plus an applicable margin determined at the time of the borrowing. The Company must repay all advances under the Third 364-Day Credit Agreement by the earlier of January 25, 2023 or upon termination. The Company may, however, convert all advances outstanding upon termination into a term loan that shall be repaid in full no later than the first anniversary of the termination date provided tha t the Company, among other things, pays a fee to the administrative agent for the account of each lender. As of July 2, 2022, the Company had $2.5 billion outstand

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	6 Months Ended
	Jul. 02, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
FINANCIAL INSTRUMENTS	FINANCIAL INSTRUMENTS The Company is exposed to market risk from changes in foreign currency exchange rates, interest rates, stock prices and commodity prices. As part of the Company’s risk management program, a variety of financial instruments such as interest rate swaps, currency swaps, purchased currency options, foreign exchange contracts and commodity contracts, may be used to mitigate interest rate exposure, foreign currency exposure and commodity price exposure. If the Company elects to do so and if the instrument meets the criteria specified in ASC 815, Derivatives and Hedging , management designates its derivative instruments as cash flow hedges, fair value hedges or net investment hedges. Generally, commodity price exposures are not hedged with derivative financial instruments and instead are actively managed through customer pricing initiatives, procurement-driven cost reduction initiatives and other productivity improvement projects. Financial instruments are not utilized for speculative purposes. A summary of the fair values of the Company’s derivatives recorded in the Condensed Consolidated Balance Sheets at July 2, 2022 and January 1, 2022 is as follows: (Millions of Dollars) Balance Sheet July 2, 2022 January 1, 2022 Balance Sheet July 2, 2022 January 1, 2022 Derivatives designated as hedging instruments: Interest Rate Contracts Cash Flow Other current assets $ — $ 1.2 Accrued expenses $ — $ 1.9 Foreign Exchange Contracts Cash Flow Other current assets 18.7 18.3 Accrued expenses — 0.8 Net Investment Hedge Other current assets 1.1 2.5 Accrued expenses — — LT other assets — 3.3 LT other liabilities — — Total designated as hedging $ 19.8 $ 25.3 $ — $ 2.7 Derivatives not designated as hedging instruments: Foreign Exchange Contracts Other current assets $ 9.5 $ 7.8 Accrued expenses $ 8.5 $ 6.0 Total $ 29.3 $ 33.1 $ 8.5 $ 8.7 The counterparties to all of the above mentioned financial instruments are major international financial institutions. The Company is exposed to credit risk for net exchanges under these agreements, but not for the notional amounts. The credit risk is limited to the asset amounts noted above. The Company limits its exposure and concentration of risk by contracting with diverse financial institutions and does not anticipate non-performance by any of its counterparties. Further, as more fully discussed in Note M, Fair Value Measurements , the Company considers non-performance risk of its counterparties at each reporting period and adjusts the carrying value of these assets accordingly. The risk of default is considered remote. As of July 2, 2022 and January 1, 2022, there were no assets that had been posted as collateral related to the above mentioned financial instruments. During the six months ended July 2, 2022 and July 3, 2021, cash flows related to derivatives, including those that are separately discussed below, resulted in net cash received of $60.2 million and net cash paid of $101.7 million, respectively. CASH FLOW HEDGES There were after-tax mark-to-market losses of $22.0 million and $49.8 million as of July 2, 2022 and January 1, 2022, respectively, reported for cash flow hedge effectiveness in Accumulated other comprehensive loss. An after-tax gain of $11.7 million is expected to be reclassified to earnings as the hedged transactions occur or as amounts are amortized within the next twelve months. The ultimate amount recognized will vary based on fluctuations of the hedged currencies and interest rates through the maturity dates. The tables below detail pre-tax amounts of derivatives designated as cash flow hedges in Accumulated other comprehensive loss during the periods in which the underlying hedged transactions affected earnings for the three and six months ended July 2, 2022 and July 3, 2021: Second Quarter 2022 (Millions of dollars) Gain (Loss) Classification of Gain (Loss) Gain (Loss) Interest Rate Contracts $ — Interest expense $ (1.5) $ — Foreign Exchange Contracts $ 16.9 Cost of sales $ 7.2 $ — Year-to-Date 2022 (Millions of Dollars) Gain (Loss) Classification of Gain (Loss) Gain (Loss) Interest Rate Contracts $ 23.4 Interest expense $ (2.7) $ — Foreign Exchange Contracts $ 23.4 Cost of sales $ 13.3 $ — Second Quarter 2021 (Millions of dollars) Gain (Loss) Classification of Gain (Loss) Gain (Loss) Interest Rate Contracts $ (25.0) Interest expense $ (1.0) $ — Foreign Exchange Contracts $ 3.9 Cost of sales $ (7.6) $ — Year-to-Date 2021 (Millions of Dollars) Gain (Loss) Classification of Gain (Loss) Gain (Loss) Interest Rate Contracts $ 27.4 Interest expense $ (2.1) $ — Foreign Exchange Contracts $ 8.2 Cost of sales $ (11.4) $ — A summary of the pre-tax effect of cash flow hedge accounting on the Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and six months ended July 2, 2022 and July 3, 2021 is as follows: Second Quarter 2022 Year-to-Date 2022 (Millions of Dollars) Cost of Sales Interest Expense Cost of Sales Interest Expense Total amount in the Consolidated Statements of Operations and Comprehensive Income (Loss) in which the effects of the cash flow hedges are recorded $ 3,185.9 $ 78.2 $ 6,328.5 $ 132.9 Gain (loss) on cash flow hedging relationships: Foreign Exchange Contracts: Hedged Items $ (7.2) $ — $ (13.3) $ — Gain (loss) reclassified from OCI into Income $ 7.2 $ — $ 13.3 $ — Interest Rate Swap Agreements: Gain (loss) reclassified from OCI into Income 1 $ — $ (1.5) $ — $ (2.7) Second Quarter 2021 Year-to-Date 2021 (Millions of Dollars) Cost of Sales Interest Expense Cost of Sales Interest Expense Total amount in the Consolidated Statements of Operations and Comprehensive Income (Loss) in which the effects of the cash flow hedges are recorded $ 2,437.1 $ 46.5 $ 4,770.1 $ 94.0 Gain (loss) on cash flow hedging relationships: Foreign Exchange Contracts: Hedged Items $ 7.6 $ — $ 11.4 $ — Gain (loss) reclassified from OCI into Income $ (7.6) $ — $ (11.4) $ — Interest Rate Swap Agreements: Gain (loss) reclassified from OCI into Income 1 $ — $ (1.0) $ — $ (2.1) 1 Inclusive of the gain/loss amortization on terminated derivative financial instruments. An after-tax gain of $2.2 million and loss of $5.3 million were reclassified from Accumulated other comprehensive loss into earnings (inclusive of the gain/loss amortization on terminated derivative instruments) for the three months ended July 2, 2022 and July 3, 2021, respectively. An after-tax gain of $4.7 million and loss of $8.2 million were reclassified from Accumulated other comprehensive loss into earnings (inclusive of the gain/loss amortization on terminated derivative instruments) for the six months ended July 2, 2022 and July 3, 2021, respectively. Interest Rate Contracts : The Company enters into interest rate swap agreements in order to obtain the lowest cost source of funds within a targeted range of variable to fixed-debt proportions. During 2021, the Company entered into forward starting interest rate swaps totaling $400.0 million to offset expected variability on future interest rate payments associated with debt instruments expected to be issued in the future. During 2022, these swaps were terminated resulting in a gain of $22.7 million which is recorded in Accumulated other comprehensive loss and is being amortized to interest expense over future periods. The cash flows stemming from the maturity of such interest rate swaps designated as cash flow hedges are presented within financing activities in the Condensed Consolidated Statements of Cash Flows. The Company has no outstanding forward starting swaps designated as cash flow hedges as of July 2, 2022, and had $400.0 million outstanding in forward starting swaps designated as cash flow hedges as of January 1, 2022. Foreign Currency Contracts Forward Contracts: Through its global businesses, the Company enters into transactions and makes investments denominated in multiple currencies that give rise to foreign currency risk. The Company and its subsidiaries regularly purchase inventory from subsidiaries with functional currencies different than their own, which creates currency-related volatility in the Company’s results of operations. The Company utilizes forward contracts to hedge these forecasted purchases and sales of inventory. Gains and losses reclassified from Accumulated other comprehensive loss are recorded in Cost of sales as the hedged item affects earnings. There are no components excluded from the assessment of effectiveness for these contracts. At July 2, 2022 and January 1, 2022, the notional value of forward currency contracts outstanding was $233.9 million and $512.1 million, respectively, maturing on various dates through 2022. FAIR VALUE HEDGES Interest Rate Risk: In an effort to optimize the mix of fixed versus floating rate debt in the Company’s capital structure, the Company enters into interest rate swaps. In prior years, the Company entered into interest rate swaps related to certain of its notes payable which were subsequently terminated. Amortization of the gain/loss on previously terminated swaps is reported as a reduction of interest expense. Prior to termination, the changes in the fair value of the swaps and the offsetting changes in fair value related to the underlying notes were recognized in earnings. As of July 2, 2022 and January 1, 2022, the Company did not have any active fair value interest rate swaps. A summary of the pre-tax effect of fair value hedge accounting on the Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and six months ended July 2, 2022 and July 3, 2021 is as follows: (Millions of Dollars) Second Quarter 2022 Year-to-Date 2022 Total amount in the Consolidated Statements of Operations and Comprehensive Income (Loss) in which the effects of the fair value hedges are recorded $ 78.2 $ 132.9 Amortization of gain on terminated swaps $ (0.1) $ (0.2) (Millions of Dollars) Second Quarter 2021 Year-to-Date 2021 Total amount in the Consolidated Statements of Operations and Comprehensive Income (Loss) in which the effects of the fair value hedges are recorded $ 46.5 $ 94.0 Amortization of gain on terminated swaps $ (0.1) $ (0.2) A summary of the amounts recorded in the Condensed Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges as of July 2, 2022 and January 1, 2022 is as follows: July 2, 2022 (Millions of Dollars) Carrying Amount of Hedged Liability (1) Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liability Current Maturities of Long-Term Debt $ — Terminated Swaps $ — Long-Term Debt $ 533.4 Terminated Swaps $ (20.3) January 1, 2022 (Millions of Dollars) Carrying Amount of Hedged Liability (1) Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liability Current Maturities of Long-Term Debt $ — Terminated Swaps $ — Long-Term Debt $ 533.6 Terminated Swaps $ (20.4) (1) Represents hedged items no longer designated in qualifying fair value hedging relationships. NET INVESTMENT HEDGES The Company utilizes net investment hedges to offset the translation adjustment arising from re-measurement of its investment in the assets and liabilities of its foreign subsidiaries. The total after-tax amounts in Accumulated other comprehensive loss were gains of $73.1 million and $71.8 million at July 2, 2022 and January 1, 2022, respectively. As of July 2, 2022 and January 1, 2022, the Company had a foreign exchange contract with a notional value of $75.0 million maturing in 2022 hedging a portion of its Taiwan dollar denominated net investments. As of January 1, 2022, the Company had a cross currency swap with a notional value of $100.0 million that was hedging a portion of its Japanese yen denominated net investments and was scheduled to mature in 2023. During 2022, this swap was terminated resulting in a gain of $4.0 million. Maturing foreign exchange contracts resulted in net cash received of $8.9 million and net cash paid of $52.6 million for the six months ended July 2, 2022 and July 3, 2021, respectively. Gains and losses on net investment hedges remain in Accumulated other comprehensive (loss) income until disposal of the underlying assets. Gains and losses representing components excluded from the assessment of effectiveness are recognized in earnings in Other, net on a straight-line basis over the term of the hedge. Gains and losses after a hedge has been de-designated are recorded directly to earnings in Other, net. The pre-tax gain or loss from fair value changes for the three and six months ended July 2, 2022 and July 3, 2021 was as follows: Second Quarter 2022 (Millions of Dollars) Total Gain (Loss) Recorded in OCI Excluded Component Recorded in OCI Income Statement Classification Total Gain (Loss) Reclassified from OCI to Income Excluded Component Amortized from OCI to Income Forward Contracts $ 2.5 $ — Other, net $ 0.2 $ 0.2 Cross Currency Swap $ (0.6) $ — Other, net $ — $ — Non-derivative designated as Net Investment Hedge $ — $ — Other, net $ — $ — Year-to-Date 2022 (Millions of Dollars) Total Gain (Loss) Recorded in OCI Excluded Component Recorded in OCI Income Statement Classification Total Gain (Loss) Reclassified from OCI to Income Excluded Component Amortized from OCI to Income Forward Contracts $ 5.3 $ 0.6 Other, net $ 0.7 $ 0.7 Cross Currency Swap $ (1.4) $ 2.5 Other, net $ 1.5 $ 1.5 Non-derivative designated as Net Investment Hedge $ (0.1) $ — Other, net $ — $ — Second Quarter 2021 (Millions of Dollars) Total Gain (Loss) Recorded in OCI Excluded Component Recorded in OCI Income Statement Classification Total Gain (Loss) Reclassified from OCI to Income Excluded Component Amortized from OCI to Income Forward Contracts $ (0.6) $ — Other, net $ 0.7 $ 0.7 Cross Currency Swap $ 1.2 $ 6.5 Other, net $ 0.8 $ 0.8 Year-to-Date 2021 (Millions of Dollars) Total Gain (Loss) Recorded in OCI Excluded Component Recorded in OCI Income Statement Classification Total Gain (Loss) Reclassified from OCI to Income Excluded Component Amortized from OCI to Income Forward Contracts $ (1.0) $ 0.8 Other, net $ 0.7 $ 0.7 Cross Currency Swap $ 9.3 $ 13.9 Other, net $ 2.1 $ 2.1 UNDESIGNATED HEDGES Foreign Exchange Contracts: Foreign exchange forward contracts are used to reduce risks arising from the change in fair value of certain foreign currency denominated assets and liabilities (such as affiliate loans, payables and receivables). The objective is to minimize the impact of foreign currency fluctuations on operating results. The total notional amount of the forward contracts outstanding at July 2, 2022 and January 1, 2022 was $1.0 billion and $1.2 billion, maturing on various dates through 2022. The gain (loss) recorded in income from changes in the fair value related to derivatives not designated as hedging instruments under ASC 815 for the three and six ended July 2, 2022 and July 3, 2021 are as follows: (Millions of Dollars) Income Statement Classification Second Quarter Year-to-Date Second Quarter Year-to-Date Foreign Exchange Contracts Other, net $ 7.0 $ 7.9 $ (7.4) $ (23.5)

EQUITY ARRANGEMENTS

EQUITY ARRANGEMENTS	6 Months Ended
	Jul. 02, 2022
Equity [Abstract]
EQUITY ARRANGEMENTS	EQUITY ARRANGEMENTS In March 2022, the Company executed accelerated share repurchase ("ASR") agreements with a notional amount of $2.0 billion, which was funded through borrowings under one of its existing 364-Day committed credit facilities. The ASR terms provided for an initial delivery of 85% of the total notional share equivalent at execution or 10,756,770 shares of common stock. In May 2022, the Company received an additional 3,211,317 shares in aggregate, determined by the volume-weighted average price of the Company’s common stock during the term of the transaction. The final shares delivered reflect a blended settlement price of $143.18 per share for the entire transaction. In February 2022, the Company also executed open market share repurchases for a total of 1,888,601 shares of common stock for $300.0 million. In March 2015, the Company entered into a forward share purchase contract with a financial institution counterparty for 3,645,510 shares of common stock. The contract obligates the Company to pay $350.0 million, plus an additional amount related to the forward component of the contract. In February 2022, the Company amended the settlement date to April 2023, or earlier at the Company's option. The reduction of common shares outstanding was recorded at the inception of the forward share purchase contract in March 2015 and factored into the calculation of weighted-average shares outstanding at that time. 2019 Equity Units and Capped Call Transactions In conjunction with the issuance of the 2019 Equity Units in November 2019, as further discussed in Note C, Earnings Per Share , the Company received approximately $734.5 million in cash proceeds, net of offering expenses and underwriting costs and commissions. The proceeds were attributed to the issuance of 750,000 shares of Series D Preferred Stock for $620.3 million and $114.2 million for the present value of the quarterly payments to holders of the 2022 Purchase Contracts ("Contract Adjustment Payments"), as discussed further below. The proceeds were used, together with cash on hand, to redeem long-term borrowings in December 2019. The Company also used $19.2 million of the proceeds to enter into capped call transactions utilized to hedge potential economic dilution as described in more detail below. The 2019 Equity Units are accounted for as one unit of account based on the economic linkage between the 2022 Purchase Contracts and Series D Preferred Stock, as well as the combination criteria outlined in ASC 815. The 2019 Equity Units represent mandatorily convertible preferred stock. In November 2019, the Company issued 750,000 shares of Series D Preferred Stock, without par, with a liquidation preference of $1,000 per share. The convertible preferred stock will initially not bear any dividends and the liquidation preference of the convertible preferred stock will not accrete. The convertible preferred stock has no maturity date and will remain outstanding unless converted by holders or redeemed by the Company. Holders of shares of the convertible preferred stock will generally have no voting rights. The Series D Preferred Stock is pledged as collateral to support holders’ purchase obligations under the 2022 Purchase Contracts and will be remarketed. In connection with any successful remarketing, the Company may (but is not required to) modify certain terms of the convertible preferred stock, including the dividend rate, the conversion rate, and the earliest redemption date. After any successful remarketing in connection with which the dividend rate on the convertible preferred stock is increased, the Company will pay cumulative dividends on the convertible preferred stock, if declared by the Board of Directors, quarterly in arrears from the applicable remarketing settlement date. The Company may not redeem the Series D Preferred Stock prior to December 22, 2022. At the election of the Company, on or after December 22, 2022, the Company may redeem for cash, all or any portion of the outstanding shares of the Series D Preferred Stock at a redemption price equal to 100% of the liquidation preference, plus any accumulated and unpaid dividends. If the Company calls the Series D Preferred Stock for redemption, holders may convert their shares immediately preceding the redemption date. The 2022 Purchase Contracts obligate the holders to purchase, on November 15, 2022, for a price of $100 in cash, a maximum number of 4.7 million shares of the Company’s common stock (subject to customary anti-dilution adjustments). The 2022 Purchase Contract holders may elect to settle their obligation early, in cash. The Series D Preferred Stock is pledged as collateral to guarantee the holders’ obligations to purchase common stock under the terms of the 2022 Purchase Contracts. The initial settlement rate determining the number of shares that each holder must purchase will not exceed the maximum settlement rate and is determined over a market value averaging period immediately preceding November 15, 2022. The initial maximum settlement rate of 0.6272 was calculated using an initial reference price of $159.45, equal to the last reported sale price of the Company's common stock on November 7, 2019. As of July 2, 2022, due to the customary anti-dilution provisions, the maximum settlement rate was 0.6290, equivalent to a reference price of $158.99. If the applicable market value of the Company's common stock is less than or equal to the reference price, the settlement rate will be the maximum settlement rate; and if the applicable market value of the Company's common stock is greater than the reference price, the settlement rate will be a number of shares of the Company's common stock equal to $100 per share divided by the applicable market value. Upon a successful remarketing of the Series D Preferred Stock (the "Remarketed Series D Preferred Stock"), the Company will receive additional cash proceeds of $750 million and issue shares of Remarketed Series D Preferred Stock. The Company pays Contract Adjustment Payments to the holders of the 2022 Purchase Contracts at a rate of 5.25% per annum, payable quarterly in arrears on February 15, May 15, August 15 and November 15, which commenced on February 15, 2020. The $114.2 million present value of the Contract Adjustment Payments reduced the Series D Preferred Stock at inception. As each quarterly Contract Adjustment Payment is made, the related liability is reduced and the difference between the cash payment and the present value will accrete to interest expense, approximately $1.3 million per year over the three-year term. As of July 2, 2022, the present value of the Contract Adjustment Payments was $19.2 million. The holders can settle the purchase contracts early, for cash, subject to certain exceptions and conditions in the prospectus supplement. Upon early settlement of any purchase contracts, the Company will deliver the number of shares of its common stock equal to 85% of the number of shares of common stock that would have otherwise been deliverable. Capped Call Transactions In order to offset the potential economic dilution associated with the common shares issuable upon conversion of the Series D Preferred Stock, to the extent that the conversion value of the convertible preferred stock exceeds its liquidation preference, the Company entered into capped call transactions with three major financial institutions. The capped call transactions have a term of approximately three years and are intended to cover the number of shares issuable upon conversion of the Series D Preferred Stock. Subject to customary anti-dilution adjustments, the capped call had an initial lower strike price of $191.34, which corresponded to the minimum 5.2263 settlement rate of the Series D Preferred Stock, and an upper strike price of $207.29, which was approximately 30% higher than the closing price of the Company's common stock on November 7, 2019. As of July 2, 2022, due to the customary anti-dilution provisions, the capped call transactions were at an adjusted lower strike price of $190.81 and an adjusted upper strike price of $206.71. The capped call transactions may be settled by net share settlement (the default settlement method) or, at the Company’s option and subject to certain conditions, cash settlement, physical settlement or modified physical settlement. The number of shares the Company will receive will be determined by the terms of the contracts using a volume-weighted average price calculation for the market value of the Company's common stock, over an averaging period. The market value determined will then be measured against the applicable strike price of the capped call transactions. The Company expects the capped call transactions to offset the potential dilution upon conversion of the Series D Preferred Stock if the calculated market value is greater than the lower strike price but less than or equal to the upper strike price of the capped call transactions. Should the calculated market value exceed the upper strike price of the capped call transactions, the dilution mitigation will be limited based on such capped value as determined under the terms of the contracts. With respect to the impact on the Company, the capped call transactions and 2019 Equity Units, when taken together, result in the economic equivalent of having the conversion price on the 2019 Equity Units at $206.71, the upper strike price of the capped call as of July 2, 2022. The Company paid $19.2 million, or an average of $4.90 per option, to enter into capped call transactions on 3.9 million shares of common stock. The $19.2 million premium paid was recorded as a reduction of Shareowners’ Equity. The aggregate fair value of the options at July 2, 2022 was $0.2 million. 2017 Equity Units and Capped Call Transactions In conjunction with the issuance of the 2017 Equity Units in May 2017, as further discussed in Note C, Earnings Per Share , the Company received approximately $727.5 million in cash proceeds, net of offering expenses and underwriting costs and commissions. The proceeds were attributed to the issuance of 750,000 shares of Series C Preferred Stock for $605.0 million, $117.1 million for the present value of the Contract Adjustment Payments, and a beneficial conversion feature of $5.4 million. The proceeds were used for general corporate purposes, including repayment of short-term borrowings. The Company also used $25.1 million of the proceeds to enter into capped call transactions utilized to hedge potential economic dilution as described in more detail below. The 2017 Equity Units are accounted for as one unit of account based on the economic linkage between the 2020 Purchase Contracts and the Series C Preferred Stock, as well as the combination criteria outlined in ASC 815. The 2017 Equity Units represent mandatorily convertible preferred stock. In May 2017, the Company issued 750,000 shares of Series C Preferred Stock, without par, with a liquidation preference of $1,000 per share. The convertible preferred stock initially did not bear any dividends and the liquidation preference of the convertible preferred stock did not accrete. The convertible preferred stock had no maturity date and remained outstanding unless converted by holders or redeemed by the Company. Holders of shares of the convertible preferred stock generally had no voting rights. The Series C Preferred Stock was pledged as collateral to support holders’ purchase obligations under the 2020 Purchase Contracts. As discussed further in Note C, Earnings Per Share , the Company successfully remarketed the Series C Preferred Stock in May 2020. Subsequent to the remarketing, holders of the Remarketed Series C Preferred Stock were entitled to receive, if declared by the Board of Directors, cumulative dividends (i) from, and including May 15, 2020 to, but excluding, May 15, 2023 (the "dividend step-up date") at a fixed rate equal to 5.0% per annum of the $1,000 per share liquidation preference (equivalent to $50.00 per annum per share) and (ii) from, and including, the dividend step-up date at a fixed rate equal to 10.0% per annum of the $1,000 per share liquidation preference (equivalent to $100.00 per annum per share). Dividends were cumulative on the $1,000 liquidation preference per share and will be payable, if declared by the Board of Directors, quarterly in arrears on February 15, May 15, August 15 and November 15 of each year, beginning on August 15, 2020. Dividends accrued on the Remarketed Series C Preferred Stock reduced net earnings for purposes of calculating earnings per share. The Company did not have the right to redeem the Remarketed Series C Preferred Stock prior to May 15, 2021. On April 28, 2021, the Company informed holders that it would redeem all outstanding shares of the Remarketed Series C Preferred Stock on June 3, 2021 (the “Redemption Date”) at $1,002.50 per share in cash (the “Redemption Price”), which was equal to 100% of the liquidation preference of a share of Remarketed Series C Preferred Stock, plus accumulated and unpaid dividends to, but excluding, the Redemption Date. If a holder elected to convert its shares of Remarketed Series C Preferred Stock prior to the Redemption Date, the Company elected a combination settlement with a specified cash amount of $1,000 per share. In June 2021, the Company redeemed the Remarketed Series C Preferred Stock and settled all conversions, paying $750 million in cash and issuing 1,469,055 common shares. The conversion rate used was 6.7548 (equivalent to a conversion price set at $148.04 per common share). The Company generated cash proceeds of $750.0 million, from the successful remarketing of the Series C Preferred Stock. Upon completion of the remarketing in May 2020, the holders of the 2017 Equity Units received 5,463,750 common shares using the maximum settlement rate of 0.7285 (equivalent to a reference price of $137.26 per common share), and the Company issued 750,000 shares of Remarketed Series C Preferred Stock. The Company paid Contract Adjustment Payments to the holders of the 2020 Purchase Contracts at a rate of 5.375% per annum, payable quarterly in arrears on February 15, May 15, August 15 and November 15, which commenced August 15, 2017. The $117.1 million initial present value of these Contract Adjustment Payments reduced the Series C Preferred Stock at inception. As each quarterly Contract Adjustment Payment was made, the related liability was reduced and the difference between the cash payments and the present value accreted to interest expense, approximately $1.3 million per year over the three-year term. On May 15, 2020, the Company paid the final contract adjustment payment related to the 2020 Purchase Contracts. Capped Call Transactions In May 2017, the Company entered into capped call transactions with three major financial institutions (the "counterparties") in order to offset the potential economic dilution associated with the common shares issuable upon conversion of the Series C Preferred Stock, to the extent that the conversion value of the convertible preferred stock exceeds its liquidation preference. The Company paid $25.1 million, or an average of $5.43 per option, to enter into capped call transactions on 4.6 million shares of common stock. The $25.1 million premium paid was recorded as a reduction of Shareowners’ Equity. The capped call transactions had a term of approximately three years and were intended to cover the number of shares issuable upon conversion of the Series C Preferred Stock. Subject to customary anti-dilution adjustments, the capped call had an initial lower strike price of $162.27, which corresponded to the minimum 6.1627 settlement rate of the Series C Preferred Stock at inception, and an upper strike price of $179.53, which was approximately 30% higher than the closing price of the Company's common stock on May 11, 2017. In June 2020, the capped call options expired out of the money. 2018 Capped Call Transactions In March 2018, the Company purchased from a financial institution “at-the-money” capped call options with an approximate term of three years, on 3.2 million shares of its common stock (subject to customary anti-dilution adjustments) for an aggregate premium of $57.3 million, or an average of $17.96 per share. The premium paid was recorded as a reduction of Shareowners’ Equity. The purpose of the capped call options was to hedge the risk of stock price appreciation between the lower and upper strike prices of the capped call options for a future share repurchase. In February 2020, the Company net-share settled 0.6 million of the 3.2 million capped call options on its common stock and received 61,767 shares using an average reference price of $162.26 per common share. On June 9, 2020, the Company amended the 2018 capped call options to align with and offset the potential economic dilution associated with the common shares issuable upon conversion of the Remarketed Series C Preferred Stock, as further discussed above. Subsequent to the amendment, the capped call options, subject to anti-dilution, had an initial lower strike price of $148.34 and an upper strike price of $165.00, which was approximately 30% higher than the closing price of the Company's common stock on June 9, 2020. The capped call transactions may be settled by net share settlement (the default settlement method) or, at the Company’s option and subject to certain conditions, cash settlement, physical settlement or modified physical settlement. The number of shares the Company will receive will be determined by the terms of the contracts using a volume-weighted average price calculation for the market value of the Company's common stock, over an averaging period. The market value determined will then be measured against the applicable strike price of the capped call transactions. During the second quarter of 2021, the Company net-share settled the remaining capped call options on its common stock and received 344,004 shares using an average reference price of $209.80 per common share.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	6 Months Ended
	Jul. 02, 2022
Accumulated Other Comprehensive Income [Abstract]
ACCUMULATED OTHER COMPREHENSIVE LOSS	ACCUMULATED OTHER COMPREHENSIVE LOSS The following tables summarize the changes in the balances for each component of Accumulated other comprehensive loss: (Millions of Dollars) Currency translation adjustment and other Unrealized (losses) gains on cash flow hedges, net of tax Unrealized gains (losses) on net investment hedges, net of tax Pension (losses) gains, net of tax Total Balance - January 1, 2022 $ (1,543.0) $ (49.8) $ 71.8 $ (324.6) $ (1,845.6) Other comprehensive (loss) income before reclassifications (359.3) 32.5 3.0 19.2 (304.6) Reclassification adjustments to earnings — (4.7) (1.7) 5.6 (0.8) Net other comprehensive (loss) income (359.3) 27.8 1.3 24.8 (305.4) Balance - July 2, 2022 $ (1,902.3) $ (22.0) $ 73.1 $ (299.8) $ (2,151.0) (Millions of Dollars) Currency translation adjustment and other Unrealized (losses) gains on cash flow hedges, net of tax Unrealized gains (losses) on net investment hedges, net of tax Pension (losses) gains, net of tax Total Balance - January 2, 2021 $ (1,235.3) $ (103.0) $ 72.8 $ (448.2) $ (1,713.7) Other comprehensive (loss) income before reclassifications (124.8) 29.3 6.3 1.1 (88.1) Reclassification adjustments to earnings — 8.2 (2.1) 8.7 14.8 Net other comprehensive (loss) income (124.8) 37.5 4.2 9.8 (73.3) Balance - July 3, 2021 $ (1,360.1) $ (65.5) $ 77.0 $ (438.4) $ (1,787.0) The Company uses the portfolio method for releasing the stranded tax effects from Accumulated other comprehensive loss. The reclassifications out of Accumulated other comprehensive loss for the six months ended July 2, 2022 and July 3, 2021 were as follows: (Millions of Dollars) 2022 2021 Affected line item in Consolidated Statements of Operations And Comprehensive Income (Loss) Realized gains (losses) on cash flow hedges $ 13.3 $ (11.4) Cost of sales Realized losses on cash flow hedges (2.7) (2.1) Interest expense Total before taxes $ 10.6 $ (13.5) Tax effect (5.9) 5.3 Income taxes Realized gains (losses) on cash flow hedges, net of tax $ 4.7 $ (8.2) Realized gains on net investment hedges $ 2.2 $ 2.8 Other, net Tax effect (0.5) (0.7) Income taxes Realized gains on net investment hedges, net of tax $ 1.7 $ 2.1 Amortization of defined benefit pension items: Actuarial losses and prior service costs / credits $ (7.2) $ (11.4) Other, net Settlement loss (0.2) (0.1) Other, net Total before taxes $ (7.4) $ (11.5) Tax effect 1.8 2.8 Income taxes Amortization of defined benefit pension items, net of tax $ (5.6) $ (8.7)

NET PERIODIC BENEFIT COST - DEF

NET PERIODIC BENEFIT COST - DEFINED BENEFIT PLANS	6 Months Ended
	Jul. 02, 2022
Retirement Benefits [Abstract]
NET PERIODIC BENEFIT COSTS - DEFINED BENEFIT PLANS	NET PERIODIC BENEFIT COST — DEFINED BENEFIT PLANS Following are the components of net periodic pension (benefit) expense for the three and six months ended July 2, 2022 and July 3, 2021: Second Quarter Pension Benefits Other Benefits U.S. Plans Non-U.S. Plans All Plans (Millions of Dollars) 2022 2021 2022 2021 2022 2021 Service cost $ 1.2 $ 1.5 $ 3.6 $ 4.4 $ — $ — Interest cost 8.7 5.8 5.7 4.3 0.6 0.3 Expected return on plan assets (15.1) (13.7) (9.5) (10.3) — — Amortization of prior service cost (credit) 0.2 0.3 (0.2) (0.2) — (0.1) Amortization of net loss (gain) 1.8 2.2 2.0 3.5 (0.1) — Settlement / curtailment loss — — 0.2 — — — Special termination benefit — — — — 6.9 — Net periodic pension (benefit) expense $ (3.2) $ (3.9) $ 1.8 $ 1.7 $ 7.4 $ 0.2 Year-to-Date Pension Benefits Other Benefits U.S. Plans Non-U.S. Plans All Plans (Millions of Dollars) 2022 2021 2022 2021 2022 2021 Service cost $ 2.8 $ 2.8 $ 7.5 $ 8.6 $ 0.1 $ 0.1 Interest cost 16.7 11.5 11.7 8.5 0.8 0.5 Expected return on plan assets (30.2) (27.4) (19.7) (20.2) — — Amortization of prior service cost (credit) 0.4 0.6 (0.4) (0.4) — (0.3) Amortization of net loss (gain) 3.3 4.5 4.1 7.0 (0.2) — Settlement / curtailment loss — — 0.2 0.1 — — Special termination benefit — — — — 6.9 — Net periodic pension (benefit) expense $ (7.0) $ (8.0) $ 3.4 $ 3.6 $ 7.6 $ 0.3 The components of net periodic benefit cost other than the service cost component are included in Other, net in the Consolidated Statements of Operations and Comprehensive Income.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jul. 02, 2022
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS ASC 820, Fair Value Measurement , defines, establishes a consistent framework for measuring, and expands disclosure requirements about fair value. ASC 820 requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. These two types of inputs create the following fair value hierarchy: Level 1 — Quoted prices for identical instruments in active markets. Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs and significant value drivers are observable. Level 3 — Instruments that are valued using unobservable inputs. The Company is exposed to market risk from changes in foreign currency exchange rates, interest rates, stock prices and commodity prices. The Company holds various financial instruments to manage these risks. These financial instruments are carried at fair value and are included within the scope of ASC 820. The Company determines the fair value of these financial instruments through the use of matrix or model pricing, which utilizes observable inputs such as market interest and currency rates. When determining fair value for which Level 1 evidence does not exist, the Company considers various factors including the following: exchange or market price quotations of similar instruments, time value and volatility factors, the Company’s own credit rating and the credit rating of the counterparty. The following table presents the Company’s financial assets and liabilities that are measured at fair value on a recurring basis for each of the hierarchy levels: (Millions of Dollars) Total Level 1 Level 2 Level 3 July 2, 2022 Money market fund $ 10.9 $ 10.9 $ — $ — Equity Security $ 6.4 $ 6.4 $ — $ — Deferred compensation plan investments $ 19.3 $ 19.3 $ — $ — Derivative assets $ 29.3 $ — $ 29.3 $ — Derivative liabilities $ 8.5 $ — $ 8.5 $ — Contingent consideration liability $ 284.7 $ — $ — $ 284.7 January 1, 2022 Money market fund $ 11.0 $ 11.0 $ — $ — Equity Security $ 13.8 $ 13.8 $ — $ — Deferred compensation plan investments $ 26.2 $ 26.2 $ — $ — Derivative assets $ 33.1 $ — $ 33.1 $ — Derivative liabilities $ 8.7 $ — $ 8.7 $ — Contingent consideration liability $ 288.6 $ — $ — $ 288.6 The following table provides information about the Company's financial assets and liabilities not carried at fair value: July 2, 2022 January 1, 2022 (Millions of Dollars) Carrying Fair Carrying Fair Other investments $ 9.3 $ 9.4 $ 11.2 $ 11.6 Long-term debt, including current portion $ 5,353.0 $ 4,949.6 $ 4,354.9 $ 4,850.2 The money market fund and other investments related to the West Coast Loading Corporation ("WCLC") trust are considered Level 1 instruments within the fair value hierarchy. The equity security is considered a Level 1 instrument and is recorded at its quoted market price. The deferred compensation plan investments are considered Level 1 instruments and are recorded at their quoted market price. The long-term debt instruments are considered Level 2 instruments and are measured using a discounted cash flow analysis based on the Company’s marginal borrowing rates. The differences between the carrying values and fair values of long-term debt are attributable to the stated interest rates differing from the Company's marginal borrowing rates. The fair values of the Company's variable rate short-term borrowings approximate their carrying values at July 2, 2022 and January 1, 2022. The fair values of the derivative financial instruments in the table above are based on current settlement values. As part of the Craftsman® brand acquisition in March 2017, the Company recorded a contingent consideration liability representing the Company's obligation to make payments to Transform Holdco, LLC, which operates Sears and Kmart retail locations, of between 2.5% and 3.5% on sales of Craftsman products in new Stanley Black & Decker channels through March 2032. During the six months ended July 2, 2022, the Company paid approximately $21.1 million for royalties owed. The Company will continue making future payments quarterly through the second quarter of 2032. The estimated fair value of the contingent consideration liability is determined using a discounted cash flow analysis taking into consideration future sales projections, forecasted payments to Transform Holdco, LLC, based on contractual royalty rates, and the related tax impacts. The estimated fair value of the contingent consideration liability was $284.7 million and $288.6 million as of July 2, 2022 and January 1, 2022, respectively. Adjustments to the contingent consideration liability, with the exception of cash payments, are recorded in SG&A in the Consolidated Statements of Operations and Comprehensive Income (Loss). A 100 basis point reduction in the discount rate would result in an increase to the liability of approximately $9.8 million as of July 2, 2022. A single estimate of fair value results from a complex series of judgments about future events and uncertainties and relies heavily on estimates and assumptions. The Company's judgments used to determine the estimated contingent consideration liabilities discussed above, including estimated future sales projections, can materially impact the Company’s results from operations. The Company had no significant non-recurring fair value measurements, nor any other financial assets or liabilities measured using Level 3 inputs, during the first six months of 2022 or 2021. Refer to Note I, Financial Instruments , for more details regarding derivative financial instruments, Note R, Contingencies, for more details regarding the other investments related to the WCLC trust, and Note H, Long-Term Debt and Financing Arrangements

OTHER COSTS AND EXPENSES

OTHER COSTS AND EXPENSES	6 Months Ended
	Jul. 02, 2022
Other Income and Expenses [Abstract]
OTHER COSTS AND EXPENSES	OTHER COSTS AND EXPENSESOther, net is primarily comprised of intangible asset amortization expense, currency-related gains or losses, environmental remediation expense, acquisition-related transaction and consulting costs, and certain pension gains or losses. Acquisition-related transaction and consulting costs of $3.8 million and $4.8 million, respectively, were included in Other, net during the three and six months ended July 2, 2022. Other, net also included a $7.1 million charge related to a voluntary retirement program during the three and six months ended July 2, 2022. Acquisition-related transaction and consulting costs of $0.5 million and $2.1 million, respectively, were included in Other, net during the three and six months ended July 3, 2021.

RESTRUCTURING CHARGES

RESTRUCTURING CHARGES	6 Months Ended
	Jul. 02, 2022
Restructuring and Related Activities [Abstract]
RESTRUCTURING CHARGES	RESTRUCTURING CHARGES A summary of the restructuring reserve activity from January 1, 2022 to July 2, 2022 is as follows: (Millions of Dollars) January 1, Net Additions Usage Currency July 2, Severance and related costs $ 28.2 $ 64.6 $ (43.5) $ 2.1 $ 51.4 Facility closures and asset impairments 3.5 7.6 (8.6) 0.1 2.6 Total $ 31.7 $ 72.2 $ (52.1) $ 2.2 $ 54.0 For the three and six months ended July 2, 2022, the Company recognized net restructuring charges of $19.5 million and $72.2 million, respectively, primarily related to severance and related costs. The majority of the $54.0 million of reserves remaining as of July 2, 2022 is expected to be utilized within the next 12 months. Segments: The $72 million of net restructuring charges for the six months ended July 2, 2022 includes: $45 million in the Tools & Outdoor segment; $16 million in the Industrial segment; and $11 million in Corporate. The $19 million of net restructuring charges for the three months ended July 2, 2022 includes: $2 million in the Tools & Outdoor segment; $8 million in the Industrial segment; and $9 million in Corporate.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jul. 02, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company recognized an income tax benefit of $62.8 million and $39.9 million for the three and six months ended July 2, 2022, respectively, resulting in effective tax rates of (395.0)% and (20.5)%. These effective tax rates differ from the U.S. statutory tax rate primarily due to a benefit associated with the anticipated disposition of the Company's Oil & Gas business, the continued reorganization of the supply chain, the impact of lower forecasted earnings in North America and the re-measurement of uncertain tax positions. Excluding the impacts of the acquisition-related and other charges, the effective tax rates were (3.9)% and 6.4% for the three and six months ended July 2, 2022, respectively. These effective tax rates differ from the U.S. statutory tax rate due to the items discussed above, excluding the benefit associated with the anticipated disposition of the Company's Oil & Gas business. The Company recognized income tax expense of $67.3 million and $182.8 million for the three and six months ended July 3, 2021, respectively, resulting in effective tax rates of 13.6% and 17.1%. Excluding the impacts of the acquisition-related and other charges, the effective tax rates were 14.3% and 17.5% for the three and six months ended July 3, 2021, respectively. These effective tax rates differ from the U.S. statutory tax rate primarily due to tax on foreign earnings, the re-measurement of uncertain tax position reserves, the re-measurement of the deferred tax assets and liabilities due to foreign corporate income tax rate changes, and the tax benefit of equity-based compensation. The Company considers many factors when evaluating and estimating its tax positions and the impact on income tax expense, which may require periodic adjustments, and which may not accurately anticipate actual outcomes. It is reasonably possible that the amount of the unrecognized benefit with respect to certain of the Company's unrecognized tax positions will significantly increase or decrease within the next twelve months. However, based on the uncertainties associated with finalizing audits with the relevant tax authorities including formal legal proceedings, it is not possible to reasonably estimate the impact of any such change.

BUSINESS SEGMENTS AND GEOGRAPHI

BUSINESS SEGMENTS AND GEOGRAPHIC AREAS	6 Months Ended
	Jul. 02, 2022
Segment Reporting [Abstract]
BUSINESS SEGMENTS AND GEOGRAPHIC AREAS	BUSINESS SEGMENTS AND GEOGRAPHIC AREAS The Company’s operations are classified into two reportable business segments: Tools & Outdoor and Industrial. The Tools & Outdoor segment is comprised of the Power Tools Group ("PTG"), Hand Tools, Accessories & Storage ("HTAS") and Outdoor Power Equipment ("Outdoor") businesses. The PTG business includes both professional and consumer products. Professional products include professional grade corded and cordless electric power tools and equipment including drills, impact wrenches and drivers, grinders, saws, routers and sanders, as well as pneumatic tools and fasteners including nail guns, nails, staplers and staples, concrete and masonry anchors. Consumer products include corded and cordless electric power tools sold primarily under the BLACK+DECKER® brand, and home products such as hand-held vacuums, paint tools and cleaning appliances. The HTAS business sells hand tools, power tool accessories and storage products. Hand tools include measuring, leveling and layout tools, planes, hammers, demolition tools, clamps, vises, knives, saws, chisels and industrial and automotive tools. Power tool accessories include drill bits, screwdriver bits, router bits, abrasives, saw blades and threading products. Storage products include tool boxes, sawhorses, medical cabinets and engineered storage solution products. The Outdoor business primarily sells corded and cordless electric lawn and garden products, including hedge trimmers, string trimmers, lawn mowers, pressure washers and related accessories, and gas powered lawn and garden products, including lawn tractors, zero turn ride on mowers, walk behind mowers, snow blowers, residential robotic mowers, utility terrain vehicles (UTVs), handheld outdoor power equipment, garden tools, and parts and accessories to professionals and consumers under the DEWALT®, CUB CADET®, BLACK+DECKER®, CRAFTSMAN®, TROY-BILT®, and HUSTLER® brand names. The Industrial segment is comprised of the Engineered Fastening and Infrastructure businesses. The Engineered Fastening business primarily sells highly engineered components such as fasteners, fittings and various engineered products, which are designed for specific application across multiple verticals. The product lines include externally threaded fasteners, blind rivets and tools, blind inserts and tools, drawn arc weld studs and systems, engineered plastic and mechanical fasteners, self-piercing riveting systems, precision nut running systems, micro fasteners, high-strength structural fasteners, axel swage, latches, heat shields, pins, and couplings. The Infrastructure business consists of the Attachment Tools and Oil & Gas product lines. Attachment Tools sells hydraulic tools and high quality, performance-driven heavy equipment attachment tools for off-highway applications. Oil & Gas sells and rents custom pipe handling, joint welding and coating equipment used in the construction of large and small diameter pipelines and provides pipeline inspection services. The Company utilizes segment profit, which is defined as net sales minus cost of sales and SG&A inclusive of the provision for credit losses (aside from corporate overhead expense), and segment profit as a percentage of net sales to assess the profitability of each segment. Transactions between segments are not material. Segment assets primarily include cash, accounts receivable, inventory, other current assets, property, plant and equipment, right-of-use lease assets and intangible assets. Net sales and long-lived assets are attributed to the geographic regions based on the geographic locations of the end customer and the Company subsidiary, respectively. Second Quarter Year-to-Date (Millions of Dollars) 2022 2021 2022 2021 Net Sales Tools & Outdoor $ 3,744.9 $ 3,196.5 $ 7,546.1 $ 6,259.4 Industrial 648.1 602.2 1,294.7 1,259.9 Other — 0.2 0.2 0.4 Consolidated $ 4,393.0 $ 3,798.9 $ 8,841.0 $ 7,519.7 Segment Profit Tools & Outdoor $ 361.6 $ 627.0 $ 740.1 $ 1,271.7 Industrial 58.3 60.5 99.6 160.3 Segment Profit 419.9 687.5 839.7 1,432.0 Corporate Overhead (65.5) (92.8) (140.2) (168.6) Other, net (79.1) (42.5) (141.1) (90.5) Gain (loss) on sales of businesses 0.2 (2.6) 0.2 (3.6) Asset impairment charge (168.4) — (168.4) — Restructuring charges (19.5) (10.4) (72.2) (12.2) Interest income 6.5 2.7 9.3 5.6 Interest expense (78.2) (46.5) (132.9) (94.0) Earnings from continuing operations before income taxes and equity interest $ 15.9 $ 495.4 $ 194.4 $ 1,068.7 Corporate Overhead includes the corporate overhead element of SG&A, which is not allocated to the business segments. The Company recognizes revenue at a point in time from the sale of tangible products or over time depending on when the performance obligation is satisfied. For the three and six months ended July 2, 2022 and July 3, 2021, the majority of the Company’s revenue was recognized at the time of sale. The percent of total segment revenue recognized over time for the Industrial segment for the three and six months ended July 2, 2022 was 6.1% and 6.0%, respectively. The percent of total segment revenue recognized over time for the Industrial segment for the three and six months ended July 3, 2021 was 4.2% and 5.0%, respectively. The following table is a further disaggregation of the Industrial segment revenue for the three and six months ended July 2, 2022 and July 3, 2021: Second Quarter Year-to-Date (Millions of Dollars) 2022 2021 2022 2021 Engineered Fastening $ 466.1 $ 456.5 $ 946.2 $ 953.3 Infrastructure 182.0 145.7 348.5 306.6 Industrial $ 648.1 $ 602.2 $ 1,294.7 $ 1,259.9 The following table is a summary of total assets by segment as of July 2, 2022 and January 1, 2022: (Millions of Dollars) July 2, 2022 January 1, 2022 Tools & Outdoor $ 20,766.5 $ 19,537.9 Industrial 5,311.6 5,627.8 26,078.1 25,165.7 Assets held for sale 3,415.2 3,505.4 Corporate assets (131.9) (491.1) Consolidated $ 29,361.4 $ 28,180.0 Corporate assets primarily consist of cash, deferred taxes, property, plant and equipment, and right-of-use lease assets. Based on the nature of the Company's cash pooling arrangements, at times the corporate-related cash accounts will be in a net liability position. GEOGRAPHIC AREAS The following table is a summary of net sales by geographic area for the three and six months ended July 2, 2022 and July 3, 2021: Second Quarter Year-to-Date (Millions of Dollars) 2022 2021 2022 2021 United States $ 2,731.5 $ 2,201.8 $ 5,476.0 $ 4,333.7 Canada 243.5 168.3 480.0 354.6 Other Americas 216.1 209.7 414.4 406.8 France 128.0 127.1 268.0 262.2 Other Europe 729.8 763.4 1,503.4 1,501.4 Asia 344.1 328.6 699.2 661.0 Consolidated $ 4,393.0 $ 3,798.9 $ 8,841.0 $ 7,519.7

CONTINGENCIES

CONTINGENCIES	6 Months Ended
	Jul. 02, 2022
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES	CONTINGENCIESThe Company is involved in various legal proceedings relating to environmental issues, employment, product liability, workers’ compensation claims and other matters. The Company periodically reviews the status of these proceedings with both inside and outside counsel, as well as an actuary for risk insurance. Management believes that the ultimate disposition of these matters will not have a material adverse effect on operations or financial condition taken as a whole. In the normal course of business, the Company is a party to administrative proceedings and litigation, before federal and state regulatory agencies, relating to environmental remediation with respect to claims involving the discharge of hazardous substances into the environment, generally at current and former manufacturing facilities. In addition, some of these claims assert that the Company is responsible for damages and liability, for remedial investigation and clean-up costs, with respect to sites that have never been owned or operated by the Company, but the Company has been identified as a potentially responsible party ("PRP"). In connection with the 2010 merger with Black & Decker, the Company assumed certain commitments and contingent liabilities. Black & Decker is a party to litigation and administrative proceedings with respect to claims involving the discharge of hazardous substances into the environment at current and former manufacturing facilities and has also been named as a PRP in certain administrative proceedings. The Company, along with many other companies, has been named as a PRP in numerous administrative proceedings for the remediation of various waste sites, including 26 active Superfund sites. Current laws potentially impose joint and several liabilities upon each PRP. In assessing its potential liability at these sites, the Company has considered the following: whether responsibility is being disputed, the terms of existing agreements, experience at similar sites, and the Company’s volumetric contribution at these sites. The Company’s policy is to accrue environmental investigatory and remediation costs for identified sites when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. If no amount in the range of probable loss is considered most likely, the minimum loss in the range is accrued. The amount of liability recorded is based on an evaluation of currently available facts with respect to each individual site and includes such factors as existing technology, presently enacted laws and regulations, and prior experience in remediation of contaminated sites. The liabilities recorded do not take into account any claims for recoveries from insurance or third parties. As assessments and remediation progress at individual sites, the amounts recorded are reviewed periodically and adjusted to reflect additional technical and legal information that becomes available. As of July 2, 2022 and January 1, 2022, the Company had reserves of $147.9 million and $159.1 million, respectively, for remediation activities associated with Company-owned properties, as well as for Superfund sites, for losses that are probable and estimable. Of the 2022 amount, $46.6 million is classified as current and $101.3 million as long-term which is expected to be paid over the estimated remediation period. As of July 2, 2022, the range of environmental remediation costs that is reasonably possible is $75.5 million to $256.3 million which is subject to change in the near term. The Company may be liable for environmental remediation of sites it no longer owns. Liabilities have been recorded on those sites in accordance with the Company's policy. As of July 2, 2022, the Company has recorded $16.2 million in other assets related to funding received by the Environmental Protection Agency (“EPA”) and placed in a trust in accordance with the final settlement with the EPA, embodied in a Consent Decree approved by the United States District Court for the Central District of California on July 3, 2013. Per the Consent Decree, Emhart Industries, Inc. (a dissolved and liquidated former indirectly wholly-owned subsidiary of The Black & Decker Corporation) (“Emhart”) has agreed to be responsible for an interim remedy at a site located in Rialto, California and formerly operated by West Coast Loading Corporation (“WCLC”), a defunct company for which Emhart was alleged to be liable as a successor. The remedy will be funded by (i) the amounts received from the EPA as gathered from multiple parties, and, to the extent necessary, (ii) Emhart's affiliate. The interim remedy requires the construction of a water treatment facility and the filtering of ground water at or around the site for a period of approximately 30 years or more. As of July 2, 2022, the Company's net cash obligation associated with remediation activities, including WCLC assets, is $131.7 million. The EPA also asserted claims in federal court in Rhode Island against Black & Decker and Emhart related to environmental contamination found at the Centredale Manor Restoration Project Superfund Site ("Centredale"), located in North Providence, Rhode Island. The EPA discovered a variety of contaminants at the site, including but not limited to, dioxins, polychlorinated biphenyls, and pesticides. The EPA alleged that Black & Decker and Emhart are liable for site clean-up costs under the Comprehensive Environmental Response, Compensation, and Liability Act ("CERCLA") as successors to the liability of Metro-Atlantic, Inc., a former operator at the site, and demanded reimbursement of the EPA’s costs related to this site. Black & Decker and Emhart then vigorously litigated the issue of their liability for environmental conditions at the Centredale site, including completing trial on Phase 1 of the proceedings in late July 2015 and completing trial on Phase 2 of the proceedings in April 2017. On July 9, 2018, a Consent Decree was lodged with the United States District Court documenting the terms of a settlement between the Company and the United States for reimbursement of EPA's past costs and remediation of environmental contamination found at the Centredale site. The terms of the Consent Decree were subject to public comment and Court approval. After a full hearing on March 19, 2019, the Court approved and entered the Consent Decree on April 8, 2019. The settlement resolves outstanding issues relating to Phase 1 and 2 of the litigation with the United States. The Company is complying with the terms of the settlement. The District Court's entry of the Consent Decree was appealed by several PRPs at the site to the United States Court of Appeals for the First Circuit. The District Court's actions were affirmed by the First Circuit on February 17, 2021. Phase 3 of the litigation, is addressing the potential allocation of liability to other PRPs who may have contributed to contamination of the Centredale site with dioxins, polychlorinated biphenyls and other contaminants of concern. As of July 2, 2022, the Company has a remaining reserve of $50.6 million for this site. The Company and approximately 47 other companies comprise the Lower Passaic Cooperating Parties Group (the “CPG”). The CPG members and other companies are parties to a May 2007 Administrative Settlement Agreement and Order on Consent (“AOC”) with the EPA to perform a remedial investigation/feasibility study (“RI/FS”) of the lower seventeen miles of the Lower Passaic River in New Jersey (the “River”). The Company’s potential liability stems from former operations in Newark, New Jersey. As an interim step related to the 2007 AOC, on June 18, 2012, the CPG members voluntarily entered into an AOC with the EPA for remediation actions focused solely at mile 10.9 of the River. The Company’s estimated costs related to the RI/FS and focused remediation action at mile 10.9, based on an interim allocation, are included in its environmental reserves. On April 11, 2014, the EPA issued a Focused Feasibility Study (“FFS”) and proposed plan which addressed various early action remediation alternatives for the lower 8.3 miles of the River. The EPA received public comment on the FFS and proposed plan (including comments from the CPG and other entities asserting that the FFS and proposed plan do not comply with CERCLA) which public comment period ended on August 20, 2014. The CPG submitted to the EPA a draft RI report in February 2015 and draft FS report in April 2015 for the entire lower seventeen miles of the River. On March 4, 2016, the EPA issued a Record of Decision ("ROD") selecting the remedy for the lower 8.3 miles of the River. The cleanup plan adopted by the EPA is now considered a final action for the lower 8.3 miles of the River and will include the removal of 3.5 million cubic yards of sediment, placement of a cap over the entire lower 8.3 miles of the River, and, according to the EPA, will cost approximately $1.4 billion and take 6 years to implement after the remedial design is completed. The Company and 105 other parties received a letter dated March 31, 2016 from the EPA notifying such parties of potential liability for the costs of the cleanup of the lower 8.3 miles of the River and a letter dated March 30, 2017 stating that the EPA had offered 20 of the parties (not including the Company) an early cash out settlement. In a letter dated May 17, 2017, the EPA stated that these 20 parties did not discharge any of the eight hazardous substances identified as the contaminants of concern in the lower 8.3 mile ROD. In the March 30, 2017 letter, the EPA stated that other parties who did not discharge dioxins, furans or polychlorinated biphenyls (which are considered the contaminants of concern posing the greatest risk to human health or the environment) may also be eligible for cash out settlement, but expects those parties' allocation to be determined through a complex settlement analysis using a third-party allocator. The EPA subsequently clarified this statement to say that such parties would be eligible to be "funding parties" for the lower 8.3 mile remedial action with each party's share of the costs determined by the EPA based on the allocation process and the remaining parties would be "work parties" for the remedial action. The Company asserts that it did not discharge dioxins, furans or polychlorinated biphenyls and should be eligible to be a "funding party" for the lower 8.3 mile remedial action. The Company participated in the allocation process. The allocator selected by the EPA issued a confidential allocation report on December 28, 2020, which was reviewed by the EPA. As a result of the allocation process, on February 11, 2022, the EPA and certain parties (including the Company) reached an agreement in principle, subject to the negotiation and court entry of a consent decree, concerning a cash-out settlement for remediation of the entire 17-mile Lower Passaic River. On September 30, 2016, Occidental Chemical Corporation ("OCC") entered into an agreement with the EPA to perform the remedial design for the cleanup plan for the lower 8.3 miles of the River. The remedial design is expected to be substantially completed in the fourth quarter of 2022. On June 30, 2018, OCC filed a complaint in the United States District Court for the District of New Jersey against over 100 companies, including the Company, seeking CERCLA cost recovery or contribution for past costs relating to various investigations and cleanups OCC has conducted or is conducting in connection with the River. According to the complaint, OCC has incurred or is incurring costs which include the estimated cost ($165 million) to complete the remedial design for the cleanup plan for the lower 8.3 miles of the River. OCC also seeks a declaratory judgment to hold the defendants liable for their proper shares of future response costs for OCC's ongoing activities in connection with the River. The Company and other defendants have answered the complaint and currently are engaged in discovery with OCC. On February 24, 2021, the Company and other defendants filed a third party complaint against the Passaic Valley Sewerage Commissioners and forty-two municipalities to require those entities to pay their equitable share of response costs. On October 10, 2018, the EPA issued a letter directing the CPG to prepare a streamlined feasibility study for the upper 9 miles of the River based on an iterative approach using adaptive management strategies. The CPG submitted a revi sed draft Interim Remedy Feasibility Study to the EPA on December 4, 2020, which identifies various targeted dredge and cap alternatives with costs that range from $420 million to $468 million (net present value). The EPA approved the Interim Remedy Feasibility Study on December 11, 2020. The EPA issued the Interim Remedy Proposed Plan on April 14, 2021, selecting an alternative that the EPA estimates will cost $441 million (net present value). The CPG continues to conduct work to complete the RI/FS for the entire 17-mile River. The EPA issued the Interim Remedy ROD on September 28, 2021. At this time, the Company cannot reasonably estimate its liability related to the litigation and remediation efforts, excluding the RI/FS and remediation actions at mile 10.9, as the OCC litigation is pending, the EPA settlement process is ongoing and the parties that will participate in funding the remediation and their respective allocations are not yet known. Per the terms of a Final Order and Judgment approved by the United States District Court for the Middle District of Florida on January 22, 1991, Emhart is responsible for a percentage of remedial costs arising out of the Kerr McGee Chemical Corporation Superfund Site located in Jacksonville, Florida. On March 15, 2017, the Company received formal notification from the EPA that the EPA had issued a ROD selecting the preferred alternative identified in the Proposed Cleanup Plan. As of July 2, 2022, the Company has reserved $21.8 million for this site. The amount recorded for identified contingent liabilities is based on estimates. Amounts recorded are reviewed periodically and adjusted to reflect additional technical and legal information that becomes available. Actual costs to be incurred in future periods may vary from the estimates, given the inherent uncertainties in evaluating certain exposures. Subject to the imprecision in estimating future contingent liability costs, the Company does not expect that any sum it may have to pay in connection with these matters in excess of the amounts recorded will have a materially adverse effect on its financial position, results of operations or liquidity.

COMMITMENTS AND GUARANTEES

COMMITMENTS AND GUARANTEES	6 Months Ended
	Jul. 02, 2022
Commitments and Guarantees [Abstract]
COMMITMENTS AND GUARANTEES	COMMITMENTS AND GUARANTEES COMMITMENTS — The Company has numerous assets, predominantly real estate, vehicles and equipment, under various lease arrangements. The following is a summary of the Company's right-of-use-assets and lease liabilities: (Millions of Dollars) July 2, 2022 January 1, 2022 Right-of-use assets $398.5 $426.0 Lease liabilities $407.6 $439.1 Weighted-average incremental borrowing rate 3.4% 3.5% Weighted-average remaining term 6 years 6 years Right-of-use assets are included within Other assets Accrued expenses Other liabilities As of July 2, 2022, the Company had unrecognized commitments that require the future purchase of goods or services (unconditional purchase obligations) to provide it with access to products and services at competitive prices. These obligations consist of supplier agreements with long-term minimum material purchase requirements and freight forwarding arrangements with minimum quantity commitments. As of July 2, 2022, the Company had unconditional purchase obligations of $632.0 million, consisting of $115.8 million in 2022, $246.7 million in 2023, $263.1 million in 2024 and $6.4 million in 2025. GUARANTEES — The Company’s financial guarantees at July 2, 2022 are as follows: (Millions of Dollars) Term Maximum Carrying Guarantees on the residual values of leased assets One to five years $ 85.4 $ — Standby letters of credit Up to three years 201.6 — Commercial customer financing arrangements Up to six years 72.5 11.2 Total $ 359.5 $ 11.2 The Company has guaranteed a portion of the residual values of certain leased assets including the previously discussed leases for one of its major distribution centers and two of its office buildings. The lease guarantees are for an amount up to $85.4 million while the fair value of the underlying assets is estimated at $126.3 million. The related assets would be available to satisfy the guarantee obligations and therefore it is unlikely the Company will incur any future loss associated with these guarantees. The Company has issued $201.6 million in standby letters of credit that guarantee future payments which may be required under certain insurance programs and in relation to certain environmental remediation activities described more fully in Note R, Contingencies . The Company provides various limited and full recourse guarantees to financial institutions that provide financing to U.S. and Canadian Mac Tool distributors and franchisees for their initial purchase of the inventory and trucks necessary to function as a distributor and franchisee. In addition, the Company provides limited and full recourse guarantees to financial institutions that extend credit to certain end retail customers of its U.S. Mac Tool distributors and franchisees. The gross amount guaranteed in these arrangements is $72.5 million and the $11.2 million carrying value of the guarantees issued is recorded in Other liabilities in the Condensed Consolidated Balance Sheets. The Company provides warranties on certain products across its businesses. The types of product warranties offered generally range from one year to limited lifetime. There are also certain products with no warranty. Further, the Company sometimes incurs discretionary costs to service its products in connection with product performance issues. Historical warranty and service claim experience forms the basis for warranty obligations recognized. Adjustments are recorded to the warranty liability as new information becomes available. The changes in the carrying amount of product warranties for the six months ended July 2, 2022 and July 3, 2021 are as follows: (Millions of Dollars) 2022 2021 Balance beginning of period $ 134.5 $ 107.9 Warranties and guarantees issued 78.7 70.4 Warranty payments and currency (82.0) (77.4) Balance end of period $ 131.2 $ 100.9

DIVESTITURES

DIVESTITURES	6 Months Ended
	Jul. 02, 2022
Discontinued Operations and Disposal Groups [Abstract]
DIVESTITURES	DIVESTITURES Oil & Gas business In June 2022, the Company announced that it had reached a definitive agreement for the sale of its Oil & Gas business as part of the Company's strategic commitment to simplify and streamline its portfolio to focus on the core Tools & Outdoor and Industrial businesses. Based on management's commitment to sell this business, the assets and liabilities related to Oil & Gas were classified as held for sale on the Company's Condensed Consolidated Balance Sheet as of July 2, 2022. There were no assets or liabilities held for sale relating to the Oil & Gas business as of January 1, 2022. This pending divestiture does not qualify for discontinued operations and therefore, its results are included in the Company's continuing operations within the Industrial segment for all periods presented. Following is the pre-tax losses for this business for the three and six months ended July 2, 2022 and July 3, 2021: Second Quarter Year-to-Date (Millions of Dollars) 2022 2021 2022 2021 Pre-tax losses $ (0.9) $ (9.0) $ (5.6) $ (10.1) In addition, the Company recognized a $168.4 million pre-tax asset impairment charge to adjust the carrying amount of the long-lived asset to its fair value less the costs to sell during the second quarter of 2022. The transaction is subject to regulatory approval and other customary closing conditions, and is expected to close in the second half of 2022. Mechanical Access Solutions business On July 5, 2022, the Company completed the previously announced sale of its Mechanical Access Solutions ("MAS") business comprising of the automatic doors business to Allegion plc for proceeds of $922.8 million. As of July 2, 2022 and January 1, 2022, the assets and liabilities related to MAS were classified as held for sale on the Company's Condensed Consolidated Balance Sheets. The estimated pre-tax gain on sale to be recognized during the third quarter of 2022 is approximately $600 million to $650 million. As part of the purchase and sale agreement, the Company will perform transition services relating to certain administrative functions for Purchaser primarily for a period of two years or less, pending integration of these functions into their pre-existing business processes. Commercial Electronic Security and Healthcare businesses On July 22, 2022, the Company completed the previously announced sale of its Company's Convergent Security Solutions ("CSS") business comprising of the commercial electronic security and healthcare businesses to Securitas AB ("Purchaser") for proceeds of $3.2 billion. As of July 2, 2022 and January 1, 2022, the assets and liabilities related to CSS were classified as held for sale on the Company's Condensed Consolidated Balance Sheets. The estimated pre-tax gain on sale to be recognized during the third quarter of 2022 is approximately $400 million to $450 million. As part of the purchase and sale agreement, the Company will perform transition services relating to certain administrative functions for Purchaser primarily for a period of one year or less, pending integration of these functions into their pre-existing business processes. A portion of the $3.2 billion received at closing reimburses the Company for transition service costs expected to be incurred. The MAS and CSS divestitures represent a single plan to exit the Security segment and are considered a strategic shift that will have a major effect on the Company’s operations and financial results. As such, the operating results of the MAS and CSS are reported as discontinued operations. Amounts previously reported have been reclassified to conform to this presentation to allow for meaningful comparison of continuing operations. These divestitures allow the Company to invest in other areas of the Company that fit into its long-term growth strategy. Summarized operating results of discontinued operations are presented in the following table for the three and six months ended July 2, 2022 and July 3, 2021: Second Quarter Year-to-Date (Millions of Dollars) 2022 2021 2022 2021 Net Sales $ 489.8 $ 502.0 $ 978.1 $ 978.3 Cost of sales 325.9 320.3 638.5 620.1 Selling, general, and administrative (1) 139.6 134.5 277.8 268.3 Other, net and restructuring charges 17.9 14.8 33.2 26.4 Earnings from discontinued operations before income taxes $ 6.4 $ 32.4 $ 28.6 $ 63.5 Income taxes on discontinued operations (2.6) 6.4 (0.2) 10.3 Net earnings from discontinued operations $ 9.0 $ 26.0 $ 28.8 $ 53.2 (1) Includes provision for credit losses. The following table presents the significant non-cash items and capital expenditures for the discontinued operations with respect to MAS and CSS that are included in the Condensed Consolidated Statements of Cash Flows (in millions) for the three and six months ended July 2, 2022 and July 3, 2021: Second Quarter Year-to-Date (Millions of Dollars) 2022 2021 2022 2021 Depreciation and amortization $ — $ 17.3 $ 0.4 $ 34.8 Capital expenditures $ 2.3 $ 1.9 $ 6.3 $ 6.8 Stock-based compensation $ 9.2 $ 1.9 $ 18.5 $ 3.9 The carrying amounts of the assets and liabilities that were aggregated in assets held for sale and liabilities held for sale as of July 2, 2022 and January 1, 2022 are presented in the following table: (Millions of Dollars) July 2, 2022 January 1, 2022 Cash and cash equivalents $ 19.7 $ 145.1 Accounts and notes receivable, net 548.3 513.9 Inventories, net 209.4 169.4 Other current assets 73.6 41.2 Property, plant and equipment, net 198.2 84.3 Goodwill and other intangibles, net 2,231.6 2,270.2 Other assets 302.8 281.3 Valuation allowance (168.4) — Total assets $ 3,415.2 $ 3,505.4 Accounts payable and accrued expenses $ 483.5 $ 460.4 Other long-term liabilities 137.1 137.4 Total liabilities $ 620.6 $ 597.8

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jul. 02, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (hereinafter referred to as “generally accepted accounting principles”) for interim financial statements and with the instructions to Form 10-Q and Article 10 of Regulation S-X and do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation of the results of operations for the interim periods have been included and are of a normal, recurring nature.
Use of Estimates	The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements. While management believes that the estimates and assumptions used in the preparation of the financial statements are appropriate, actual results could differ from these estimates.
Reclassifications	Certain amounts reported in previous years have been reclassified to conform to the 2022 presentation.
New Accounting Standards Adopted and Recently Issued Accounting Standards Not Yet Adopted	NEW ACCOUNTING STANDARDS ADOPTED — In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers . The new standard improves the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency. The new standard requires an entity to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 606, Revenue from Contracts with Customers . The ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The standard should be applied prospectively to business combinations occurring on or after the effective date of the amendments. The Company elected to early adopt this standard in the first quarter of 2022 and it did not have a material impact on its consolidated financial statements. In May 2021, the FASB issued ASU 2021-04, Earnings per share (Topic 260), Debt-Modifications and Extinguishments (Subtopic 470-50), Compensation-Stock Compensation (Topic 718), and Derivatives and Hedging – Contracts in Equity (Subtopic 815-40). The new standard clarifies and reduces diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options (for example, warrants) that remain equity classified after modification or exchange. The ASU is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The standard should be applied prospectively. The Company adopted this standard in the first quarter of 2022 and it did not have a material impact on its consolidated financial statements. In August 2020, the FASB issued ASU 2020-06 , Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40). The new standard reduces the number of accounting models for convertible debt instruments and convertible preferred stock, and amends the guidance for the derivatives scope exception for contracts in an entity's own equity. The standard also amends and makes targeted improvements to the related earnings per share guidance. The ASU is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. The Company adopted this standard in the first quarter of 2022, using the modified retrospective method, which has no impact to prior periods. In accordance with the standard, the Company increased weighted-average shares outstanding used to calculate diluted earnings per share for both the three and six months ended July 2, 2022 by 4.1 million shares, as required by the use of the if-converted method for convertible instruments that may be settled in cash or shares. See Note C, Earnings Per Share for further discussion. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The new standard provides optional expedients and exceptions that companies can apply during a limited time period to account for contracts, hedging relationships, and other transactions affected by reference rate reform, if certain criteria are met. Companies may elect to apply these optional expedients and exceptions beginning March 12, 2020 through December 31, 2022. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848), to clarify the scope of Topic 848 and provide explicit guidance to help companies applying optional expedients and exceptions. This ASU is effective immediately for all entities that have applied optional expedients and exceptions. The Company applied certain optional expedients and exceptions as needed to comply with regulatory and tax authorities for the transition to alternative reference rates. The Company's adoption of this standard did not have a material impact on its consolidated financial statements. RECENTLY ISSUED ACCOUNTING STANDARDS NOT YET ADOPTED — In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions . The new standard clarifies that a contractual restriction on the sale of an equity security should not be considered in measuring the fair value of the security. The new standard also requires certain disclosures related to equity securities with contractual sale restrictions. The ASU is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The standard should be applied prospectively. The Company is currently evaluating this guidance to determine the impact it may have on its consolidated financial statements. In March 2022, the FASB issued ASU 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures . The new standard eliminates the recognition and measurement guidance for troubled debt restructurings (TDRs) for creditors that have adopted ASC 326 and requires public entities to present gross write-offs by year of origination in their vintage disclosures. The ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The standard should be applied prospectively, and it allows for a modified retrospective transition method resulting in a cumulative-effect adjustment to retained earnings in the period of adoption. The Company is currently evaluating this guidance to determine the impact it may have on its consolidated financial statements. In March 2022, the FASB issued ASU 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging—Portfolio Layer Method . The new standard expands and clarifies the use of the portfolio layer method for fair value hedges of interest rate risk. The new standard allows non-prepayable financial assets to also be included in a closed portfolio hedged using the portfolio layer method. The ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The new guidance on hedging multiple layers in a closed portfolio should be applied prospectively and the guidance on the accounting for fair value basis adjustments should

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jul. 02, 2022
Earnings Per Share [Abstract]
Reconciliation of Net Earnings Attributable to Common Shareowners and Weighted-Average Shares Outstanding used to Calculate Basic and Diluted Earnings per Share	The following table reconciles net earnings attributable to common shareowners and the weighted-average shares outstanding used to calculate basic and diluted earnings per share for the three and six months ended July 2, 2022 and July 3, 2021: Second Quarter Year-to-Date 2022 2021 2022 2021 Numerator (in millions): Net Earnings from Continuing Operations Attributable to Common Shareowners $ 78.6 $ 428.7 $ 234.1 $ 879.5 Add: Contract adjustment payments accretion 0.4 0.3 0.7 0.5 Net Earnings from Continuing Operations Attributable to Common Shareowners - Diluted $ 79.0 $ 429.0 $ 234.8 $ 880.0 Net earnings from discontinued operations 9.0 26.0 28.8 53.2 Net Earnings Attributable to Common Shareowners - Diluted $ 88.0 $ 455.0 $ 263.6 $ 933.2 Second Quarter Year-to-Date 2022 2021 2022 2021 Denominator (in thousands): Basic weighted-average shares outstanding 145,353 158,644 150,385 158,081 Dilutive effect of stock contracts and awards 9,461 6,543 9,742 6,653 Diluted weighted-average shares outstanding 154,814 165,187 160,127 164,734 Second Quarter Year-to-Date 2022 2021 2022 2021 Earnings per share of common stock: Basic earnings per share of common stock: Continuing operations $ 0.54 $ 2.70 $ 1.56 $ 5.56 Discontinued operations $ 0.06 $ 0.16 $ 0.19 $ 0.34 Total basic earnings per share of common stock $ 0.60 $ 2.87 $ 1.75 $ 5.90 Diluted earnings per share of common stock: Continuing operations $ 0.51 $ 2.60 $ 1.47 $ 5.34 Discontinued operations $ 0.06 $ 0.16 $ 0.18 $ 0.32 Total dilutive earnings per share of common stock $ 0.57 $ 2.75 $ 1.65 $ 5.67
Weighted-Average Stock Options and Warrants Outstanding Not included in Computation of Diluted Shares Outstanding	The following weighted-average stock options were not included in the computation of weighted-average diluted shares outstanding because the effect would be anti-dilutive (in thousands): Second Quarter Year-to-Date 2022 2021 2022 2021 Number of stock options 4,166 706 3,356 901

ACCOUNTS AND NOTES RECEIVABLE_2

ACCOUNTS AND NOTES RECEIVABLE, NET (Tables)	6 Months Ended
	Jul. 02, 2022
Receivables [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable	(Millions of Dollars) July 2, 2022 January 1, 2022 Trade accounts receivable $ 1,522.0 $ 1,398.2 Trade notes receivable 69.6 75.3 Other accounts receivable 102.7 104.1 Gross accounts and notes receivable $ 1,694.3 $ 1,577.6 Allowance for credit losses (102.2) (95.9) Accounts and notes receivable, net $ 1,592.1 $ 1,481.7
Accounts Receivable, Allowance for Credit Loss	The changes in the allowance for credit losses for the three and six months ended July 2, 2022 and July 3, 2021 are as follows: Second Quarter Year-to-Date (Millions of Dollars) 2022 2021 2022 2021 Beginning Balance $ 107.8 $ 109.3 $ 95.9 $ 106.2 Charged To Costs and Expenses 3.3 (4.9) 14.4 (2.7) Other, including recoveries and deductions (a) (8.9) (1.3) (8.1) (0.4) Balance end of period $ 102.2 $ 103.1 $ 102.2 $ 103.1 (a) Amounts represent charge-offs less recoveries, the impacts of foreign currency translation, acquisitions and net transfers to/from other accounts.

INVENTORIES (Tables)

INVENTORIES (Tables)	6 Months Ended
	Jul. 02, 2022
Inventory Disclosure [Abstract]
Components of Inventories	The components of Inventories, net at July 2, 2022 and January 1, 2022 are as follows: (Millions of Dollars) July 2, 2022 January 1, 2022 Finished products $ 4,114.7 $ 3,486.2 Work in process 456.3 394.8 Raw materials 2,064.5 1,538.9 Total $ 6,635.5 $ 5,419.9

ACQUISITIONS AND INVESTMENTS (T

ACQUISITIONS AND INVESTMENTS (Tables)	6 Months Ended
	Jul. 02, 2022
Business Combination and Asset Acquisition [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the estimated acquisition date value of identifiable net assets acquired and liabilities assumed: (Millions of Dollars) Cash and cash equivalents $ 111.6 Accounts receivable, net 275.1 Inventories, net 897.0 Prepaid expenses and other assets 97.7 Property, plant and equipment 258.7 Trade names 390.0 Customer relationships 460.0 Other assets 37.8 Accounts payable (394.4) Accrued expenses (261.2) Deferred revenue (0.9) Long-term debt (110.9) Deferred taxes (205.4) Other liabilities (68.4) Total identifiable net assets $ 1,486.7 Goodwill 450.0 Total consideration $ 1,936.7
Pro-forma Impact from Acquisitions	The following table presents supplemental pro-forma information as if the 2021 acquisitions had occurred on December 29, 2019. The pro-forma consolidated results are not necessarily indicative of what the Company’s consolidated net sales and net earnings would have been had the Company completed the acquisitions on the aforementioned date. In addition, the pro-forma consolidated results do not purport to project the future results of the Company. (Millions of Dollars, except per share amounts) Second Quarter Year-To-Date 2022 2021 2022 2021 Net sales $ 4,393.0 $ 4,672.8 $ 8,841.0 $ 9,267.6 Net earnings from continuing operations attributable to common shareowners - Diluted $ 107.4 $ 451.8 $ 350.3 $ 927.6 Diluted earnings per share of common stock - Continuing operations $ 0.69 $ 2.74 $ 2.19 $ 5.63

GOODWILL (Tables)

GOODWILL (Tables)	6 Months Ended
	Jul. 02, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Changes in Carrying Amount of Goodwill by Segment	Changes in the carrying amount of goodwill by segment are as follows: (Millions of Dollars) Tools & Outdoor Industrial Total Balance January 1, 2022 $ 5,973.7 $ 2,617.0 $ 8,590.7 Reclassification to assets held for sale — (39.5) (39.5) Acquisitions 46.5 — 46.5 Foreign currency translation (115.8) (22.8) (138.6) Balance July 2, 2022 $ 5,904.4 $ 2,554.7 $ 8,459.1

LONG-TERM DEBT AND FINANCING _2

LONG-TERM DEBT AND FINANCING ARRANGEMENTS (Tables)	6 Months Ended
	Jul. 02, 2022
Debt Disclosure [Abstract]
Long-Term Debt and Financing Arrangements	Long-term debt and financing arrangements at July 2, 2022 and January 1, 2022 are as follows: July 2, 2022 January 1, 2022 (Millions of Dollars) Interest Rate Original Notional Unamortized Discount Unamortized Gain/(Loss) Terminated Swaps 1 Purchase Accounting FV Adjustment Deferred Financing Fees Carrying Value Carrying Value Notes payable due 2025 2.30% $ 500.0 $ (0.6) $ — $ — $ (2.2) $ 497.2 $ — Notes payable due 2026 3.40% 500.0 (0.4) — — (1.6) 498.0 497.8 Notes payable due 2026 3.42% 25.0 — — 1.5 (0.1) 26.4 24.9 Notes payable due 2026 1.84% 28.5 — — (0.5) (0.1) 27.9 28.4 Notes payable due 2028 7.05% 150.0 — 6.5 6.4 — 162.9 163.9 Notes payable due 2028 4.25% 500.0 (0.2) — — (2.8) 497.0 496.8 Notes payable due 2028 3.52% 50.0 — — 4.0 (0.2) 53.8 49.9 Notes payable due 2030 2.30% 750.0 (1.9) — — (4.0) 744.1 743.7 Notes payable due 2032 3.00% 500.0 (0.9) — — (3.4) 495.7 — Notes payable due 2040 5.20% 400.0 (0.2) (26.8) — (2.5) 370.5 369.7 Notes payable due 2048 4.85% 500.0 (0.5) — — (4.8) 494.7 494.6 Notes payable due 2050 2.75% 750.0 (1.9) — — (7.9) 740.2 740.0 Notes payable due 2060 (junior subordinated) 4.00% 750.0 — — — (9.0) 741.0 740.9 Other, payable in varying amounts 2022 through 2027 3.47%-4.31% 4.3 — — — (0.7) 3.6 4.3 Total Long-term debt, including current maturities $ 5,407.8 $ (6.6) $ (20.3) $ 11.4 $ (39.3) $ 5,353.0 $ 4,354.9 Less: Current maturities of long-term debt (1.2) (1.3) Long-term debt $ 5,351.8 $ 4,353.6 1 Unamortized gain/(loss) associated with interest rate swaps are more fully discussed in Note I, Financial Instruments.

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jul. 02, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Fair Value of Derivatives	A summary of the fair values of the Company’s derivatives recorded in the Condensed Consolidated Balance Sheets at July 2, 2022 and January 1, 2022 is as follows: (Millions of Dollars) Balance Sheet July 2, 2022 January 1, 2022 Balance Sheet July 2, 2022 January 1, 2022 Derivatives designated as hedging instruments: Interest Rate Contracts Cash Flow Other current assets $ — $ 1.2 Accrued expenses $ — $ 1.9 Foreign Exchange Contracts Cash Flow Other current assets 18.7 18.3 Accrued expenses — 0.8 Net Investment Hedge Other current assets 1.1 2.5 Accrued expenses — — LT other assets — 3.3 LT other liabilities — — Total designated as hedging $ 19.8 $ 25.3 $ — $ 2.7 Derivatives not designated as hedging instruments: Foreign Exchange Contracts Other current assets $ 9.5 $ 7.8 Accrued expenses $ 8.5 $ 6.0 Total $ 29.3 $ 33.1 $ 8.5 $ 8.7
Detail Pre-tax Amounts Reclassified From Accumulated Other Comprehensive Income (Loss) into Earnings	The tables below detail pre-tax amounts of derivatives designated as cash flow hedges in Accumulated other comprehensive loss during the periods in which the underlying hedged transactions affected earnings for the three and six months ended July 2, 2022 and July 3, 2021: Second Quarter 2022 (Millions of dollars) Gain (Loss) Classification of Gain (Loss) Gain (Loss) Interest Rate Contracts $ — Interest expense $ (1.5) $ — Foreign Exchange Contracts $ 16.9 Cost of sales $ 7.2 $ — Year-to-Date 2022 (Millions of Dollars) Gain (Loss) Classification of Gain (Loss) Gain (Loss) Interest Rate Contracts $ 23.4 Interest expense $ (2.7) $ — Foreign Exchange Contracts $ 23.4 Cost of sales $ 13.3 $ — Second Quarter 2021 (Millions of dollars) Gain (Loss) Classification of Gain (Loss) Gain (Loss) Interest Rate Contracts $ (25.0) Interest expense $ (1.0) $ — Foreign Exchange Contracts $ 3.9 Cost of sales $ (7.6) $ — Year-to-Date 2021 (Millions of Dollars) Gain (Loss) Classification of Gain (Loss) Gain (Loss) Interest Rate Contracts $ 27.4 Interest expense $ (2.1) $ — Foreign Exchange Contracts $ 8.2 Cost of sales $ (11.4) $ — A summary of the pre-tax effect of cash flow hedge accounting on the Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and six months ended July 2, 2022 and July 3, 2021 is as follows: Second Quarter 2022 Year-to-Date 2022 (Millions of Dollars) Cost of Sales Interest Expense Cost of Sales Interest Expense Total amount in the Consolidated Statements of Operations and Comprehensive Income (Loss) in which the effects of the cash flow hedges are recorded $ 3,185.9 $ 78.2 $ 6,328.5 $ 132.9 Gain (loss) on cash flow hedging relationships: Foreign Exchange Contracts: Hedged Items $ (7.2) $ — $ (13.3) $ — Gain (loss) reclassified from OCI into Income $ 7.2 $ — $ 13.3 $ — Interest Rate Swap Agreements: Gain (loss) reclassified from OCI into Income 1 $ — $ (1.5) $ — $ (2.7) Second Quarter 2021 Year-to-Date 2021 (Millions of Dollars) Cost of Sales Interest Expense Cost of Sales Interest Expense Total amount in the Consolidated Statements of Operations and Comprehensive Income (Loss) in which the effects of the cash flow hedges are recorded $ 2,437.1 $ 46.5 $ 4,770.1 $ 94.0 Gain (loss) on cash flow hedging relationships: Foreign Exchange Contracts: Hedged Items $ 7.6 $ — $ 11.4 $ — Gain (loss) reclassified from OCI into Income $ (7.6) $ — $ (11.4) $ — Interest Rate Swap Agreements: Gain (loss) reclassified from OCI into Income 1 $ — $ (1.0) $ — $ (2.1) 1 Inclusive of the gain/loss amortization on terminated derivative financial instruments.
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)	A summary of the pre-tax effect of fair value hedge accounting on the Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and six months ended July 2, 2022 and July 3, 2021 is as follows: (Millions of Dollars) Second Quarter 2022 Year-to-Date 2022 Total amount in the Consolidated Statements of Operations and Comprehensive Income (Loss) in which the effects of the fair value hedges are recorded $ 78.2 $ 132.9 Amortization of gain on terminated swaps $ (0.1) $ (0.2) (Millions of Dollars) Second Quarter 2021 Year-to-Date 2021 Total amount in the Consolidated Statements of Operations and Comprehensive Income (Loss) in which the effects of the fair value hedges are recorded $ 46.5 $ 94.0 Amortization of gain on terminated swaps $ (0.1) $ (0.2) A summary of the amounts recorded in the Condensed Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges as of July 2, 2022 and January 1, 2022 is as follows: July 2, 2022 (Millions of Dollars) Carrying Amount of Hedged Liability (1) Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liability Current Maturities of Long-Term Debt $ — Terminated Swaps $ — Long-Term Debt $ 533.4 Terminated Swaps $ (20.3) January 1, 2022 (Millions of Dollars) Carrying Amount of Hedged Liability (1) Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liability Current Maturities of Long-Term Debt $ — Terminated Swaps $ — Long-Term Debt $ 533.6 Terminated Swaps $ (20.4) (1) Represents hedged items no longer designated in qualifying fair value hedging relationships.
Schedule of Derivatives Pre-tax Gain Or Loss from Fair Value Change	The pre-tax gain or loss from fair value changes for the three and six months ended July 2, 2022 and July 3, 2021 was as follows: Second Quarter 2022 (Millions of Dollars) Total Gain (Loss) Recorded in OCI Excluded Component Recorded in OCI Income Statement Classification Total Gain (Loss) Reclassified from OCI to Income Excluded Component Amortized from OCI to Income Forward Contracts $ 2.5 $ — Other, net $ 0.2 $ 0.2 Cross Currency Swap $ (0.6) $ — Other, net $ — $ — Non-derivative designated as Net Investment Hedge $ — $ — Other, net $ — $ — Year-to-Date 2022 (Millions of Dollars) Total Gain (Loss) Recorded in OCI Excluded Component Recorded in OCI Income Statement Classification Total Gain (Loss) Reclassified from OCI to Income Excluded Component Amortized from OCI to Income Forward Contracts $ 5.3 $ 0.6 Other, net $ 0.7 $ 0.7 Cross Currency Swap $ (1.4) $ 2.5 Other, net $ 1.5 $ 1.5 Non-derivative designated as Net Investment Hedge $ (0.1) $ — Other, net $ — $ — Second Quarter 2021 (Millions of Dollars) Total Gain (Loss) Recorded in OCI Excluded Component Recorded in OCI Income Statement Classification Total Gain (Loss) Reclassified from OCI to Income Excluded Component Amortized from OCI to Income Forward Contracts $ (0.6) $ — Other, net $ 0.7 $ 0.7 Cross Currency Swap $ 1.2 $ 6.5 Other, net $ 0.8 $ 0.8 Year-to-Date 2021 (Millions of Dollars) Total Gain (Loss) Recorded in OCI Excluded Component Recorded in OCI Income Statement Classification Total Gain (Loss) Reclassified from OCI to Income Excluded Component Amortized from OCI to Income Forward Contracts $ (1.0) $ 0.8 Other, net $ 0.7 $ 0.7 Cross Currency Swap $ 9.3 $ 13.9 Other, net $ 2.1 $ 2.1
Income Statement Impacts Related to Derivatives Not Designated as Hedging Instruments	The gain (loss) recorded in income from changes in the fair value related to derivatives not designated as hedging instruments under ASC 815 for the three and six ended July 2, 2022 and July 3, 2021 are as follows: (Millions of Dollars) Income Statement Classification Second Quarter Year-to-Date Second Quarter Year-to-Date Foreign Exchange Contracts Other, net $ 7.0 $ 7.9 $ (7.4) $ (23.5)

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	6 Months Ended
	Jul. 02, 2022
Accumulated Other Comprehensive Income [Abstract]
Changes to the Components of Accumulated Other Comprehensive Loss	The following tables summarize the changes in the balances for each component of Accumulated other comprehensive loss: (Millions of Dollars) Currency translation adjustment and other Unrealized (losses) gains on cash flow hedges, net of tax Unrealized gains (losses) on net investment hedges, net of tax Pension (losses) gains, net of tax Total Balance - January 1, 2022 $ (1,543.0) $ (49.8) $ 71.8 $ (324.6) $ (1,845.6) Other comprehensive (loss) income before reclassifications (359.3) 32.5 3.0 19.2 (304.6) Reclassification adjustments to earnings — (4.7) (1.7) 5.6 (0.8) Net other comprehensive (loss) income (359.3) 27.8 1.3 24.8 (305.4) Balance - July 2, 2022 $ (1,902.3) $ (22.0) $ 73.1 $ (299.8) $ (2,151.0) (Millions of Dollars) Currency translation adjustment and other Unrealized (losses) gains on cash flow hedges, net of tax Unrealized gains (losses) on net investment hedges, net of tax Pension (losses) gains, net of tax Total Balance - January 2, 2021 $ (1,235.3) $ (103.0) $ 72.8 $ (448.2) $ (1,713.7) Other comprehensive (loss) income before reclassifications (124.8) 29.3 6.3 1.1 (88.1) Reclassification adjustments to earnings — 8.2 (2.1) 8.7 14.8 Net other comprehensive (loss) income (124.8) 37.5 4.2 9.8 (73.3) Balance - July 3, 2021 $ (1,360.1) $ (65.5) $ 77.0 $ (438.4) $ (1,787.0)
Reclassifications out of Accumulated Other Comprehensive Loss	The reclassifications out of Accumulated other comprehensive loss for the six months ended July 2, 2022 and July 3, 2021 were as follows: (Millions of Dollars) 2022 2021 Affected line item in Consolidated Statements of Operations And Comprehensive Income (Loss) Realized gains (losses) on cash flow hedges $ 13.3 $ (11.4) Cost of sales Realized losses on cash flow hedges (2.7) (2.1) Interest expense Total before taxes $ 10.6 $ (13.5) Tax effect (5.9) 5.3 Income taxes Realized gains (losses) on cash flow hedges, net of tax $ 4.7 $ (8.2) Realized gains on net investment hedges $ 2.2 $ 2.8 Other, net Tax effect (0.5) (0.7) Income taxes Realized gains on net investment hedges, net of tax $ 1.7 $ 2.1 Amortization of defined benefit pension items: Actuarial losses and prior service costs / credits $ (7.2) $ (11.4) Other, net Settlement loss (0.2) (0.1) Other, net Total before taxes $ (7.4) $ (11.5) Tax effect 1.8 2.8 Income taxes Amortization of defined benefit pension items, net of tax $ (5.6) $ (8.7)

NET PERIODIC BENEFIT COST - D_2

NET PERIODIC BENEFIT COST - DEFINED BENEFIT PLANS (Tables)	6 Months Ended
	Jul. 02, 2022
Retirement Benefits [Abstract]
Components of Net Periodic Benefit Cost	Following are the components of net periodic pension (benefit) expense for the three and six months ended July 2, 2022 and July 3, 2021: Second Quarter Pension Benefits Other Benefits U.S. Plans Non-U.S. Plans All Plans (Millions of Dollars) 2022 2021 2022 2021 2022 2021 Service cost $ 1.2 $ 1.5 $ 3.6 $ 4.4 $ — $ — Interest cost 8.7 5.8 5.7 4.3 0.6 0.3 Expected return on plan assets (15.1) (13.7) (9.5) (10.3) — — Amortization of prior service cost (credit) 0.2 0.3 (0.2) (0.2) — (0.1) Amortization of net loss (gain) 1.8 2.2 2.0 3.5 (0.1) — Settlement / curtailment loss — — 0.2 — — — Special termination benefit — — — — 6.9 — Net periodic pension (benefit) expense $ (3.2) $ (3.9) $ 1.8 $ 1.7 $ 7.4 $ 0.2 Year-to-Date Pension Benefits Other Benefits U.S. Plans Non-U.S. Plans All Plans (Millions of Dollars) 2022 2021 2022 2021 2022 2021 Service cost $ 2.8 $ 2.8 $ 7.5 $ 8.6 $ 0.1 $ 0.1 Interest cost 16.7 11.5 11.7 8.5 0.8 0.5 Expected return on plan assets (30.2) (27.4) (19.7) (20.2) — — Amortization of prior service cost (credit) 0.4 0.6 (0.4) (0.4) — (0.3) Amortization of net loss (gain) 3.3 4.5 4.1 7.0 (0.2) — Settlement / curtailment loss — — 0.2 0.1 — — Special termination benefit — — — — 6.9 — Net periodic pension (benefit) expense $ (7.0) $ (8.0) $ 3.4 $ 3.6 $ 7.6 $ 0.3

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jul. 02, 2022
Fair Value Disclosures [Abstract]
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis	The following table presents the Company’s financial assets and liabilities that are measured at fair value on a recurring basis for each of the hierarchy levels: (Millions of Dollars) Total Level 1 Level 2 Level 3 July 2, 2022 Money market fund $ 10.9 $ 10.9 $ — $ — Equity Security $ 6.4 $ 6.4 $ — $ — Deferred compensation plan investments $ 19.3 $ 19.3 $ — $ — Derivative assets $ 29.3 $ — $ 29.3 $ — Derivative liabilities $ 8.5 $ — $ 8.5 $ — Contingent consideration liability $ 284.7 $ — $ — $ 284.7 January 1, 2022 Money market fund $ 11.0 $ 11.0 $ — $ — Equity Security $ 13.8 $ 13.8 $ — $ — Deferred compensation plan investments $ 26.2 $ 26.2 $ — $ — Derivative assets $ 33.1 $ — $ 33.1 $ — Derivative liabilities $ 8.7 $ — $ 8.7 $ — Contingent consideration liability $ 288.6 $ — $ — $ 288.6
Summary of Financial Instruments Carrying and Fair Values	The following table provides information about the Company's financial assets and liabilities not carried at fair value: July 2, 2022 January 1, 2022 (Millions of Dollars) Carrying Fair Carrying Fair Other investments $ 9.3 $ 9.4 $ 11.2 $ 11.6 Long-term debt, including current portion $ 5,353.0 $ 4,949.6 $ 4,354.9 $ 4,850.2

RESTRUCTURING CHARGES (Tables)

RESTRUCTURING CHARGES (Tables)	6 Months Ended
	Jul. 02, 2022
Restructuring and Related Activities [Abstract]
Summary of Restructuring Reserve Activity	A summary of the restructuring reserve activity from January 1, 2022 to July 2, 2022 is as follows: (Millions of Dollars) January 1, Net Additions Usage Currency July 2, Severance and related costs $ 28.2 $ 64.6 $ (43.5) $ 2.1 $ 51.4 Facility closures and asset impairments 3.5 7.6 (8.6) 0.1 2.6 Total $ 31.7 $ 72.2 $ (52.1) $ 2.2 $ 54.0

BUSINESS SEGMENTS (Tables)

BUSINESS SEGMENTS (Tables)	6 Months Ended
	Jul. 02, 2022
Segment Reporting [Abstract]
Reconciliation of Revenue from Segments to Consolidated	Second Quarter Year-to-Date (Millions of Dollars) 2022 2021 2022 2021 Net Sales Tools & Outdoor $ 3,744.9 $ 3,196.5 $ 7,546.1 $ 6,259.4 Industrial 648.1 602.2 1,294.7 1,259.9 Other — 0.2 0.2 0.4 Consolidated $ 4,393.0 $ 3,798.9 $ 8,841.0 $ 7,519.7 Segment Profit Tools & Outdoor $ 361.6 $ 627.0 $ 740.1 $ 1,271.7 Industrial 58.3 60.5 99.6 160.3 Segment Profit 419.9 687.5 839.7 1,432.0 Corporate Overhead (65.5) (92.8) (140.2) (168.6) Other, net (79.1) (42.5) (141.1) (90.5) Gain (loss) on sales of businesses 0.2 (2.6) 0.2 (3.6) Asset impairment charge (168.4) — (168.4) — Restructuring charges (19.5) (10.4) (72.2) (12.2) Interest income 6.5 2.7 9.3 5.6 Interest expense (78.2) (46.5) (132.9) (94.0) Earnings from continuing operations before income taxes and equity interest $ 15.9 $ 495.4 $ 194.4 $ 1,068.7
Business Segments	The following table is a further disaggregation of the Industrial segment revenue for the three and six months ended July 2, 2022 and July 3, 2021: Second Quarter Year-to-Date (Millions of Dollars) 2022 2021 2022 2021 Engineered Fastening $ 466.1 $ 456.5 $ 946.2 $ 953.3 Infrastructure 182.0 145.7 348.5 306.6 Industrial $ 648.1 $ 602.2 $ 1,294.7 $ 1,259.9
Summary of Total Assets by Segment	The following table is a summary of total assets by segment as of July 2, 2022 and January 1, 2022: (Millions of Dollars) July 2, 2022 January 1, 2022 Tools & Outdoor $ 20,766.5 $ 19,537.9 Industrial 5,311.6 5,627.8 26,078.1 25,165.7 Assets held for sale 3,415.2 3,505.4 Corporate assets (131.9) (491.1) Consolidated $ 29,361.4 $ 28,180.0
Summary of Net Sales by Geographic Area	The following table is a summary of net sales by geographic area for the three and six months ended July 2, 2022 and July 3, 2021: Second Quarter Year-to-Date (Millions of Dollars) 2022 2021 2022 2021 United States $ 2,731.5 $ 2,201.8 $ 5,476.0 $ 4,333.7 Canada 243.5 168.3 480.0 354.6 Other Americas 216.1 209.7 414.4 406.8 France 128.0 127.1 268.0 262.2 Other Europe 729.8 763.4 1,503.4 1,501.4 Asia 344.1 328.6 699.2 661.0 Consolidated $ 4,393.0 $ 3,798.9 $ 8,841.0 $ 7,519.7

COMMITMENTS AND GUARANTEES (Tab

COMMITMENTS AND GUARANTEES (Tables)	6 Months Ended
	Jul. 02, 2022
Commitments and Guarantees [Abstract]
Summary of Right-of-Use Assets and Lease Liabilities	The following is a summary of the Company's right-of-use-assets and lease liabilities: (Millions of Dollars) July 2, 2022 January 1, 2022 Right-of-use assets $398.5 $426.0 Lease liabilities $407.6 $439.1 Weighted-average incremental borrowing rate 3.4% 3.5% Weighted-average remaining term 6 years 6 years
Financial Guarantees	The Company’s financial guarantees at July 2, 2022 are as follows: (Millions of Dollars) Term Maximum Carrying Guarantees on the residual values of leased assets One to five years $ 85.4 $ — Standby letters of credit Up to three years 201.6 — Commercial customer financing arrangements Up to six years 72.5 11.2 Total $ 359.5 $ 11.2
Changes in Carrying Amount of Product and Service Warranties	The changes in the carrying amount of product warranties for the six months ended July 2, 2022 and July 3, 2021 are as follows: (Millions of Dollars) 2022 2021 Balance beginning of period $ 134.5 $ 107.9 Warranties and guarantees issued 78.7 70.4 Warranty payments and currency (82.0) (77.4) Balance end of period $ 131.2 $ 100.9

DIVESTITURES (Tables)

DIVESTITURES (Tables)	6 Months Ended
	Jul. 02, 2022
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Pre Tax Losses	Following is the pre-tax losses for this business for the three and six months ended July 2, 2022 and July 3, 2021: Second Quarter Year-to-Date (Millions of Dollars) 2022 2021 2022 2021 Pre-tax losses $ (0.9) $ (9.0) $ (5.6) $ (10.1)
Summary of Operating Results of Discontinued Operations	Summarized operating results of discontinued operations are presented in the following table for the three and six months ended July 2, 2022 and July 3, 2021: Second Quarter Year-to-Date (Millions of Dollars) 2022 2021 2022 2021 Net Sales $ 489.8 $ 502.0 $ 978.1 $ 978.3 Cost of sales 325.9 320.3 638.5 620.1 Selling, general, and administrative (1) 139.6 134.5 277.8 268.3 Other, net and restructuring charges 17.9 14.8 33.2 26.4 Earnings from discontinued operations before income taxes $ 6.4 $ 32.4 $ 28.6 $ 63.5 Income taxes on discontinued operations (2.6) 6.4 (0.2) 10.3 Net earnings from discontinued operations $ 9.0 $ 26.0 $ 28.8 $ 53.2 (1) Includes provision for credit losses. The following table presents the significant non-cash items and capital expenditures for the discontinued operations with respect to MAS and CSS that are included in the Condensed Consolidated Statements of Cash Flows (in millions) for the three and six months ended July 2, 2022 and July 3, 2021: Second Quarter Year-to-Date (Millions of Dollars) 2022 2021 2022 2021 Depreciation and amortization $ — $ 17.3 $ 0.4 $ 34.8 Capital expenditures $ 2.3 $ 1.9 $ 6.3 $ 6.8 Stock-based compensation $ 9.2 $ 1.9 $ 18.5 $ 3.9 The carrying amounts of the assets and liabilities that were aggregated in assets held for sale and liabilities held for sale as of July 2, 2022 and January 1, 2022 are presented in the following table: (Millions of Dollars) July 2, 2022 January 1, 2022 Cash and cash equivalents $ 19.7 $ 145.1 Accounts and notes receivable, net 548.3 513.9 Inventories, net 209.4 169.4 Other current assets 73.6 41.2 Property, plant and equipment, net 198.2 84.3 Goodwill and other intangibles, net 2,231.6 2,270.2 Other assets 302.8 281.3 Valuation allowance (168.4) — Total assets $ 3,415.2 $ 3,505.4 Accounts payable and accrued expenses $ 483.5 $ 460.4 Other long-term liabilities 137.1 137.4 Total liabilities $ 620.6 $ 597.8

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Details)	Dec. 01, 2021	Jan. 31, 2019
MTD
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Percent of ownership interest acquired		20%
MTD
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Percentage of voting interests acquired	80%

NEW ACCOUNTING STANDARDS (Detai

NEW ACCOUNTING STANDARDS (Details) - shares shares in Millions	3 Months Ended	6 Months Ended
	Jul. 02, 2022	Jul. 02, 2022
Accounting Policies [Abstract]
Increase in weighted-average shares outstanding (in shares)	4.1	4.1

EARNINGS PER SHARE - Reconcilia

EARNINGS PER SHARE - Reconciliation of Net Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 03, 2021
Numerator (in millions):
Net Earnings from Continuing Operations Attributable to Common Shareowners	$ 78.6	$ 428.7	$ 234.1	$ 879.5
Add: Contract adjustment payments accretion	0.4	0.3	0.7	0.5
Net Earnings from Continuing Operations Attributable to Common Shareowners - Diluted	79	429	234.8	880
Net earnings from discontinued operations	9	26	28.8	53.2
Net Earnings Attributable to Common Shareowners - Diluted	$ 88	$ 455	$ 263.6	$ 933.2
Denominator (in thousands):
Basic weighted-average shares outstanding (in shares)	145,353	158,644	150,385	158,081
Dilutive effect of stock contracts and awards (in shares)	9,461	6,543	9,742	6,653
Diluted weighted-average shares outstanding (in shares)	154,814	165,187	160,127	164,734
Basic earnings per share of common stock:
Continuing operations (in dollars per share)	$ 0.54	$ 2.70	$ 1.56	$ 5.56
Discontinuing operations (in dollars per share)	0.06	0.16	0.19	0.34
Total basic earnings per share of common share (in dollars per share)	0.60	2.87	1.75	5.90
Diluted earnings per share of common stock:
Continuing operations (in dollars per share)	0.51	2.60	1.47	5.34
Discontinued operations (in dollars per share)	0.06	0.16	0.18	0.32
Total diluted earnings per share of common stock (in dollars per share)	$ 0.57	$ 2.75	$ 1.65	$ 5.67
Number of stock options (in shares)	4,166	706	3,356	901

EARNINGS PER SHARE - Additional

EARNINGS PER SHARE - Additional Information (Details) $ / shares in Units, $ in Millions				1 Months Ended				3 Months Ended		6 Months Ended
	Jun. 03, 2021 USD ($) $ / shares shares	Apr. 28, 2021 $ / shares	May 15, 2020 $ / shares	Jun. 30, 2021 USD ($) shares	May 31, 2020 USD ($) $ / shares shares	Nov. 30, 2019 USD ($) $ / shares shares	May 31, 2017 USD ($) $ / shares shares	Jul. 02, 2022 USD ($) $ / shares shares	Jul. 03, 2021 USD ($)	Jul. 02, 2022 USD ($) $ / shares shares	Jul. 03, 2021 USD ($)	Jan. 01, 2022 shares	Nov. 07, 2019 $ / shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Equity units issued (in shares) | shares						7,500,000	7,500,000
Notional value of equity | $						$ 750
Term of forward purchase contract					3 years	3 years
Preferred stock conversion rate number of common stock shares (in shares) | shares						5.2263
Option indexed to issuer's equity, strike price (in dollars per share)						$ 191.34				$ 190.81
Increase in weighted-average shares outstanding (in shares) | shares								4,100,000		4,100,000
Shares of convertible preferred stock (in shares) | shares								750,000		750,000		750,000
Conversion of convertible securities (in shares) | shares	1,469,055			1,469,055
Redemption of preferred stock for treasury | $								$ 0	$ 750	$ 0	$ 750
Preferred stock, redemption price per share before redemption date (in dollars per share)	$ 148.04
Series C Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Notional value of equity | $							$ 750
Dividend rate of preferred stock					5%
Preferred stock, liquidation preference (in dollars per share)		$ 1,000			$ 1,000
Preferred stock conversion rate number of common stock shares (in shares) | shares	6.7548
Preferred stock conversion rate	6.7548
Proceeds from issuance of convertible preferred stock | $					$ 750
Common shares issued (in shares) | shares					5,463,750
Shares of convertible preferred stock (in shares) | shares				750,000	750,000
Preferred dividend rate (in dollars per share)					$ 50
Preferred stock, redemption, price per share (in dollars per share)		$ 1,002.5
Preferred stock, redemption price per share, percentage of liquidation preference		100%
Redemption of preferred stock for treasury | $	$ 750			$ 750
Preferred stock, redemption price per share before redemption date (in dollars per share)	$ 148.04	$ 1,000
2019 Equity Units and Capped call Transactions
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stated value (in dollars per share)						$ 100		$ 158.99		$ 158.99			$ 159.45
Percentage beneficial ownership						10%
Preferred stock, liquidation preference (in dollars per share)						$ 1,000
Purchase price (in dollars per share)										$ 100
Shares of convertible preferred stock (in shares) | shares						750,000
2019 Equity Units and Capped call Transactions | Series D Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dividend rate of preferred stock						0%
Preferred stock conversion rate number of common stock shares (in shares) | shares						5.2263
2017 Equity Units and Capped call Transactions
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stated value (in dollars per share)							$ 100
Term of forward purchase contract							3 years
Percentage beneficial ownership			10%
Preferred stock, liquidation preference (in dollars per share)			$ 1,000				$ 1,000
Purchase price (in dollars per share)			100
Shares of convertible preferred stock (in shares) | shares							750,000
Preferred dividend rate (in dollars per share)			$ 50
2017 Equity Units and Capped call Transactions | Series D Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Preferred stock conversion rate										5.2409
2017 Equity Units and Capped call Transactions | Series C Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dividend rate of preferred stock			5%				0%
Preferred stock, liquidation preference (in dollars per share)			$ 1,000		1,000
Preferred stock conversion rate number of common stock shares (in shares) | shares							6.1627
Option indexed to issuer's equity, strike price (in dollars per share)					$ 148.47
Preferred stock conversion rate					6.7352
Common shares issued (in shares) | shares					5,463,750

ACCOUNTS AND NOTES RECEIVABLE_3

ACCOUNTS AND NOTES RECEIVABLE, NET - Schedule of Accounts Receivable (Details) - USD ($) $ in Millions	Jul. 02, 2022	Jan. 01, 2022
Receivables [Abstract]
Trade accounts receivable	$ 1,522	$ 1,398.2
Trade notes receivable	69.6	75.3
Other accounts receivable	102.7	104.1
Gross accounts and notes receivable	1,694.3	1,577.6
Allowance for credit losses	(102.2)	(95.9)
Accounts and notes receivable, net	$ 1,592.1	$ 1,481.7

ACCOUNTS AND NOTES RECEIVABLE_4

ACCOUNTS AND NOTES RECEIVABLE, NET - Schedule of Changes in Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 03, 2021
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	$ 107.8	$ 109.3	$ 95.9	$ 106.2
Charged To Costs and Expenses	3.3	(4.9)	14.4	(2.7)
Other, including recoveries and deductions	(8.9)	(1.3)	(8.1)	(0.4)
Balance end of period	$ 102.2	$ 103.1	$ 102.2	$ 103.1

ACCOUNTS AND NOTES RECEIVABLE_5

ACCOUNTS AND NOTES RECEIVABLE, NET - Additional Information (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
	Jul. 02, 2022	Jul. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 03, 2021	Jan. 01, 2022
Financing Receivable, Allowance for Credit Loss [Line Items]
Operating lease receivable	$ 0.7	$ 0.7		$ 0.7		$ 21.2
Operating lease revenue		16	$ 11	28.7	$ 30.6
Cash investment purchaser allowed to have in transferors receivables	110	110		110
Net receivables derecognized	110	110		110		100
Proceeds from transfers of receivables to the purchaser		132.3	119.3	214.6	182.7
Payment to the purchaser		108.7	83.6	204.6	169.5
Pre-tax program loss		0.9	0.4	1.3	0.8
Payment to the purchaser, servicing fees		0.2	$ 0.2	0.4	0.4
Deferred revenue	105.2	105.2		105.2		117.1
Deferred revenue, current	26.1	26.1		26.1		$ 35
Deferred revenue recognized				11.4	$ 12.1
Oil and Gas
Financing Receivable, Allowance for Credit Loss [Line Items]
Increase (decrease) in operating lease liability	22.9
Deferred revenue	$ 10.5	$ 10.5		$ 10.5

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Millions	Jul. 02, 2022	Jan. 01, 2022
Inventory Disclosure [Abstract]
Finished products	$ 4,114.7	$ 3,486.2
Work in process	456.3	394.8
Raw materials	2,064.5	1,538.9
Total	$ 6,635.5	$ 5,419.9

ACQUISITIONS AND INVESTMENTS -

ACQUISITIONS AND INVESTMENTS - Additional Information (Details) $ in Millions			1 Months Ended	3 Months Ended	6 Months Ended	12 Months Ended
	Dec. 01, 2021 USD ($)	Nov. 12, 2021 USD ($)	Jan. 31, 2019 USD ($)	Jan. 01, 2022 USD ($)	Jul. 02, 2022 USD ($) business	Jan. 01, 2022 USD ($) business
Business Acquisition [Line Items]
Goodwill				$ 8,590.7	$ 8,459.1	$ 8,590.7
Number of businesses acquired | business					0
MTD
Business Acquisition [Line Items]
Percent of ownership interest acquired			20%
Cash paid for equity method investment			$ 234
MTD
Business Acquisition [Line Items]
Percentage of voting interests acquired	80%
Estimated purchase price	$ 1,500
Equity method investment remeasured at fair value	$ 295.1
Equity method investment, fair value adjustment				68
Weighted average useful life of intangible assets	15 years
Estimate of tax deductible goodwill	$ 0.6
Total consideration	1,936.7
Deferred tax liabilities	205.4
Estimated acquisition date value	1,486.7
Goodwill	$ 450
Excel Industries
Business Acquisition [Line Items]
Weighted average useful life of intangible assets		14 years
Estimate of tax deductible goodwill		$ 0.6
Total consideration		373.7
Working capital acquired		36.7
Deferred tax liabilities		48.5
Finite-lived intangible assets		203.5
Estimated acquisition date value		200.4
Goodwill		173.3
Excel Industries | Customer relationships
Business Acquisition [Line Items]
Finite-lived intangible assets		$ 158
2021 Aquisitions
Business Acquisition [Line Items]
Estimated purchase price						207.7
Estimate of tax deductible goodwill				44.8		44.8
Working capital acquired				36.6		36.6
Estimated acquisition date value				51.5		51.5
Goodwill				$ 156.2		$ 156.2
Number of businesses acquired | business						2

ACQUISITIONS AND INVESTMENTS _2

ACQUISITIONS AND INVESTMENTS - Estimated Fair Values of Major Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Dec. 01, 2021	Jul. 02, 2022	Jan. 01, 2022
Schedule of Business Acquisitions, Purchase Price Allocation [Line Items]
Goodwill		$ 8,459.1	$ 8,590.7
MTD
Schedule of Business Acquisitions, Purchase Price Allocation [Line Items]
Cash and cash equivalents	$ 111.6
Accounts receivable, net	275.1
Inventories, net	897
Prepaid expenses and other assets	97.7
Property, plant and equipment	258.7
Other assets	37.8
Accounts payable	(394.4)
Accrued expenses	(261.2)
Deferred revenue	(0.9)
Long-term debt	(110.9)
Deferred taxes	(205.4)
Other liabilities	(68.4)
Total identifiable net assets	1,486.7
Goodwill	450
Total consideration	1,936.7
Trade names | MTD
Schedule of Business Acquisitions, Purchase Price Allocation [Line Items]
Intangible assets	390
Customer relationships | MTD
Schedule of Business Acquisitions, Purchase Price Allocation [Line Items]
Intangible assets	$ 460

ACQUISITIONS AND INVESTMENTS _3

ACQUISITIONS AND INVESTMENTS - Supplemental Pro Forma Information Related to Business Acquisitions (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 03, 2021
Business Combination and Asset Acquisition [Abstract]
Net sales	$ 4,393	$ 4,672.8	$ 8,841	$ 9,267.6
Net earnings from continuing operations attributable to common shareowners - Diluted	$ 107.4	$ 451.8	$ 350.3	$ 927.6
Diluted earnings per share of common stock - Continuing operations (in dollars per share)	$ 0.69	$ 2.74	$ 2.19	$ 5.63

GOODWILL (Details)

GOODWILL (Details) - USD ($) $ in Millions	6 Months Ended
	Jul. 02, 2022	Jan. 01, 2022
Goodwill [Roll Forward]
Goodwill beginning balance	$ 8,590.7
Reclassification to assets held for sale	(39.5)
Acquisitions	46.5
Foreign currency translation	(138.6)
Goodwill ending balance	8,459.1
Held for sale, goodwill	2,010.7	$ 2,088
Tools & Outdoor
Goodwill [Roll Forward]
Goodwill beginning balance	5,973.7
Reclassification to assets held for sale	0
Acquisitions	46.5
Foreign currency translation	(115.8)
Goodwill ending balance	5,904.4
Industrial
Goodwill [Roll Forward]
Goodwill beginning balance	2,617
Reclassification to assets held for sale	(39.5)
Acquisitions	0
Foreign currency translation	(22.8)
Goodwill ending balance	2,554.7
Oil & Gas
Goodwill [Roll Forward]
Reclassification to assets held for sale	$ 39.5

LONG-TERM DEBT AND FINANCING _3

LONG-TERM DEBT AND FINANCING ARRANGEMENTS - Schedule of Long-term Debt (Details) - USD ($)	6 Months Ended
	Jul. 02, 2022	Feb. 28, 2022	Jan. 01, 2022
Debt Instrument [Line Items]
Original Notional	$ 5,407,800,000
Unamortized Discount	(6,600,000)
Unamortized Gain/(Loss) Terminated Swaps	(20,300,000)
Purchase Accounting FV Adjustment	11,400,000
Deferred Financing Fees	(39,300,000)
Carrying Value	5,353,000,000		$ 4,354,900,000
Less: Current maturities of long-term debt	(1,200,000)		(1,300,000)
Long-term debt	$ 5,351,800,000		4,353,600,000
Notes 2.30% Due in 2025
Debt Instrument [Line Items]
Interest Rate	2.30%	2.30%
Original Notional	$ 500,000,000	$ 500,000,000
Unamortized Discount	(600,000)
Unamortized Gain/(Loss) Terminated Swaps	0
Purchase Accounting FV Adjustment	0
Deferred Financing Fees	(2,200,000)
Carrying Value	$ 497,200,000		0
Notes 3.4% Due in 2026
Debt Instrument [Line Items]
Interest Rate	3.40%
Original Notional	$ 500,000,000
Unamortized Discount	(400,000)
Unamortized Gain/(Loss) Terminated Swaps	0
Purchase Accounting FV Adjustment	0
Deferred Financing Fees	(1,600,000)
Carrying Value	$ 498,000,000		497,800,000
Notes 3.42% Due in 2026
Debt Instrument [Line Items]
Interest Rate	3.42%
Original Notional	$ 25,000,000
Unamortized Discount	0
Unamortized Gain/(Loss) Terminated Swaps	0
Purchase Accounting FV Adjustment	1,500,000
Deferred Financing Fees	(100,000)
Carrying Value	$ 26,400,000		24,900,000
Notes 1.84% Due in 2026
Debt Instrument [Line Items]
Interest Rate	1.84%
Original Notional	$ 28,500,000
Unamortized Discount	0
Unamortized Gain/(Loss) Terminated Swaps	0
Purchase Accounting FV Adjustment	(500,000)
Deferred Financing Fees	(100,000)
Carrying Value	$ 27,900,000		28,400,000
Notes 7.05% Due 2028
Debt Instrument [Line Items]
Interest Rate	7.05%
Original Notional	$ 150,000,000
Unamortized Discount	0
Unamortized Gain/(Loss) Terminated Swaps	6,500,000
Purchase Accounting FV Adjustment	6,400,000
Deferred Financing Fees	0
Carrying Value	$ 162,900,000		163,900,000
Notes 4.25% Due 2028
Debt Instrument [Line Items]
Interest Rate	4.25%
Original Notional	$ 500,000,000
Unamortized Discount	(200,000)
Unamortized Gain/(Loss) Terminated Swaps	0
Purchase Accounting FV Adjustment	0
Deferred Financing Fees	(2,800,000)
Carrying Value	$ 497,000,000		496,800,000
Notes 3.52% Due in 2028
Debt Instrument [Line Items]
Interest Rate	3.52%
Original Notional	$ 50,000,000
Unamortized Discount	0
Unamortized Gain/(Loss) Terminated Swaps	0
Purchase Accounting FV Adjustment	4,000,000
Deferred Financing Fees	(200,000)
Carrying Value	$ 53,800,000		49,900,000
Notes 2.30% Due 2030
Debt Instrument [Line Items]
Interest Rate	2.30%
Original Notional	$ 750,000,000
Unamortized Discount	(1,900,000)
Unamortized Gain/(Loss) Terminated Swaps	0
Purchase Accounting FV Adjustment	0
Deferred Financing Fees	(4,000,000)
Carrying Value	$ 744,100,000		743,700,000
Notes 3.00% Due in 2032
Debt Instrument [Line Items]
Interest Rate	3%	3%
Original Notional	$ 500,000,000	$ 500,000,000
Unamortized Discount	(900,000)
Unamortized Gain/(Loss) Terminated Swaps	0
Purchase Accounting FV Adjustment	0
Deferred Financing Fees	(3,400,000)
Carrying Value	$ 495,700,000		0
Notes 5.20% Due 2040
Debt Instrument [Line Items]
Interest Rate	5.20%
Original Notional	$ 400,000,000
Unamortized Discount	(200,000)
Unamortized Gain/(Loss) Terminated Swaps	(26,800,000)
Purchase Accounting FV Adjustment	0
Deferred Financing Fees	(2,500,000)
Carrying Value	$ 370,500,000		369,700,000
Notes 4.85% Due 2048
Debt Instrument [Line Items]
Interest Rate	4.85%
Original Notional	$ 500,000,000
Unamortized Discount	(500,000)
Unamortized Gain/(Loss) Terminated Swaps	0
Purchase Accounting FV Adjustment	0
Deferred Financing Fees	(4,800,000)
Carrying Value	$ 494,700,000		494,600,000
Notes 2.75% Due 2050
Debt Instrument [Line Items]
Interest Rate	2.75%
Original Notional	$ 750,000,000
Unamortized Discount	(1,900,000)
Unamortized Gain/(Loss) Terminated Swaps	0
Purchase Accounting FV Adjustment	0
Deferred Financing Fees	(7,900,000)
Carrying Value	740,200,000		740,000,000
Other, payable in varying amounts 2022 through 2027
Debt Instrument [Line Items]
Original Notional	4,300,000
Unamortized Discount	0
Unamortized Gain/(Loss) Terminated Swaps	0
Purchase Accounting FV Adjustment	0
Deferred Financing Fees	(700,000)
Carrying Value	$ 3,600,000		4,300,000
Other, payable in varying amounts 2022 through 2027 | Minimum
Debt Instrument [Line Items]
Interest Rate	3.47%
Other, payable in varying amounts 2022 through 2027 | Maximum
Debt Instrument [Line Items]
Interest Rate	4.31%
Junior Subordinated Debt | Notes 4.00% Due in 2060
Debt Instrument [Line Items]
Interest Rate	4%
Original Notional	$ 750,000,000
Unamortized Discount	0
Unamortized Gain/(Loss) Terminated Swaps	0
Purchase Accounting FV Adjustment	0
Deferred Financing Fees	(9,000,000)
Carrying Value	$ 741,000,000		$ 740,900,000

LONG-TERM DEBT AND FINANCING _4

LONG-TERM DEBT AND FINANCING ARRANGEMENTS - Additional Information (Details) - USD ($)	1 Months Ended
	Feb. 28, 2022	Jul. 02, 2022	Jan. 31, 2022	Jan. 01, 2022	Nov. 30, 2021
Debt Instrument [Line Items]
Face amount of debt		$ 5,407,800,000
Proceeds from issuance of debt	$ 992,600,000
Underwriting expenses and other fees	7,400,000
Maximum borrowing capacity		3,500,000,000
Commercial paper, outstanding		3,300,000,000		$ 2,200,000,000
Amount outstanding		0		0
Commercial Paper
Debt Instrument [Line Items]
Maximum borrowing capacity		3,500,000,000
Notes 2.30% Due in 2025
Debt Instrument [Line Items]
Face amount of debt	$ 500,000,000	$ 500,000,000
Interest Rate	2.30%	2.30%
Notes 3.00% Due in 2032
Debt Instrument [Line Items]
Face amount of debt	$ 500,000,000	$ 500,000,000
Interest Rate	3%	3%
5 Year Credit Facility
Debt Instrument [Line Items]
Long-term debt, term		5 years
Five-year commercial credit facility		$ 2,500,000,000
Committed Credit Facility
Debt Instrument [Line Items]
Amount of credit facility foreign currency sublimit		$ 814,300,000
2020 Credit Agreement
Debt Instrument [Line Items]
Long-term debt, term		364 days
Amount outstanding		$ 0		0
Maximum borrowing capacity		1,000,000,000
November 2021 Credit Agreement
Debt Instrument [Line Items]
Long-term debt, term					364 days
Five-year commercial credit facility					$ 1,000,000,000
Amount outstanding		0		$ 0
January 2022 Credit Agreement
Debt Instrument [Line Items]
Long-term debt, term			364 days		364 days
Five-year commercial credit facility			$ 2,500,000,000
Outstanding balance		$ 2,500,000,000

FINANCIAL INSTRUMENTS - Summary

FINANCIAL INSTRUMENTS - Summary of Fair Value of Derivatives (Details) - USD ($) $ in Millions	Jul. 02, 2022	Jan. 01, 2022
Derivatives, Fair Value [Line Items]
Derivative assets	$ 29.3	$ 33.1
Derivative liabilities	8.5	8.7
Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative assets	19.8	25.3
Derivative liabilities	0	2.7
Designated as Hedging Instrument | Cash Flow Hedges | Interest Rate Contracts | Other current assets
Derivatives, Fair Value [Line Items]
Derivative assets	0	1.2
Designated as Hedging Instrument | Cash Flow Hedges | Interest Rate Contracts | Accrued expenses
Derivatives, Fair Value [Line Items]
Derivative liabilities	0	1.9
Designated as Hedging Instrument | Cash Flow Hedges | Foreign Exchange Contracts | Other current assets
Derivatives, Fair Value [Line Items]
Derivative assets	18.7	18.3
Designated as Hedging Instrument | Cash Flow Hedges | Foreign Exchange Contracts | Accrued expenses
Derivatives, Fair Value [Line Items]
Derivative liabilities	0	0.8
Designated as Hedging Instrument | Net Investment Hedge | Other current assets
Derivatives, Fair Value [Line Items]
Derivative assets	1.1	2.5
Designated as Hedging Instrument | Net Investment Hedge | LT other assets
Derivatives, Fair Value [Line Items]
Derivative assets	0	3.3
Designated as Hedging Instrument | Net Investment Hedge | Accrued expenses
Derivatives, Fair Value [Line Items]
Derivative liabilities	0	0
Designated as Hedging Instrument | Net Investment Hedge | LT other liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	0	0
Not Designated as Hedging Instrument | Foreign Exchange Contracts | Other current assets
Derivatives, Fair Value [Line Items]
Derivative assets	9.5	7.8
Not Designated as Hedging Instrument | Foreign Exchange Contracts | Accrued expenses
Derivatives, Fair Value [Line Items]
Derivative liabilities	$ 8.5	$ 6

FINANCIAL INSTRUMENTS - Additio

FINANCIAL INSTRUMENTS - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 03, 2021	Jan. 01, 2022
Derivative Instruments, Gain (Loss) [Line Items]
(Proceeds from) payments for derivative instruments			$ (60,200,000)	$ 101,700,000
Gain (loss) reclassified from Accumulated other comprehensive loss into earnings	$ 2,200,000	$ (5,300,000)	4,700,000	(8,200,000)
Gain on termination of swap			4,000,000
Cash Flow Hedges
Derivative Instruments, Gain (Loss) [Line Items]
After market-to-market gains (losses)			(22,000,000)		$ (49,800,000)
After tax gain to be reclassified to earnings			11,700,000
Interest Rate Swap | Cash Flow Hedges
Derivative Instruments, Gain (Loss) [Line Items]
After market-to-market gains (losses)			22,700,000
Derivative notional amount	0		0		400,000,000
Foreign Exchange Forward | Cash Flow Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Derivative notional amount	233,900,000		233,900,000		512,100,000
Foreign Exchange Contracts
Derivative Instruments, Gain (Loss) [Line Items]
Accumulated other comprehensive gains	73,100,000		73,100,000		71,800,000
Foreign Exchange Contracts | Net Investment Hedge
Derivative Instruments, Gain (Loss) [Line Items]
(Proceeds from) payments for derivative instruments			8,900,000	$ 52,600,000
Derivative notional amount	75,000,000		75,000,000		75,000,000
Cross Currency Swap | Net Investment Hedge
Derivative Instruments, Gain (Loss) [Line Items]
Derivative notional amount					100,000,000
Not Designated as Hedging Instrument | Forward Contracts
Derivative Instruments, Gain (Loss) [Line Items]
Derivative notional amount	$ 1,000,000,000		$ 1,000,000,000		$ 1,200,000,000

FINANCIAL INSTRUMENTS - Derivat

FINANCIAL INSTRUMENTS - Derivatives Designated as Cash Flow Hedges in AOCI (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 03, 2021
Foreign Exchange Contracts | Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from OCI to Income	$ 0	$ 0	$ 0	$ 0
Foreign Exchange Contracts | Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from OCI to Income	7.2	(7.6)	13.3	(11.4)
Forward Contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Recognized in Income on Amounts Excluded from Effectiveness Testing	0.2	0.7	0.7	0.7
Cross Currency Swap
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Recognized in Income on Amounts Excluded from Effectiveness Testing	0	0.8	1.5	2.1
Cash Flow Hedges | Interest Rate Contracts | Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Recorded in OCI	0	(25)	23.4	27.4
Gain (Loss) Reclassified from OCI to Income	(1.5)	(1)	(2.7)	(2.1)
Gain (Loss) Recognized in Income on Amounts Excluded from Effectiveness Testing	0	0	0	0
Cash Flow Hedges | Foreign Exchange Contracts | Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Recorded in OCI	16.9	3.9	23.4	8.2
Gain (Loss) Reclassified from OCI to Income	7.2	(7.6)	13.3	(11.4)
Gain (Loss) Recognized in Income on Amounts Excluded from Effectiveness Testing	$ 0	$ 0	$ 0	$ 0

FINANCIAL INSTRUMENTS - Pretax

FINANCIAL INSTRUMENTS - Pretax Effect of Cash Flow Hedge Accounting (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 03, 2021
Derivative [Line Items]
Cost of sales	$ 3,185.9	$ 2,437.1	$ 6,328.5	$ 4,770.1
Interest expense	78.2	46.5	132.9	94
Cost of Sales | Foreign Exchange Contracts
Derivative [Line Items]
Hedged Items	(7.2)	7.6	(13.3)	11.4
Gain (loss) reclassified from OCI into Income	7.2	(7.6)	13.3	(11.4)
Cost of Sales | Interest Rate Swap
Derivative [Line Items]
Gain (loss) reclassified from OCI into Income	0	0	0	0
Interest Expense | Foreign Exchange Contracts
Derivative [Line Items]
Hedged Items	0	0	0	0
Gain (loss) reclassified from OCI into Income	0	0	0	0
Interest Expense | Interest Rate Swap
Derivative [Line Items]
Gain (loss) reclassified from OCI into Income	$ (1.5)	$ (1)	$ (2.7)	$ (2.1)

FINANCIAL INSTRUMENTS - Preta_2

FINANCIAL INSTRUMENTS - Pretax Effect of Fair Value Hedges (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 03, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Total amount in the Consolidated Statements of Operations and Comprehensive Income (Loss) in which the effects of the fair value hedges are recorded	$ 78.2	$ 46.5	$ 132.9	$ 94
Fair Value Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Amortization of gain on terminated swaps	$ (0.1)	$ (0.1)	$ (0.2)	$ (0.2)

FINANCIAL INSTRUMENTS - Fair Va

FINANCIAL INSTRUMENTS - Fair Value Adjustments Relating to Swaps (Details) - USD ($) $ in Millions	Jul. 02, 2022	Jan. 01, 2022
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Current Maturities of Long-Term Debt	$ 0	$ 0
Long-Term Debt	533.4	533.6
Terminated Swaps	(20.3)
Other Current Liabilities | Designated as Hedging Instrument | Fair Value Hedging
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Terminated Swaps	0	0
Long-term Debt | Designated as Hedging Instrument | Fair Value Hedging
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Terminated Swaps	$ (20.3)	$ (20.4)

FINANCIAL INSTRUMENTS - Details

FINANCIAL INSTRUMENTS - Details of Foreign Exchange Contracts Pre-Tax Amounts (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 03, 2021
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Non-derivative designated as Net Investment Hedge, Gain (Loss) Recorded in OCI	$ 0		$ (0.1)
Non-derivative designated as Net Investment Hedge, Excluded Component Recorded in OCI	0		0
Non-derivative designated as Net Investment Hedge, Excluded Component Amortized from OCI to Income	0		0
Forward Contracts
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Total Gain (Loss) Recorded in OCI	2.5	$ (0.6)	5.3	$ (1)
Excluded Component Recorded in OCI	0	0	0.6	0.8
Excluded Component Amortized from OCI to Income	0.2	0.7	0.7	0.7
Cross Currency Swap
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Total Gain (Loss) Recorded in OCI	(0.6)	1.2	(1.4)	9.3
Excluded Component Recorded in OCI	0	6.5	2.5	13.9
Excluded Component Amortized from OCI to Income	0	0.8	1.5	2.1
Other, net
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Non-derivative designated as Net Investment Hedge, Gain (Loss) Reclassified from OCI to Income	0		0
Other, net | Forward Contracts
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Gain (Loss) Recorded in OCI	0.2	0.7	0.7	0.7
Other, net | Cross Currency Swap
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Gain (Loss) Recorded in OCI	$ 0	$ 0.8	$ 1.5	$ 2.1

FINANCIAL INSTRUMENTS - Undesig

FINANCIAL INSTRUMENTS - Undesignated Hedges (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 03, 2021
Other, Net | Foreign Exchange Contracts
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ 7	$ (7.4)	$ 7.9	$ (23.5)

EQUITY ARRANGEMENTS (Details)

EQUITY ARRANGEMENTS (Details) $ / shares in Units, $ in Thousands

1 Months Ended

3 Months Ended

6 Months Ended

May 15, 2023 $ / shares

Jun. 03, 2021 USD ($) $ / shares shares

Apr. 28, 2021 $ / shares

Jun. 09, 2020 $ / shares

May 15, 2020 $ / shares

Mar. 31, 2022 USD ($) shares

Jun. 30, 2021 USD ($) shares

May 31, 2020 USD ($) $ / shares shares

Feb. 29, 2020 $ / shares shares

Nov. 30, 2019 USD ($) $ / shares shares

Mar. 31, 2018 USD ($) $ / shares shares

May 31, 2017 USD ($) counterparty $ / shares shares

Mar. 31, 2015 USD ($) shares

Jul. 02, 2022 USD ($) $ / shares shares

Jul. 03, 2021 USD ($) $ / shares shares

Jul. 02, 2022 USD ($) financial_institution $ / shares shares

Jul. 03, 2021 USD ($)

May 31, 2022 shares

Feb. 28, 2022 USD ($) shares

Jan. 01, 2022 USD ($) shares

Nov. 07, 2019 $ / shares

Stockholders Equity Note [Line Items]

Forward share purchase contract (in shares) | shares

3,645,510

Forward share purchase contract | $

$ 350,000

Shares of convertible preferred stock (in shares) | shares

750,000

750,000

750,000

Preferred stock | $

$ 620,300

$ 620,300

$ 620,300

Option indexed to issuer's equity, strike price (in dollars per share)

$ 191.34

$ 190.81

Preferred stock conversion rate number of common stock shares (in shares) | shares

5.2263

Beneficial conversion feature | $

$ 5,400

Preferred stock, redemption price per share before redemption date (in dollars per share)

$ 148.04

Redemption of preferred stock for treasury | $

$ 0

$ 750,000

$ 0

$ 750,000

Conversion of convertible securities (in shares) | shares

1,469,055

1,469,055

Term of forward purchase contract

3 years

3 years

Series C Preferred Stock

Stockholders Equity Note [Line Items]

Shares of convertible preferred stock (in shares) | shares

750,000

750,000

Preferred stock, liquidation preference (in dollars per share)

$ 1,000

$ 1,000

Preferred stock conversion rate number of common stock shares (in shares) | shares

6.7548

Dividend rate of preferred stock

5%

Preferred dividend rate (in dollars per share)

$ 50

Preferred stock, redemption, price per share (in dollars per share)

$ 1,002.5

Preferred stock, redemption price per share, percentage of liquidation preference

100%

Preferred stock, redemption price per share before redemption date (in dollars per share)

$ 148.04

$ 1,000

Redemption of preferred stock for treasury | $

$ 750,000

$ 750,000

Preferred stock conversion rate

6.7548

Common shares issued (in shares) | shares

5,463,750

2020 Credit Agreement

Stockholders Equity Note [Line Items]

Long-term debt, term

364 days

364 days

Accelerated Share Repurchase

Stockholders Equity Note [Line Items]

Stock repurchase program, authorized amount | $

$ 2,000,000

Stock repurchase program, percent of shares for initial delivery

85%

Stock repurchase program, number of shares authorized to be repurchased (in shares) | shares

10,756,770

3,211,317

Stated value (in dollars per share)

$ 143.18

$ 143.18

Open Market, Share Repurchase

Stockholders Equity Note [Line Items]

Stock repurchase program, authorized amount | $

$ 300,000

Stock repurchase program, number of shares authorized to be repurchased (in shares) | shares

1,888,601

2019 Equity Units | Series D Preferred Stock

Stockholders Equity Note [Line Items]

Preferred stock | $

$ 620,300

2017 Equity Units | Series C Preferred Stock

Stockholders Equity Note [Line Items]

Preferred stock | $

$ 605,000

2019 Equity Units and Capped call Transactions

Stockholders Equity Note [Line Items]

Stated value (in dollars per share)

$ 100

$ 158.99

158.99

$ 159.45

Forward share purchase contract (in shares) | shares

4,700,000

Approximate net proceeds | $

$ 734,500

Shares of convertible preferred stock (in shares) | shares

750,000

Proceeds used for capped call transactions | $

$ 19,200

Preferred stock, liquidation preference (in dollars per share)

$ 1,000

Preferred stock redemption

100%

Purchase price (in dollars per share)

$ 100

Maximum settlement rate (in shares) | shares

0.6272

0.6290

Present value of contract adjustment payments | $

$ 114,200

Shares of stock deliverable on early settlement of contract

85%

2019 Equity Units and Capped call Transactions | Series D Preferred Stock

Stockholders Equity Note [Line Items]

Proceeds used for capped call transactions | $

$ 19,200

Preferred stock conversion rate number of common stock shares (in shares) | shares

5.2263

Upper strike percentage above closing price

30%

Number of common shares purchased under call option (in shares) | shares

3,900,000

Dividend rate of preferred stock

0%

2019 Equity Units and Capped call Transactions | Series D Preferred Stock | 2019 Capped Call

Stockholders Equity Note [Line Items]

Proceeds used for capped call transactions | $

$ 200

2019 Equity Units and Capped call Transactions | Series D Preferred Stock | Call Option

Stockholders Equity Note [Line Items]

Common stock price per share (in dollars per share)

$ 4.90

2019 Equity Units and Capped call Transactions | Series D Preferred Stock | Maximum

Stockholders Equity Note [Line Items]

Option indexed to issuer's equity, strike price (in dollars per share)

$ 207.29

206.71

2019 Equity Units and Capped call Transactions | Series D Preferred Stock | Minimum

Stockholders Equity Note [Line Items]

Option indexed to issuer's equity, strike price (in dollars per share)

191.34

$ 190.81

2019 Equity Units and Capped call Transactions | 2022 Purchase Contract

Stockholders Equity Note [Line Items]

Purchase price (in dollars per share)

$ 100

Cash settlement on forward stock purchase contract | $

$ 750,000

2019 Equity Units and Capped call Transactions | 2019 Equity Units

Stockholders Equity Note [Line Items]

Dividend rate per annum

5.25%

Present value of contract adjustment payments | $

$ 19,200

$ 19,200

Accretion expense | $

$ 1,300

Contract term

3 years

2019 Equity Units and Capped call Transactions | 2019 Equity Units | Series D Preferred Stock

Stockholders Equity Note [Line Items]

Preferred stock, quarterly payments | $

$ 114,200

2017 Equity Units and Capped call Transactions

Stockholders Equity Note [Line Items]

Stated value (in dollars per share)

$ 100

Shares of convertible preferred stock (in shares) | shares

750,000

Preferred stock, liquidation preference (in dollars per share)

$ 1,000

$ 1,000

Purchase price (in dollars per share)

100

Dividend rate per annum

5.375%

Present value of contract adjustment payments | $

$ 117,100

Accretion expense | $

1,300

Common stock price per share (in dollars per share)

$ 5.43

Number of common shares purchased under call option (in shares) | shares

4,600,000

Proceeds from issuance or sale of equity | $

$ 750,000

$ 727,500

Proceeds used to enter into capped call transactions | $

$ 25,100

Preferred dividend rate (in dollars per share)

50

Maximum settlement rate (in shares) | shares

0.7285

Conversion reference price (in dollars per share)

$ 137.26

Term of forward purchase contract

3 years

2017 Equity Units and Capped call Transactions | Forecast

Stockholders Equity Note [Line Items]

Preferred stock, liquidation preference (in dollars per share)

$ 1,000

Preferred dividend rate (in dollars per share)

$ 100

2017 Equity Units and Capped call Transactions | Call Option

Stockholders Equity Note [Line Items]

Proceeds used to enter into capped call transactions | $

$ 25,100

2017 Equity Units and Capped call Transactions | Series D Preferred Stock

Stockholders Equity Note [Line Items]

Preferred stock conversion rate

5.2409

2017 Equity Units and Capped call Transactions | Series C Preferred Stock

Stockholders Equity Note [Line Items]

Preferred stock, liquidation preference (in dollars per share)

$ 1,000

1,000

Number of financial institutions | financial_institution

3

Option term

3 years

Option indexed to issuer's equity, strike price (in dollars per share)

$ 148.47

Preferred stock conversion rate number of common stock shares (in shares) | shares

6.1627

Dividend rate of preferred stock

5%

0%

Preferred stock conversion rate

6.7352

Common shares issued (in shares) | shares

5,463,750

Number of counterparties | counterparty

3

Strike price as a percentage of closing stock price

30%

2017 Equity Units and Capped call Transactions | Series C Preferred Stock | Forecast

Stockholders Equity Note [Line Items]

Dividend rate of preferred stock

10%

2017 Equity Units and Capped call Transactions | Series C Preferred Stock | Maximum

Stockholders Equity Note [Line Items]

Option indexed to issuer's equity, strike price (in dollars per share)

$ 179.53

2017 Equity Units and Capped call Transactions | Series C Preferred Stock | Minimum

Stockholders Equity Note [Line Items]

Option indexed to issuer's equity, strike price (in dollars per share)

$ 162.27

2017 Equity Units and Capped call Transactions | 2017 Equity Units | Series C Preferred Stock

Stockholders Equity Note [Line Items]

Preferred stock, quarterly payments | $

$ 117,100

2018 Capped Call Transactions | Common Stock

Stockholders Equity Note [Line Items]

Proceeds used for capped call transactions | $

$ 57,300

Option term

3 years

Number of common shares purchased under call option (in shares) | shares

3,200,000

3,200,000

Shares settled (in shares) | shares

600,000

Shares received on settlement (in shares) | shares

61,767

344,004

Average reference price (in dollars per share)

$ 162.26

$ 209.80

2018 Capped Call Transactions | Call Option | Common Stock

Stockholders Equity Note [Line Items]

Common stock price per share (in dollars per share)

$ 17.96

2018 Capped Call Transactions | Maximum | Common Stock

Stockholders Equity Note [Line Items]

Option indexed to issuer's equity, strike price (in dollars per share)

$ 165

2018 Capped Call Transactions | Series C Preferred Stock

Stockholders Equity Note [Line Items]

Strike price as a percentage of closing stock price

30%

2018 Capped Call Transactions | Series C Preferred Stock | Minimum

Stockholders Equity Note [Line Items]

Option indexed to issuer's equity, strike price (in dollars per share)

$ 148.34

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS - Changes in AOCI (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jul. 02, 2022	Apr. 02, 2022	Jul. 03, 2021	Apr. 03, 2021	Jul. 02, 2022	Jul. 03, 2021
Accumulated other comprehensive (loss):
Beginning balance	$ 9,354.8	$ 11,592.4	$ 11,404.8	$ 11,066.4	$ 11,592.4	$ 11,066.4
Other comprehensive (loss) income before reclassifications					(304.6)	(88.1)
Reclassification adjustments to earnings					(0.8)	14.8
Net other comprehensive (loss) income	(277.7)	(27.7)	24.4	(97.7)	(305.4)	(73.3)
Ending balance	9,081.9	9,354.8	11,086	11,404.8	9,081.9	11,086
Accumulated Other Comprehensive Loss
Accumulated other comprehensive (loss):
Beginning balance		(1,845.6)		(1,713.7)	(1,845.6)	(1,713.7)
Ending balance	(2,151)		(1,787)		(2,151)	(1,787)
Currency translation adjustment and other
Accumulated other comprehensive (loss):
Beginning balance		(1,543)		(1,235.3)	(1,543)	(1,235.3)
Other comprehensive (loss) income before reclassifications					(359.3)	(124.8)
Reclassification adjustments to earnings					0	0
Net other comprehensive (loss) income					(359.3)	(124.8)
Ending balance	(1,902.3)		(1,360.1)		(1,902.3)	(1,360.1)
Unrealized (losses) gains on cash flow hedges, net of tax
Accumulated other comprehensive (loss):
Beginning balance		(49.8)		(103)	(49.8)	(103)
Other comprehensive (loss) income before reclassifications					32.5	29.3
Reclassification adjustments to earnings					(4.7)	8.2
Net other comprehensive (loss) income					27.8	37.5
Ending balance	(22)		(65.5)		(22)	(65.5)
Unrealized gains (losses) on net investment hedges, net of tax
Accumulated other comprehensive (loss):
Beginning balance		71.8		72.8	71.8	72.8
Other comprehensive (loss) income before reclassifications					3	6.3
Reclassification adjustments to earnings					(1.7)	(2.1)
Net other comprehensive (loss) income					1.3	4.2
Ending balance	73.1		77		73.1	77
Pension (losses) gains, net of tax
Accumulated other comprehensive (loss):
Beginning balance		$ (324.6)		$ (448.2)	(324.6)	(448.2)
Other comprehensive (loss) income before reclassifications					19.2	1.1
Reclassification adjustments to earnings					5.6	8.7
Net other comprehensive (loss) income					24.8	9.8
Ending balance	$ (299.8)		$ (438.4)		$ (299.8)	$ (438.4)

ACCUMULATED OTHER COMPREHENSI_4

ACCUMULATED OTHER COMPREHENSIVE LOSS - Reclassifications out of AOCI (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jul. 02, 2022	Apr. 02, 2022	Jul. 03, 2021	Apr. 03, 2021	Jul. 02, 2022	Jul. 03, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Cost of sales	$ 3,185.9		$ 2,437.1		$ 6,328.5	$ 4,770.1
Interest expense	(78.2)		(46.5)		(132.9)	(94)
Other, net	79.1		42.5		141.1	90.5
Earnings from continuing operations before income taxes and equity interest	15.9		495.4		194.4	1,068.7
Income taxes	62.8		(67.3)		39.9	(182.8)
Net earnings	$ 87.7	$ 175.4	$ 458.5	$ 486.8
Reclassification of Accumulated Other Comprehensive Income | Unrealized (losses) gains on cash flow hedges, net of tax
Accumulated Other Comprehensive Income (Loss) [Line Items]
Cost of sales					13.3	(11.4)
Interest expense					(2.7)	(2.1)
Earnings from continuing operations before income taxes and equity interest					10.6	(13.5)
Income taxes					(5.9)	5.3
Net earnings					4.7	(8.2)
Reclassification of Accumulated Other Comprehensive Income | Unrealized gains (losses) on net investment hedges, net of tax
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other, net					2.2	2.8
Income taxes					(0.5)	(0.7)
Net earnings					1.7	2.1
Reclassification of Accumulated Other Comprehensive Income | Pension (losses) gains, net of tax
Accumulated Other Comprehensive Income (Loss) [Line Items]
Earnings from continuing operations before income taxes and equity interest					(7.4)	(11.5)
Income taxes					1.8	2.8
Net earnings					(5.6)	(8.7)
Reclassification of Accumulated Other Comprehensive Income | Actuarial losses and prior service costs / credits
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other, net					(7.2)	(11.4)
Reclassification of Accumulated Other Comprehensive Income | Settlement loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other, net					$ (0.2)	$ (0.1)

NET PERIODIC BENEFIT COST - D_3

NET PERIODIC BENEFIT COST - DEFINED BENEFIT PLANS (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 03, 2021
Pension Benefits | U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 1.2	$ 1.5	$ 2.8	$ 2.8
Interest cost	8.7	5.8	16.7	11.5
Expected return on plan assets	(15.1)	(13.7)	(30.2)	(27.4)
Amortization of prior service cost (credit)	0.2	0.3	0.4	0.6
Amortization of net loss (gain)	1.8	2.2	3.3	4.5
Settlement / curtailment loss	0	0	0	0
Special termination benefit	0	0	0	0
Net periodic pension (benefit) expense	(3.2)	(3.9)	(7)	(8)
Pension Benefits | Non-U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	3.6	4.4	7.5	8.6
Interest cost	5.7	4.3	11.7	8.5
Expected return on plan assets	(9.5)	(10.3)	(19.7)	(20.2)
Amortization of prior service cost (credit)	(0.2)	(0.2)	(0.4)	(0.4)
Amortization of net loss (gain)	2	3.5	4.1	7
Settlement / curtailment loss	0.2	0	0.2	0.1
Special termination benefit	0	0	0	0
Net periodic pension (benefit) expense	1.8	1.7	3.4	3.6
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	0	0	0.1	0.1
Interest cost	0.6	0.3	0.8	0.5
Expected return on plan assets	0	0	0	0
Amortization of prior service cost (credit)	0	(0.1)	0	(0.3)
Amortization of net loss (gain)	(0.1)	0	(0.2)	0
Settlement / curtailment loss	0	0	0	0
Special termination benefit	6.9	0	6.9	0
Net periodic pension (benefit) expense	$ 7.4	$ 0.2	$ 7.6	$ 0.3

FAIR VALUE MEASUREMENTS - Finan

FAIR VALUE MEASUREMENTS - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions	Jul. 02, 2022	Jan. 01, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 29.3	$ 33.1
Derivative liabilities	8.5	8.7
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets		33.1
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market fund	10.9	11
Equity Security	6.4	13.8
Deferred compensation plan investments	19.3	26.2
Derivative assets	29.3	33.1
Derivative liabilities	8.5	8.7
Contingent consideration liability	284.7	288.6
Fair Value, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market fund	10.9	11
Equity Security	6.4	13.8
Deferred compensation plan investments	19.3	26.2
Derivative assets	0	0
Derivative liabilities	0	0
Contingent consideration liability	0	0
Fair Value, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market fund	0	0
Equity Security	0	0
Deferred compensation plan investments	0	0
Derivative liabilities	8.5	8.7
Contingent consideration liability	0	0
Fair Value, Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market fund	0	0
Equity Security	0	0
Deferred compensation plan investments	0	0
Derivative assets	0	0
Derivative liabilities	0	0
Contingent consideration liability	$ 284.7	$ 288.6

FAIR VALUE MEASUREMENTS - Summa

FAIR VALUE MEASUREMENTS - Summary of Financial Instruments Carrying and Fair Values (Details) - USD ($) $ in Millions	Jul. 02, 2022	Jan. 01, 2022
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other investments	$ 9.3	$ 11.2
Long-term debt, including current portion	5,353	4,354.9
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other investments	9.4	11.6
Long-term debt, including current portion	$ 4,949.6	$ 4,850.2

FAIR VALUE MEASUREMENTS - Addit

FAIR VALUE MEASUREMENTS - Additional Information (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 02, 2022 USD ($) basisPoint	Jul. 03, 2021 USD ($)	Jul. 02, 2022 USD ($) basisPoint	Jul. 03, 2021 USD ($)	Jan. 01, 2022 USD ($)	Mar. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Payment for contingent consideration			$ 21.1
Change in fair value due to change in discount rate	$ 9.8		$ 9.8
Measurement Input, Discount Rate [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Business combination, contingent consideration, liability, measurement input | basisPoint	0.0100		0.0100
Craftsman
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Payment for contingent consideration	$ 11.3	$ 6.9	$ 21.1	$ 13.9
Contingent consideration liability	$ 284.7		$ 284.7		$ 288.6
Craftsman | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Percentage of sales						2.50%
Craftsman | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Percentage of sales						3.50%

OTHER COSTS AND EXPENSES (Detai

OTHER COSTS AND EXPENSES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 03, 2021
Other Income and Expenses [Abstract]
Acquisition related transaction and consulting costs	$ 3.8	$ 0.5	$ 4.8	$ 2.1
Acquisition related costs retirement benefit	$ 7.1		$ 7.1

RESTRUCTURING CHARGES - Summary

RESTRUCTURING CHARGES - Summary of Restructuring Reserve Activity (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 03, 2021
Restructuring Reserve [Roll Forward]
Reserve, beginning balance			$ 31.7
Net Additions	$ 19.5	$ 10.4	72.2	$ 12.2
Usage			(52.1)
Currency			2.2
Reserve, ending balance	54		54
Severance and related costs
Restructuring Reserve [Roll Forward]
Reserve, beginning balance			28.2
Net Additions			64.6
Usage			(43.5)
Currency			2.1
Reserve, ending balance	51.4		51.4
Facility closures and asset impairments
Restructuring Reserve [Roll Forward]
Reserve, beginning balance			3.5
Net Additions			7.6
Usage			(8.6)
Currency			0.1
Reserve, ending balance	$ 2.6		$ 2.6

RESTRUCTURING CHARGES - Additio

RESTRUCTURING CHARGES - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 03, 2021	Jan. 01, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 19.5	$ 10.4	$ 72.2	$ 12.2
Restructuring reserves	54		54		$ 31.7
Other
Restructuring Cost and Reserve [Line Items]
Restructuring charges	9		11
Tools & Outdoor
Restructuring Cost and Reserve [Line Items]
Restructuring charges	2		45
Industrial
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 8		$ 16

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 03, 2021
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ (62.8)	$ 67.3	$ (39.9)	$ 182.8
Effective tax rate	(395.00%)	13.60%	(20.50%)	17.10%
Effective tax rate excluding business acquisition related and other costs	(3.90%)	14.30%	6.40%	17.50%

BUSINESS SEGMENTS AND GEOGRAP_2

BUSINESS SEGMENTS AND GEOGRAPHIC AREAS - Segment Net Sales and Profit (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 02, 2022 USD ($)	Jul. 03, 2021 USD ($)	Jul. 02, 2022 USD ($) segment	Jul. 03, 2021 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment			2
Net sales	$ 4,393	$ 3,798.9	$ 8,841	$ 7,519.7
Segment Profit	419.9	687.5	839.7	1,432
Corporate Overhead	(65.5)	(92.8)	(140.2)	(168.6)
Other, net	(79.1)	(42.5)	(141.1)	(90.5)
Gain (loss) on sales of businesses	0.2	(2.6)	0.2	(3.6)
Asset impairment charge	(168.4)	0	(168.4)	0
Restructuring charges	(19.5)	(10.4)	(72.2)	(12.2)
Interest income	6.5	2.7	9.3	5.6
Interest expense	(78.2)	(46.5)	(132.9)	(94)
Earnings from continuing operations before income taxes and equity interest	15.9	495.4	194.4	1,068.7
Other
Segment Reporting Information [Line Items]
Net sales	0	0.2	0.2	0.4
Restructuring charges	(9)		(11)
Tools & Outdoor
Segment Reporting Information [Line Items]
Segment Profit	361.6	627	740.1	1,271.7
Restructuring charges	(2)		(45)
Tools & Outdoor | Operating Segments
Segment Reporting Information [Line Items]
Net sales	3,744.9	3,196.5	7,546.1	6,259.4
Industrial
Segment Reporting Information [Line Items]
Net sales	648.1	602.2	1,294.7	1,259.9
Segment Profit	58.3	60.5	99.6	160.3
Restructuring charges	(8)		(16)
Industrial | Operating Segments
Segment Reporting Information [Line Items]
Net sales	$ 648.1	$ 602.2	$ 1,294.7	$ 1,259.9

BUSINESS SEGMENTS AND GEOGRAP_3

BUSINESS SEGMENTS AND GEOGRAPHIC AREAS - Percentage of Deferred Revenue (Details)	3 Months Ended		6 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 03, 2021
Industrial
Segment Reporting Information [Line Items]
Deferred revenue as a percent of total segment revenue	6.10%	4.20%	6%	5%

BUSINESS SEGMENTS AND GEOGRAP_4

BUSINESS SEGMENTS AND GEOGRAPHIC AREAS - Disaggregation of Net Sales (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 03, 2021
Segment Reporting Information [Line Items]
Net Sales	$ 4,393	$ 3,798.9	$ 8,841	$ 7,519.7
Industrial
Segment Reporting Information [Line Items]
Net Sales	648.1	602.2	1,294.7	1,259.9
Engineered Fastening | Industrial
Segment Reporting Information [Line Items]
Net Sales	466.1	456.5	946.2	953.3
Infrastructure | Industrial
Segment Reporting Information [Line Items]
Net Sales	$ 182	$ 145.7	$ 348.5	$ 306.6

BUSINESS SEGMENTS AND GEOGRAP_5

BUSINESS SEGMENTS AND GEOGRAPHIC AREAS - Summary of Total Assets by Segment (Details) - USD ($) $ in Millions	Jul. 02, 2022	Jan. 01, 2022
Segment Reporting Information [Line Items]
Assets	$ 29,361.4	$ 28,180
Assets held for sale	3,415.2	3,505.4
Operating Segments
Segment Reporting Information [Line Items]
Assets	26,078.1	25,165.7
Other
Segment Reporting Information [Line Items]
Assets	(131.9)	(491.1)
Tools & Outdoor | Operating Segments
Segment Reporting Information [Line Items]
Assets	20,766.5	19,537.9
Industrial | Operating Segments
Segment Reporting Information [Line Items]
Assets	$ 5,311.6	$ 5,627.8

BUSINESS SEGMENTS AND GEOGRAP_6

BUSINESS SEGMENTS AND GEOGRAPHIC AREAS - Geographic Area (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 03, 2021
Segment Reporting Disclosure [Line Items]
Net Sales	$ 4,393	$ 3,798.9	$ 8,841	$ 7,519.7
United States
Segment Reporting Disclosure [Line Items]
Net Sales	2,731.5	2,201.8	5,476	4,333.7
Canada
Segment Reporting Disclosure [Line Items]
Net Sales	243.5	168.3	480	354.6
Other Americas
Segment Reporting Disclosure [Line Items]
Net Sales	216.1	209.7	414.4	406.8
France
Segment Reporting Disclosure [Line Items]
Net Sales	128	127.1	268	262.2
Other Europe
Segment Reporting Disclosure [Line Items]
Net Sales	729.8	763.4	1,503.4	1,501.4
Asia
Segment Reporting Disclosure [Line Items]
Net Sales	$ 344.1	$ 328.6	$ 699.2	$ 661

CONTINGENCIES (Details)

CONTINGENCIES (Details) cubic_yard in Millions, $ in Millions

1 Months Ended

6 Months Ended

Apr. 14, 2021 USD ($)

Dec. 04, 2020 USD ($)

Oct. 10, 2018 mi

Jun. 30, 2018 USD ($) company site

May 17, 2017 hazardous_substance company

Mar. 30, 2017 company

Mar. 31, 2016 USD ($) age

Mar. 04, 2016 cubic_yard

Apr. 11, 2014 mi

Jun. 18, 2012 mi

May 31, 2007 company mi

Jul. 02, 2022 USD ($) site

Jan. 01, 2022 USD ($)

Loss Contingencies [Line Items]

Superfund sites | site

26

Environmental remediation costs deemed probable and reasonably estimable

$ 441

$ 1,400

Other assets, miscellaneous

$ 16.2

Environmental remediation, period construction of treatment facility to be maintained

30 years

Number of miles of river | mi

9

8.3

10.9

17

Cubic yards of settlement | cubic_yard

3.5

Approximate implementation time

6 years

Number of other parties notified | age

105

Number of companies offered cash out settlements | company

20

20

Number of hazardous substances | hazardous_substance

8

Number of companies named in suit | company

100

Estimated costs of remediation

$ 165

Number of municipalities, suit filed | site

42

Minimum

Loss Contingencies [Line Items]

Environmental remediation costs deemed probable and reasonably estimable

$ 420

Maximum

Loss Contingencies [Line Items]

Environmental remediation costs deemed probable and reasonably estimable

$ 468

Lower Passaic Cooperating Parties Group

Loss Contingencies [Line Items]

Number of companies | company

47

Property, Plant and Equipment, Other Types

Loss Contingencies [Line Items]

Environmental remediation costs, reserve

$ 147.9

$ 159.1

Reserve for environmental remediation costs, current

46.6

Reserve for environmental remediation costs, noncurrent

101.3

Accrual for environmental loss contingencies, obligation after EPA funding

131.7

Environmental remediation expense

21.8

Property, Plant and Equipment, Other Types | Minimum

Loss Contingencies [Line Items]

Environmental remediation costs deemed probable and reasonably estimable

75.5

Property, Plant and Equipment, Other Types | Maximum

Loss Contingencies [Line Items]

Environmental remediation costs deemed probable and reasonably estimable

256.3

Centredale Site

Loss Contingencies [Line Items]

Environmental remediation costs deemed probable and reasonably estimable

$ 50.6

COMMITMENTS AND GUARANTEES - Sc

COMMITMENTS AND GUARANTEES - Schedule of Assets and Liabilities (Details) - USD ($) $ in Millions	Jul. 02, 2022	Jan. 01, 2022
Commitments and Guarantees [Abstract]
Right-of-use assets	$ 398.5	$ 426
Lease liabilities	$ 407.6	$ 439.1
Weighted-average incremental borrowing rate	3.40%	3.50%
Weighted-average remaining term	6 years	6 years

COMMITMENTS AND GUARANTEES - Ad

COMMITMENTS AND GUARANTEES - Additional Information (Details) $ in Millions	6 Months Ended
	Jul. 02, 2022 USD ($) distribution_center officeBuilding	Jan. 01, 2022	Jul. 03, 2021 USD ($)
Guarantor Obligations [Line Items]
Operating lease, right-of-use asset, statement of financial position, extensible enumeration	Other assets	Other assets
Operating lease, liability, current, statement of financial position, extensible enumeration	Accrued expenses	Accrued expenses
Operating lease, liability, noncurrent, statement of financial position, extensible enumeration	Other liabilities	Other liabilities
Purchase obligation	$ 632
Purchase obligation 2022	115.8
Purchase obligation 2023	246.7
Purchase obligation 2024	263.1
Purchase obligation 2025	$ 6.4
Number of leases with guaranteed residual value | distribution_center	1
Number of office buildings with guaranteed residual value | officeBuilding	2
Lease guarantees	$ 359.5
Carrying amount of guarantees recorded in the consolidated balance sheet	$ 11.2
Product warrantees	1 year
Discontinued operation, product warranty accrual	$ 5		$ 5.7
Guarantees on the residual values of leased assets
Guarantor Obligations [Line Items]
Lease guarantees	85.4
Carrying amount of guarantees recorded in the consolidated balance sheet	0
Lease Obligations
Guarantor Obligations [Line Items]
Residual value of leased asset	126.3
Standby letters of credit
Guarantor Obligations [Line Items]
Lease guarantees	201.6
Carrying amount of guarantees recorded in the consolidated balance sheet	0
Commercial customer financing arrangements
Guarantor Obligations [Line Items]
Lease guarantees	72.5
Carrying amount of guarantees recorded in the consolidated balance sheet	$ 11.2

COMMITMENTS AND GUARANTEES - Fi

COMMITMENTS AND GUARANTEES - Financial Guarantees (Details) $ in Millions	6 Months Ended
	Jul. 02, 2022 USD ($)
Guarantor Obligations [Line Items]
Maximum Potential Payment	$ 359.5
Carrying Amount of Liability	11.2
Guarantees on the residual values of leased assets
Guarantor Obligations [Line Items]
Maximum Potential Payment	85.4
Carrying Amount of Liability	$ 0
Guarantees on the residual values of leased assets | Minimum
Guarantor Obligations [Line Items]
Guarantor obligations, term	One
Guarantees on the residual values of leased assets | Maximum
Guarantor Obligations [Line Items]
Guarantor obligations, term	five years
Standby letters of credit
Guarantor Obligations [Line Items]
Maximum Potential Payment	$ 201.6
Carrying Amount of Liability	$ 0
Standby letters of credit | Maximum
Guarantor Obligations [Line Items]
Guarantor obligations, term	three years
Commercial customer financing arrangements
Guarantor Obligations [Line Items]
Maximum Potential Payment	$ 72.5
Carrying Amount of Liability	$ 11.2
Commercial customer financing arrangements | Maximum
Guarantor Obligations [Line Items]
Guarantor obligations, term	six years

COMMITMENTS AND GUARANTEES - Ch

COMMITMENTS AND GUARANTEES - Changes in Carrying Amount of Product and Service Warranties (Details) - USD ($) $ in Millions	6 Months Ended
	Jul. 02, 2022	Jul. 03, 2021
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance beginning of period	$ 134.5	$ 107.9
Warranties and guarantees issued	78.7	70.4
Warranty payments and currency	(82)	(77.4)
Balance end of period	$ 131.2	$ 100.9

DIVESTITURES (Details)

DIVESTITURES (Details) - USD ($) $ in Millions		1 Months Ended	3 Months Ended			6 Months Ended
	Jul. 05, 2022	Apr. 28, 2022	Oct. 01, 2022	Jul. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 03, 2021	Jul. 22, 2022	Jan. 01, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax losses				$ 0.2	$ (2.6)	$ 0.2	$ (3.6)
Asset impairment charge				168.4	0	168.4	0
Earnings from discontinued operations before income taxes				6.4	32.4	28.6	63.5
Income taxes on discontinued operations				(2.6)	6.4	(0.2)	10.3
Cash and cash equivalents				19.7		19.7			$ 145.1
Total assets				3,415.2		3,415.2			3,505.4
Disposal Group, Held-for-sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax losses				(0.9)	(9)	(5.6)	(10.1)
Asset impairment charge				168.4
Mechanical Access Solutions | Discontinued Operations, Disposed of by sale | Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of business	$ 922.8
Mechanical Access Solutions | Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Transition services		2 years
Mechanical Access Solutions | Discontinued Operations, Held-for-sale | Minimum | Forecast
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax losses			$ 650
Mechanical Access Solutions | Discontinued Operations, Held-for-sale | Maximum | Forecast
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax losses			600
Convergent Security Solutions | Discontinued Operations, Disposed of by sale | Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Agreement for divesture of interest in consolidated subsidiaries								$ 3,200
Convergent Security Solutions | Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales				489.8	502	978.1	978.3
Cost of sales				325.9	320.3	638.5	620.1
Selling, general and administrative				139.6	134.5	277.8	268.3
Other, net and restructuring charges				17.9	14.8	33.2	26.4
Earnings from discontinued operations before income taxes				6.4	32.4	28.6	63.5
Income taxes on discontinued operations				(2.6)	6.4	(0.2)	10.3
Net earnings from discontinued operations				9	26	28.8	53.2
Depreciation and amortization				0	17.3	0.4	34.8
Capital expenditures				2.3	1.9	6.3	6.8
Stock-based compensation				9.2	$ 1.9	18.5	$ 3.9
Cash and cash equivalents				19.7		19.7			145.1
Accounts and notes receivable, net				548.3		548.3			513.9
Inventories, net				209.4		209.4			169.4
Other current assets				73.6		73.6			41.2
Property, plant and equipment, net				198.2		198.2			84.3
Goodwill and other intangibles, net				2,231.6		2,231.6			2,270.2
Other assets				302.8		302.8			281.3
Valuation allowance				(168.4)		(168.4)			0
Total assets				3,415.2		3,415.2			3,505.4
Accounts payable and accrued expenses				483.5		483.5			460.4
Other long-term liabilities				137.1		137.1			137.4
Total liabilities				$ 620.6		$ 620.6			$ 597.8
Convergent Security Solutions | Discontinued Operations, Held-for-sale | Minimum | Forecast
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax losses			450
Convergent Security Solutions | Discontinued Operations, Held-for-sale | Maximum | Forecast
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax losses			$ 400

Uncategorized Items - swk-20220

Label	Element	Value
Restricted Cash and Investments, Current	us-gaap_RestrictedCashAndInvestmentsCurrent	$ 7,600,000