Cover
Cover - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 30, 2023 | Feb. 20, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 30, 2023 | ||
Current Fiscal Year End Date | --12-30 | ||
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 | ||
Title of 12(b) Security | Common Stock | ||
Trading Symbol | SWK | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 14.4 | ||
Entity Common Stock, Shares Outstanding | 153,802,067 | ||
Documents Incorporated by Reference | Portions of the registrant’s definitive proxy statement relating to its 2024 annual meeting of shareholders (the "2024 Proxy Statement") are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. The 2024 Proxy Statement will be filed with the U.S. Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates. | ||
Entity Central Index Key | 0000093556 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Audit Information
Audit Information | 12 Months Ended |
Dec. 30, 2023 | |
Audit Information [Abstract] | |
Auditor Name | Ernst & Young LLP |
Auditor Firm ID | 42 |
Auditor Location | Hartford, Connecticut |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Income Statement [Abstract] | |||
Net Sales | $ 15,781.1 | $ 16,947.4 | $ 15,281.3 |
Costs and Expenses | |||
Cost of sales | 11,848.5 | 12,663.3 | 10,189.1 |
Selling, general and administrative | 3,282 | 3,355.7 | 3,193.1 |
Provision for credit losses | 8.7 | 14.3 | 0 |
Other, net | 320.1 | 274.8 | 189.5 |
Loss on sales of businesses | 10.8 | 8.4 | 0.6 |
Restructuring charges | 39.4 | 140.8 | 14.5 |
Gain on equity method investment | 0 | 0 | (68) |
Asset impairment charges | 274.8 | 168.4 | 0 |
Interest income | (186.9) | (54.7) | (9.8) |
Interest expense | 559.4 | 338.5 | 185.4 |
Costs and Expenses | 16,156.8 | 16,909.5 | 13,694.4 |
(Loss) earnings from continuing operations before income taxes and equity interest | (375.7) | 37.9 | 1,586.9 |
Income taxes on continuing operations | (94) | (132.4) | 55.1 |
Net (loss) earnings from continuing operations before equity interest | (281.7) | 170.3 | 1,531.8 |
Share of net earnings of equity method investment | 0 | 0 | 19 |
Net (loss) earnings from continuing operations | (281.7) | 170.3 | 1,550.8 |
Less: Net earnings (losses) attributable to non-controlling interests | 0 | 0.2 | (1.7) |
Net (loss) earnings from continuing operations attributable to Stanley Black & Decker, Inc. | (281.7) | 170.1 | 1,552.5 |
Less: Preferred stock dividends and beneficial conversion feature | 0 | 5.8 | 14.2 |
Net (Loss) Earnings from Continuing Operations Attributable to Common Shareowners | (281.7) | 164.3 | 1,538.3 |
Add: Contract adjustment payments accretion | 0 | 1.2 | 1.3 |
Net (Loss) Earnings from Continuing Operations Attributable to Common Shareowners - Diluted | (281.7) | 165.5 | 1,539.6 |
(Loss) earnings from discontinued operations before income taxes (including 2023 pre-tax loss on Security sale of $14.3 million and 2022 pre-tax gain on Security sale of $1,197.4 million) | (14.3) | 1,210.9 | 124.3 |
Income taxes on discontinued operations (including 2023 income taxes of $14.5 million for loss on Security sale and 2022 income taxes of $312.5 million for gain on Security sale) | 14.5 | 318.5 | (12.4) |
Net (loss) earnings from discontinued operations | (28.8) | 892.4 | 136.7 |
Net (Loss) Earnings Attributable to Common Shareowners - Diluted | (310.5) | 1,057.9 | 1,676.3 |
Net (Loss) Earnings Attributable to Stanley Black & Decker, Inc. | $ (310.5) | $ 1,062.5 | $ 1,689.2 |
Basic (loss) earnings per share of common stock: | |||
Continuing operation (in dollars per share) | $ (1.88) | $ 1.11 | $ 9.69 |
Discontinued operations (in dollars per share) | (0.19) | 6.02 | 0.86 |
Total basic (loss) earnings per share of common stock (in dollars per share) | (2.07) | 7.13 | 10.55 |
Diluted (loss) earnings per share of common stock: | |||
Continuing operations (in dollars per share) | (1.88) | 1.06 | 9.33 |
Discontinued operations (in dollars per share) | (0.19) | 5.70 | 0.83 |
Total diluted (loss) earnings per share of common stock (in dollars per share) | $ (2.07) | $ 6.76 | $ 10.16 |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 30, 2023 | Dec. 31, 2022 | |
Income Statement [Abstract] | ||
(Loss) gain on sale of discontinued operations | $ (14.3) | $ 1,197.4 |
Income taxes for (loss) gain on Security sale | $ (14.5) | $ 312.5 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Statement of Comprehensive Income [Abstract] | |||
Net (Loss) Earnings from Continuing Operations Attributable to Common Shareowners | $ (281.7) | $ 164.3 | $ 1,538.3 |
Net (loss) earnings from discontinued operations | (28.8) | 892.4 | 136.7 |
Net (loss) earnings from discontinued operations | (310.5) | 1,056.7 | 1,675 |
Other comprehensive income (loss): | |||
Currency translation adjustment and other | 75.1 | (364.4) | (307.7) |
Gains on cash flow hedges, net of tax | 2 | 5.3 | 53.2 |
(Losses) gains on net investment hedges, net of tax | (8.9) | 2 | (1) |
Pension (losses) gains, net of tax | (17.8) | 83.2 | 123.6 |
Other comprehensive income (loss) | 50.4 | (273.9) | (131.9) |
Comprehensive (loss) income attributable to common shareowners | $ (260.1) | $ 782.8 | $ 1,543.1 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 30, 2023 | Dec. 31, 2022 |
Current Assets | ||
Cash and cash equivalents | $ 449.4 | $ 395.6 |
Accounts and notes receivable, net | 1,302 | 1,231 |
Inventories, net | 4,738.6 | 5,861.1 |
Current assets held for sale | 140.8 | 0 |
Prepaid expenses | 360.5 | 441.4 |
Other current assets | 26 | 45.6 |
Total Current Assets | 7,017.3 | 7,974.7 |
Property, Plant and Equipment, net | 2,169.9 | 2,353.1 |
Goodwill | 7,995.9 | 8,502.7 |
Customer Relationships, net | 1,445.7 | 1,821.3 |
Trade Names, net | 2,499.3 | 2,645.7 |
Other Intangible Assets, net | 4.6 | 7.8 |
Long-term assets held for sale | 716.8 | 0 |
Other Assets | 1,814.3 | 1,658 |
Total Assets | 23,663.8 | 24,963.3 |
Current Liabilities | ||
Short-term borrowings | 1,074.8 | 2,102.9 |
Current maturities of long-term debt | 1.1 | 1.2 |
Accounts payable | 2,298.9 | 2,344.4 |
Accrued expenses | 2,464.3 | 2,120.7 |
Current liabilities held for sale | 44.1 | 0 |
Total Current Liabilities | 5,883.2 | 6,569.2 |
Long-Term Debt | 6,101 | 5,352.9 |
Deferred Taxes | 333.2 | 709.2 |
Post-Retirement Benefits | 378.4 | 353.9 |
Long-term liabilities held for sale | 84.8 | 0 |
Other Liabilities | 1,827.1 | 2,263.9 |
Commitments and Contingencies (Notes R and S) | ||
Stanley Black & Decker, Inc. Shareowners’ Equity | ||
Common stock, par value $2.50 per share: Authorized 300,000,000 shares in 2023 and 2022 Issued 176,902,738 shares in 2023 and 2022 | 442.3 | 442.3 |
Retained earnings | 8,540.2 | 9,333.3 |
Additional paid in capital | 5,059 | 5,055.6 |
Accumulated other comprehensive loss | (2,069.1) | (2,119.5) |
Shareowners' equity subtotal | 11,972.4 | 12,711.7 |
Less: cost of common stock in treasury (23,282,650 shares in 2023 and 23,919,208 shares in 2022) | (2,916.3) | (2,999.6) |
Stanley Black & Decker, Inc. Shareowners’ Equity | 9,056.1 | 9,712.1 |
Non-controlling interests | 0 | 2.1 |
Total Shareowners’ Equity | 9,056.1 | 9,714.2 |
Total Liabilities and Shareowners’ Equity | $ 23,663.8 | $ 24,963.3 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
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 |
Cost of common stock in treasury (in shares) | 23,282,650 | 23,919,208 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Operating Activities: | |||
Net (loss) earnings | $ (310.5) | $ 1,062.7 | $ 1,687.5 |
Adjustments to reconcile net (loss) earnings to net cash provided by (used in) operating activities: | |||
Depreciation and amortization of property, plant and equipment | 432.4 | 369.7 | 374 |
Amortization of intangibles | 192.7 | 202.5 | 203.1 |
Inventory step-up amortization | 0 | 80.3 | 20.7 |
Loss on sales of businesses | 10.8 | 8.4 | 0.6 |
Gain on equity method investment | 0 | 0 | (68) |
Gain (loss) on sale of discontinued operations | 14.3 | (1,197.4) | 0 |
Asset impairment charges | 274.8 | 168.4 | 0 |
Craftsman contingent consideration remeasurement from MTD acquisition | 0 | 0 | 101.1 |
Stock-based compensation expense | 83.8 | 90.7 | 118.3 |
Provision for credit losses | 8.7 | 30 | 18.7 |
Share of net earnings of equity method investment | 0 | 0 | (19) |
Deferred tax benefit | (424.3) | (271.7) | (386.9) |
Other non-cash items | 154.5 | 72.1 | 27.7 |
Changes in operating assets and liabilities: | |||
Accounts receivable | (117) | 109 | (280.6) |
Inventories | 906.6 | (792.4) | (1,970.4) |
Accounts payable | (23) | (991.4) | 758.3 |
Deferred revenue | 2.4 | (29.9) | 1.9 |
Other current assets | 115.6 | 15.6 | (166.8) |
Other long-term assets | (175.7) | (351.3) | (438.8) |
Accrued expenses | (25.6) | (176.3) | 444 |
Defined benefit liabilities | (42.2) | (31.9) | (40) |
Other long-term liabilities | 113 | 173.4 | 277.7 |
Net cash provided by (used in) operating activities | 1,191.3 | (1,459.5) | 663.1 |
Investing Activities: | |||
Capital and software expenditures | (338.7) | (530.4) | (519.1) |
Sales of assets | 15.1 | 41.7 | 8.4 |
Business acquisitions, net of cash acquired | 0 | (71.9) | (2,043.8) |
Sales of businesses, net of cash sold | (5.7) | 4,147.1 | 5.3 |
Net investment hedge settlements | 0 | 10.6 | (55.1) |
Other | 1.6 | (24.5) | (19.5) |
Net cash (used in) provided by investing activities | (327.7) | 3,572.6 | (2,623.8) |
Financing Activities: | |||
Payments on long-term debt | 0 | 0 | (1.5) |
Proceeds from debt issuances, net of fees | 745.3 | 992.6 | 0 |
Net short-term commercial paper (repayments) borrowings | (1,044.7) | (138.1) | 2,224.6 |
Stock purchase contract fees | 0 | (39.4) | (39.4) |
Credit facility borrowings | 0 | 2,500 | 0 |
Credit facility repayments | 0 | (2,500) | 0 |
Purchases of common stock for treasury | (16.1) | (2,323) | (34.3) |
Proceeds from issuance of remarketed preferred stock | 0 | 750 | 0 |
Redemption and conversion of preferred stock | 0 | (750) | (750) |
Proceeds from issuances of common stock | 19 | 38.7 | 131.4 |
Craftsman contingent consideration payments | (18) | (41.3) | (29.3) |
Termination of interest rate swaps | 0 | 22.7 | (75.3) |
Cash dividends on common stock | (482.6) | (465.8) | (474.8) |
Cash dividends on preferred stock | 0 | (5.8) | (18.9) |
Other | (18.9) | (11.7) | (13.8) |
Net cash (used in) provided by financing activities | (816) | (1,971.1) | 918.7 |
Effect of exchange rate changes on cash and cash equivalents | 2.1 | (31.9) | (61.5) |
Change in cash, cash equivalents and restricted cash | 49.7 | 110.1 | (1,103.5) |
Cash, cash equivalents and restricted cash, beginning of year | 404.9 | 294.8 | 1,398.3 |
Cash, cash equivalents and restricted cash, end of year | 454.6 | 404.9 | 294.8 |
Supplemental Cash Flow Information [Abstract] | |||
Cash and cash equivalents | 449.4 | 395.6 | |
Restricted cash included in Other current assets | 4.6 | 9.3 | |
Cash and cash equivalents included in Current assets held for sale | 0.6 | 0 | |
Cash, cash equivalents and restricted cash | $ 454.6 | $ 404.9 | $ 294.8 |
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 | ||||||||
Net (loss) earnings | 1,687.5 | 1,689.2 | (1.7) | |||||
Other comprehensive income (loss) | (131.9) | (131.9) | ||||||
Cash dividends declared ,shares | (474.8) | (474.8) | ||||||
Cash dividends declared, preferred share | (14.2) | (14.2) | ||||||
Issuance of common stock | 131.4 | (19) | 150.4 | |||||
Repurchase of common stock | (34.3) | 72.2 | (106.5) | |||||
Redemption and conversion of preferred stock | (750) | (750) | (137.3) | 137.3 | ||||
Non-controlling interest buyout and liquidation | (6) | (2.8) | (3.2) | |||||
Stock-based compensation related | 118.3 | 118.3 | ||||||
Ending 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 | ||||||||
Net (loss) earnings | 1,062.7 | 1,062.5 | 0.2 | |||||
Other comprehensive income (loss) | (273.9) | (273.9) | ||||||
Cash dividends declared ,shares | (465.8) | (465.8) | ||||||
Cash dividends declared, preferred share | (5.8) | (5.8) | ||||||
Issuance of common stock | 38.7 | (76.9) | 115.6 | |||||
Repurchase of common stock | (2,323) | (2,323) | ||||||
Redemption and conversion of preferred stock | (750) | (750) | ||||||
Conversion of original Series D Preferred Stock | (1.8) | (620.3) | 42.6 | 575.9 | ||||
Issuance of Remarketed Series D Preferred Stock | 750 | 750 | ||||||
Stock-based compensation related | 90.7 | 90.7 | ||||||
Ending balance at Dec. 31, 2022 | 9,714.2 | 0 | 442.3 | 5,055.6 | 9,333.3 | (2,119.5) | (2,999.6) | 2.1 |
Increase (Decrease) in Stockholders' Equity | ||||||||
Net (loss) earnings | (310.5) | (310.5) | ||||||
Other comprehensive income (loss) | 50.4 | 50.4 | ||||||
Cash dividends declared ,shares | (482.6) | (482.6) | ||||||
Issuance of common stock | 19 | (80.4) | 99.4 | |||||
Repurchase of common stock | (16.1) | (16.1) | ||||||
Non-controlling interest buyout and liquidation | (2.1) | (2.1) | ||||||
Stock-based compensation related | 83.8 | 83.8 | ||||||
Ending balance at Dec. 30, 2023 | $ 9,056.1 | $ 0 | $ 442.3 | $ 5,059 | $ 8,540.2 | $ (2,069.1) | $ (2,916.3) | $ 0 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareowners' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividends declared (in dollars per share) | $ 3.22 | $ 3.18 | $ 2.98 |
Cash dividend declared, preferred share (in dollars per share) | $ 75 | $ 50 | |
Issuance of common stock (in shares) | 817,110 | 988,474 | 1,636,532 |
Repurchase of common stock (in shares) | 180,552 | 16,057,220 | 529,073 |
Redemption and conversion of preferred stock (in shares) | 750,000 | 1,469,055 | |
Conversion of original Series C preferred stock (in shares) | 4,723,500 | ||
Issuance of remarketed Series D preferred stock (in shares) | 750,000 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 30, 2023 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | Schedule II — Valuation and Qualifying Accounts Stanley Black & Decker, Inc. and Subsidiaries Fiscal years ended December 30, 2023, December 31, 2022, and January 1, 2022 (Millions of Dollars) ADDITIONS Beginning Charged To Charged (a) Ending Allowance for Credit Losses: Year Ended 2023 $ 106.6 $ 8.7 $ 9.5 $ (48.2) $ 76.6 Year Ended 2022 $ 95.9 $ 14.3 $ 16.9 $ (20.5) $ 106.6 Year Ended 2021 $ 106.2 $ — $ 3.8 $ (14.1) $ 95.9 Tax Valuation Allowance: Year Ended 2023 (c) $ 1,032.5 $ 38.4 $ 2.2 $ (26.2) $ 1,046.9 Year Ended 2022 $ 1,067.2 $ 21.2 $ (5.9) $ (50.0) $ 1,032.5 Year Ended 2021 $ 1,001.9 $ 190.7 $ 61.1 $ (186.5) $ 1,067.2 (a) With respect to the allowance for credit losses, deductions represent amounts charged-off less recoveries of accounts previously charged-off. (b) Amounts represent the impact of foreign currency translation, acquisitions, divestitures and net transfers to/from other accounts. (c) Refer to Note Q, Income Taxes , of the Notes to Consolidated Financial Statements in Item 8 for further discussion. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 30, 2023 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION — The Consolidated Financial Statements include the accounts of Stanley Black & Decker, Inc. and its majority-owned subsidiaries (collectively the “Company”) which require consolidation, after the elimination of intercompany accounts and transactions. The Company’s fiscal year ends on the Saturday nearest to December 31. There were 52 weeks in fiscal years 2023, 2022 and 2021. On December 15, 2023, the Company announced that it had entered into a definitive agreement for the sale of the Infrastructure business. Based on management's commitment to sell this business, the assets and liabilities related to Infrastructure were classified as held for sale on the Company's Consolidated Balance Sheet as of December 30, 2023. There were no assets or liabilities held for sale relating to Infrastructure as of December 31, 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. On August 19, 2022, the Company completed the sale of its Oil & Gas business. This divestiture did not qualify for discontinued operations, and therefore, the results of the Oil & Gas business were included in the Company's continuing operations for all periods presented through the date of sale. On July 22, 2022, the Company completed the sale of its Convergent Security Solutions ("CSS") business comprised of the commercial electronic security and healthcare businesses. On July 5, 2022, the Company completed the sale of its Mechanical Access Solutions ("MAS") business, the automatic doors business. The CSS and MAS divestitures represented a single plan to exit the Security segment and were considered a strategic shift that had a major effect on the Company’s operations and financial results. As a result, the operating results of CSS and MAS were reported as discontinued operations in the consolidated financial statements through their respective dates of sale. The divestitures above are part of the Company's strategic commitment to simplify and streamline its portfolio to focus on the core Tools & Outdoor and Industrial businesses. Refer to Note T, Divestitures , for further discussion on these transactions. 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 were 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. Refer to Note E, Acquisitions , for further discussion on these transactions. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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. Certain amounts reported in previous years have been reclassified to conform to the 2023 presentation. FOREIGN CURRENCY — For foreign operations with functional currencies other than the U.S. dollar, asset and liability accounts are translated at current exchange rates, while income and expenses are translated using average exchange rates. Translation adjustments are reported in a separate component of shareowners’ equity and exchange gains and losses on transactions are included in earnings. CASH EQUIVALENTS — Highly liquid investments with original maturities of three months or less are considered cash equivalents. ACCOUNTS AND FINANCING RECEIVABLE — Trade receivables are stated at gross invoice amounts less discounts, other allowances and provisions for credit losses. Financing receivables are initially recorded at fair value, less impairments or provisions for credit losses. Interest income earned from financing receivables that are not delinquent is recorded on the effective interest method. The Company considers any financing receivable that has not been collected within 90 days of original billing date as past-due or delinquent. The Company's payment terms are generally consistent with the industries in which its businesses operate and typically range from 30-90 days globally. Additionally, the Company considers the credit quality of all past-due or delinquent financing receivables as nonperforming. 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. ALLOWANCE FOR CREDIT LOSSES — The Company maintains an allowance for credit losses, which represents an estimate of expected losses over the remaining contractual life of its receivables. The allowance is determined using two methods. The amounts calculated from each of these methods are combined to determine the total amount reserved. First, a specific reserve is established for individual accounts where information indicates the customers may have an inability to meet financial obligations. Second, a reserve is determined for all customers based on a range of percentages applied to aging categories. These percentages are based on historical collection rates, write-off experience, and forecasts of future economic conditions. Actual write-offs are charged against the allowance when collection efforts have been unsuccessful. INVENTORIES — U.S. inventories are primarily valued at the lower of Last-In, First-Out (“LIFO”) cost or market because the Company believes it results in better matching of costs and revenues. Other inventories are primarily valued at the lower of First-In, First-Out (“FIFO”) cost and net realizable value because LIFO is not permitted for statutory reporting outside the U.S. Refer to Note C, Inventories , Net , for a quantification of the LIFO impact on inventory valuation. PROPERTY, PLANT AND EQUIPMENT — The Company generally values property, plant and equipment (“PP&E”), including capitalized software, at historical cost less accumulated depreciation and amortization. Costs related to maintenance and repairs which do not prolong the asset's useful life are expensed as incurred. Depreciation and amortization are provided using straight-line methods over the estimated useful lives of the assets as follows: Useful Life Land improvements 10 — 20 Buildings 40 Machinery and equipment 3 — 15 Computer software 3 — 7 Leasehold improvements are depreciated over the shorter of the estimated useful life or the term of the lease. The Company reports depreciation and amortization of property, plant and equipment in cost of sales and selling, general and administrative expenses based on the nature of the underlying assets. Depreciation and amortization related to the production of inventory and delivery of services are recorded in cost of sales. Depreciation and amortization related to distribution center activities, selling and support functions are reported in selling, general and administrative expenses. The Company assesses its long-lived assets for impairment when indicators that the carrying amounts may not be recoverable are present. In assessing long-lived assets for impairment, the Company groups its long-lived assets with other assets and liabilities at the lowest level for which identifiable cash flows are generated (“asset group”) and estimates the undiscounted future cash flows that are directly associated with, and expected to be generated from, the use of and eventual disposition of the asset group. If the carrying value is greater than the undiscounted cash flows, an impairment loss must be determined and the asset group is written down to fair value. The impairment loss is quantified by comparing the carrying amount of the asset group to the estimated fair value, which is generally determined using weighted-average discounted cash flows that consider various possible outcomes for the disposition of the asset group. GOODWILL AND INTANGIBLE ASSETS — Goodwill represents costs in excess of values assigned to the underlying net assets of acquired businesses. Intangible assets acquired are recorded at estimated fair value. Goodwill and intangible assets deemed to have indefinite lives are not amortized, but are tested for impairment annually during the third quarter, and at any time when events suggest an impairment more likely than not has occurred. To assess goodwill for impairment, the Company, depending on relevant facts and circumstances, performs either a qualitative assessment or a quantitative analysis utilizing a discounted cash flow valuation model. In performing a qualitative assessment, the Company first assesses relevant factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform a quantitative goodwill impairment test. The Company identifies and considers the significance of relevant key factors, events, and circumstances that could affect the fair value of each reporting unit. These factors include external factors such as macroeconomic, industry, and market conditions, as well as entity-specific factors, such as actual and planned financial performance. The Company also considers changes in each reporting unit's fair value and carrying amount since the most recent date a fair value measurement was performed. In performing a quantitative analysis, the Company determines the fair value of a reporting unit using management’s assumptions about future cash flows based on long-range strategic plans. This approach incorporates many assumptions including discount rates, future growth rates and expected profitability. In the event the carrying amount of a reporting unit exceeded its fair value, an impairment loss would be recognized. Indefinite-lived intangible assets are tested for impairment utilizing either a qualitative assessment or a quantitative analysis. For a qualitative assessment, the Company identifies and considers relevant key factors, events, and circumstances to determine whether it is necessary to perform a quantitative impairment test. The key factors considered include macroeconomic, industry, and market conditions, as well as the asset's actual and forecasted results. For the quantitative impairment tests, the Company compares the carrying amounts to the current fair market values, usually determined by the estimated royalty savings attributable to owning the intangible assets. Intangible assets with definite lives are amortized over their estimated useful lives to reflect the pattern over which the economic benefits of the intangible assets are consumed. Definite-lived intangible assets are also evaluated for impairment when impairment indicators are present. If the carrying amount exceeds the total undiscounted future cash flows, a discounted cash flow analysis is performed to determine the fair value of the asset. If the carrying amount of the asset was to exceed the fair value, it would be written down to fair value. Refer to Note F, Goodwill And Intangible Assets, for further discussion of the goodwill impacts relating to the 2023 impairment charges for the pending divestiture of the Infrastructure business and the Irwin and Troy-Bilt trade names, as well as the 2022 impairment charge relating to the Oil & Gas business. FINANCIAL INSTRUMENTS — Derivative financial instruments are employed to manage risks, including foreign currency, interest rate exposures and commodity prices and are not used for trading or speculative purposes. 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. The Company recognizes all derivative instruments on the balance sheet at fair value. Changes in the fair value of derivatives are recognized periodically either in earnings or in shareowners’ equity as a component of other comprehensive income (loss) ("OCI"), depending on whether the derivative financial instrument is undesignated or qualifies for hedge accounting, and if so, whether it represents a fair value, cash flow, or net investment hedge. Changes in the fair value of derivatives accounted for as fair value hedges are recorded in earnings in the same caption as the changes in the fair value of the hedged items. Gains and losses on derivatives designated as cash flow hedges, to the extent they are included in the assessment of effectiveness, are recorded in OCI and subsequently reclassified to earnings to offset the impact of the hedged items when they occur. In the event it becomes probable the forecasted transaction to which a cash flow hedge relates will not occur, the derivative would be terminated and the amount in accumulated other comprehensive income (loss) would be recognized in earnings. Changes in the fair value of derivatives that are designated and qualify as a hedge of the net investment in foreign operations, to the extent they are included in the assessment of effectiveness, are reported in OCI and are deferred until disposal of the underlying assets. Gains and losses representing components excluded from the assessment of effectiveness for cash flow and fair value hedges are recognized in earnings on a straight-line basis in the same caption as the hedged item over the term of the hedge. Gains and losses representing components excluded from the assessment of effectiveness for net investment hedges are recognized in earnings on a straight-line basis in Other, net over the term of the hedge. The net interest paid or received on interest rate swaps is recognized as interest expense. Gains and losses resulting from the early termination of interest rate swap agreements are deferred and amortized as adjustments to interest expense over the remaining period of the debt originally covered by the terminated swap. Changes in the fair value of derivatives not designated as hedges are reported in Other, net in the Consolidated Statements of Operations. Refer to Note I, Financial Instruments , for further discussion. REVENUE RECOGNITION — The Company’s revenues result from the sale of goods or services and reflect the consideration to which the Company expects to be entitled. The Company records revenue based on a five-step model in accordance with ASC 606, Revenue from Contracts with Customers ("ASC 606"). For its contracts with customers, the Company identifies the performance obligations (goods or services), determines the transaction price, allocates the contract transaction price to the performance obligations, and recognizes the revenue when (or as) the performance obligation is transferred to the customer. A good or service is transferred when (or as) the customer obtains control of that good or service. The majority of the Company’s revenues are recorded at a point in time from the sale of tangible products. A portion of the Company’s revenues within the Oil & Gas business, disposed in the third quarter of 2022, were generated from equipment leased to customers. Customer arrangements were identified as leases if they included a transfer of a tangible asset provided to the customer in exchange for payments typically at fixed rates. Customer leases may have included terms to allow for extension of leases for a short period of time, but typically did not provide for customer termination prior to the initial term. Some customer leases included terms to allow the customer to purchase the underlying asset, which occurred occasionally, and virtually no customer leases included residual value guarantee clauses. For Oil & Gas leases, underlying assets were assessed for functionality at termination of the lease and, if necessary, an impairment to the leased asset value was recorded. Provisions for customer volume rebates, product returns, discounts and allowances are variable consideration and are recorded as a reduction of revenue in the same period the related sales are recorded. Such provisions are calculated using historical averages adjusted for any expected changes due to current business conditions. Consideration given to customers for cooperative advertising is recognized as a reduction of revenue except to the extent that there is a distinct good or service and evidence of the fair value of the advertising, in which case the expense is classified as selling, general, and administrative expense. The Company’s revenues can be generated from contracts with multiple performance obligations. When a contract involves multiple performance obligations, each obligation is separately identified and the transaction price is allocated based on the amount of consideration the Company expects to be entitled to in exchange for transferring the promised good or service to the customer. For performance obligations that the Company satisfies over time, revenue is recognized by consistently applying a method of measuring progress toward complete satisfaction of that performance obligation. The Company utilizes the method that most accurately depicts the progress toward completion of the performance obligation. The Company utilized the output method for contract sales in the Oil & Gas business. The output method recognizes revenue based on direct measurements of the customer value of the goods or services transferred to date relative to the remaining goods or services promised under the contract. The output method includes methods such as surveys of performance completed to date, appraisals of results achieved, milestones reached, time elapsed, and units produced or units delivered. The Company sold the Oil & Gas business in the third quarter of 2022. Refer to Note T, Divestitures , for further discussion. Contract assets or liabilities result from transactions with revenue recorded over time. If the measure of remaining rights exceeds the measure of the remaining performance obligations, the Company records a contract asset. Conversely, if the measure of the remaining performance obligations exceeds the measure of the remaining rights, the Company records a contract liability. Incremental costs of obtaining or fulfilling a contract with a customer that are expected to be recovered are recognized and classified in Other current assets or Other assets in the Consolidated Balance Sheets and are typically amortized over the contract period. The Company recognizes the incremental costs of obtaining or fulfilling a contract as expense when incurred if the amortization period of the asset is one year or less. Customer billings for services not yet rendered are deferred and recognized as revenue as the services are rendered. The associated deferred revenue is included in Accrued expenses or Other liabilities, as appropriate, in the Consolidated Balance Sheets. Refer to Note B, Accounts and Notes Receivable, Net, for further discussion. COST OF SALES AND SELLING, GENERAL & ADMINISTRATIVE — Cost of sales includes the cost of products and services provided, reflecting costs of manufacturing and preparing the product for sale. These costs include expenses to acquire and manufacture products to the point that they are allocable to be sold to customers and costs to perform services pertaining to service revenues. Cost of sales is primarily comprised of freight, direct materials, direct labor as well as overhead which includes indirect labor and facility and equipment costs. Cost of sales also includes quality control, procurement and material receiving costs as well as internal transfer costs. Selling, general & administrative costs ("SG&A") include the cost of selling products as well as administrative function costs. These expenses generally represent the cost of selling and distributing the products once they are available for sale and primarily include salaries and commissions of the Company’s sales force, distribution costs, notably salaries and facility costs, as well as administrative expenses for certain support functions and related overhead. ADVERTISING COSTS — Television advertising is expensed the first time the advertisement airs, whereas other advertising is expensed as incurred. Advertising costs are classified in SG&A and amounted to $110.5 million in 2023, $118.9 million in 2022 and $98.6 million in 2021. Expense pertaining to cooperative advertising with customers reported as a reduction of Net Sales was $325.1 million in 2023, $358.1 million in 2022 and $374.1 million in 2021. Cooperative advertising with customers classified as SG&A expense amounted to $27.8 million in 2023, $31.8 million in 2022 and $19.5 million in 2021. SALES TAXES — Sales and value added taxes collected from customers and remitted to governmental authorities are excluded from Net Sales reported in the Consolidated Statements of Operations. SHIPPING AND HANDLING COSTS — The Company generally does not bill customers for freight. Shipping and handling costs associated with inbound and outbound freight are reported in Cost of sales. Other distribution costs, primarily relating to salary and facility costs, are classified in SG&A and amounted to $521.7 million, $498.7 million and $416.1 million in 2023, 2022 and 2021, respectively. STOCK-BASED COMPENSATION — Compensation cost relating to stock-based compensation grants is recognized on a straight-line basis over the vesting period, which is generally three POSTRETIREMENT DEFINED BENEFIT PLANS — The Company uses the corridor approach to determine expense recognition for each defined benefit pension and other postretirement plan. The corridor approach defers actuarial gains and losses resulting from variances between actual and expected results (based on economic estimates or actuarial assumptions) and amortizes them over future periods. For pension plans, these unrecognized gains and losses are amortized when the net gains and losses exceed 10% of the greater of the market-related value of plan assets or the projected benefit obligation at the beginning of the year. For other postretirement benefits, amortization occurs when the net gains and losses exceed 10% of the accumulated postretirement benefit obligation at the beginning of the year. For ongoing, active plans, the amount in excess of the corridor is amortized on a straight-line basis over the average remaining service period for active plan participants. For plans with primarily inactive participants, the amount in excess of the corridor is amortized on a straight-line basis over the average remaining life expectancy of inactive plan participants. INCOME TAXES — The Company accounts for income taxes under the asset and liability method in accordance with ASC 740, Income Taxes , which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using the enacted tax rates in effect for the year in which the differences are expected to reverse. Any changes in tax rates on deferred tax assets and liabilities are recognized in earnings in the period that includes the enactment date. The Company recognizes the tax on global intangible low-taxed income as a period expense in the period the tax is incurred. The Company records net deferred tax assets to the extent that it is more likely than not that these assets will be realized. In making this determination, management considers all available positive and negative evidence, including future reversals of existing temporary differences, estimates of future taxable income, tax-planning strategies, and the realizability of net operating loss carryforwards. In the event that it is determined that an asset is not more likely than not to be realized, a valuation allowance is recorded against the asset. Valuation allowances related to deferred tax assets can be impacted by changes to tax laws, changes to statutory tax rates and future taxable income levels. In the event the Company were to determine that it would not be able to realize all or a portion of its deferred tax assets in the future, the unrealizable amount would be charged to earnings in the period in which that determination is made. Conversely, if the Company were to determine that it would be able to realize deferred tax assets in the future in excess of the net carrying amounts, it would decrease the recorded valuation allowance through a favorable adjustment to earnings in the period that the determination was made. The Company records uncertain tax positions in accordance with ASC 740, which requires a two-step process. First, management determines whether it is more likely than not that a tax position will be sustained based on the technical merits of the position and second, for those tax positions that meet the more likely than not threshold, management recognizes the largest amount of the tax benefit that is greater than 50 percent likely to be realized upon ultimate settlement with the related taxing authority. The Company maintains an accounting policy of recording interest and penalties on uncertain tax positions as a component of Income taxes in the Consolidated Statements of Operations. The Company is subject to income tax in a number of locations, including U.S. federal, state and foreign jurisdictions. Significant judgment is required when calculating the worldwide provision for income taxes. Many factors are considered when evaluating and estimating the Company's tax positions and tax benefits, 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. These changes may be the result of settlements of ongoing audits, litigation, or other proceedings with taxing authorities. The Company periodically assesses its liabilities and contingencies for all tax years still subject to audit based on the most current available information, which involves inherent uncertainty. Refer to Note Q, Income Taxes, for further discussion. EARNINGS PER SHARE — Basic earnings per share equals net earnings attributable to common shareowners divided by weighted-average shares outstanding during the year. Diluted earnings per share include the impact of common stock equivalents using the treasury stock method or the if-converted method, as applicable, when the effect is dilutive. NEW ACCOUNTING STANDARDS ADOPTED — In September 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2022-04, Liabilities—Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations. The new standard requires that a buyer in a supplier finance program disclose sufficient information about the key terms of the program, the amount of outstanding confirmed obligations at period end, where the obligations are presented in the balance sheet, and a rollforward of the obligations during the annual period. The ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the amendment on rollforward information, which is effective for fiscal years beginning after December 15, 2023. Early adoption is permitted. The amendments in this update should be applied retrospectively to all periods in which a balance sheet is presented, except for the rollforward requirement, which is applied prospectively. The Company adopted this standard in the first quarter of 2023, with the exception of the amendment on rollforward information. Refer to Note R, Commitments and Guarantees , for further discussion. 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 which is 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. 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 be applied on a modified retrospective basis. The Company adopted this standard in the first quarter of 2023 and it did not have a material impact on its consolidated financial statements. RECENTLY ISSUED ACCOUNTING STANDARDS NOT YET ADOPTED — In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . The new standard was issued to improve transparency and decision usefulness of income tax disclosures by providing information that helps investors better understand how an entity’s operations, tax risks, tax planning and operational opportunities affect its tax rate and prospects for future cash flows. The amendments in this update primarily relate to requiring greater disaggregated disclosure of information in the rate reconciliation, income taxes paid, income (loss) from continuing operations before income tax expense (benefit), and income tax expense (benefit) from continuing operations. The ASU is effective for fiscal years beginning after December 15, 2024, and early adoption is permitted. The standard can be applied prospectively or retrospectively. The Company is currently evaluating this guidance to determine the impact it may have on its consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . The new standard provides improvements to reportable segment disclosure requirements through amendments that require disclosure of significant segment expenses and other segment items on an interim and annual basis and requires all annual disclosures about a reportable segment’s profit or loss and assets to be made on an interim basis. The standard also requires the disclosure of the chief operating decision maker’s (“CODM”) title and position and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. The standard also clarifies that if the CODM uses more than one measure in assessing segment performance and deciding how to allocate resources, a company may report the additional segment profit or loss measure(s) and that companies with a single reportable segment must provide all disclosures required by this amendment. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The standard should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating this guidance to determine the impact it may have on its consolidated financial statements. 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 |
ACCOUNTS AND NOTES RECEIVABLE,
ACCOUNTS AND NOTES RECEIVABLE, NET | 12 Months Ended |
Dec. 30, 2023 | |
Receivables [Abstract] | |
ACCOUNTS AND NOTES RECEIVABLE, NET | ACCOUNTS AND NOTES RECEIVABLE, NET (Millions of Dollars) December 30, 2023 December 31, 2022 Trade accounts receivable $ 1,057.8 $ 1,059.7 Notes receivable 66.9 100.1 Other accounts receivable 253.9 177.8 Accounts and notes receivable 1,378.6 1,337.6 Allowance for credit losses (76.6) (106.6) Accounts and notes receivable, net $ 1,302.0 $ 1,231.0 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 years ended December 30, 2023 and December 31, 2022 are as follows: (Millions of Dollars) 2023 2022 Balance beginning of period $ 106.6 $ 95.9 Charged to costs and expenses 8.7 14.3 Other, including recoveries and deductions (a) (38.7) (3.6) Balance end of period $ 76.6 $ 106.6 (a) Amounts represent charge-offs less recoveries, the impacts of foreign currency translation, divestitures and net transfers to/from other accounts. 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 Sheets 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 December 30, 2023, 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 December 30, 2023 and December 31, 2022, net receivables of approximately $110.0 million were derecognized. Proceeds from transfers of receivables to the Purchaser totaled $455.7 million and $496.4 million for the years ended December 30, 2023 and December 31, 2022, respectively, and payments to the Purchaser totaled $455.7 million and $486.4 million, respectively. The program resulted in a pre-tax loss of $6.3 million and $4.1 million for the years ended December 30, 2023 and December 31, 2022, respectively, which included service fees of $0.9 million and $0.9 million, respectively. All cash flows under the program are reported as a component of changes in accounts receivable within operating activities in the Consolidated Statements of Cash Flows since all the cash from the Purchaser is received upon the initial sale of the receivable. As of December 30, 2023 and December 31, 2022, the Company's deferred revenue totaled $116.8 million and $122.9 million, respectively, of which $31.7 million and $29.6 million, respectively, was classified as current. |
INVENTORIES, NET
INVENTORIES, NET | 12 Months Ended |
Dec. 30, 2023 | |
Inventory Disclosure [Abstract] | |
INVENTORIES, NET | INVENTORIES, NET (Millions of Dollars) December 30, 2023 December 31, 2022 Finished products $ 2,912.5 $ 3,460.8 Work in process 263.4 338.7 Raw materials 1,562.7 2,061.6 Total $ 4,738.6 $ 5,861.1 Net inventories in the amount of $2.8 billion at December 30, 2023 and $3.4 billion at December 31, 2022 were valued at the lower of LIFO cost or market. If the LIFO method had not been used, inventories would have been higher than reported by $256.1 million at December 30, 2023 and $486.9 million at December 31, 2022. |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT (Millions of Dollars) December 30, 2023 December 31, 2022 Land $ 135.1 $ 137.7 Land improvements 55.0 59.7 Buildings 808.6 793.0 Leasehold improvements 180.9 191.7 Machinery and equipment 3,391.2 3,394.4 Computer software 510.4 501.4 Property, plant & equipment, gross $ 5,081.2 $ 5,077.9 Less: accumulated depreciation and amortization (2,911.3) (2,724.8) Property, plant & equipment, net $ 2,169.9 $ 2,353.1 Depreciation and amortization expense associated with property, plant and equipment was as follows: (Millions of Dollars) 2023 2022 2021 Depreciation $ 383.3 $ 330.4 $ 326.3 Amortization 49.1 39.3 47.7 Depreciation and amortization expense $ 432.4 $ 369.7 $ 374.0 The amounts above are inclusive of depreciation and amortization expense for discontinued operations amounting to $0.4 million in 2022 and $23.7 million in 2021. |
ACQUISITIONS
ACQUISITIONS | 12 Months Ended |
Dec. 30, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
ACQUISITIONS | ACQUISITIONS 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. The 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, hand-held outdoor power equipment and garden tools for both residential and professional consumers under well-known brands like CUB CADET® and TROY-BILT®. This combination created 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 was 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 acquisition date value of identifiable net assets acquired and liabilities assumed adjusted for measurement period adjustments: (Millions of Dollars) Cash and cash equivalents $ 111.5 Accounts receivable, net 270.5 Inventories, net 855.7 Prepaid expenses and other assets 56.9 Property, plant and equipment 256.9 Trade names 390.0 Customer relationships 460.0 Other assets 38.5 Accounts payable (394.6) Accrued expenses (201.1) Deferred revenue (0.9) Long-term debt (110.9) Deferred taxes (214.3) Other liabilities (68.4) Total identifiable net assets $ 1,449.8 Goodwill 486.9 Total consideration $ 1,936.7 The weighted-average useful life assigned to the definite-lived intangible assets was 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. Goodwill of $0.6 million will be deductible for tax purposes. 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 HUSTLER® brand. Excel was a strategically important bolt-on acquisition as the Company builds an outdoor products leader. The results of Excel subsequent to the date of acquisition are included in the Company's Tools & Outdoor segment. The Excel acquisition was accounted for as a business combination using the acquisition method of accounting. The acquisition date value of identifiable net assets acquired, which included $31.4 million of working capital, $43.6 million of deferred tax liabilities, and $203.5 million of intangible assets, was $195.5 million. The related goodwill was $178.2 million. The amount allocated to intangible assets included $158.0 million for customer relationships. The weighted-average useful life assigned to the intangible assets was 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. Goodwill is not expected to be deductible for tax purposes. Other 2021 Acquisitions During 2021, the Company completed two other acquisitions for a total purchase price of $202.7 million, net of cash acquired. The acquisition date value of the identifiable net assets acquired was $43.9 million and working capital was $30.6 million. The related goodwill was $158.8 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. Goodwill of $47.9 million related to these acquisitions will be deductible for tax purposes. ACTUAL AND PRO-FORMA IMPACT FROM ACQUISITIONS Actual Impact from Acquisitions The Company did not complete any acquisitions during 2023. As such, there was no impact from new acquisitions on the Company's Consolidated Statements of Operations for the year ended December 30, 2023. 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) 2022 2021 Net sales $ 16,947.4 $ 17,890.8 Net earnings from continuing operations attributable to common shareowners - Diluted 318.3 1,666.0 Diluted earnings per share of common stock - Continuing operations $ 2.03 $ 10.10 2022 Pro-forma Results The 2022 pro-forma results were calculated by combining the actual results of Stanley Black & Decker, Inc. for the year ended December 31, 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, Inc. with the stand-alone results of the 2021 acquisitions for their respective pre-acquisition period. Accordingly, the following adjustments were 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 the acquisition dates. • 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. • Because the MTD acquisition was assumed to occur on December 29, 2019, the gain on investment and remeasurement of the Craftsman contingent consideration liability due to additional forecasted Craftsman sales resulting from the acquisition of MTD was not factored into the 2021 pro-forma year, as such gain and expense would have occurred in the first year following the assumed acquisition date. |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended |
Dec. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS GOODWILL — The 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 Acquisitions 90.5 — 90.5 Foreign currency translation and other (124.5) (54.0) (178.5) Balance December 31, 2022 $ 5,939.7 $ 2,563.0 $ 8,502.7 Reclassification to assets held for sale — (540.5) (540.5) Foreign currency translation and other 36.6 (2.9) 33.7 Balance December 30, 2023 $ 5,976.3 $ 2,019.6 $ 7,995.9 As previously discussed, in December 2023, the Company entered into an agreement to sell its Infrastructure business. As a result, $540.5 million of goodwill was reclassified to assets held for sale as of December 30, 2023, and was included in the determination of the impairment charge recorded in the fourth quarter of 2023 to adjust the carrying amount of Infrastructure’s long-lived assets to its estimated fair value less selling costs. In 2022, $39.0 million of goodwill was allocated to the Oil & Gas business based on the relative fair value of the business disposed, and was included in the determination of the impairment charge recorded relating to the Oil & Gas business. Refer to Note T, Divestitures , for further discussion. As required by the Company's policy, the Company performed its annual goodwill impairment testing in the third quarter of 2023 and determined that the fair values of each of its reporting units exceeded their respective carrying amounts. The Company assessed the fair values of its three reporting units utilizing a discounted cash flow valuation model. The key assumptions used were discount rates and perpetual growth rates applied to cash flow projections. Also inherent in the discounted cash flow valuations were near-term revenue growth rates over the next six years. These assumptions contemplated business, market and overall economic conditions. As previously disclosed in the Company's Form 10-Q for the third quarter of 2023, the fair value of the Engineered Fastening reporting unit exceeded its carrying amount by 16%. In connection with the preparation of the Consolidated Financial Statements for the year ended December 30, 2023, the Company performed an updated impairment analysis with respect to the Engineered Fastening reporting unit, which included approximately $2.020 billion of goodwill at year-end. The key assumptions applied to the updated cash flow projections for the Engineered Fastening reporting unit included a 10.0% discount rate, near-term revenue growth rates over the next six years, which represented a compound annual growth rate of approximately 5%, and a 3% perpetual growth rate. Based on this analysis, it was determined that the fair value of the Engineering Fastening reporting unit exceeded its carrying amount by 22%. The increase in excess fair value is reflective of a slightly more favorable long-term outlook based on 2023 results and a lower carrying value driven by working capital reductions. Management remains confident in the long-term viability and success of the Engineered Fastening reporting unit, particularly given its market position, growth prospects, such as automotive electrification and the aerospace market recovery, and geographies served. INTANGIBLE ASSETS — Definite-lived intangible assets at December 30, 2023 and December 31, 2022 were as follows: 2023 2022 (Millions of Dollars) Gross Accumulated Gross Accumulated Amortized Intangible Assets — Definite-lived Patents and copyrights $ 26.2 $ (26.1) $ 25.8 $ (25.6) Trade names 223.6 (120.7) 247.7 (118.0) Customer relationships 2,578.4 (1,132.7) 2,881.2 (1,059.9) Other intangible assets 130.2 (125.7) 129.6 (122.0) Total $ 2,958.4 $ (1,405.2) $ 3,284.3 $ (1,325.5) Net intangible assets totaling $214.3 million were reclassified to assets held for sale as of December 30, 2023 related to the pending divestiture of the Infrastructure business. Indefinite-lived trade names totaled $2.396 billion at December 30, 2023 and $2.516 billion at December 31, 2022. The year-over-year change is primarily due to a $124.0 million pre-tax, non-cash impairment charge As required by the Company’s policy, the Company tested its indefinite-lived trade names for impairment during the third quarter of 2023 utilizing a discounted cash flow model. The key assumptions used included discount rates, royalty rates, and perpetual growth rates applied to the projected sales. With the exception of the Irwin and Troy-Bilt trade names discussed below, the Company determined that the fair values of its indefinite-lived trade names exceeded their respective carrying amounts. During the third quarter of 2023, as a result of new leadership within the Tools & Outdoor segment, the Company reviewed its brand portfolio resulting in a decision to shift prioritization and investment to its major brands, while leveraging certain of its specialty brands in a more focused manner. As a result of this shift in brand prioritization, the Company recognized a $124.0 million pre-tax, non-cash impairment charge related to the Irwin and Troy-Bilt trade names in the third quarter of 2023. Subsequent to this impairment charge, the carrying value of the Irwin and Troy-Bilt trade names totaled $113.0 million. The Company intends to continue utilizing these trade names, which accounted for less than 5% of 2023 net sales for the Tools & Outdoor segment, indefinitely in more focused product categories and end markets. Intangible assets amortization expense by segment was as follows: (Millions of Dollars) 2023 2022 2021 Tools & Outdoor $ 103.1 $ 108.1 $ 64.1 Industrial 89.6 94.4 99.9 Discontinued Operations — — 39.1 Consolidated $ 192.7 $ 202.5 $ 203.1 Future amortization expense in each of the next five years amounts to $163.7 million for 2024, $150.2 million for 2025, $142.3 million for 2026, $135.1 million for 2027, $131.3 million for 2028 and $830.6 million thereafter. |
ACCRUED EXPENSES
ACCRUED EXPENSES | 12 Months Ended |
Dec. 30, 2023 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES | ACCRUED EXPENSES (Millions of Dollars) December 30, 2023 December 31, 2022 Payroll and related taxes $ 318.3 $ 192.0 Income and other taxes 288.5 260.7 Customer rebates and sales returns 411.2 376.6 Insurance and benefits 71.8 95.3 Restructuring costs 28.9 62.3 Derivative financial instruments 17.9 16.1 Warranty costs 109.5 99.8 Deferred revenue 31.7 29.6 Freight costs 107.1 220.3 Environmental costs 46.0 39.4 Current lease liability 127.7 114.1 Forward stock purchase contract 337.4 — Accrued interest 64.0 49.0 Other 504.3 565.5 Total $ 2,464.3 $ 2,120.7 |
LONG-TERM DEBT AND FINANCING AR
LONG-TERM DEBT AND FINANCING ARRANGEMENTS | 12 Months Ended |
Dec. 30, 2023 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT AND FINANCING ARRANGEMENTS | LONG-TERM DEBT AND FINANCING ARRANGEMENTS December 30, 2023 December 31, 2022 (Millions of Dollars) Interest Rate Notional Value 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 $ (0.3) $ — $ — $ (1.0) $ 498.7 $ 497.7 Notes payable due 2026 3.40% 500.0 (0.2) — — (0.9) 498.9 498.3 Notes payable due 2026 6.27% 350.0 — — — (1.4) 348.6 — Notes payable due 2026 3.42% 25.0 — — 1.0 — 26.0 26.4 Notes payable due 2026 1.84% 27.6 — — 1.0 (0.1) 28.5 28.0 Notes payable due 2028 6.00% 400.0 (0.4) — — (2.1) 397.5 — Notes payable due 2028 7.05% 150.0 — 4.9 4.8 — 159.7 161.8 Notes payable due 2028 4.25% 500.0 (0.2) — — (2.1) 497.7 497.2 Notes payable due 2028 3.52% 50.0 — — 3.3 (0.2) 53.1 53.7 Notes payable due 2030 2.30% 750.0 (1.5) — — (3.2) 745.3 744.5 Notes payable due 2032 3.00% 500.0 (0.8) — — (2.9) 496.3 495.9 Notes payable due 2040 5.20% 400.0 (0.2) (24.6) — (2.3) 372.9 371.3 Notes payable due 2048 4.85% 500.0 (0.5) — — (4.5) 495.0 494.8 Notes payable due 2050 2.75% 750.0 (1.8) — — (7.5) 740.7 740.3 Notes payable due 2060 (junior subordinated) 4.00% 750.0 — — — (8.6) 741.4 741.2 Other, payable in varying amounts 2024 through 2027 4.10%-4.31% 1.8 — — — — 1.8 3.0 Total long-term debt, including current maturities $ 6,154.4 $ (5.9) $ (19.7) $ 10.1 $ (36.8) $ 6,102.1 $ 5,354.1 Less: Current maturities of long-term debt (1.1) (1.2) Long-term debt $ 6,101.0 $ 5,352.9 1 Unamortized gain (loss) associated with interest rate swaps are more fully discussed in Note I, Financial Instruments. As of December 30, 2023, the total aggregate annual principal maturities of long-term debt for the next five years and thereafter are as follows: $1.1 million in 2024, $500.5 million in 2025, $902.8 million in 2026, $1,100.0 million in 2028, and $3,650.0 million thereafter. There are immaterial principal maturities of long-term debt in 2027. These maturities represent the principal amounts to be paid and accordingly exclude the remaining $10.1 million of unamortized fair value adjustments made in acquisition accounting, which increased the Black & Decker note payable due 2028 and MTD notes payable due 2026 and 2028, as well as a net loss of $25.6 million pertaining to unamortized termination gains and losses on interest rate swaps and unamortized discounts on the notes as described in Note I, Financial Instruments, and $36.8 million of unamortized deferred financing fees. In March 2023, the Company issued $350.0 million of senior unsecured term notes maturing March 6, 2026 ("2026 Term Notes") and $400.0 million of senior unsecured term notes maturing March 6, 2028 (“2028 Term Notes”). The 2026 Term Notes accrue interest at a fixed rate of 6.272% per annum and the 2028 Term Notes at a fixed rate of 6.0% per annum, with interest payable semi-annually in arrears, and both notes 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 $745.3 million, net of $4.7 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 program. 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 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 program. Commercial Paper and Credit Facilities The Company has a $3.5 billion commercial paper program which includes Euro denominated borrowings in addition to U.S. Dollars. As of December 30, 2023, the Company had commercial paper borrowings outstanding of $1.1 billion of which $399.7 million in Euro denominated commercial paper was designated as a net investment hedge. Refer to Note I, Financial Instruments , for further discussion. As of December 31, 2022, the Company had commercial paper borrowings outstanding of $2.1 billion, which did not include any Euro denominated commercial paper. 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 December 30, 2023 and December 31, 2022, the Company had not drawn on its five-year committed credit facility. In September 2023, the Company terminated its $1.5 billion syndicated 364-Day Credit Agreement (the "Syndicated 364-Day Credit Agreement") dated September 2022, as amended. There were no outstanding borrowings under the Syndicated 364-Day Credit Agreement upon termination and as of December 31, 2022. Contemporaneously, the Company entered into a new $1.5 billion syndicated 364-Day Credit Agreement (the "2023 Syndicated 364-Day Credit Agreement") which is a revolving credit loan. The borrowings under the 2023 Syndicated 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 2023 Syndicated 364-Day Credit Agreement. The Company must repay all advances under the 2023 Syndicated 364-Day Credit Agreement by the earlier of September 4, 2024 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 2023 Syndicated 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 December 30, 2023, the Company had not drawn on its 2023 Syndicated 364-Day Credit Agreement . In September 2023, the Company terminated its $0.5 billion revolving credit loan (the "Club 364-Day Credit Agreement") dated September 2022, as amended. There were no outstanding borrowings under the Club 364-Day Credit Agreement upon termination and as of December 31, 2022. In addition, the Company has other short-term lines of credit that are primarily uncommitted, with numerous banks, aggregating to $251.6 million, of which $154.7 million was available at December 30, 2023. Approximately $96.9 million of the short-term credit lines were utilized primarily pertaining to outstanding letters of credit for which there are no required or reported debt balances. Short-term arrangements are reviewed annually for renewal. At December 30, 2023, the aggregate amount of short-term and long-term committed and uncommitted lines of credit was approximately $4.3 billion. In addition, at December 30, 2023, $1.1 billion was recorded as short-term commercial paper borrowings. The weighted-average interest rates on U.S. dollar denominated short-term borrowings for the years ended December 30, 2023 and December 31, 2022 were 5.1% and 2.3%, respectively. The weighted-average interest rate on Euro denominated short-term borrowings for the year ended December 30, 2023 was 3.5%. For the year ended December 31, 2022, the Company had not drawn on its Euro denominated short-term borrowings. Interest paid relating to the Company's indebtedness, including long-term debt and commercial paper borrowings, during 2023, 2022 and 2021 amounted to $531.5 million, $320.8 million and $177.1 million, respectively. The Company has an interest coverage covenant that must be maintained to permit continued access to its committed credit facilities described above. The interest coverage ratio tested for covenant compliance compares adjusted Earnings Before Interest, Taxes, Depreciation and Amortization to adjusted net Interest Expense ("Adjusted EBITDA"/"Adjusted Net Interest Expense"). In February 2023, the Company entered into an amendment to its 5-Year Credit Agreement to: (a) amend the definition of Adjusted EBITDA to allow for additional adjustment addbacks, not to exceed $500 million in the aggregate, for amounts incurred during each four fiscal quarter period beginning with the period ending in the third quarter of 2023 through the period ending in the second quarter of 2024, and (b) amend the minimum interest coverage ratio from 3.5 times to not less than 1.5 to 1.0 times computed quarterly, on a rolling twelve months (last twelve months) basis, for the period from and including the third quarter of 2023 through the second quarter of 2024. The minimum interest coverage ratio will revert back to |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 30, 2023 | |
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 Consolidated Balance Sheets at December 30, 2023 and December 31, 2022 is as follows: (Millions of Dollars) Balance Sheet 2023 2022 Balance Sheet 2023 2022 Derivatives designated as hedging instruments: Foreign Exchange Contracts Cash Flow Other current assets $ 0.1 $ 4.5 Accrued expenses $ 4.9 $ 4.2 Non-derivative designated as hedging instrument: Net Investment Hedge $ — $ — Short-term borrowings $ 399.7 $ — Total Designated as hedging instruments $ 0.1 $ 4.5 $ 404.6 $ 4.2 Derivatives not designated as hedging instruments: Foreign Exchange Contracts Other current assets $ 8.4 $ 7.7 Accrued expenses $ 13.0 $ 11.9 Total $ 8.5 $ 12.2 $ 417.6 $ 16.1 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. 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 December 30, 2023 and December 31, 2022, there were no assets that had been posted as collateral related to the above mentioned financial instruments. Cash flows related to derivatives, including those that are separately discussed below, resulted in net cash paid of $30.1 million in 2023, net cash received of $86.2 million in 2022, and net cash paid of $166.8 million in 2021. CASH FLOW HEDGES — There were after-tax mark-to-market losses of $42.5 million and $44.5 million as of December 30, 2023 and December 31, 2022, respectively, reported for cash flow hedge effectiveness in Accumulated other comprehensive loss. An after-tax loss of $4.9 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 2023, 2022 and 2021: 2023 (Millions of Dollars) Gain (Loss) Classification of Gain (Loss) Gain (Loss) Interest Rate Contracts $ — Interest expense $ (6.1) $ — Foreign Exchange Contracts $ (4.3) Cost of sales $ (0.6) $ — 2022 (Millions of Dollars) Gain (Loss) Classification of Gain (Loss) Gain (Loss) Interest Rate Contracts $ 23.4 Interest expense $ (5.8) $ — Foreign Exchange Contracts $ 30.6 Cost of sales $ 53.3 $ — 2021 (Millions of Dollars) Gain (Loss) Classification of Gain (Loss) Gain (Loss) Recognized in Income on Amounts Excluded from Effectiveness Testing Interest Rate Contracts $ 14.9 Interest expense $ (3.9) $ — Foreign Exchange Contracts $ 24.1 Cost of sales $ (26.1) $ — A summary of the pre-tax effect of cash flow hedge accounting on the Consolidated Statements of Operations for 2023, 2022 and 2021 is as follows: 2023 2022 2021 (Millions of Dollars) Cost of Sales Interest Expense Cost of Sales Interest Expense Cost of Sales Interest Expense Total amount in the Consolidated Statements of Operations in which the effects of the cash flow hedges are recorded $ 11,848.5 $ 559.4 $ 12,663.3 $ 338.5 $ 10,189.1 $ 185.4 Gain (loss) on cash flow hedging relationships: Foreign Exchange Contracts: Hedged Items $ 0.6 $ — $ (53.3) $ — $ 26.1 $ — Gain (loss) reclassified from OCI into Income $ (0.6) $ — $ 53.3 $ — $ (26.1) $ — Interest Rate Swap Agreements: Gain (loss) reclassified from OCI into Income 1 $ — $ (6.1) $ — $ (5.8) $ — $ (3.9) 1 Inclusive of the gain/loss amortization on terminated derivative financial instruments. For 2023, after-tax losses of $3.6 million were reclassified from Accumulated other comprehensive loss into earnings (inclusive of the gain/loss amortization on terminated derivative instruments) during the periods in which the underlying hedged transactions affected earnings. After-tax gains of $26.4 million and after-tax losses of $17.0 million were reclassified in 2022 and 2021, respectively. Interest Rate Contracts: In prior years, the Company entered 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. These swap agreements, which were designated as cash flow hedges, subsequently matured or were terminated and the gain/loss was recorded in Accumulated other comprehensive loss and is being amortized to interest expense. The cash flows stemming from the maturity and termination of the swaps are presented within financing activities in the Consolidated Statements of Cash Flows. As of December 30, 2023 and December 31, 2022, the Company did not have any outstanding forward starting swaps designated as cash flow hedges. 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. 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 December 30, 2023 and December 31, 2022, the notional value of forward currency contracts outstanding is $300.0 million, maturing in 2024, and $281.7 million, maturing in 2023, respectively. 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. The Company did not have any active fair value interest rate swaps at December 30, 2023 or December 31, 2022. A summary of the pre-tax effect of fair value hedge accounting on the Consolidated Statements of Operations for 2023, 2022 and 2021 is as follows: 2023 2022 2021 (Millions of Dollars) Interest Expense Interest Expense Interest Expense Total amount in the Consolidated Statements of Operations in which the effects of the fair value hedges are recorded $ 559.4 $ 338.5 $ 185.4 Amortization of gain on terminated swaps $ (0.4) $ (0.4) $ (0.4) A summary of the amounts recorded in the Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges as of December 30, 2023 and December 31, 2022 is as follows: (Millions of Dollars) 2023 Carrying Amount of Hedged Liability 1 2023 Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liability Current maturities of long-term debt $ 1.1 Terminated Swaps $ — Long-Term Debt $ 532.6 Terminated Swaps $ (19.7) 1 Represents hedged items no longer designated in qualifying fair value hedging relationships. (Millions of Dollars) 2022 Carrying Amount of Hedged Liability 1 2022 Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liability Current maturities of long-term debt $ 1.2 Terminated Swaps $ — Long-Term Debt $ 533.1 Terminated Swaps $ (20.1) 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 $64.9 million and $73.8 million at December 30, 2023 and December 31, 2022, respectively. As of December 30, 2023 and December 31, 2022, the Company did not have any net investment hedges with a notional value outstanding. As of December 30, 2023, the Company had Euro denominated commercial paper with a value of $399.7 million, maturing in 2024, hedging a portion of the Company's Euro denominated net investments. As of December 31, 2022, the Company did not have any Euro denominated commercial paper. Maturing foreign exchange contracts resulted in no cash paid or received in 2023, net cash received of $10.6 million during 2022 and net cash paid of $55.1 million during 2021. Gains and losses on net investment hedges remain in Accumulated other comprehensive loss 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 the Consolidated Statements of Operations in Other, net. The pre-tax gain or loss from fair value changes during 2023, 2022 and 2021 were as follows: 2023 (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 $ 0.4 $ — Other, net $ — $ — Non-derivative designated as Net Investment Hedge $ (12.0) $ — Other, net $ — $ — 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 $ 6.1 $ 0.6 Other, net $ 0.7 $ 0.7 Cross Currency Swap $ (1.2) $ 2.5 Other, net $ 1.5 $ 1.5 Non-derivative designated as Net Investment Hedge $ (0.1) $ — Other, net $ — $ — 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 $ (1.2) $ 1.6 Other, net $ 1.5 $ 1.5 Cross Currency Swap $ 11.7 $ 24.6 Other, net $ 3.7 $ 3.7 Non-derivative designated as Net Investment Hedge $ (6.7) $ — Other, net $ — $ — 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 December 30, 2023 was $1.0 billion maturing on various dates through 2024. The total notional amount of the forward contracts outstanding at December 31, 2022 was $1.1 billion maturing on various dates through 2023. The gain (loss) recorded in the Consolidated Statements of Operations from changes in the fair value related to derivatives not designated as hedging instruments under ASC 815 for 2023, 2022 and 2021 is as follows: (Millions of Dollars) Income Statement 2023 2022 2021 Foreign Exchange Contracts Other-net $ (33.7) $ 5.0 $ (10.8) |
CAPITAL STOCK
CAPITAL STOCK | 12 Months Ended |
Dec. 30, 2023 | |
Equity [Abstract] | |
CAPITAL STOCK | CAPITAL STOCK EARNINGS PER SHARE — The following table reconciles net (loss) earnings attributable to common shareowners and the weighted-average shares outstanding used to calculate basic and diluted (loss) earnings per share for the fiscal years ended December 30, 2023, December 31, 2022, and January 1, 2022. 2023 2022 2021 Numerator (in millions): Net (Loss) Earnings from Continuing Operations Attributable to Common Shareowners $ (281.7) $ 164.3 $ 1,538.3 Add: Contract adjustment payments accretion — 1.2 1.3 Net (Loss) Earnings from Continuing Operations Attributable to Common Shareowners - Diluted (281.7) 165.5 1,539.6 Net (loss) earnings from discontinued operations (28.8) 892.4 136.7 Net (Loss) Earnings Attributable to Common Shareowners - Diluted $ (310.5) $ 1,057.9 $ 1,676.3 2023 2022 2021 Denominator (in thousands): Basic weighted-average shares outstanding 149,751 148,170 158,760 Dilutive effect of stock contracts and awards — 8,383 6,264 Diluted weighted-average shares outstanding 149,751 156,553 165,024 (Loss) earnings per share of common stock: Basic (loss) earnings per share of common stock: Continuing operations $ (1.88) $ 1.11 $ 9.69 Discontinued operations $ (0.19) $ 6.02 $ 0.86 Total basic (loss) earnings per share of common stock $ (2.07) $ 7.13 $ 10.55 Diluted (loss) earnings per share of common stock: Continuing operations $ (1.88) $ 1.06 $ 9.33 Discontinued operations $ (0.19) $ 5.70 $ 0.83 Total diluted (loss) earnings per share of common stock $ (2.07) $ 6.76 $ 10.16 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): 2023 2022 2021 Number of stock options 5,406 4,019 1,039 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 had a stated amount of $100 and initial ly consisted 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 were reflected in diluted earnings per share using the if-converted method. 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) , 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 through the date of redemption as discussed below. In accordance with the standard, the Company increased weighted-average shares outstanding used to calculate diluted earnings per share for the year ended December 31, 2022 by 3.6 million shares. In November 2022, the Company generated cash proceeds of $750 million from the successful remarketing of the Series D Preferred Stock (the "Remarketed Series D Preferred Stock"). Upon completion of the remarketing, the holders of the 2019 Equity Units received 4,723,500 common shares and the Company issued 750,000 shares of Remarketed Series D Preferred Stock. Holders of the Remarketed Series D Preferred Stock were entitled to receive cumulative dividends, if declared by the Board of Directors, at an initial fixed rate equal to 7.5% per annum of the $1,000 per share liquidation preference (equivalent to $75.00 per annum per share). On November 15, 2022, the Company informed holders that it would redeem all outstanding shares of the Remarketed Series D Preferred Stock on December 22, 2022 at $1,007.71 per share in cash, which was equal to 100% of the liquidation preference of a share of Remarketed Series D Preferred Stock, plus accumulated and unpaid dividends to, but excluding December 22, 2022. In December 2022, the Company redeemed the Remarketed Series D Preferred Stock, paying $750 million in cash. In May 2017, the Company issued Equity Units with a total notional value of $750.0 million (“2017 Equity Units”). Each unit consisted of a three-year forward stock purchase contract (“2020 Purchase Contracts”) for the purchase of a variable number of shares of common stock, 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). Dividends were cumulative on the $1,000 liquidation preference per share and were payable, as 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. 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 at $1,002.50 per share in cash, 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 June 3, 2021. If a holder elected to convert its shares of Remarketed Series C Preferred Stock prior to June 3, 2021, 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 Series C 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. COMMON STOCK ACTIVITY — Common stock activity for 2023, 2022 and 2021 was as follows: 2023 2022 2021 Outstanding, beginning of year 152,983,530 163,328,776 160,752,262 Issued from treasury 817,110 5,711,974 3,105,587 Returned to treasury (180,552) (16,057,220) (529,073) Outstanding, end of year 153,620,088 152,983,530 163,328,776 Shares subject to the forward share purchase contract (3,645,510) (3,645,510) (3,645,510) Outstanding, less shares subject to the forward share purchase contract 149,974,578 149,338,020 159,683,266 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. Upon completion of the remarketing of the Series D Preferred Stock in November 2022, the holders of the 2019 Equity Units received 4,723,500 common shares and the Company issued 750,000 shares of Remarketed Series D Preferred Stock. 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. In addition, the Company net-share settled the remaining capped call options on its common stock related to the Remarketed Series C Preferred Stock and received 344,004 shares using an average reference price of $209.80 per common share. 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 November 2022, the Company amended the forward share purchase contract and updated the final settlement date to November 2024, 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. COMMON STOCK RESERVED — Common stock shares reserved for issuance under various employee and director stock plans at December 30, 2023 and December 31, 2022 are as follows: 2023 2022 Employee stock purchase plan 1,070,126 1,251,699 Other stock-based compensation plans 6,161,350 8,403,765 Total shares reserved 7,231,476 9,655,464 STOCK-BASED COMPENSATION PLANS — The Company has stock-based compensation plans for salaried employees and non-employee members of the Board of Directors. The plans provide for discretionary grants of stock options, restricted stock units and other stock-based awards. On February 16, 2022, the Board of Directors adopted the 2022 Omnibus Award Plan (the “2022 Plan”) and authorized the issuance of 9,800,000 shares of the Company’s common stock in connection with awards pursuant to the 2022 Plan and no further awards will be issued under the Company’s 2018 Omnibus Award Plan (the “2018 Plan”). As discussed further below, the Company has granted stock options, restricted share units and awards, performance stock units, and long-term performance awards, under the 2022 Plan and 2018 Plan to senior management employees and non-employee members of the Board of Directors. The plans are generally administered by the Compensation and Talent Development Committee of the Board of Directors, consisting of non-employee directors. Stock Option Valuation Assumptions: Stock options are granted at the fair market value of the Company’s common stock on the date of grant and have a maximum 10-year term. Generally, stock option grants vest ratably over three The following describes how certain assumptions affecting the estimated fair value of stock options are determined: the expected volatility is based on an average of the market implied volatility and historical volatility for the expected life; the dividend yield is computed as the annualized dividend rate at the date of the grant divided by the strike price of the stock option; the risk-free interest rate is based on U.S. Treasury securities with maturities equal to the expected life of the option; and a forfeiture rate of eight to ten percent is assumed. The Company uses historical data in order to estimate forfeitures and holding period behavior for valuation purposes. The fair value of stock option grants is estimated on the date of grant using the Black-Scholes option pricing model. The following weighted-average assumptions were used to value grants made in 2023, 2022 and 2021: 2023 2022 2021 Average expected volatility 39.1 % 38.6 % 34.0 % Dividend yield 3.6 % 3.7 % 1.6 % Risk-free interest rate 4.0 % 3.2 % 1.3 % Expected life 5.0 years 4.2 years 5.3 years Fair value per option $ 26.05 $ 20.00 $ 52.39 Weighted-average vesting period 1.9 years 1.7 years 2.9 years Stock Options: The number of stock options and weighted-average exercise prices as of December 30, 2023 are as follows: Options Price Outstanding, December 31, 2022 5,281,713 $ 140.22 Granted 848,394 89.87 Exercised (85,925) 82.93 Forfeited (553,334) 141.37 Outstanding, December 30, 2023 5,490,848 $ 133.22 Exercisable, December 30, 2023 3,877,759 $ 144.12 At December 30, 2023, the range of exercise prices on outstanding stock options was $77.83 to $193.97 per share. Stock option expense was $26.6 million, $27.1 million and $36.4 million for 2023, 2022 and 2021, respectively. At December 30, 2023, the Company had $27.9 million of unrecognized pre-tax compensation expense for stock options. This expense will be recognized over the remaining vesting periods which are 1.1 years on a weighted-average basis. During 2023, the Company received $7.1 million in cash from the exercise of stock options. The related cash tax benefit from the exercise of these options wa s $0.2 million. D uring 2023, 2022 and 2021, the total intrinsic value of options exercised was $1.0 million, $4.6 million and $85.3 million, respectively. When options are exercised, the related shares are issued from treasury stock. An excess tax benefit is generated on the extent to which the actual gain, or spread, an optionee receives upon exercise of an option exceeds the fair value determined at the grant date; that excess spread over the fai r value of the option times the applicable tax rate represents the excess tax benefit. During 2023 and 2022, the shortfall recognized was $0.1 million in both years. During 2021, the excess tax benefit arising from tax deductions in excess of recognized compensation cost totaled $14.1 million and was recorded in income tax expense. Outstanding and exercisable stock option information at December 30, 2023 follows: Outstanding Stock Options Exercisable Stock Options Exercise Price Ranges Options Weighted- Weighted- Options Weighted- Weighted- $100.00 and below 1,654,765 8.42 $ 84.89 398,173 6.34 $ 84.05 100.01 — 165.00 2,082,851 4.38 131.39 2,061,056 4.34 131.64 165.01 — higher 1,753,232 6.33 181.01 1,418,530 6.03 179.11 5,490,848 6.22 $ 133.22 3,877,759 5.16 $ 144.12 Compensation cost for new grants is recognized on a straight-line basis over the vesting period. The expense for retirement eligible employees (those aged 55 and over and with 10 or more years of service) is recognized by the date they become retirement eligible, as such employees may retain their options for the 10-year contractual term in the event they retire prior to the end of the vesting period stipulated in the grant. As of December 30, 2023, the aggregate intrinsic value of stock options outstanding and stock options exercisable was $21.9 million and $5.6 million, respectively. Employee Stock Purchase Plan: The Employee Stock Purchase Plan (“ESPP”) enables eligible employees in the United States, Canada and Israel to purchase shares of the Company's common stock at the lower of 85.0% of the fair market value of the shares on the grant date ($65.39 per share for fiscal year 2023 purchases) or 85.0% of the fair market value of the shares on the last business day of each month. A maximum of 1,600,000 shares are authorized for subscription. During 2023, 2022 and 2021, 181,573 shares, 136,956 shares and 92,307 shares, respectively, were issued under the plan at average prices of $65.34, $96.09, and $150.21 per share, respectively, and the intrinsic value of the ESPP purchases was $4.1 million, $2.3 million and $3.9 million, respectively. For 2023, the Company received $11.9 million in cash from ESPP purchases, and there was no related tax benefit. The fair value of ESPP shares was estimated using the Black-Scholes option pricing model. ESPP compensation cost is recognized ratably over the one-year term based on actual employee stock purchases under the plan. The fair value of the employees’ purchase rights under the ESPP was estimated using the following assumptions for 2023, 2022 and 2021, respectively: dividend yield of 3.9%, 1.7% and 1.6%; expected volatility of 42.0%, 25.0% and 55.0%; risk-free interest rates of 4.7%, 0.2%, and 0.1%; and expected lives of one year. The weighted-average fair value of those purchase rights granted in 2023, 2022 and 2021 was $21.26, $38.51 and $45.46, respectively. Total compensation expense recognized for ESPP was $3.6 million in 2023, $3.3 million in 2022 and $4.4 million in 2021. Restricted Share Units: Compensation cost for restricted share units (“RSUs”) granted to employees is recognized ratably over the vesting term, which varies but is generally three Total compensation expense recognized for RSUs amounted to $53.9 million, $50.6 million and $47.3 million in 2023, 2022 and 2021, respectively. The related cash tax benefit received related to the shares that were delivered in 2023 was $7.7 million. The shortfall recognized in 2023 was $1.9 million . The shortfall recognized in 2022 was $3.6 million and the e xcess tax benefit recognized in 2021 was $2.5 million. As of December 30, 2023, unrecognized compensation expense for RSUs amounted to $86.1 million and will be recognized over a weighted-average period of 1.5 years. A summary of non-vested restricted share units and award activity as of December 30, 2023, and changes during the year then ended is as follows: Restricted Share Weighted-Average Non-vested at December 31, 2022 1,266,462 $ 115.02 Granted 827,133 90.09 Vested (426,527) 115.80 Forfeited (176,144) 120.88 Non-vested at December 30, 2023 1,490,924 $ 100.24 The total fair value of vested RSUs (market value on the date vested) during 2023, 2022 and 2021 was $49.9 million, $38.9 million and $53.3 million, respectively. Prior to 2020, non-employee members of the Board of Directors received annual restricted share-based grants which must be cash settled and accordingly mark-to-market accounting is applied. In 2023, the Company recognized $1.5 million of expense for these awards. In 2022 and 2021, the Company recognized $9.8 million of income and $1.1 million of expense for these awards, respectively. Beginning in 2020, the annual grant issued to non-employee members of the Board of Directors is stock settled. The expense related to the annual grant in 2023, 2022 and 2021 was $1.9 million, $1.8 million, and $2.0 million respectively. Additionally, non-employee members of the Board of Directors may defer any or all of their cash retainer fees, which would subsequently be settled as RSU awards. Compensation expense related to these RSUs was $1.1 million, $1.2 million, and $1.4 million for 2023, 2022 and 2021, respectively. Management Incentive Compensation Plan Performance Stock Units: In 2020, the Company granted Performance Stock Units (collectively "MICP-PSUs") under the Management Incentive Compensation Plan ("MICP") to participating employees. Awards were payable in shares of common stock and generally no award was made if the employee terminated employment prior to the settlement dates. The delivery of the shares related to the 2020 MICP-PSU grant occurred ratably in 2021, 2022, and 2023. The total shares delivered were based on actual 2020 performance in relation to the established goals. A summary of the activity pertaining to the maximum number of shares that may be issued is as follows: MICP PSUs Weighted-Average Non-vested at December 31, 2022 67,698 $ 93.58 Granted — — Vested (67,698) 93.58 Forfeited — — Non-vested at December 30, 2023 — $ — Compensation cost for these performance awards was recognized ratably over the vesting term of three years. Total income recognized in 2023 related to these MICP-PSUs approxi mated $5.0 million. The total expense recognized in 2022 and 2021 related to these MICP-PSUs approxi mated $9.1 million and $15.7 million, respectively. The related cash tax benefit received related to the shares that were delivered in 2023, 2022 and 2021 was $0.9 million, $3.6 million and $5.6 million, respectively. Long-Term Performance Awards: The Company has granted Long-Term Performance Awards (“LTIP”) under its 2022 Omnibus Award Plan and 2018 Omnibus Award Plan to senior management employees for achieving Company performance measures. Awards are payable in shares of common stock, which may be restricted if the employee has not achieved certain stock ownership levels, and generally no award is made if the employee terminates employment prior to the settlement date. LTIP grants were made in 2021, 2022 and 2023. Each grant has two separate annual performance goals for each year within the respective three-year performance period and one market-based metric measured over the three-year performance period. For grants made in 2023, organic sales growth and cash flow return on investment represent 75% of the grant value. For grants made in 2021 and 2022, earnings per share and cash flow return on investment represent 75% of the grant value. For all years, the market-based metric, which represents 25% of the total grant value, measures the Company’s common stock return relative to peers over the three-year performance period. The ultimate delivery of shares will occur in 2024, 2025 and 2026 for the 2021, 2022 and 2023 grants, respectively. Share settlements are based on actual performance in relation to these goals. In 2023, expense recognized for these performance awards amounted to $1.7 million. In 2022, income of $2.4 million was recognized related to these performance awards and in 2021 expense recognized for these performance awards amounted to $11.1 million. With the exception of the market-based metric comprising 25% of the award, in the event performance goals are not met, compensation cost is not recognized and any previously re cognized compensation cost is reversed. The related cash tax benefit received related to the shares that were delivered in 2023, 2022, and 2021 was $0.3 million, $1.3 million and $0.8 million, respectively. The shortfall recognized in 2023 and 2022 was $0.5 million and less than $0.1 million, respectively. The excess tax benefit recognized in 2021 was $0.1 million. A summary of the activity pertaining to the maximum number of shares that may be issued is as follows: LTIP Units Weighted-Average Non-vested at December 31, 2022 534,586 $ 158.18 Granted 393,040 81.36 Vested (45,950) 154.07 Forfeited (150,548) 144.78 Non-vested at December 30, 2023 731,128 $ 119.90 |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE LOSS | 12 Months Ended |
Dec. 30, 2023 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE LOSS | ACCUMULATED OTHER COMPREHENSIVE LOSS The following table summarizes the changes in the accumulated balances for each component of Accumulated other comprehensive loss: (Millions of Dollars) Currency translation adjustment and other (Losses) gains on cash flow hedges, net of tax 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 (328.3) 31.7 3.7 73.4 (219.5) Adjustments related to sales of businesses (36.1) — — — (36.1) Reclassification adjustments to earnings — (26.4) (1.7) 9.8 (18.3) Net other comprehensive (loss) income (364.4) 5.3 2.0 83.2 (273.9) Balance - December 31, 2022 $ (1,907.4) $ (44.5) $ 73.8 $ (241.4) $ (2,119.5) Other comprehensive income (loss) before reclassifications 75.1 (1.6) (8.9) (26.9) 37.7 Reclassification adjustments to earnings — 3.6 — 9.1 12.7 Net other comprehensive income (loss) 75.1 2.0 (8.9) (17.8) 50.4 Balance - December 30, 2023 $ (1,832.3) $ (42.5) $ 64.9 $ (259.2) $ (2,069.1) 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 years ended December 30, 2023 and December 31, 2022 were as follows: (Millions of Dollars) 2023 2022 Components of Accumulated other comprehensive loss Reclassification adjustments Reclassification adjustments Affected line item in Consolidated Statements of Operations Realized (losses) gains on cash flow hedges $ (0.6) $ 53.3 Cost of sales Realized losses on cash flow hedges (6.1) (5.8) Interest expense Total before taxes $ (6.7) $ 47.5 Tax effect 3.1 (21.1) Income taxes Realized (losses) gains on cash flow hedges, net of tax $ (3.6) $ 26.4 Realized gains on net investment hedges $ — $ 2.2 Other, net Tax effect — (0.5) Income taxes Realized gains on net investment hedges, net of tax $ — $ 1.7 Actuarial losses and prior service costs / credits (11.1) (13.3) Other, net Settlement losses (1.0) — Other, net Total before taxes (12.1) (13.3) Tax effect 3.0 3.5 Income taxes Amortization of defined benefit pension items, net of tax $ (9.1) $ (9.8) |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended |
Dec. 30, 2023 | |
Retirement Benefits [Abstract] | |
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS EMPLOYEE STOCK OWNERSHIP PLAN (“ESOP ”) — Most U.S. employees may make contributions that do not exceed 25% of their eligible compensation to a tax-deferred 401(k) savings plan, subject to restrictions under tax laws. Employees generally direct the investment of their own contributions into various investment funds. An employer match benefit is provided under the plan equal to one half of each employee’s tax-deferred contribution up to the first 7% of their compensation. Participants direct the entire employer match benefit such that no participant is required to hold the Company’s common stock in their 401(k) account. The employer match benefit totaled $32.8 million, $32.2 million and $28.0 million in 2023, 2022 and 2021, respectively. In addition, approximately 12,670 U.S. salaried and non-union hourly employees are eligible to receive a non-contributory benefit under the Core benefit plan. Core benefit allocations range from 2% to 6% of eligible employee compensation based on age. Allocations for benefits earned under the Core plan were $38.8 million, $28.9 million, and $31.1 million in 2023, 2022 and 2021, respectively. Assets held in participant Core accounts are invested in target date retirement funds which have an age-based allocation of investments. The Company’s net ESOP activity resulted in expense of $71.6 million, $61.1 million, and $59.1 million in 2023, 2022, and 2021, respectively, and is compromised of the aforementioned Core and 401(k) match defined contribution benefits. The Company made cash contributions totaling $61.0 million in 2023, $67.8 million in 2022 and $35.7 million in 2021. PENSION AND OTHER BENEFIT PLANS — The Company sponsors pension plans covering most domestic hourly and certain executive employees, and approximately 12,673 foreign employees. Benefits are generally based on salary and years of service, except for U.S. collective bargaining employees whose benefits are based on a stated amount for each year of service. The Company contributes to a number of multi-employer plans for certain collective bargaining U.S. employees. The risks of participating in these multi-employer plans are different from single-employer plans in the following aspects: a. Assets contributed to the multi-employer plan by one employer may be used to provide benefit to employees of other participating employers. b. If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be inherited by the remaining participating employers. c. If the Company chooses to stop participating in some of its multi-employer plans, the Company may be required to pay those plans an amount based on the underfunded status of the plan, referred to as a withdrawal liability. In addition, the Company also contributes to a number of multi-employer plans outside of the U.S. The foreign plans are insured, therefore, the Company’s obligation is limited to the payment of insurance premiums. The Company has assessed and determined that none of the multi-employer plans to which it contributes are individually significant to the Company’s Consolidated Financial Statements. The Company does not expect to incur a withdrawal liability or expect to significantly increase its contributions over the remainder of the contract period. In addition to the multi-employer plans, various other defined contribution plans are sponsored worldwide. As of December 30, 2023 and December 31, 2022, the Company had $104.7 million and $95.6 million, respectively, of liabilities pertaining to an unfunded supplemental defined contribution plan for certain U.S. employees. The expense (benefit) for defined contribution plans, aside from the earlier discussed ESOP plans, are as follows: (Millions of Dollars) 2023 2022 2021 Multi-employer plan expense $ 3.5 $ 6.0 $ 7.1 Other defined contribution plan expense (benefit) $ 43.3 $ (2.4) $ 28.6 The components of net periodic pension expense (benefit) are as follows: U.S. Plans Non-U.S. Plans (Millions of Dollars) 2023 2022 2021 2023 2022 2021 Service cost $ 8.1 $ 6.2 $ 6.5 $ 11.2 $ 15.1 $ 17.6 Interest cost 54.7 33.6 23.0 43.4 22.9 16.7 Expected return on plan assets (62.1) (60.9) (54.9) (41.5) (37.7) (39.9) Amortization of prior service cost (credit) 0.8 0.9 1.1 (0.7) (0.7) (0.8) Actuarial loss amortization 8.9 5.9 9.2 3.4 7.9 12.2 Special termination benefit — — — 0.3 — — Settlement / curtailment loss 0.3 0.2 0.4 0.7 0.2 0.7 Net periodic pension expense (benefit) $ 10.7 $ (14.1) $ (14.7) $ 16.8 $ 7.7 $ 6.5 The Company provides medical and dental benefits for certain retired employees in the United States, Brazil, and Canada. Approximately 18,220 participants are covered under these plans. Net periodic post-retirement benefit expense was comprised of the following: Other Benefit Plans (Millions of Dollars) 2023 2022 2021 Service cost $ 0.3 $ 0.3 $ 0.4 Interest cost 2.0 1.5 0.9 Amortization of prior service credit 0.1 — (0.7) Actuarial (gain) loss amortization (1.4) (0.7) — Settlement / curtailment gain — (0.4) — Special termination benefit — 6.9 — Net periodic post-retirement expense $ 1.0 $ 7.6 $ 0.6 The components of net periodic post-retirement benefit expense other than the service cost component are included in Other, net Changes in plan assets and benefit obligations recognized in Accumulated other comprehensive loss in 2023 are as follows: (Millions of Dollars) 2023 Current year actuarial loss $ 28.8 Amortization of actuarial loss (11.1) Prior service cost from plan amendments — Settlement / curtailment loss (1.0) Currency / other 8.0 Total gain recognized in Accumulated other comprehensive loss (pre-tax) $ 24.7 The changes in the pension and other post-retirement benefit obligations, fair value of plan assets, as well as amounts recognized in the Consolidated Balance Sheets, are shown below. U.S. Plans Non-U.S. Plans Other Benefits (Millions of Dollars) 2023 2022 2023 2022 2023 2022 Change in benefit obligation Benefit obligation at end of prior year $ 1,083.5 $ 1,458.2 $ 931.0 $ 1,490.4 $ 42.8 $ 50.3 Service cost 8.1 6.2 11.2 15.1 0.3 0.3 Interest cost 54.7 33.6 43.4 22.9 2.0 1.5 Special termination benefit — — 0.3 — — 6.9 Settlements/curtailments (5.6) (10.7) (7.6) (4.4) — (0.4) Actuarial loss (gain) 40.2 (314.7) 26.6 (409.5) (2.3) (9.5) Plan amendments — 0.7 — 0.1 — 0.4 Foreign currency exchange rate changes — — 46.5 (133.1) 0.3 (0.2) Participant contributions — — 0.2 0.2 — — Acquisitions, divestitures, and other (7.7) (4.5) (2.7) 2.2 — — Benefits paid (82.9) (85.3) (49.8) (52.9) (7.9) (6.5) Benefit obligation at end of year $ 1,090.3 $ 1,083.5 $ 999.1 $ 931.0 $ 35.2 $ 42.8 Change in plan assets Fair value of plan assets at end of prior year $ 967.3 $ 1,340.1 $ 783.4 $ 1,226.6 $ — $ — Actual return on plan assets 93.4 (279.0) 50.1 (281.3) — — Participant contributions — — 0.2 0.2 — — Employer contributions 14.7 7.0 19.6 18.4 7.9 6.5 Settlements (5.6) (11.0) (11.3) (4.4) — — Foreign currency exchange rate changes — — 41.5 (121.0) — — Acquisitions, divestitures, and other (7.7) (4.5) (2.7) (2.2) — — Benefits paid (82.9) (85.3) (49.8) (52.9) (7.9) (6.5) Fair value of plan assets at end of plan year $ 979.2 $ 967.3 $ 831.0 $ 783.4 $ — $ — Funded status — assets less than benefit obligation $ (111.1) $ (116.2) $ (168.1) $ (147.6) $ (35.2) $ (42.8) Unrecognized prior service cost (credit) 2.1 2.9 (13.9) (13.8) 0.4 0.4 Unrecognized net actuarial loss (gain) 233.0 233.2 170.2 143.1 (19.6) (18.3) Net amount recognized $ 124.0 $ 119.9 $ (11.8) $ (18.3) $ (54.4) $ (60.7) U.S. Plans Non-U.S. Plans Other Benefits (Millions of Dollars) 2023 2022 2023 2022 2023 2022 Amounts recognized in the Consolidated Balance Sheets Prepaid benefit cost (non-current) $ — $ 4.1 $ 88.7 $ 67.7 $ — $ — Current benefit liability (5.6) (6.1) (10.9) (9.5) (7.6) (8.9) Non-current benefit liability (105.5) (114.2) (245.9) (205.8) (27.6) (33.9) Net liability recognized $ (111.1) $ (116.2) $ (168.1) $ (147.6) $ (35.2) $ (42.8) Accumulated other comprehensive loss (pre-tax): Prior service cost (credit) $ 2.1 $ 2.9 $ (13.9) $ (13.8) $ 0.4 $ 0.4 Actuarial loss (gain) 233.0 233.2 170.2 143.1 (19.6) (18.3) 235.1 236.1 156.3 129.3 (19.2) (17.9) Net amount recognized $ 124.0 $ 119.9 $ (11.8) $ (18.3) $ (54.4) $ (60.7) Actuarial gains and losses reflected in the table above are driven by changes in demographic experience, changes in assumptions, and differences in actual returns on investments compared to estimated returns from the prior year. For the year ended December 30, 2023, the increase in the benefit obligation is primarily driven by the decline in the single equivalent discount rate used to measure these obligations. These actuarial losses were partially offset by a slightly improved funded position, as the actual return on plan assets during the year exceeded the estimated return, along with updated mortality and inflation rate projections which slightly reduced the projected obligation. The accumulated benefit obligation for all benefit plans was $2.084 billion at December 30, 2023 and $2.023 billion at December 31, 2022. The following table provides information regarding pension plans in which accumulated benefit obligations exceed plan assets as of December 30, 2023 and December 31, 2022: U.S. Plans Non-U.S. Plans (Millions of Dollars) 2023 2022 2023 2022 Accumulated benefit obligation $ 1,090.3 $ 982.3 $ 249.9 $ 208.7 Fair value of plan assets $ 979.1 $ 862.0 $ 31.5 $ 25.7 The following table provides information regarding pension plans in which projected benefit obligations (inclusive of anticipated future compensation increases) exceed plan assets as of December 30, 2023 and December 31, 2022: U.S. Plans Non-U.S. Plans (Millions of Dollars) 2023 2022 2023 2022 Projected benefit obligation $ 1,090.3 $ 982.3 $ 304.5 $ 266.7 Fair value of plan assets $ 979.1 $ 862.0 $ 47.8 $ 51.3 The major assumptions used in valuing pension and post-retirement plan obligations and net costs were as follows: Pension Benefits U.S. Plans Non-U.S. Plans Other Benefits 2023 2022 2021 2023 2022 2021 2023 2022 2021 Weighted-average assumptions used to determine benefit obligations at year end: Discount rate 5.04 % 5.36 % 2.80 % 4.43 % 4.70 % 1.78 % 5.45 % 5.47 % 2.84 % Rate of compensation increase — — 3.00 % 3.52 % 3.64 % 3.56 % — — — Weighted-average assumptions used to determine net periodic benefit cost: Discount rate - service cost 5.58 % 3.14 % 2.95 % 5.23 % 2.67 % 1.41 % 6.64 % 4.41 % 4.42 % Discount rate - interest cost 5.23 % 2.28 % 1.68 % 4.67 % 1.69 % 1.06 % 5.37 % 2.25 % 1.60 % Rate of compensation increase — 3.00 % 3.00 % 3.64 % 3.57 % 3.27 % — — — Expected return on plan assets 6.70 % 4.69 % 4.75 % 5.29 % 3.41 % 3.25 % — — — The expected rate of return on plan assets is determined considering the returns projected for the various asset classes and the relative weighting for each asset cla ss . The Company will use a 5.99% weighted-average expected rate of return assumption to determine the 2024 net periodic benefit cost. PENSION PLAN ASSETS — Plan assets are invested in equity securities, government and corporate bonds and other fixed income securities, money market instruments and insurance contracts. The Company’s worldwide asset allocations at December 30, 2023 and December 31, 2022 by asset category and the level of the valuation inputs within the fair value hierarchy established by ASC 820, Fair Value Measurement , were as follows: Asset Category (Millions of Dollars) 2023 Level 1 Level 2 Cash and cash equivalents $ 40.9 $ 25.8 $ 15.1 Equity securities U.S. equity securities 191.5 63.5 128.0 Foreign equity securities 119.7 34.7 85.0 Fixed income securities Government securities 646.0 239.8 406.2 Corporate securities 736.5 — 736.5 Insurance contracts 39.6 — 39.6 Other 36.0 — 36.0 Total $ 1,810.2 $ 363.8 $ 1,446.4 Asset Category (Millions of Dollars) 2022 Level 1 Level 2 Cash and cash equivalents $ 42.3 $ 28.2 $ 14.1 Equity securities U.S. equity securities 181.9 66.2 115.7 Foreign equity securities 123.3 33.0 90.3 Fixed income securities Government securities 619.3 236.7 382.6 Corporate securities 702.5 — 702.5 Insurance contracts 36.7 — 36.7 Other 44.7 — 44.7 Total $ 1,750.7 $ 364.1 $ 1,386.6 U.S. and foreign equity securities primarily consist of companies with large market capitalization and to a lesser extent mid and small capitalization securities. Government securities primarily consist of U.S. Treasury securities and foreign government securities with de minimus default risk. Corporate fixed income securities include publicly traded U.S. and foreign investment grade and to a small extent high yield securities. Assets held in insurance contracts are invested in the general asset pools of the various insurers, mainly debt and equity securities with guaranteed returns. Other investments include diversified private equity holdings. The level 2 investments are primarily comprised of institutional mutual funds that are not publicly traded; the investments held in these mutual funds are generally level 1 publicly traded securities. The Company's investment strategy for pension assets focuses on a liability-matching approach with gradual de-risking taking place over a period of many years. The Company utilizes the current funded status to transition the portfolio toward investments that better match the duration and cash flow attributes of the underlying liabilities. Assets approximating 50% of the Company's current pension liabilities have been invested in fixed income securities, using a liability / asset matching duration strategy, with the primary goal of mitigating exposure to interest rate movements and preserving the overall funded status of the underlying plans. Plan assets are broadly diversified and are invested to ensure adequate liquidity for immediate- and medium-term benefit payments. The Company’s target asset allocations include approximately 10%-30% in equity securities, approximately 60%-80% in fixed income securities and approximately 10% in other securities. The funded status percentage (total plan assets divided by total projected benefit obligation) of all global pension plans was 87% in 2023, 2022, and 2021. CONTRIBUTIONS — The Company’s funding policy for its defined benefit plans is to contribute amounts determined annually on an actuarial basis to provide for current and future benefits in accordance with federal law and other regulations. The Company expects to contribute approximately $35 million to its pension and other post-retirement benefit plans in 2024. EXPECTED FUTURE BENEFIT PAYMENTS — Benefit payments, inclusive of amounts attributable to estimated future employee service, are expected to be paid over the next 10 years as follows: (Millions of Dollars) Total Year 1 Year 2 Year 3 Year 4 Year 5 Years 6-10 Future payments $ 1,489.8 $ 160.1 $ 149.8 $ 149.5 $ 148.6 $ 148.4 $ 733.4 These benefit payments will be funded through a combination of existing plan assets, the returns on those assets, and amounts to be contributed in the future by the Company. HEALTH CARE COST TRENDS — The weighted-average annual assumed rate of increase in the per-capita cost of covered benefits (i.e., health care cost trend rate) is assumed to be 6.6% for 2023, reducing gradually to 4.9% by 2032 and remaining at that level thereafter. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 30, 2023 | |
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. Recurring Fair Value Measurements 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 December 30, 2023 Money market fund $ 12.3 $ 12.3 $ — $ — Deferred compensation plan investments $ 20.2 $ 20.2 $ — $ — Derivative assets $ 8.5 $ — $ 8.5 $ — Derivative liabilities $ 17.9 $ — $ 17.9 $ — Non-derivative hedging instrument $ 399.7 $ — $ 399.7 $ — Contingent consideration liability $ 208.8 $ — $ — $ 208.8 December 31, 2022 Money market fund $ 9.4 $ 9.4 $ — $ — Equity security $ 3.2 $ 3.2 $ — $ — Deferred compensation plan investments $ 19.0 $ 19.0 $ — $ — Derivative assets $ 12.2 $ — $ 12.2 $ — Derivative liabilities $ 16.1 $ — $ 16.1 $ — Contingent consideration liability $ 268.7 $ — $ — $ 268.7 The following table provides information about the Company's financial assets and liabilities not carried at fair value: December 30, 2023 December 31, 2022 (Millions of Dollars) Carrying Fair Carrying Fair Other investments $ 6.0 $ 5.8 $ 9.3 $ 9.3 Long-term debt, including current portion $ 6,102.1 $ 5,512.8 $ 5,354.1 $ 4,662.9 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 deferred compensation plan investments are considered Level 1 instruments and are recorded at their quoted market price. The fair values of the derivative financial instruments in the table above are based on current settlement values. Prior to the sale of the equity security in the first quarter of 2023, it was considered a Level 1 instrument and was recorded at its 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 December 30, 2023 and December 31, 2022. As part of the Craftsman® brand acquisition in March 2017, the Company recorded a contingent consideration liability representing the Company's obligation to make future 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, Inc. channels through March 2032. During the year ended December 30, 2023, the Company paid $42.0 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 $208.8 million and $268.7 million as of December 30, 2023 and December 31, 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. A 100-basis point reduction in the discount rate would result in an increase to the liability of approximately $6.4 million as of December 30, 2023. 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 liability discussed above, including estimated future sales projections, can materially impact the Company's results of operations. Refer to Note I, Financial Instruments , for more details regarding derivative financial instruments, Note S, Contingencies, for more details regarding the other investments related to the WCLC trust, and Note H, Long-Term Debt and Financing Arrangements , for more information regarding the carrying values of the long-term debt. Non-Recurring Fair Value Measurements As previously discussed, the Company recorded an impairment charge in the fourth quarter of 2023 as a result of entering into an agreement to sell the Infrastructure business and an impairment charge in 2022 relating to the Oil & Gas business, both of which are considered Level 3 fair value measurements. Refer to Note T, Divestitures for further discussion. Furthermore, as previously discussed, the Company recorded an impairment charge in the third quarter of 2023 related to the Irwin and Troy-Bilt trade names, which is considered a Level 3 fair value measurement. Refer to Note F, Goodwill and Intangible Assets . The Company had no other significant non-recurring fair value measurements, nor any other financial assets or liabilities measured using Level 3 inputs, during 2023 or 2022. |
OTHER COSTS AND EXPENSES
OTHER COSTS AND EXPENSES | 12 Months Ended |
Dec. 30, 2023 | |
Other Costs and Expenses [Abstract] | |
OTHER COSTS AND EXPENSES | OTHER COSTS AND EXPENSES Other, net is primarily comprised of intangible asset amortization expense, currency-related gains or losses, environmental remediation expense, deal costs and related consulting costs, and certain pension gains or losses. Other, net amounted to $320.1 million, $274.8 million and $189.5 million for fiscal years 2023, 2022 and 2021, respectively. The year-over-year increases are driven by higher pension and environmental remediation costs as well as write-downs on certain investments, partially offset by income related to providing transition services to previously divested businesses. |
RESTRUCTURING CHARGES
RESTRUCTURING CHARGES | 12 Months Ended |
Dec. 30, 2023 | |
Restructuring and Related Activities [Abstract] | |
RESTRUCTURING CHARGES | RESTRUCTURING CHARGES A summary of the restructuring reserve activity from December 31, 2022 to December 30, 2023 is as follows: (Millions of Dollars) December 31, 2022 Net Usage Currency December 30, 2023 Severance and related costs $ 57.0 $ 20.3 $ (51.1) $ (0.4) $ 25.8 Facility closures and other 5.3 19.1 (21.3) — 3.1 Total $ 62.3 $ 39.4 $ (72.4) $ (0.4) $ 28.9 During 2023, the Company recognized net restructuring charges of $39.4 million, primarily related to severance and facility closures associated with the footprint rationalization actions under the supply chain transformation. The majority of the $28.9 million of reserves remaining as of December 30, 2023 is expected to be utilized within the next 12 months. Segments: The $39.4 million of net restructuring charges for the year ended December 30, 2023 includes: $31.3 million pertaining to the Tools & Outdoor segment; $0.9 million pertaining to the Industrial segment; and $7.2 million pertaining to Corporate. |
BUSINESS SEGMENTS AND GEOGRAPHI
BUSINESS SEGMENTS AND GEOGRAPHIC AREAS | 12 Months Ended |
Dec. 30, 2023 | |
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") product lines. The PTG product line includes both professional and consumer products. Professional products, primarily under the DEWALT® brand, 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, and concrete and masonry anchors. DIY and tradesperson focused products include corded and cordless electric power tools sold primarily under the CRAFTSMAN® brand, and consumer home products such as hand-held vacuums, paint tools and cleaning appliances primarily under the BLACK+DECKER® brand. The HTAS product line 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 product line 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), hand-held outdoor power equipment, garden tools, and parts and accessories to professionals and consumers under the DEWALT®, CRAFTSMAN®, CUB CADET®, BLACK+DECKER®, 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 designs, manufactures, and sells attachments, typically used on excavators, and handheld hydraulic and battery-powered tools for applications in infrastructure, construction, scrap recycling, demolition, and railroad infrastructure. 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. BUSINESS SEGMENTS (Millions of Dollars) 2023 2022 2021 Net Sales Tools & Outdoor $ 13,367.1 $ 14,423.7 $ 12,817.4 Industrial 2,414.0 2,523.4 2,463.1 Corporate Overhead — 0.3 0.8 Consolidated $ 15,781.1 $ 16,947.4 $ 15,281.3 Segment Profit Tools & Outdoor $ 687.6 $ 971.9 $ 1,985.4 Industrial 266.5 236.2 256.6 Segment Profit 954.1 1,208.1 2,242.0 Corporate Overhead (312.2) (294.0) (342.9) Other, net (320.1) (274.8) (189.5) Loss on sales of businesses (10.8) (8.4) (0.6) Restructuring charges (39.4) (140.8) (14.5) Gain on equity method investment — — 68.0 Asset impairment charges (274.8) (168.4) — Interest income 186.9 54.7 9.8 Interest expense (559.4) (338.5) (185.4) (Loss) earnings from continuing operations before income taxes and equity interest $ (375.7) $ 37.9 $ 1,586.9 Capital and Software Expenditures Tools & Outdoor $ 264.7 $ 438.5 $ 375.8 Industrial 74.0 85.6 123.3 Discontinued operations — 6.3 20.0 Consolidated $ 338.7 $ 530.4 $ 519.1 Depreciation and Amortization Tools & Outdoor $ 453.5 $ 387.6 $ 312.9 Industrial 171.6 184.2 201.4 Discontinued operations — 0.4 62.8 Consolidated $ 625.1 $ 572.2 $ 577.1 Segment Assets December 30, 2023 December 31, 2022 Tools & Outdoor $ 18,960.8 $ 20,202.0 Industrial 4,081.7 5,284.8 23,042.5 25,486.8 Assets held for sale 857.6 — Corporate assets (236.3) (523.5) Consolidated $ 23,663.8 $ 24,963.3 Corporate Overhead includes the corporate overhead element of SG&A, which is not allocated to the business segments. 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 corporate-related cash accounts will be in a net liability position. Lowe's accounted for approximately 14%, 15% and 15% of the Company's consolidated net sales in 2023, 2022 and 2021, respectively, while The Home Depot accounted for approximately 13%, 13% and 15% of the Company's consolidated net sales in 2023, 2022 and 2021, respectively. As described in Note A, Significant Accounting Policies , 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 years ended December 30, 2023, December 31, 2022, and January 1, 2022, 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 years ended December 30, 2023, December 31, 2022 and January 1, 2022 was 2.2%, 4.6% and 6.6%, respectively. The following table is a further disaggregation of the Industrial segment revenue for the years ended December 30, 2023, December 31, 2022 and January 1, 2022: (Millions of Dollars) 2023 2022 2021 Engineered Fastening $ 1,965.4 $ 1,874.8 $ 1,842.1 Infrastructure 448.6 648.6 621.0 Industrial $ 2,414.0 $ 2,523.4 $ 2,463.1 GEOGRAPHIC AREAS (Millions of Dollars) 2023 2022 2021 Net Sales United States $ 9,861.3 $ 10,733.1 $ 9,073.1 Canada 761.5 835.7 696.0 Other Americas 870.9 839.4 833.6 Europe 3,024.7 3,154.7 3,336.0 Asia 1,262.7 1,384.5 1,342.6 Consolidated $ 15,781.1 $ 16,947.4 $ 15,281.3 (Millions of Dollars) December 30, 2023 December 31, 2022 Property, Plant & Equipment, net United States $ 1,306.5 $ 1,465.8 Canada 7.2 7.4 Other Americas 253.2 249.8 Europe 300.0 303.6 Asia 303.0 326.5 Consolidated $ 2,169.9 $ 2,353.1 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES Significant components of the Company’s deferred tax assets and liabilities from continuing operations, excluding 2023 amounts classified as held for sale, at the end of each fiscal year were as follows: (Millions of Dollars) 2023 2022 Deferred tax liabilities: Depreciation $ 114.6 $ 160.1 Intangible assets 817.7 907.5 Liability on undistributed foreign earnings 14.8 45.4 Lease right-of-use asset 126.5 108.2 Inventory 32.6 59.4 Other 44.2 46.7 Total deferred tax liabilities $ 1,150.4 $ 1,327.3 Deferred tax assets: Employee benefit plans $ 154.8 $ 130.9 Basis differences in liabilities 100.8 104.0 Operating loss, capital loss and tax credit carryforwards 826.5 817.4 Lease liability 129.1 110.4 Intangible assets 681.3 556.8 Basis difference in debt obligations 249.1 268.0 Capitalized research and development costs 194.6 134.7 Interest expense carryforward 152.7 27.7 Other 159.1 176.6 Total deferred tax assets $ 2,648.0 $ 2,326.5 Net Deferred Tax Asset before Valuation Allowance $ 1,497.6 $ 999.2 Valuation Allowance $ (1,046.9) $ (1,032.5) Net Deferred Tax Asset/ (Liability) after Valuation Allowance $ 450.7 $ (33.3) The increase in intangible deferred tax assets relates to an intra-entity asset transfer of certain intangible assets from a wholly-owned, non-U.S. subsidiary to another wholly-owned, non-U.S. subsidiary located in the United Kingdom in order to better align with current and future business operations. The transfer resulted in a step-up in tax basis driven by the fair value of the transferred intellectual property (“IP”), which was determined using an income approach taking into consideration future revenue projections, royalty rates and discount rates. The Company expects to realize the deferred tax asset recorded as a result of the IP transfer and will periodically assess such realizability. The tax-deductible amortization related to the transferred IP will be recognized over a 20-year period. A valuation allowance is recorded on certain deferred tax assets if it has been determined it is more likely than not that all or a portion of these assets will not be realized. The Company recorded a valuation allowance of $1,046.9 million and $1,032.5 million on deferred tax assets existing as of December 30, 2023 and December 31, 2022, respectively. The valuation allowances in 2023 and 2022 are primarily attributable to foreign and state net operating loss carryforwards, certain intangible assets unrelated to the IP transfer discussed above, foreign capital loss carryforwards, and state tax credits. As of December 30, 2023, the Company has approximately $4.6 billion of unremitted foreign earnings and profits. Of the total amount, the Company has provided for deferred taxes of $14.8 million on approximately $1.0 billion, which is not indefinitely reinvested primarily due to the changes brought about by the Tax Cuts and Jobs Act. The Company otherwise continues to consider the remaining undistributed earnings of its foreign subsidiaries to be permanently reinvested based on its current plans for use outside of the U.S. and accordingly no taxes have been provided on such earnings. The cash held by the Company’s non-U.S. subsidiaries for indefinite reinvestment is generally used to finance foreign operations and investments, including acquisitions. The income taxes applicable to such earnings and other outside basis differences are not readily determinable or practicable to calculate. As of December 30, 2023, the Company has approximately $1.5 billion and $3.1 billion of net operating loss carryforwards available to reduce future tax obligations in certain U.S. state and foreign jurisdictions, respectively. The Company’s foreign net operating loss carryforwards primarily relate to its subsidiaries’ operations in Luxembourg ($2.4 billion), France ($202.5 million), Germany ($168.4 million), Brazil ($106.1 million), and other foreign jurisdictions ($218.4 million). The net operating loss carryforwards have various expiration dates beginning in 2024 with certain jurisdictions having indefinite carryforward periods. The foreign capital loss carryforwards of $40.3 million as of December 30, 2023 have indefinite carryforward periods. U.S. foreign tax credit carryforward balance as of December 30, 2023 totaled $1.6 million with various expiration dates beginning in 2033. State tax credit carryforward balance as of December 30, 2023 totaled $19.3 million. The carryforward balance is made up of various credit types spanning multiple state taxing jurisdictions and various expiration dates beginning in 2024. The components of (loss) earnings from continuing operations before income taxes and equity interest consisted of the following: (Millions of Dollars) 2023 2022 2021 United States $ (1,385.0) $ (1,233.8) $ (77.7) Foreign 1,009.3 1,271.7 1,664.6 (Loss) earnings before income taxes and equity interest $ (375.7) $ 37.9 $ 1,586.9 Income taxes on continuing operations consisted of the following: (Millions of Dollars) 2023 2022 2021 Current: Federal $ 5.8 $ (79.0) $ 0.3 Foreign 307.4 248.6 388.0 State 17.1 (16.7) 31.8 Total current $ 330.3 $ 152.9 $ 420.1 Deferred: Federal $ (158.2) $ (61.2) $ (124.7) Foreign (218.3) (222.5) (210.1) State (47.8) (1.6) (30.2) Total deferred (424.3) (285.3) (365.0) Income taxes $ (94.0) $ (132.4) $ 55.1 Net income taxes paid for continuing operations during 2023, 2022 and 2021 were $415.2 million, $482.6 million and $441.8 million, respectively. The 2023, 2022 and 2021 amounts include refunds of $25.3 million, $41.8 million and $50.1 million, respectively. The reconciliation of the U.S. federal statutory income tax provision to Income taxes on continuing operations in the Consolidated Statements of Operations is as follows: (Millions of Dollars) 2023 2022 2021 Tax at statutory rate $ (78.9) $ 8.0 $ 333.2 State income taxes, net of federal benefits (23.6) (19.3) 1.4 Foreign tax rate differential (48.0) (28.8) (63.5) Uncertain tax benefits 30.5 26.3 49.6 Change in valuation allowance 33.5 (25.1) (11.9) Change in deferred tax liabilities on undistributed foreign earnings — 12.8 23.1 Stock-based compensation 8.2 7.3 (6.3) Change in tax rates 0.2 (5.5) (31.1) Tax credits (13.8) (8.8) (6.7) U.S. federal tax expense (benefit) on foreign earnings 61.1 55.7 (118.1) Intra-entity asset transfer of intellectual property (131.3) (153.3) (114.2) Withholding taxes 38.9 5.4 12.0 Impairment on assets held for sale 30.4 — — Other (1.2) (7.1) (12.4) Income taxes $ (94.0) $ (132.4) $ 55.1 The Company conducts business globally and, as a result, files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. In the normal course, the Company is subject to examinations by taxing authorities throughout the world. The Internal Revenue Service is currently examining the Company's consolidated U.S. income tax returns for the 2017 through 2019 tax years. With few exceptions, as of December 30, 2023, the Company is no longer subject to U.S. federal, state, local, or foreign examinations by tax authorities for years before 2012. The Company’s liabilities for unrecognized tax benefits relate to U.S. and various foreign jurisdictions. The following table summarizes the activity related to the unrecognized tax benefits from continuing operations: (Millions of Dollars) 2023 2022 2021 Balance at beginning of year $ 502.7 $ 487.7 $ 428.3 Additions based on tax positions related to current year 20.9 27.2 33.6 Additions based on tax positions related to prior years 20.4 41.1 53.5 Reductions based on tax positions related to prior years (8.2) (37.8) (17.2) Settlements (16.2) (7.0) (1.3) Statute of limitations expirations (16.8) (8.5) (9.2) Reclassification to long-term liabilities held for sale (21.5) — — Balance at end of year $ 481.3 $ 502.7 $ 487.7 The gross unrecognized tax benefits from continuing operations at December 30, 2023 and December 31, 2022 include $475.7 million and $496.0 million, respectively, of tax benefits that, if recognized, would impact the effective tax rate. The liability for potential penalties and interest related to unrecognized tax benefits from continuing operations, excluding 2023 amounts reclassified to liabilities held for sale, increased by $15.5 million in 2023, decreased by $11.2 million in 2022 and increased by $9.6 million in 2021. The liability for potential penalties and interest totaled $64.3 million as of December 30, 2023, $48.8 million as of December 31, 2022, and $60.0 million as of January 1, 2022. The Company classifies all tax-related interest and penalties as income tax expense. 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. |
COMMITMENTS AND GUARANTEES
COMMITMENTS AND GUARANTEES | 12 Months Ended |
Dec. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND GUARANTEES | COMMITMENTS AND GUARANTEES COMMITMENTS — The Company has numerous assets, predominantly real estate, vehicles and equipment, under various lease arrangements. At inception of arrangements with vendors, the Company determines whether the contract is or contains a lease based on each party’s rights and obligations under the arrangement. If the lease arrangement also contains non-lease components, the lease and non-lease elements are separately accounted for in accordance with the appropriate accounting guidance for each item. From time to time, lease arrangements allow for, and the Company executes, the purchase of the underlying leased asset. Lease arrangements may also contain renewal options or early termination options. As part of its lease liability and right-of-use asset calculation, consideration is given to the likelihood of exercising any extension or termination options. Leases with expected durations of less than twelve months from inception (i.e. short-term leases) are excluded from the Company’s calculation of lease liabilities and right-of-use assets, as permitted by ASC 842, Leases . The following is a summary of the Company's right-of-use-assets and lease liabilities: (Millions of Dollars) December 30, 2023 December 31, 2022 Right-of-use assets $ 502.9 $ 431.5 Lease liabilities $ 506.6 $ 440.5 Weighted-average incremental borrowing rate 4.6 % 3.6 % Weighted-average remaining term 7 years 6 years Right-of-use assets are included within Other assets Accrued expenses Other liabilities As a result of acquiring right-of-use assets from new leases entered into during the years ended December 30, 2023 and December 31, 2022, the Company's lease liabilities increased approximately $206.1 million and $115.8 million, respectively. The Company has variable rate leases for certain manufacturing facilities, distribution centers and office buildings in which the periodic rental payments vary based on benchmark interest rates. The following is a summary of the Company's total lease cost for the years ended December 30, 2023, December 31, 2022, and January 1, 2022: (Millions of Dollars) 2023 2022 2021 Operating lease cost $ 144.0 $ 147.1 $ 126.3 Short-term lease cost 31.2 27.6 25.5 Variable lease cost 11.2 5.9 5.9 Sublease income (3.2) (2.5) (1.3) Total lease cost $ 183.2 $ 178.1 $ 156.4 During 2023, 2022 and 2021, the Company paid $128.3 million, $124.1 million, and $110.8 million respectively, relating to leases included in the measurement of its lease liability and right-of-use asset. The following is a summary of the Company's future lease obligations on an undiscounted basis at December 30, 2023: (Millions of Dollars) Total 2024 2025 2026 2027 2028 Thereafter Lease obligations $ 613.0 $ 135.4 $ 105.7 $ 90.5 $ 69.5 $ 56.3 $ 155.6 The amounts above include undiscounted future lease obligations related to the pending divestiture of the Infrastructure business totaling $21.1 million; $4.7 million in 2024, $4.5 million in 2025, $4.5 million in 2026, $4.1 million in 2027, $1.9 million in 2028, and $1.4 million thereafter. The following is a summary of the Company’s future marketing commitments at December 30, 2023: (Millions of Dollars) Total 2024 2025 2026 2027 2028 Thereafter Marketing commitments $ 72.5 $ 37.9 $ 18.6 $ 16.0 $ — $ — $ — As of December 30, 2023, 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. The following is a summary of the Company's unconditional purchase obligations related to these agreements at December 30, 2023: (Millions of Dollars) Total 2024 2025 2026 2027 2028 Thereafter Supplier agreements $ 199.1 $ 87.8 $ 44.0 $ 37.9 $ 22.1 $ 7.3 $ — The Company has arrangements with third-party financial institutions that offer voluntary supply chain finance ("SCF") programs. These arrangements enable certain of the Company’s suppliers, at the supplier’s sole discretion, to sell receivables due from the Company to the financial institutions on terms directly negotiated with the financial institutions. The Company negotiates commercial terms with its suppliers, including prices, quantities, and payment terms, regardless of suppliers’ decisions to finance the receivables due from the Company under these SCF programs. The Company has no economic interest in a supplier’s decision to participate in these SCF programs, and no direct financial relationship with the financial institutions, as it relates to these SCF programs. The amounts due to the financial institutions for suppliers that voluntarily participate in these SCF programs were presented within Accounts payable GUARANTEES — The Company's financial guarantees at December 30, 2023 are as follows: (Millions of Dollars) Term Maximum Carrying Guarantees on the residual values of leased properties One $ 157.4 $ — Standby letters of credit Up to twenty years 185.5 — Commercial customer financing arrangements Up to six years 93.1 15.5 Total $ 436.0 $ 15.5 The Company has guaranteed a portion of the residual values associated with certain of its variable rate leases. The lease guarantees are for an amount up to $157.4 million while the fair value of the underlying assets is estimated at $210.5 million. The related assets would be available to satisfy the guarantee obligations. The Company has issued $185.5 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 S, Contingencies . The Company provides various limited and full recourse guarantees to financial institutions that provide financing to U.S. and Canadian Mac Tools 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 Tools distributors and franchisees. The gross amount guaranteed in these arrangements is $93.1 million and the $15.5 million carrying value of the guarantees issued is recorded in Other liabilities in the 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 years ended December 30, 2023, December 31, 2022, and January 1, 2022 are as follows: (Millions of Dollars) 2023 2022 2021 Balance beginning of period $ 126.6 $ 134.5 $ 107.9 Warranties and guarantees issued 171.3 155.3 150.1 Warranties assumed in acquisitions — — 33.4 Warranty payments and currency (161.2) (163.2) (156.9) Balance end of period $ 136.7 $ 126.6 $ 134.5 |
CONTINGENCIES
CONTINGENCIES | 12 Months Ended |
Dec. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCIES | CONTINGENCIES The 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. Government Investigations On January 19, 2024, the Company was notified by the Compliance and Field Operations Division (the “Division”) of the Consumer Product Safety Commission that the Division intends to recommend the imposition of a civil penalty of approximately $32 million for alleged untimely reporting in relation to certain utility bars and miter saws that were subject to voluntary recalls in September 2019 and March 2022, respectively. The Company is currently evaluating and believes there are defenses to the Division’s claims, and the Company is cooperating with the Division. However, given the early stage of this matter, at this time, the Company is not in a position to assess the likelihood of any potential loss or adverse effect on its financial condition or to estimate the amount of potential loss, if any, from this matter. The Company previously disclosed that it had identified certain undisclosed perquisites in prior periods. The Company voluntarily disclosed this information to the U.S. Securities and Exchange Commission (the “SEC” or the “Commission”) and cooperated with the SEC’s investigation of this matter. On June 20, 2023, the SEC issued a Cease-and-Desist Order (the “Order”) that resolved this matter. The Order reflects that the Company neither admitted to nor denied the allegations contained in the Order, and that the SEC did not impose any monetary penalties on the Company. The Order credited the Company’s self-reporting, cooperation, and remediation efforts. In a parallel action, the SEC issued a Cease-and-Desist Order against a former executive of the Company (the “Parallel Resolution”). The SEC’s press release announcing both resolutions noted that, with respect to the Parallel Resolution, “[a]fter consideration of Stanley Black & Decker’s self-reporting, cooperation, and remediation, the SEC declined to bring charges against the company related to [the former executive’s] conduct.” Also, as previously disclosed, the Company has identified certain transactions relating to its international operations that may raise compliance questions under the U.S. Foreign Corrupt Practices Act (“FCPA”) and voluntarily disclosed this information to the U.S. Department of Justice (“DOJ”) and the SEC in January 2023. The Company is cooperating with both agencies in their investigations of these transactions (the “FCPA Matters”). Currently, the Company does not believe that the FCPA Matters will have a material impact on its financial condition or results of operations, although it is possible that a loss related to the FCPA Matters may be incurred. Given the ongoing nature of the FCPA Matters, management cannot predict the duration, scope, or outcome of the DOJ’s or SEC’s investigations or estimate the potential magnitude of any such loss or range of loss, or the cost of the ongoing investigations. Any determination that certain transactions relating to the Company’s international operations were not in compliance with the FCPA could result in the imposition of fines, civil or criminal penalties, equitable remedies, including disgorgement, injunctive relief, or other sanctions against the Company. The Company also may become a party to litigation or other legal proceedings over the FCPA Matters described above. The Company is committed to upholding the highest standards of corporate governance and is continuously focused on ensuring the effectiveness of its policies, procedures, and controls. The Company is in the process, with the assistance of professional advisors, of reviewing and further enhancing relevant policies, procedures, and controls. Class Action Litigation As previously disclosed, on March 24, 2023, a putative class action lawsuit titled Naresh Vissa Rammohan v. Stanley Black & Decker, Inc., et al ., Case No. 3:23-cv-00369-KAD (the “ Rammohan Class Action”), was filed in the United States District Court for the District of Connecticut against the Company and certain of the Company’s current and former officers and directors. The complaint was filed on behalf of a purported class consisting of all purchasers of Stanley Black & Decker common stock between October 28, 2021 and July 28, 2022, inclusive. The complaint asserts violations of Sections 10(b) and 20(a) of the Exchange Act and Rule 10b-5 based on allegedly false and misleading statements related to consumer demand for the Company’s products amid changing COVID-19 trends and macroeconomic conditions. The complaint seeks unspecified damages and an award of costs and expenses. On October 13, 2023, Lead Plaintiff General Retirement System of the City of Detroit filed an Amended Complaint that asserts the same claims and seeks the same forms of relief as the original complaint. The Company intends to vigorously defend this action in all respects and on December 14, 2023 filed a motion to dismiss the Amended Complaint in its entirety. Briefing on that motion is expected to conclude in April 2024. Given the early stage of this litigation, at this time, the Company is not in a position to assess the likelihood of any potential loss or adverse effect on its financial condition or to estimate the amount or range of potential losses, if any, from this action. Derivative Actions As previously disclosed, on August 2, 2023 and September 20, 2023, derivative complaints were filed in the United States District Court for the District of Connecticut, titled Callahan v. Allan, et al ., Case No. 3:23-cv-01028-OAW (the “ Callahan Derivative Action”) and Applebaum v. Allan, et al ., Case No. 3:23-cv-01234-OAW (the “ Applebaum Derivative Action”), respectively, by putative stockholders against certain current and former directors and officers of the Company premised on the same allegations as the Rammohan Class Action. The Callahan and Applebaum Derivative Actions were consolidated by Court order on November 6, 2023 and defendants’ responses to both complaints have been stayed pending the disposition of any motions to dismiss in the Rammohan Class Action. The individual defendants intend to vigorously defend the Callahan and Applebaum Derivative Actions in all respects. However, given the early stage of this litigation, at this time, the Company is not in a position to assess the likelihood of any potential loss or adverse effect on its financial condition or to estimate the amount or range of potential losses, if any, from these actions. On October 19, 2023, a derivative complaint was filed in Connecticut Superior Court, titled Vladimir Gusinsky Revocable Trust v. Allan, et al ., Docket Number HHBCV236082260S, by a putative stockholder against certain current and former directors and officers of the Company. Plaintiff seeks to recover for alleged breach of fiduciary duties and unjust enrichment under Connecticut state law premised on the same allegations as the Rammohan Class Action. By Court order on November 11, 2023, the Connecticut Superior Court granted the parties’ motion to stay defendants’ response to the complaint pending the disposition of any motions to dismiss in the Rammohan Class Action. The individual defendants intend to vigorously defend this action in all respects. However, given the early stage of this litigation, at this time, the Company is not in a position to assess the likelihood of any potential loss or adverse effect on its financial condition or to estimate the amount or range of potential losses, if any, from this action. Environmental 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 23 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 December 30, 2023 and December 31, 2022, the Company had reserves of $124.5 million and $129.3 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 December 30, 2023 amount, $46.0 million is classified as current and $78.5 million as long-term which is expected to be paid over the estimated remediation period. As of December 30, 2023, the range of environmental remediation costs that is reasonably possible is $79.9 million to $226.8 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 December 30, 2023, the Company has recorded $17.0 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 December 30, 2023, the Company's net cash obligation associated with remediation activities, including WCLC assets, is $107.5 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 December 30, 2023, the Company has a remaining reserve of $24.9 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. 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 first quarter of 2024. 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 have been 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 identified 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 and the Interim Remedy ROD on September 28, 2021, selecting an alternative that the EPA estimates will cost $441 million (net present value). The CPG has substantially completed the RI/FS for the entire 17-mile River. 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 expected 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 for a cash-out settlement for remediation of the entire 17-mile Lower Passaic River. On December 16, 2022, the United States lodged a Consent Decree with the United States District Court for the District of New Jersey in United States v. Alden Leeds, Inc. et al. (No. 2:22-cv-07326) that addresses the liability of 85 parties (including the Company) for an aggregate amount of $150 million based on the EPA-sponsored allocation report that found OCC 99.4% responsible for the cleanup costs of the River. The Consent Decree was subject to a 90-day public comment period, which ended March 22, 2023. On November 21, 2023, the United States informed the Court that it concluded, based on the public comments, that a small number of parties (not including the Company) should be removed from the settlement, that a change should be made to the United States’ reservation of rights (which was agreed to by the remaining settling parties) and that it intends to file a Motion to Enter the modified Consent Decree (without soliciting additional public comments) no later than January 31, 2024. On December 12, 2023, the Court ordered the United States to file the proposed modified Consent Decree on or before January 17, 2024 and its Motion to Enter the modified Consent Decree no later than January 31, 2024 and established a schedule to complete briefing by July 2024. After the United States moves to enter the modified Consent Decree the Court will enter or disapprove. On December 20, 2022, various defendants (including the Company) in the OCC litigation filed an unopposed motion to stay the litigation for six months which was granted by the Court on March 1, 2023. On March 2, 2023, the EPA issued a Unilateral Administrative Order requiring OCC to design the interim remedy for the upper 9 miles of the River (the “2023 UAO”). Notwithstanding the stay of the litigation commenced in 2018 (and two days after the public comment period on the Consent Decree closed), OCC filed a complaint named Occidental Chem. Corp. v. Givaudan Fragrances Corp., et al. , No. 2:23‑cv-1699 at 2, 5 (D.N.J. Mar. 24, 2023) (the “2023 Litigation”) against forty parties (not including the Company) for recovery of past and future response costs it will incur in complying with the 2023 UAO. All of the defendants named in the 2023 Litigation are also defendants or third-party defendants in the litigation commenced in 2018. Pursuant to a settlement agreement by and among the Maxus Liquidating Trust, YPF and Repsol submitted to the bankruptcy court on April 7, 2023, YPF and Repsol will jointly pay a combined sum of $573 million to various creditors. Based on the waterfall payout of the bankruptcy plan, it is currently estimated that the CPG will receive approximately $9 million, which will be used either to offset future CPG costs, including EPA RI/FS oversight and legal and administrative costs, or to reimburse CPG members for a portion of their past contributions to the RI/FS costs . 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 and the EPA settlement process has not been completed and requires court approval. 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. On or about November 2, 2023, the Multistate Trust managing the remediation revised the estimated remediation costs for work to be performed in 2024, and the Company adjusted the reserve for its percentage share of such costs accordingly. As of December 30, 2023, the Company has reserved $28.2 million for this site. The environmental liability for certain sites that have cash payments beyond the current year that are fixed or reliably determinable have been discounted using a rate of 4.4% to 5.5%, depending on the expected timing of disbursements. The discounted and undiscounted amount of the liability relative to these sites is $34.3 million and $47.0 million, respectively. The payments relative to these sites are expected to be $3.2 million in 2024, $3.2 million in 2025, $3.2 million in 2026, $2.4 million in 2027, $2.4 million in 2028, and $32.6 million thereafter. 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 environmental matters in excess of the amounts recorded will have a materially adverse effect on its financial position, results of operations or liquidity. |
DIVESTITURES
DIVESTITURES | 12 Months Ended |
Dec. 30, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DIVESTITURES | DIVESTITURES PENDING DIVESTITURE Infrastructure business In December 2023, the Company announced that it had entered into a definitive agreement for the sale of its Infrastructure 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 the Infrastructure business were classified as held for sale on the Company's Consolidated Balance Sheet as of December 30, 2023. 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 income for this business for the years ended December 30, 2023, December 31, 2022 and January 1, 2022: (Millions of Dollars) 2023 2022 2021 Pre-tax income $ 52.0 $ 54.3 $ 65.1 In addition, the Company recognized a $150.8 million pre-tax asset impairment charge in the fourth quarter of 2023 to adjust the carrying amount of the long-lived assets of the Infrastructure business to its estimated fair value less selling cost based on the contractual sale price outlined in the agreement. The transaction is subject to regulatory approval and other customary closing conditions. The carrying amounts of the assets and liabilities that were aggregated in assets held for sale and liabilities held for sale as of December 30, 2023 are presented in the following table: (Millions of Dollars) December 30, 2023 Cash and cash equivalents $ 0.6 Accounts and notes receivable, net 41.3 Inventories, net 96.5 Other current assets 2.4 Property, plant and equipment, net 70.4 Goodwill 389.7 Intangibles, net 214.3 Other assets 42.4 Total assets $ 857.6 Accounts payable and accrued expenses $ 44.1 Other long-term liabilities 84.8 Total liabilities $ 128.9 2022 DIVESTITURES Oil & Gas business On August 19, 2022, the Company completed the sale of its Oil & Gas business comprised of the pipeline services and equipment businesses to Pipeline Technique Limited and recognized a pre-tax loss of $8.6 million. This divestiture did not qualify for discontinued operations and therefore, its results were included in the Company's continuing operations within the Industrial segment for all periods presented through the date of sale. For the years ended December 31, 2022 and January 1, 2022, the Company recognized pre-tax losses of $2.7 million and $16.8 million for this business, respectively. In addition, the Company recognized a $168.4 million pre-tax asset impairment charge to adjust the carrying amount of the long-lived assets of the Oil & Gas business to its fair value less the costs to sell during the second quarter of 2022. Commercial Electronic Security and Healthcare businesses On July 22, 2022, the Company completed the sale of its Convergent Security Solutions ("CSS") business comprised of the commercial electronic security and healthcare businesses to Securitas AB for net proceeds of approximately $3.1 billion and recorded a pre-tax gain of $574 million. As part of the purchase and sale agreement, the Company provided transition services relating to certain administrative functions for Securitas AB from the date of close through January 2024. A portion of the net proceeds received at closing was deferred to reimburse the Company for transition service costs incurred over the service period. Mechanical Access Solutions business On July 5, 2022, the Company completed the sale of its Mechanical Access Solutions ("MAS") business comprised of the automatic doors business to Allegion plc for net proceeds of $916.0 million and recorded a pre-tax gain of $609 million. As part of the purchase and sale agreement, the Company is providing transition services relating to certain administrative functions for Allegion plc for an initial period of two years or less, with extensions up to six months for certain services, pending integration of these functions into their pre-existing business processes. The CSS and MAS divestitures represented a single plan to exit the Security segment and were considered a strategic shift that had a major effect on the Company’s operations and financial results. As such, the 2022 and 2021 operating results of CSS and MAS were reported as discontinued operations. These divestitures allowed the Company to invest in other areas that fit into its long-term strategy. Summarized operating results of discontinued operations are presented in the following table for each fiscal year ended: (Millions of Dollars) 2023 2022 2021 Net Sales $ — $ 1,056.3 $ 1,971.4 Cost of sales — 687.5 1,258.7 Selling, general, and administrative (1) — 308.0 529.2 (Loss) gain on sale of discontinued operations (14.3) 1,197.4 — Other, net and restructuring charges — 47.3 59.2 (Loss) earnings from discontinued operations before income taxes $ (14.3) $ 1,210.9 $ 124.3 Income taxes on discontinued operations 14.5 318.5 (12.4) Net (loss) earnings from discontinued operations $ (28.8) $ 892.4 $ 136.7 (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 CSS and MAS that are included in the Consolidated Statements of Cash Flows for each fiscal year ended: (Millions of Dollars) 2022 2021 Depreciation and amortization $ 0.4 $ 62.8 Capital expenditures $ 6.3 $ 20.0 Stock-based compensation $ 17.5 $ 7.9 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Pay vs Performance Disclosure | |||
Net Income (Loss) | $ (310.5) | $ 1,062.5 | $ 1,689.2 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | BASIS OF PRESENTATION — The Consolidated Financial Statements include the accounts of Stanley Black & Decker, Inc. and its majority-owned subsidiaries (collectively the “Company”) which require consolidation, after the elimination of intercompany accounts and transactions. The Company’s fiscal year ends on the Saturday nearest to December 31. There were 52 weeks in fiscal years 2023, 2022 and 2021. On December 15, 2023, the Company announced that it had entered into a definitive agreement for the sale of the Infrastructure business. Based on management's commitment to sell this business, the assets and liabilities related to Infrastructure were classified as held for sale on the Company's Consolidated Balance Sheet as of December 30, 2023. There were no assets or liabilities held for sale relating to Infrastructure as of December 31, 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. On August 19, 2022, the Company completed the sale of its Oil & Gas business. This divestiture did not qualify for discontinued operations, and therefore, the results of the Oil & Gas business were included in the Company's continuing operations for all periods presented through the date of sale. On July 22, 2022, the Company completed the sale of its Convergent Security Solutions ("CSS") business comprised of the commercial electronic security and healthcare businesses. On July 5, 2022, the Company completed the sale of its Mechanical Access Solutions ("MAS") business, the automatic doors business. The CSS and MAS divestitures represented a single plan to exit the Security segment and were considered a strategic shift that had a major effect on the Company’s operations and financial results. As a result, the operating results of CSS and MAS were reported as discontinued operations in the consolidated financial statements through their respective dates of sale. The divestitures above are part of the Company's strategic commitment to simplify and streamline its portfolio to focus on the core Tools & Outdoor and Industrial businesses. Refer to Note T, Divestitures , for further discussion on these transactions. 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 were 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. Refer to Note E, Acquisitions , for further discussion on these transactions. |
Foreign Currency | FOREIGN CURRENCY — |
Cash Equivalents | CASH EQUIVALENTS — Highly liquid investments with original maturities of three months or less are considered cash equivalents. |
Accounts And Financing Receivable | ACCOUNTS AND FINANCING RECEIVABLE — Trade receivables are stated at gross invoice amounts less discounts, other allowances and provisions for credit losses. Financing receivables are initially recorded at fair value, less impairments or provisions for credit losses. Interest income earned from financing receivables that are not delinquent is recorded on the effective interest method. The Company considers any financing receivable that has not been collected within 90 days of original billing date as past-due or delinquent. The Company's payment terms are generally consistent with the industries in which its businesses operate and typically range from 30-90 days globally. Additionally, the Company considers the credit quality of all past-due or delinquent financing receivables as nonperforming. 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. |
Allowance For Credit Losses | ALLOWANCE FOR CREDIT LOSSES — The Company maintains an allowance for credit losses, which represents an estimate of expected losses over the remaining contractual life of its receivables. The allowance is determined using two methods. The amounts calculated from each of these methods are combined to determine the total amount reserved. First, a specific reserve is established for individual accounts where information indicates the customers may have an inability to meet financial obligations. Second, a reserve is determined for all customers based on a range of percentages applied to aging categories. These percentages are based on historical collection rates, write-off experience, and forecasts of future economic conditions. Actual write-offs are charged against the allowance when collection efforts have been unsuccessful. |
Inventories | INVENTORIES — U.S. inventories are primarily valued at the lower of Last-In, First-Out (“LIFO”) cost or market because the Company believes it results in better matching of costs and revenues. Other inventories are primarily valued at the lower of First-In, First-Out (“FIFO”) cost and net realizable value because LIFO is not permitted for statutory reporting outside the U.S. Refer to Note C, Inventories , Net , for a quantification of the LIFO impact on inventory valuation. |
Property, Plant And Equipment | PROPERTY, PLANT AND EQUIPMENT — The Company generally values property, plant and equipment (“PP&E”), including capitalized software, at historical cost less accumulated depreciation and amortization. Costs related to maintenance and repairs which do not prolong the asset's useful life are expensed as incurred. Depreciation and amortization are provided using straight-line methods over the estimated useful lives of the assets as follows: Useful Life Land improvements 10 — 20 Buildings 40 Machinery and equipment 3 — 15 Computer software 3 — 7 Leasehold improvements are depreciated over the shorter of the estimated useful life or the term of the lease. The Company reports depreciation and amortization of property, plant and equipment in cost of sales and selling, general and administrative expenses based on the nature of the underlying assets. Depreciation and amortization related to the production of inventory and delivery of services are recorded in cost of sales. Depreciation and amortization related to distribution center activities, selling and support functions are reported in selling, general and administrative expenses. The Company assesses its long-lived assets for impairment when indicators that the carrying amounts may not be recoverable are present. In assessing long-lived assets for impairment, the Company groups its long-lived assets with other assets and liabilities at the lowest level for which identifiable cash flows are generated (“asset group”) and estimates the undiscounted future cash flows that are directly associated with, and expected to be generated from, the use of and eventual disposition of the asset group. If the carrying value is greater than the undiscounted cash flows, an impairment loss must be determined and the asset group is written down to fair value. The impairment loss is quantified by comparing the carrying amount of the asset group to the estimated fair value, which is generally determined using weighted-average discounted cash flows that consider various possible outcomes for the disposition of the asset group. |
Goodwill And Intangible Assets | GOODWILL AND INTANGIBLE ASSETS — Goodwill represents costs in excess of values assigned to the underlying net assets of acquired businesses. Intangible assets acquired are recorded at estimated fair value. Goodwill and intangible assets deemed to have indefinite lives are not amortized, but are tested for impairment annually during the third quarter, and at any time when events suggest an impairment more likely than not has occurred. To assess goodwill for impairment, the Company, depending on relevant facts and circumstances, performs either a qualitative assessment or a quantitative analysis utilizing a discounted cash flow valuation model. In performing a qualitative assessment, the Company first assesses relevant factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform a quantitative goodwill impairment test. The Company identifies and considers the significance of relevant key factors, events, and circumstances that could affect the fair value of each reporting unit. These factors include external factors such as macroeconomic, industry, and market conditions, as well as entity-specific factors, such as actual and planned financial performance. The Company also considers changes in each reporting unit's fair value and carrying amount since the most recent date a fair value measurement was performed. In performing a quantitative analysis, the Company determines the fair value of a reporting unit using management’s assumptions about future cash flows based on long-range strategic plans. This approach incorporates many assumptions including discount rates, future growth rates and expected profitability. In the event the carrying amount of a reporting unit exceeded its fair value, an impairment loss would be recognized. Indefinite-lived intangible assets are tested for impairment utilizing either a qualitative assessment or a quantitative analysis. For a qualitative assessment, the Company identifies and considers relevant key factors, events, and circumstances to determine whether it is necessary to perform a quantitative impairment test. The key factors considered include macroeconomic, industry, and market conditions, as well as the asset's actual and forecasted results. For the quantitative impairment tests, the Company compares the carrying amounts to the current fair market values, usually determined by the estimated royalty savings attributable to owning the intangible assets. Intangible assets with definite lives are amortized over their estimated useful lives to reflect the pattern over which the economic benefits of the intangible assets are consumed. Definite-lived intangible assets are also evaluated for impairment when impairment indicators are present. If the carrying amount exceeds the total undiscounted future cash flows, a discounted cash flow analysis is performed to determine the fair value of the asset. If the carrying amount of the asset was to exceed the fair value, it would be written down to fair value. Refer to Note F, Goodwill And Intangible Assets, |
Financial Instruments | FINANCIAL INSTRUMENTS — Derivative financial instruments are employed to manage risks, including foreign currency, interest rate exposures and commodity prices and are not used for trading or speculative purposes. 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. The Company recognizes all derivative instruments on the balance sheet at fair value. Changes in the fair value of derivatives are recognized periodically either in earnings or in shareowners’ equity as a component of other comprehensive income (loss) ("OCI"), depending on whether the derivative financial instrument is undesignated or qualifies for hedge accounting, and if so, whether it represents a fair value, cash flow, or net investment hedge. Changes in the fair value of derivatives accounted for as fair value hedges are recorded in earnings in the same caption as the changes in the fair value of the hedged items. Gains and losses on derivatives designated as cash flow hedges, to the extent they are included in the assessment of effectiveness, are recorded in OCI and subsequently reclassified to earnings to offset the impact of the hedged items when they occur. In the event it becomes probable the forecasted transaction to which a cash flow hedge relates will not occur, the derivative would be terminated and the amount in accumulated other comprehensive income (loss) would be recognized in earnings. Changes in the fair value of derivatives that are designated and qualify as a hedge of the net investment in foreign operations, to the extent they are included in the assessment of effectiveness, are reported in OCI and are deferred until disposal of the underlying assets. Gains and losses representing components excluded from the assessment of effectiveness for cash flow and fair value hedges are recognized in earnings on a straight-line basis in the same caption as the hedged item over the term of the hedge. Gains and losses representing components excluded from the assessment of effectiveness for net investment hedges are recognized in earnings on a straight-line basis in Other, net over the term of the hedge. The net interest paid or received on interest rate swaps is recognized as interest expense. Gains and losses resulting from the early termination of interest rate swap agreements are deferred and amortized as adjustments to interest expense over the remaining period of the debt originally covered by the terminated swap. Changes in the fair value of derivatives not designated as hedges are reported in Other, net in the Consolidated Statements of Operations. Refer to Note I, Financial Instruments |
Revenue Recognition and Shipping and Handling Costs | REVENUE RECOGNITION — The Company’s revenues result from the sale of goods or services and reflect the consideration to which the Company expects to be entitled. The Company records revenue based on a five-step model in accordance with ASC 606, Revenue from Contracts with Customers ("ASC 606"). For its contracts with customers, the Company identifies the performance obligations (goods or services), determines the transaction price, allocates the contract transaction price to the performance obligations, and recognizes the revenue when (or as) the performance obligation is transferred to the customer. A good or service is transferred when (or as) the customer obtains control of that good or service. The majority of the Company’s revenues are recorded at a point in time from the sale of tangible products. A portion of the Company’s revenues within the Oil & Gas business, disposed in the third quarter of 2022, were generated from equipment leased to customers. Customer arrangements were identified as leases if they included a transfer of a tangible asset provided to the customer in exchange for payments typically at fixed rates. Customer leases may have included terms to allow for extension of leases for a short period of time, but typically did not provide for customer termination prior to the initial term. Some customer leases included terms to allow the customer to purchase the underlying asset, which occurred occasionally, and virtually no customer leases included residual value guarantee clauses. For Oil & Gas leases, underlying assets were assessed for functionality at termination of the lease and, if necessary, an impairment to the leased asset value was recorded. Provisions for customer volume rebates, product returns, discounts and allowances are variable consideration and are recorded as a reduction of revenue in the same period the related sales are recorded. Such provisions are calculated using historical averages adjusted for any expected changes due to current business conditions. Consideration given to customers for cooperative advertising is recognized as a reduction of revenue except to the extent that there is a distinct good or service and evidence of the fair value of the advertising, in which case the expense is classified as selling, general, and administrative expense. The Company’s revenues can be generated from contracts with multiple performance obligations. When a contract involves multiple performance obligations, each obligation is separately identified and the transaction price is allocated based on the amount of consideration the Company expects to be entitled to in exchange for transferring the promised good or service to the customer. For performance obligations that the Company satisfies over time, revenue is recognized by consistently applying a method of measuring progress toward complete satisfaction of that performance obligation. The Company utilizes the method that most accurately depicts the progress toward completion of the performance obligation. The Company utilized the output method for contract sales in the Oil & Gas business. The output method recognizes revenue based on direct measurements of the customer value of the goods or services transferred to date relative to the remaining goods or services promised under the contract. The output method includes methods such as surveys of performance completed to date, appraisals of results achieved, milestones reached, time elapsed, and units produced or units delivered. The Company sold the Oil & Gas business in the third quarter of 2022. Refer to Note T, Divestitures , for further discussion. Contract assets or liabilities result from transactions with revenue recorded over time. If the measure of remaining rights exceeds the measure of the remaining performance obligations, the Company records a contract asset. Conversely, if the measure of the remaining performance obligations exceeds the measure of the remaining rights, the Company records a contract liability. Incremental costs of obtaining or fulfilling a contract with a customer that are expected to be recovered are recognized and classified in Other current assets or Other assets in the Consolidated Balance Sheets and are typically amortized over the contract period. The Company recognizes the incremental costs of obtaining or fulfilling a contract as expense when incurred if the amortization period of the asset is one year or less. Customer billings for services not yet rendered are deferred and recognized as revenue as the services are rendered. The associated deferred revenue is included in Accrued expenses or Other liabilities, as appropriate, in the Consolidated Balance Sheets. SHIPPING AND HANDLING COSTS — |
Cost of Sales And Selling, General & Administrative | COST OF SALES AND SELLING, GENERAL & ADMINISTRATIVE — Cost of sales includes the cost of products and services provided, reflecting costs of manufacturing and preparing the product for sale. These costs include expenses to acquire and manufacture products to the point that they are allocable to be sold to customers and costs to perform services pertaining to service revenues. Cost of sales is primarily comprised of freight, direct materials, direct labor as well as overhead which includes indirect labor and facility and equipment costs. Cost of sales also includes quality control, procurement and material receiving costs as well as internal transfer costs. Selling, general & administrative costs ("SG&A") include the cost of selling products as well as administrative function costs. These expenses generally represent the cost of selling and distributing the products once they are available for sale and primarily include salaries and commissions of the Company’s sales force, distribution costs, notably salaries and facility costs, as well as administrative expenses for certain support functions and related overhead. |
Advertising Costs | ADVERTISING COSTS — |
Sales Taxes | SALES TAXES — Sales and value added taxes collected from customers and remitted to governmental authorities are excluded from Net Sales reported in the Consolidated Statements of Operations. |
Stock-Based Compensation | STOCK-BASED COMPENSATION — Compensation cost relating to stock-based compensation grants is recognized on a straight-line basis over the vesting period, which is generally three |
Postretirement Defined Benefit Plans | POSTRETIREMENT DEFINED BENEFIT PLANS — The Company uses the corridor approach to determine expense recognition for each defined benefit pension and other postretirement plan. The corridor approach defers actuarial gains and losses resulting from variances between actual and expected results (based on economic estimates or actuarial assumptions) and amortizes them over future periods. For pension plans, these unrecognized gains and losses are amortized when the net gains and losses exceed 10% of the greater of the market-related value of plan assets or the projected benefit obligation at the beginning of the year. For other postretirement benefits, amortization occurs when the net gains and losses exceed 10% of the accumulated postretirement benefit obligation at the beginning of the year. For ongoing, active plans, the amount in excess of the corridor is amortized on a straight-line basis over the average remaining service period for active plan participants. For plans with primarily inactive participants, the amount in excess of the corridor is amortized on a straight-line basis over the average remaining life expectancy of inactive plan participants. |
Income Taxes | INCOME TAXES — The Company accounts for income taxes under the asset and liability method in accordance with ASC 740, Income Taxes , which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using the enacted tax rates in effect for the year in which the differences are expected to reverse. Any changes in tax rates on deferred tax assets and liabilities are recognized in earnings in the period that includes the enactment date. The Company recognizes the tax on global intangible low-taxed income as a period expense in the period the tax is incurred. The Company records net deferred tax assets to the extent that it is more likely than not that these assets will be realized. In making this determination, management considers all available positive and negative evidence, including future reversals of existing temporary differences, estimates of future taxable income, tax-planning strategies, and the realizability of net operating loss carryforwards. In the event that it is determined that an asset is not more likely than not to be realized, a valuation allowance is recorded against the asset. Valuation allowances related to deferred tax assets can be impacted by changes to tax laws, changes to statutory tax rates and future taxable income levels. In the event the Company were to determine that it would not be able to realize all or a portion of its deferred tax assets in the future, the unrealizable amount would be charged to earnings in the period in which that determination is made. Conversely, if the Company were to determine that it would be able to realize deferred tax assets in the future in excess of the net carrying amounts, it would decrease the recorded valuation allowance through a favorable adjustment to earnings in the period that the determination was made. The Company records uncertain tax positions in accordance with ASC 740, which requires a two-step process. First, management determines whether it is more likely than not that a tax position will be sustained based on the technical merits of the position and second, for those tax positions that meet the more likely than not threshold, management recognizes the largest amount of the tax benefit that is greater than 50 percent likely to be realized upon ultimate settlement with the related taxing authority. The Company maintains an accounting policy of recording interest and penalties on uncertain tax positions as a component of Income taxes in the Consolidated Statements of Operations. The Company is subject to income tax in a number of locations, including U.S. federal, state and foreign jurisdictions. Significant judgment is required when calculating the worldwide provision for income taxes. Many factors are considered when evaluating and estimating the Company's tax positions and tax benefits, 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. These changes may be the result of settlements of ongoing audits, litigation, or other proceedings with taxing authorities. The Company periodically assesses its liabilities and contingencies for all tax years still subject to audit based on the most current available information, which involves inherent uncertainty. |
Earnings Per Share | EARNINGS PER SHARE — Basic earnings per share equals net earnings attributable to common shareowners divided by weighted-average shares outstanding during the year. Diluted earnings per share include the impact of common stock equivalents using the treasury stock method or the if-converted method, as applicable, when the effect is dilutive. |
New Accounting Standards Adopted and Recently Issued Accounting Standards Not Yet Adopted | NEW ACCOUNTING STANDARDS ADOPTED — In September 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2022-04, Liabilities—Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations. The new standard requires that a buyer in a supplier finance program disclose sufficient information about the key terms of the program, the amount of outstanding confirmed obligations at period end, where the obligations are presented in the balance sheet, and a rollforward of the obligations during the annual period. The ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the amendment on rollforward information, which is effective for fiscal years beginning after December 15, 2023. Early adoption is permitted. The amendments in this update should be applied retrospectively to all periods in which a balance sheet is presented, except for the rollforward requirement, which is applied prospectively. The Company adopted this standard in the first quarter of 2023, with the exception of the amendment on rollforward information. Refer to Note R, Commitments and Guarantees , for further discussion. 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 which is 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. 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 be applied on a modified retrospective basis. The Company adopted this standard in the first quarter of 2023 and it did not have a material impact on its consolidated financial statements. RECENTLY ISSUED ACCOUNTING STANDARDS NOT YET ADOPTED — In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . The new standard was issued to improve transparency and decision usefulness of income tax disclosures by providing information that helps investors better understand how an entity’s operations, tax risks, tax planning and operational opportunities affect its tax rate and prospects for future cash flows. The amendments in this update primarily relate to requiring greater disaggregated disclosure of information in the rate reconciliation, income taxes paid, income (loss) from continuing operations before income tax expense (benefit), and income tax expense (benefit) from continuing operations. The ASU is effective for fiscal years beginning after December 15, 2024, and early adoption is permitted. The standard can be applied prospectively or retrospectively. The Company is currently evaluating this guidance to determine the impact it may have on its consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . The new standard provides improvements to reportable segment disclosure requirements through amendments that require disclosure of significant segment expenses and other segment items on an interim and annual basis and requires all annual disclosures about a reportable segment’s profit or loss and assets to be made on an interim basis. The standard also requires the disclosure of the chief operating decision maker’s (“CODM”) title and position and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. The standard also clarifies that if the CODM uses more than one measure in assessing segment performance and deciding how to allocate resources, a company may report the additional segment profit or loss measure(s) and that companies with a single reportable segment must provide all disclosures required by this amendment. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The standard should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating this guidance to determine the impact it may have on its consolidated financial statements. 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, but does not expect it to have a material impact on its consolidated financial statements. |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Accounting Policies [Abstract] | |
Property, Plant And Equipment | Depreciation and amortization are provided using straight-line methods over the estimated useful lives of the assets as follows: Useful Life Land improvements 10 — 20 Buildings 40 Machinery and equipment 3 — 15 Computer software 3 — 7 (Millions of Dollars) December 30, 2023 December 31, 2022 Land $ 135.1 $ 137.7 Land improvements 55.0 59.7 Buildings 808.6 793.0 Leasehold improvements 180.9 191.7 Machinery and equipment 3,391.2 3,394.4 Computer software 510.4 501.4 Property, plant & equipment, gross $ 5,081.2 $ 5,077.9 Less: accumulated depreciation and amortization (2,911.3) (2,724.8) Property, plant & equipment, net $ 2,169.9 $ 2,353.1 |
ACCOUNTS AND NOTES RECEIVABLE_2
ACCOUNTS AND NOTES RECEIVABLE, NET (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Receivables [Abstract] | |
Accounts and Financing Receivable | (Millions of Dollars) December 30, 2023 December 31, 2022 Trade accounts receivable $ 1,057.8 $ 1,059.7 Notes receivable 66.9 100.1 Other accounts receivable 253.9 177.8 Accounts and notes receivable 1,378.6 1,337.6 Allowance for credit losses (76.6) (106.6) Accounts and notes receivable, net $ 1,302.0 $ 1,231.0 |
Accounts Receivable, Allowance for Credit Loss | The changes in the allowance for credit losses for the years ended December 30, 2023 and December 31, 2022 are as follows: (Millions of Dollars) 2023 2022 Balance beginning of period $ 106.6 $ 95.9 Charged to costs and expenses 8.7 14.3 Other, including recoveries and deductions (a) (38.7) (3.6) Balance end of period $ 76.6 $ 106.6 (a) Amounts represent charge-offs less recoveries, the impacts of foreign currency translation, divestitures and net transfers to/from other accounts. |
INVENTORIES, NET (Tables)
INVENTORIES, NET (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | (Millions of Dollars) December 30, 2023 December 31, 2022 Finished products $ 2,912.5 $ 3,460.8 Work in process 263.4 338.7 Raw materials 1,562.7 2,061.6 Total $ 4,738.6 $ 5,861.1 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant And Equipment | Depreciation and amortization are provided using straight-line methods over the estimated useful lives of the assets as follows: Useful Life Land improvements 10 — 20 Buildings 40 Machinery and equipment 3 — 15 Computer software 3 — 7 (Millions of Dollars) December 30, 2023 December 31, 2022 Land $ 135.1 $ 137.7 Land improvements 55.0 59.7 Buildings 808.6 793.0 Leasehold improvements 180.9 191.7 Machinery and equipment 3,391.2 3,394.4 Computer software 510.4 501.4 Property, plant & equipment, gross $ 5,081.2 $ 5,077.9 Less: accumulated depreciation and amortization (2,911.3) (2,724.8) Property, plant & equipment, net $ 2,169.9 $ 2,353.1 |
Depreciation and Amortization Expense, Property, Plant and Equipment | Depreciation and amortization expense associated with property, plant and equipment was as follows: (Millions of Dollars) 2023 2022 2021 Depreciation $ 383.3 $ 330.4 $ 326.3 Amortization 49.1 39.3 47.7 Depreciation and amortization expense $ 432.4 $ 369.7 $ 374.0 |
ACQUISITIONS (Tables)
ACQUISITIONS (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the acquisition date value of identifiable net assets acquired and liabilities assumed adjusted for measurement period adjustments: (Millions of Dollars) Cash and cash equivalents $ 111.5 Accounts receivable, net 270.5 Inventories, net 855.7 Prepaid expenses and other assets 56.9 Property, plant and equipment 256.9 Trade names 390.0 Customer relationships 460.0 Other assets 38.5 Accounts payable (394.6) Accrued expenses (201.1) Deferred revenue (0.9) Long-term debt (110.9) Deferred taxes (214.3) Other liabilities (68.4) Total identifiable net assets $ 1,449.8 Goodwill 486.9 Total consideration $ 1,936.7 |
Business Acquisition, Pro Forma Information | 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) 2022 2021 Net sales $ 16,947.4 $ 17,890.8 Net earnings from continuing operations attributable to common shareowners - Diluted 318.3 1,666.0 Diluted earnings per share of common stock - Continuing operations $ 2.03 $ 10.10 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Carrying Amount of Goodwill by Segment | The 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 Acquisitions 90.5 — 90.5 Foreign currency translation and other (124.5) (54.0) (178.5) Balance December 31, 2022 $ 5,939.7 $ 2,563.0 $ 8,502.7 Reclassification to assets held for sale — (540.5) (540.5) Foreign currency translation and other 36.6 (2.9) 33.7 Balance December 30, 2023 $ 5,976.3 $ 2,019.6 $ 7,995.9 |
Intangible Assets | Definite-lived intangible assets at December 30, 2023 and December 31, 2022 were as follows: 2023 2022 (Millions of Dollars) Gross Accumulated Gross Accumulated Amortized Intangible Assets — Definite-lived Patents and copyrights $ 26.2 $ (26.1) $ 25.8 $ (25.6) Trade names 223.6 (120.7) 247.7 (118.0) Customer relationships 2,578.4 (1,132.7) 2,881.2 (1,059.9) Other intangible assets 130.2 (125.7) 129.6 (122.0) Total $ 2,958.4 $ (1,405.2) $ 3,284.3 $ (1,325.5) |
Intangible Assets Amortization Expense by Segment | Intangible assets amortization expense by segment was as follows: (Millions of Dollars) 2023 2022 2021 Tools & Outdoor $ 103.1 $ 108.1 $ 64.1 Industrial 89.6 94.4 99.9 Discontinued Operations — — 39.1 Consolidated $ 192.7 $ 202.5 $ 203.1 |
ACCRUED EXPENSES (Tables)
ACCRUED EXPENSES (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | (Millions of Dollars) December 30, 2023 December 31, 2022 Payroll and related taxes $ 318.3 $ 192.0 Income and other taxes 288.5 260.7 Customer rebates and sales returns 411.2 376.6 Insurance and benefits 71.8 95.3 Restructuring costs 28.9 62.3 Derivative financial instruments 17.9 16.1 Warranty costs 109.5 99.8 Deferred revenue 31.7 29.6 Freight costs 107.1 220.3 Environmental costs 46.0 39.4 Current lease liability 127.7 114.1 Forward stock purchase contract 337.4 — Accrued interest 64.0 49.0 Other 504.3 565.5 Total $ 2,464.3 $ 2,120.7 |
LONG-TERM DEBT AND FINANCING _2
LONG-TERM DEBT AND FINANCING ARRANGEMENTS (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Financing Arrangements | December 30, 2023 December 31, 2022 (Millions of Dollars) Interest Rate Notional Value 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 $ (0.3) $ — $ — $ (1.0) $ 498.7 $ 497.7 Notes payable due 2026 3.40% 500.0 (0.2) — — (0.9) 498.9 498.3 Notes payable due 2026 6.27% 350.0 — — — (1.4) 348.6 — Notes payable due 2026 3.42% 25.0 — — 1.0 — 26.0 26.4 Notes payable due 2026 1.84% 27.6 — — 1.0 (0.1) 28.5 28.0 Notes payable due 2028 6.00% 400.0 (0.4) — — (2.1) 397.5 — Notes payable due 2028 7.05% 150.0 — 4.9 4.8 — 159.7 161.8 Notes payable due 2028 4.25% 500.0 (0.2) — — (2.1) 497.7 497.2 Notes payable due 2028 3.52% 50.0 — — 3.3 (0.2) 53.1 53.7 Notes payable due 2030 2.30% 750.0 (1.5) — — (3.2) 745.3 744.5 Notes payable due 2032 3.00% 500.0 (0.8) — — (2.9) 496.3 495.9 Notes payable due 2040 5.20% 400.0 (0.2) (24.6) — (2.3) 372.9 371.3 Notes payable due 2048 4.85% 500.0 (0.5) — — (4.5) 495.0 494.8 Notes payable due 2050 2.75% 750.0 (1.8) — — (7.5) 740.7 740.3 Notes payable due 2060 (junior subordinated) 4.00% 750.0 — — — (8.6) 741.4 741.2 Other, payable in varying amounts 2024 through 2027 4.10%-4.31% 1.8 — — — — 1.8 3.0 Total long-term debt, including current maturities $ 6,154.4 $ (5.9) $ (19.7) $ 10.1 $ (36.8) $ 6,102.1 $ 5,354.1 Less: Current maturities of long-term debt (1.1) (1.2) Long-term debt $ 6,101.0 $ 5,352.9 1 Unamortized gain (loss) associated with interest rate swaps are more fully discussed in Note I, Financial Instruments. |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
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 Consolidated Balance Sheets at December 30, 2023 and December 31, 2022 is as follows: (Millions of Dollars) Balance Sheet 2023 2022 Balance Sheet 2023 2022 Derivatives designated as hedging instruments: Foreign Exchange Contracts Cash Flow Other current assets $ 0.1 $ 4.5 Accrued expenses $ 4.9 $ 4.2 Non-derivative designated as hedging instrument: Net Investment Hedge $ — $ — Short-term borrowings $ 399.7 $ — Total Designated as hedging instruments $ 0.1 $ 4.5 $ 404.6 $ 4.2 Derivatives not designated as hedging instruments: Foreign Exchange Contracts Other current assets $ 8.4 $ 7.7 Accrued expenses $ 13.0 $ 11.9 Total $ 8.5 $ 12.2 $ 417.6 $ 16.1 A summary of the amounts recorded in the Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges as of December 30, 2023 and December 31, 2022 is as follows: (Millions of Dollars) 2023 Carrying Amount of Hedged Liability 1 2023 Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liability Current maturities of long-term debt $ 1.1 Terminated Swaps $ — Long-Term Debt $ 532.6 Terminated Swaps $ (19.7) 1 Represents hedged items no longer designated in qualifying fair value hedging relationships. (Millions of Dollars) 2022 Carrying Amount of Hedged Liability 1 2022 Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liability Current maturities of long-term debt $ 1.2 Terminated Swaps $ — Long-Term Debt $ 533.1 Terminated Swaps $ (20.1) 1 |
Detail Pre-tax Amounts Reclassified From Accumulated Other Comprehensive Income into Earnings for Active Derivative Financial Instruments | 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 2023, 2022 and 2021: 2023 (Millions of Dollars) Gain (Loss) Classification of Gain (Loss) Gain (Loss) Interest Rate Contracts $ — Interest expense $ (6.1) $ — Foreign Exchange Contracts $ (4.3) Cost of sales $ (0.6) $ — 2022 (Millions of Dollars) Gain (Loss) Classification of Gain (Loss) Gain (Loss) Interest Rate Contracts $ 23.4 Interest expense $ (5.8) $ — Foreign Exchange Contracts $ 30.6 Cost of sales $ 53.3 $ — 2021 (Millions of Dollars) Gain (Loss) Classification of Gain (Loss) Gain (Loss) Recognized in Income on Amounts Excluded from Effectiveness Testing Interest Rate Contracts $ 14.9 Interest expense $ (3.9) $ — Foreign Exchange Contracts $ 24.1 Cost of sales $ (26.1) $ — A summary of the pre-tax effect of cash flow hedge accounting on the Consolidated Statements of Operations for 2023, 2022 and 2021 is as follows: 2023 2022 2021 (Millions of Dollars) Cost of Sales Interest Expense Cost of Sales Interest Expense Cost of Sales Interest Expense Total amount in the Consolidated Statements of Operations in which the effects of the cash flow hedges are recorded $ 11,848.5 $ 559.4 $ 12,663.3 $ 338.5 $ 10,189.1 $ 185.4 Gain (loss) on cash flow hedging relationships: Foreign Exchange Contracts: Hedged Items $ 0.6 $ — $ (53.3) $ — $ 26.1 $ — Gain (loss) reclassified from OCI into Income $ (0.6) $ — $ 53.3 $ — $ (26.1) $ — Interest Rate Swap Agreements: Gain (loss) reclassified from OCI into Income 1 $ — $ (6.1) $ — $ (5.8) $ — $ (3.9) 1 Inclusive of the gain/loss amortization on terminated derivative financial instruments. |
Summary of Pre-Tax Effects of Fair Value Hedging on Statement of Operations | A summary of the pre-tax effect of fair value hedge accounting on the Consolidated Statements of Operations for 2023, 2022 and 2021 is as follows: 2023 2022 2021 (Millions of Dollars) Interest Expense Interest Expense Interest Expense Total amount in the Consolidated Statements of Operations in which the effects of the fair value hedges are recorded $ 559.4 $ 338.5 $ 185.4 Amortization of gain on terminated swaps $ (0.4) $ (0.4) $ (0.4) |
Schedule of Derivatives Pre-tax Gain or Loss from Fair Value Change | The pre-tax gain or loss from fair value changes during 2023, 2022 and 2021 were as follows: 2023 (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 $ 0.4 $ — Other, net $ — $ — Non-derivative designated as Net Investment Hedge $ (12.0) $ — Other, net $ — $ — 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 $ 6.1 $ 0.6 Other, net $ 0.7 $ 0.7 Cross Currency Swap $ (1.2) $ 2.5 Other, net $ 1.5 $ 1.5 Non-derivative designated as Net Investment Hedge $ (0.1) $ — Other, net $ — $ — 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 $ (1.2) $ 1.6 Other, net $ 1.5 $ 1.5 Cross Currency Swap $ 11.7 $ 24.6 Other, net $ 3.7 $ 3.7 Non-derivative designated as Net Investment Hedge $ (6.7) $ — Other, net $ — $ — |
Income Statement Impacts Related to Derivatives Not Designated as Hedging Instruments | The gain (loss) recorded in the Consolidated Statements of Operations from changes in the fair value related to derivatives not designated as hedging instruments under ASC 815 for 2023, 2022 and 2021 is as follows: (Millions of Dollars) Income Statement 2023 2022 2021 Foreign Exchange Contracts Other-net $ (33.7) $ 5.0 $ (10.8) |
CAPITAL STOCK (Tables)
CAPITAL STOCK (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Equity [Abstract] | |
Basic and Diluted Earnings Per Share | The following table reconciles net (loss) earnings attributable to common shareowners and the weighted-average shares outstanding used to calculate basic and diluted (loss) earnings per share for the fiscal years ended December 30, 2023, December 31, 2022, and January 1, 2022. 2023 2022 2021 Numerator (in millions): Net (Loss) Earnings from Continuing Operations Attributable to Common Shareowners $ (281.7) $ 164.3 $ 1,538.3 Add: Contract adjustment payments accretion — 1.2 1.3 Net (Loss) Earnings from Continuing Operations Attributable to Common Shareowners - Diluted (281.7) 165.5 1,539.6 Net (loss) earnings from discontinued operations (28.8) 892.4 136.7 Net (Loss) Earnings Attributable to Common Shareowners - Diluted $ (310.5) $ 1,057.9 $ 1,676.3 2023 2022 2021 Denominator (in thousands): Basic weighted-average shares outstanding 149,751 148,170 158,760 Dilutive effect of stock contracts and awards — 8,383 6,264 Diluted weighted-average shares outstanding 149,751 156,553 165,024 (Loss) earnings per share of common stock: Basic (loss) earnings per share of common stock: Continuing operations $ (1.88) $ 1.11 $ 9.69 Discontinued operations $ (0.19) $ 6.02 $ 0.86 Total basic (loss) earnings per share of common stock $ (2.07) $ 7.13 $ 10.55 Diluted (loss) earnings per share of common stock: Continuing operations $ (1.88) $ 1.06 $ 9.33 Discontinued operations $ (0.19) $ 5.70 $ 0.83 Total diluted (loss) earnings per share of common stock $ (2.07) $ 6.76 $ 10.16 |
Weighted-Average Stock Options, Warrants and Equity Purchase Contracts 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): 2023 2022 2021 Number of stock options 5,406 4,019 1,039 |
Common Stock Share Activity | Common stock activity for 2023, 2022 and 2021 was as follows: 2023 2022 2021 Outstanding, beginning of year 152,983,530 163,328,776 160,752,262 Issued from treasury 817,110 5,711,974 3,105,587 Returned to treasury (180,552) (16,057,220) (529,073) Outstanding, end of year 153,620,088 152,983,530 163,328,776 Shares subject to the forward share purchase contract (3,645,510) (3,645,510) (3,645,510) Outstanding, less shares subject to the forward share purchase contract 149,974,578 149,338,020 159,683,266 |
Common Stock Shares Reserved | Common stock shares reserved for issuance under various employee and director stock plans at December 30, 2023 and December 31, 2022 are as follows: 2023 2022 Employee stock purchase plan 1,070,126 1,251,699 Other stock-based compensation plans 6,161,350 8,403,765 Total shares reserved 7,231,476 9,655,464 |
Weighted Average Assumptions | The following weighted-average assumptions were used to value grants made in 2023, 2022 and 2021: 2023 2022 2021 Average expected volatility 39.1 % 38.6 % 34.0 % Dividend yield 3.6 % 3.7 % 1.6 % Risk-free interest rate 4.0 % 3.2 % 1.3 % Expected life 5.0 years 4.2 years 5.3 years Fair value per option $ 26.05 $ 20.00 $ 52.39 Weighted-average vesting period 1.9 years 1.7 years 2.9 years |
Number of Stock Options and Weighted-average Exercise Prices | The number of stock options and weighted-average exercise prices as of December 30, 2023 are as follows: Options Price Outstanding, December 31, 2022 5,281,713 $ 140.22 Granted 848,394 89.87 Exercised (85,925) 82.93 Forfeited (553,334) 141.37 Outstanding, December 30, 2023 5,490,848 $ 133.22 Exercisable, December 30, 2023 3,877,759 $ 144.12 |
Outstanding and Exercisable Stock Option | Outstanding and exercisable stock option information at December 30, 2023 follows: Outstanding Stock Options Exercisable Stock Options Exercise Price Ranges Options Weighted- Weighted- Options Weighted- Weighted- $100.00 and below 1,654,765 8.42 $ 84.89 398,173 6.34 $ 84.05 100.01 — 165.00 2,082,851 4.38 131.39 2,061,056 4.34 131.64 165.01 — higher 1,753,232 6.33 181.01 1,418,530 6.03 179.11 5,490,848 6.22 $ 133.22 3,877,759 5.16 $ 144.12 |
Summary of Non-Vested Restricted Stock Unit Activity | A summary of non-vested restricted share units and award activity as of December 30, 2023, and changes during the year then ended is as follows: Restricted Share Weighted-Average Non-vested at December 31, 2022 1,266,462 $ 115.02 Granted 827,133 90.09 Vested (426,527) 115.80 Forfeited (176,144) 120.88 Non-vested at December 30, 2023 1,490,924 $ 100.24 A summary of the activity pertaining to the maximum number of shares that may be issued is as follows: MICP PSUs Weighted-Average Non-vested at December 31, 2022 67,698 $ 93.58 Granted — — Vested (67,698) 93.58 Forfeited — — Non-vested at December 30, 2023 — $ — A summary of the activity pertaining to the maximum number of shares that may be issued is as follows: LTIP Units Weighted-Average Non-vested at December 31, 2022 534,586 $ 158.18 Granted 393,040 81.36 Vested (45,950) 154.07 Forfeited (150,548) 144.78 Non-vested at December 30, 2023 731,128 $ 119.90 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table summarizes the changes in the accumulated balances for each component of Accumulated other comprehensive loss: (Millions of Dollars) Currency translation adjustment and other (Losses) gains on cash flow hedges, net of tax 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 (328.3) 31.7 3.7 73.4 (219.5) Adjustments related to sales of businesses (36.1) — — — (36.1) Reclassification adjustments to earnings — (26.4) (1.7) 9.8 (18.3) Net other comprehensive (loss) income (364.4) 5.3 2.0 83.2 (273.9) Balance - December 31, 2022 $ (1,907.4) $ (44.5) $ 73.8 $ (241.4) $ (2,119.5) Other comprehensive income (loss) before reclassifications 75.1 (1.6) (8.9) (26.9) 37.7 Reclassification adjustments to earnings — 3.6 — 9.1 12.7 Net other comprehensive income (loss) 75.1 2.0 (8.9) (17.8) 50.4 Balance - December 30, 2023 $ (1,832.3) $ (42.5) $ 64.9 $ (259.2) $ (2,069.1) |
Reclassification Out of Accumulated Other Comprehensive Loss | The reclassifications out of Accumulated other comprehensive loss for the years ended December 30, 2023 and December 31, 2022 were as follows: (Millions of Dollars) 2023 2022 Components of Accumulated other comprehensive loss Reclassification adjustments Reclassification adjustments Affected line item in Consolidated Statements of Operations Realized (losses) gains on cash flow hedges $ (0.6) $ 53.3 Cost of sales Realized losses on cash flow hedges (6.1) (5.8) Interest expense Total before taxes $ (6.7) $ 47.5 Tax effect 3.1 (21.1) Income taxes Realized (losses) gains on cash flow hedges, net of tax $ (3.6) $ 26.4 Realized gains on net investment hedges $ — $ 2.2 Other, net Tax effect — (0.5) Income taxes Realized gains on net investment hedges, net of tax $ — $ 1.7 Actuarial losses and prior service costs / credits (11.1) (13.3) Other, net Settlement losses (1.0) — Other, net Total before taxes (12.1) (13.3) Tax effect 3.0 3.5 Income taxes Amortization of defined benefit pension items, net of tax $ (9.1) $ (9.8) |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Retirement Benefits [Abstract] | |
Expense for Defined Contribution Plans | The expense (benefit) for defined contribution plans, aside from the earlier discussed ESOP plans, are as follows: (Millions of Dollars) 2023 2022 2021 Multi-employer plan expense $ 3.5 $ 6.0 $ 7.1 Other defined contribution plan expense (benefit) $ 43.3 $ (2.4) $ 28.6 |
Net Periodic Pension Expense | The components of net periodic pension expense (benefit) are as follows: U.S. Plans Non-U.S. Plans (Millions of Dollars) 2023 2022 2021 2023 2022 2021 Service cost $ 8.1 $ 6.2 $ 6.5 $ 11.2 $ 15.1 $ 17.6 Interest cost 54.7 33.6 23.0 43.4 22.9 16.7 Expected return on plan assets (62.1) (60.9) (54.9) (41.5) (37.7) (39.9) Amortization of prior service cost (credit) 0.8 0.9 1.1 (0.7) (0.7) (0.8) Actuarial loss amortization 8.9 5.9 9.2 3.4 7.9 12.2 Special termination benefit — — — 0.3 — — Settlement / curtailment loss 0.3 0.2 0.4 0.7 0.2 0.7 Net periodic pension expense (benefit) $ 10.7 $ (14.1) $ (14.7) $ 16.8 $ 7.7 $ 6.5 Other Benefit Plans (Millions of Dollars) 2023 2022 2021 Service cost $ 0.3 $ 0.3 $ 0.4 Interest cost 2.0 1.5 0.9 Amortization of prior service credit 0.1 — (0.7) Actuarial (gain) loss amortization (1.4) (0.7) — Settlement / curtailment gain — (0.4) — Special termination benefit — 6.9 — Net periodic post-retirement expense $ 1.0 $ 7.6 $ 0.6 |
Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income | Changes in plan assets and benefit obligations recognized in Accumulated other comprehensive loss in 2023 are as follows: (Millions of Dollars) 2023 Current year actuarial loss $ 28.8 Amortization of actuarial loss (11.1) Prior service cost from plan amendments — Settlement / curtailment loss (1.0) Currency / other 8.0 Total gain recognized in Accumulated other comprehensive loss (pre-tax) $ 24.7 |
Changes in Pension and Other Post-retirement Benefit Obligations, Fair Value of Plan Assets | The changes in the pension and other post-retirement benefit obligations, fair value of plan assets, as well as amounts recognized in the Consolidated Balance Sheets, are shown below. U.S. Plans Non-U.S. Plans Other Benefits (Millions of Dollars) 2023 2022 2023 2022 2023 2022 Change in benefit obligation Benefit obligation at end of prior year $ 1,083.5 $ 1,458.2 $ 931.0 $ 1,490.4 $ 42.8 $ 50.3 Service cost 8.1 6.2 11.2 15.1 0.3 0.3 Interest cost 54.7 33.6 43.4 22.9 2.0 1.5 Special termination benefit — — 0.3 — — 6.9 Settlements/curtailments (5.6) (10.7) (7.6) (4.4) — (0.4) Actuarial loss (gain) 40.2 (314.7) 26.6 (409.5) (2.3) (9.5) Plan amendments — 0.7 — 0.1 — 0.4 Foreign currency exchange rate changes — — 46.5 (133.1) 0.3 (0.2) Participant contributions — — 0.2 0.2 — — Acquisitions, divestitures, and other (7.7) (4.5) (2.7) 2.2 — — Benefits paid (82.9) (85.3) (49.8) (52.9) (7.9) (6.5) Benefit obligation at end of year $ 1,090.3 $ 1,083.5 $ 999.1 $ 931.0 $ 35.2 $ 42.8 Change in plan assets Fair value of plan assets at end of prior year $ 967.3 $ 1,340.1 $ 783.4 $ 1,226.6 $ — $ — Actual return on plan assets 93.4 (279.0) 50.1 (281.3) — — Participant contributions — — 0.2 0.2 — — Employer contributions 14.7 7.0 19.6 18.4 7.9 6.5 Settlements (5.6) (11.0) (11.3) (4.4) — — Foreign currency exchange rate changes — — 41.5 (121.0) — — Acquisitions, divestitures, and other (7.7) (4.5) (2.7) (2.2) — — Benefits paid (82.9) (85.3) (49.8) (52.9) (7.9) (6.5) Fair value of plan assets at end of plan year $ 979.2 $ 967.3 $ 831.0 $ 783.4 $ — $ — Funded status — assets less than benefit obligation $ (111.1) $ (116.2) $ (168.1) $ (147.6) $ (35.2) $ (42.8) Unrecognized prior service cost (credit) 2.1 2.9 (13.9) (13.8) 0.4 0.4 Unrecognized net actuarial loss (gain) 233.0 233.2 170.2 143.1 (19.6) (18.3) Net amount recognized $ 124.0 $ 119.9 $ (11.8) $ (18.3) $ (54.4) $ (60.7) U.S. Plans Non-U.S. Plans Other Benefits (Millions of Dollars) 2023 2022 2023 2022 2023 2022 Amounts recognized in the Consolidated Balance Sheets Prepaid benefit cost (non-current) $ — $ 4.1 $ 88.7 $ 67.7 $ — $ — Current benefit liability (5.6) (6.1) (10.9) (9.5) (7.6) (8.9) Non-current benefit liability (105.5) (114.2) (245.9) (205.8) (27.6) (33.9) Net liability recognized $ (111.1) $ (116.2) $ (168.1) $ (147.6) $ (35.2) $ (42.8) Accumulated other comprehensive loss (pre-tax): Prior service cost (credit) $ 2.1 $ 2.9 $ (13.9) $ (13.8) $ 0.4 $ 0.4 Actuarial loss (gain) 233.0 233.2 170.2 143.1 (19.6) (18.3) 235.1 236.1 156.3 129.3 (19.2) (17.9) Net amount recognized $ 124.0 $ 119.9 $ (11.8) $ (18.3) $ (54.4) $ (60.7) The following table provides information regarding pension plans in which projected benefit obligations (inclusive of anticipated future compensation increases) exceed plan assets as of December 30, 2023 and December 31, 2022: U.S. Plans Non-U.S. Plans (Millions of Dollars) 2023 2022 2023 2022 Projected benefit obligation $ 1,090.3 $ 982.3 $ 304.5 $ 266.7 Fair value of plan assets $ 979.1 $ 862.0 $ 47.8 $ 51.3 |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | The following table provides information regarding pension plans in which accumulated benefit obligations exceed plan assets as of December 30, 2023 and December 31, 2022: U.S. Plans Non-U.S. Plans (Millions of Dollars) 2023 2022 2023 2022 Accumulated benefit obligation $ 1,090.3 $ 982.3 $ 249.9 $ 208.7 Fair value of plan assets $ 979.1 $ 862.0 $ 31.5 $ 25.7 |
Assumptions used in Valuing Pension and Post-Retirement Plan Obligations and Net Costs | The major assumptions used in valuing pension and post-retirement plan obligations and net costs were as follows: Pension Benefits U.S. Plans Non-U.S. Plans Other Benefits 2023 2022 2021 2023 2022 2021 2023 2022 2021 Weighted-average assumptions used to determine benefit obligations at year end: Discount rate 5.04 % 5.36 % 2.80 % 4.43 % 4.70 % 1.78 % 5.45 % 5.47 % 2.84 % Rate of compensation increase — — 3.00 % 3.52 % 3.64 % 3.56 % — — — Weighted-average assumptions used to determine net periodic benefit cost: Discount rate - service cost 5.58 % 3.14 % 2.95 % 5.23 % 2.67 % 1.41 % 6.64 % 4.41 % 4.42 % Discount rate - interest cost 5.23 % 2.28 % 1.68 % 4.67 % 1.69 % 1.06 % 5.37 % 2.25 % 1.60 % Rate of compensation increase — 3.00 % 3.00 % 3.64 % 3.57 % 3.27 % — — — Expected return on plan assets 6.70 % 4.69 % 4.75 % 5.29 % 3.41 % 3.25 % — — — |
Asset Allocations by Asset Category and Level of Valuation Inputs within Fair Value Hierarchy | The Company’s worldwide asset allocations at December 30, 2023 and December 31, 2022 by asset category and the level of the valuation inputs within the fair value hierarchy established by ASC 820, Fair Value Measurement , were as follows: Asset Category (Millions of Dollars) 2023 Level 1 Level 2 Cash and cash equivalents $ 40.9 $ 25.8 $ 15.1 Equity securities U.S. equity securities 191.5 63.5 128.0 Foreign equity securities 119.7 34.7 85.0 Fixed income securities Government securities 646.0 239.8 406.2 Corporate securities 736.5 — 736.5 Insurance contracts 39.6 — 39.6 Other 36.0 — 36.0 Total $ 1,810.2 $ 363.8 $ 1,446.4 Asset Category (Millions of Dollars) 2022 Level 1 Level 2 Cash and cash equivalents $ 42.3 $ 28.2 $ 14.1 Equity securities U.S. equity securities 181.9 66.2 115.7 Foreign equity securities 123.3 33.0 90.3 Fixed income securities Government securities 619.3 236.7 382.6 Corporate securities 702.5 — 702.5 Insurance contracts 36.7 — 36.7 Other 44.7 — 44.7 Total $ 1,750.7 $ 364.1 $ 1,386.6 |
Expected Future Benefit Payments | Benefit payments, inclusive of amounts attributable to estimated future employee service, are expected to be paid over the next 10 years as follows: (Millions of Dollars) Total Year 1 Year 2 Year 3 Year 4 Year 5 Years 6-10 Future payments $ 1,489.8 $ 160.1 $ 149.8 $ 149.5 $ 148.6 $ 148.4 $ 733.4 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
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 December 30, 2023 Money market fund $ 12.3 $ 12.3 $ — $ — Deferred compensation plan investments $ 20.2 $ 20.2 $ — $ — Derivative assets $ 8.5 $ — $ 8.5 $ — Derivative liabilities $ 17.9 $ — $ 17.9 $ — Non-derivative hedging instrument $ 399.7 $ — $ 399.7 $ — Contingent consideration liability $ 208.8 $ — $ — $ 208.8 December 31, 2022 Money market fund $ 9.4 $ 9.4 $ — $ — Equity security $ 3.2 $ 3.2 $ — $ — Deferred compensation plan investments $ 19.0 $ 19.0 $ — $ — Derivative assets $ 12.2 $ — $ 12.2 $ — Derivative liabilities $ 16.1 $ — $ 16.1 $ — Contingent consideration liability $ 268.7 $ — $ — $ 268.7 |
Summary of Company's Financial Instruments Carrying and Fair Values | The following table provides information about the Company's financial assets and liabilities not carried at fair value: December 30, 2023 December 31, 2022 (Millions of Dollars) Carrying Fair Carrying Fair Other investments $ 6.0 $ 5.8 $ 9.3 $ 9.3 Long-term debt, including current portion $ 6,102.1 $ 5,512.8 $ 5,354.1 $ 4,662.9 |
RESTRUCTURING CHARGES (Tables)
RESTRUCTURING CHARGES (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Restructuring and Related Activities [Abstract] | |
Summary of Restructuring Reserve Activity | A summary of the restructuring reserve activity from December 31, 2022 to December 30, 2023 is as follows: (Millions of Dollars) December 31, 2022 Net Usage Currency December 30, 2023 Severance and related costs $ 57.0 $ 20.3 $ (51.1) $ (0.4) $ 25.8 Facility closures and other 5.3 19.1 (21.3) — 3.1 Total $ 62.3 $ 39.4 $ (72.4) $ (0.4) $ 28.9 |
BUSINESS SEGMENTS AND GEOGRAP_2
BUSINESS SEGMENTS AND GEOGRAPHIC AREAS (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Segment Reporting [Abstract] | |
Reconciliation of Revenue from Segments to Consolidated | BUSINESS SEGMENTS (Millions of Dollars) 2023 2022 2021 Net Sales Tools & Outdoor $ 13,367.1 $ 14,423.7 $ 12,817.4 Industrial 2,414.0 2,523.4 2,463.1 Corporate Overhead — 0.3 0.8 Consolidated $ 15,781.1 $ 16,947.4 $ 15,281.3 Segment Profit Tools & Outdoor $ 687.6 $ 971.9 $ 1,985.4 Industrial 266.5 236.2 256.6 Segment Profit 954.1 1,208.1 2,242.0 Corporate Overhead (312.2) (294.0) (342.9) Other, net (320.1) (274.8) (189.5) Loss on sales of businesses (10.8) (8.4) (0.6) Restructuring charges (39.4) (140.8) (14.5) Gain on equity method investment — — 68.0 Asset impairment charges (274.8) (168.4) — Interest income 186.9 54.7 9.8 Interest expense (559.4) (338.5) (185.4) (Loss) earnings from continuing operations before income taxes and equity interest $ (375.7) $ 37.9 $ 1,586.9 Capital and Software Expenditures Tools & Outdoor $ 264.7 $ 438.5 $ 375.8 Industrial 74.0 85.6 123.3 Discontinued operations — 6.3 20.0 Consolidated $ 338.7 $ 530.4 $ 519.1 Depreciation and Amortization Tools & Outdoor $ 453.5 $ 387.6 $ 312.9 Industrial 171.6 184.2 201.4 Discontinued operations — 0.4 62.8 Consolidated $ 625.1 $ 572.2 $ 577.1 Segment Assets December 30, 2023 December 31, 2022 Tools & Outdoor $ 18,960.8 $ 20,202.0 Industrial 4,081.7 5,284.8 23,042.5 25,486.8 Assets held for sale 857.6 — Corporate assets (236.3) (523.5) Consolidated $ 23,663.8 $ 24,963.3 |
Business Segments | The following table is a further disaggregation of the Industrial segment revenue for the years ended December 30, 2023, December 31, 2022 and January 1, 2022: (Millions of Dollars) 2023 2022 2021 Engineered Fastening $ 1,965.4 $ 1,874.8 $ 1,842.1 Infrastructure 448.6 648.6 621.0 Industrial $ 2,414.0 $ 2,523.4 $ 2,463.1 |
Summary of Net Sales by Geographic Area | GEOGRAPHIC AREAS (Millions of Dollars) 2023 2022 2021 Net Sales United States $ 9,861.3 $ 10,733.1 $ 9,073.1 Canada 761.5 835.7 696.0 Other Americas 870.9 839.4 833.6 Europe 3,024.7 3,154.7 3,336.0 Asia 1,262.7 1,384.5 1,342.6 Consolidated $ 15,781.1 $ 16,947.4 $ 15,281.3 (Millions of Dollars) December 30, 2023 December 31, 2022 Property, Plant & Equipment, net United States $ 1,306.5 $ 1,465.8 Canada 7.2 7.4 Other Americas 253.2 249.8 Europe 300.0 303.6 Asia 303.0 326.5 Consolidated $ 2,169.9 $ 2,353.1 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Significant Components of Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities from continuing operations, excluding 2023 amounts classified as held for sale, at the end of each fiscal year were as follows: (Millions of Dollars) 2023 2022 Deferred tax liabilities: Depreciation $ 114.6 $ 160.1 Intangible assets 817.7 907.5 Liability on undistributed foreign earnings 14.8 45.4 Lease right-of-use asset 126.5 108.2 Inventory 32.6 59.4 Other 44.2 46.7 Total deferred tax liabilities $ 1,150.4 $ 1,327.3 Deferred tax assets: Employee benefit plans $ 154.8 $ 130.9 Basis differences in liabilities 100.8 104.0 Operating loss, capital loss and tax credit carryforwards 826.5 817.4 Lease liability 129.1 110.4 Intangible assets 681.3 556.8 Basis difference in debt obligations 249.1 268.0 Capitalized research and development costs 194.6 134.7 Interest expense carryforward 152.7 27.7 Other 159.1 176.6 Total deferred tax assets $ 2,648.0 $ 2,326.5 Net Deferred Tax Asset before Valuation Allowance $ 1,497.6 $ 999.2 Valuation Allowance $ (1,046.9) $ (1,032.5) Net Deferred Tax Asset/ (Liability) after Valuation Allowance $ 450.7 $ (33.3) |
Classification of Deferred Taxes | The components of (loss) earnings from continuing operations before income taxes and equity interest consisted of the following: (Millions of Dollars) 2023 2022 2021 United States $ (1,385.0) $ (1,233.8) $ (77.7) Foreign 1,009.3 1,271.7 1,664.6 (Loss) earnings before income taxes and equity interest $ (375.7) $ 37.9 $ 1,586.9 |
Income Tax Expense (Benefit) Attributable to Continuing Operations | Income taxes on continuing operations consisted of the following: (Millions of Dollars) 2023 2022 2021 Current: Federal $ 5.8 $ (79.0) $ 0.3 Foreign 307.4 248.6 388.0 State 17.1 (16.7) 31.8 Total current $ 330.3 $ 152.9 $ 420.1 Deferred: Federal $ (158.2) $ (61.2) $ (124.7) Foreign (218.3) (222.5) (210.1) State (47.8) (1.6) (30.2) Total deferred (424.3) (285.3) (365.0) Income taxes $ (94.0) $ (132.4) $ 55.1 |
Reconciliation of U.S. Federal Statutory Income Tax to Income Taxes on Continuing Operations | The reconciliation of the U.S. federal statutory income tax provision to Income taxes on continuing operations in the Consolidated Statements of Operations is as follows: (Millions of Dollars) 2023 2022 2021 Tax at statutory rate $ (78.9) $ 8.0 $ 333.2 State income taxes, net of federal benefits (23.6) (19.3) 1.4 Foreign tax rate differential (48.0) (28.8) (63.5) Uncertain tax benefits 30.5 26.3 49.6 Change in valuation allowance 33.5 (25.1) (11.9) Change in deferred tax liabilities on undistributed foreign earnings — 12.8 23.1 Stock-based compensation 8.2 7.3 (6.3) Change in tax rates 0.2 (5.5) (31.1) Tax credits (13.8) (8.8) (6.7) U.S. federal tax expense (benefit) on foreign earnings 61.1 55.7 (118.1) Intra-entity asset transfer of intellectual property (131.3) (153.3) (114.2) Withholding taxes 38.9 5.4 12.0 Impairment on assets held for sale 30.4 — — Other (1.2) (7.1) (12.4) Income taxes $ (94.0) $ (132.4) $ 55.1 |
Activity Related to Unrecognized Tax Benefits | The following table summarizes the activity related to the unrecognized tax benefits from continuing operations: (Millions of Dollars) 2023 2022 2021 Balance at beginning of year $ 502.7 $ 487.7 $ 428.3 Additions based on tax positions related to current year 20.9 27.2 33.6 Additions based on tax positions related to prior years 20.4 41.1 53.5 Reductions based on tax positions related to prior years (8.2) (37.8) (17.2) Settlements (16.2) (7.0) (1.3) Statute of limitations expirations (16.8) (8.5) (9.2) Reclassification to long-term liabilities held for sale (21.5) — — Balance at end of year $ 481.3 $ 502.7 $ 487.7 |
COMMITMENTS AND GUARANTEES (Tab
COMMITMENTS AND GUARANTEES (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Assets And Liabilities, Lessee | The following is a summary of the Company's right-of-use-assets and lease liabilities: (Millions of Dollars) December 30, 2023 December 31, 2022 Right-of-use assets $ 502.9 $ 431.5 Lease liabilities $ 506.6 $ 440.5 Weighted-average incremental borrowing rate 4.6 % 3.6 % Weighted-average remaining term 7 years 6 years |
Summary of Lease Cost | The following is a summary of the Company's total lease cost for the years ended December 30, 2023, December 31, 2022, and January 1, 2022: (Millions of Dollars) 2023 2022 2021 Operating lease cost $ 144.0 $ 147.1 $ 126.3 Short-term lease cost 31.2 27.6 25.5 Variable lease cost 11.2 5.9 5.9 Sublease income (3.2) (2.5) (1.3) Total lease cost $ 183.2 $ 178.1 $ 156.4 |
Operating Lease Maturity Schedule | The following is a summary of the Company's future lease obligations on an undiscounted basis at December 30, 2023: (Millions of Dollars) Total 2024 2025 2026 2027 2028 Thereafter Lease obligations $ 613.0 $ 135.4 $ 105.7 $ 90.5 $ 69.5 $ 56.3 $ 155.6 |
Summary of Company's Future Commitments | The following is a summary of the Company’s future marketing commitments at December 30, 2023: (Millions of Dollars) Total 2024 2025 2026 2027 2028 Thereafter Marketing commitments $ 72.5 $ 37.9 $ 18.6 $ 16.0 $ — $ — $ — |
Summary Of Unrecorded Unconditional Purchase Obligations Disclosure | The following is a summary of the Company's unconditional purchase obligations related to these agreements at December 30, 2023: (Millions of Dollars) Total 2024 2025 2026 2027 2028 Thereafter Supplier agreements $ 199.1 $ 87.8 $ 44.0 $ 37.9 $ 22.1 $ 7.3 $ — |
Summary of Guarantees | The Company's financial guarantees at December 30, 2023 are as follows: (Millions of Dollars) Term Maximum Carrying Guarantees on the residual values of leased properties One $ 157.4 $ — Standby letters of credit Up to twenty years 185.5 — Commercial customer financing arrangements Up to six years 93.1 15.5 Total $ 436.0 $ 15.5 |
Summary of Warranty Liability Activity | The changes in the carrying amount of product warranties for the years ended December 30, 2023, December 31, 2022, and January 1, 2022 are as follows: (Millions of Dollars) 2023 2022 2021 Balance beginning of period $ 126.6 $ 134.5 $ 107.9 Warranties and guarantees issued 171.3 155.3 150.1 Warranties assumed in acquisitions — — 33.4 Warranty payments and currency (161.2) (163.2) (156.9) Balance end of period $ 136.7 $ 126.6 $ 134.5 |
DIVESTITURES (Tables)
DIVESTITURES (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Pre Tax Losses | Following is the pre-tax income for this business for the years ended December 30, 2023, December 31, 2022 and January 1, 2022: (Millions of Dollars) 2023 2022 2021 Pre-tax income $ 52.0 $ 54.3 $ 65.1 |
Schedule of Discontinued Operations | The carrying amounts of the assets and liabilities that were aggregated in assets held for sale and liabilities held for sale as of December 30, 2023 are presented in the following table: (Millions of Dollars) December 30, 2023 Cash and cash equivalents $ 0.6 Accounts and notes receivable, net 41.3 Inventories, net 96.5 Other current assets 2.4 Property, plant and equipment, net 70.4 Goodwill 389.7 Intangibles, net 214.3 Other assets 42.4 Total assets $ 857.6 Accounts payable and accrued expenses $ 44.1 Other long-term liabilities 84.8 Total liabilities $ 128.9 Summarized operating results of discontinued operations are presented in the following table for each fiscal year ended: (Millions of Dollars) 2023 2022 2021 Net Sales $ — $ 1,056.3 $ 1,971.4 Cost of sales — 687.5 1,258.7 Selling, general, and administrative (1) — 308.0 529.2 (Loss) gain on sale of discontinued operations (14.3) 1,197.4 — Other, net and restructuring charges — 47.3 59.2 (Loss) earnings from discontinued operations before income taxes $ (14.3) $ 1,210.9 $ 124.3 Income taxes on discontinued operations 14.5 318.5 (12.4) Net (loss) earnings from discontinued operations $ (28.8) $ 892.4 $ 136.7 (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 CSS and MAS that are included in the Consolidated Statements of Cash Flows for each fiscal year ended: (Millions of Dollars) 2022 2021 Depreciation and amortization $ 0.4 $ 62.8 Capital expenditures $ 6.3 $ 20.0 Stock-based compensation $ 17.5 $ 7.9 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Allowance for Credit Losses: | |||
Movement in Valuation Allowances and Reserves | |||
Beginning Balance | $ 106.6 | $ 95.9 | $ 106.2 |
Charged To Costs And Expenses | 8.7 | 14.3 | 0 |
Charged To Other Accounts | 9.5 | 16.9 | 3.8 |
Deductions | (48.2) | (20.5) | (14.1) |
Ending Balance | 76.6 | 106.6 | 95.9 |
Tax Valuation Allowance: | |||
Movement in Valuation Allowances and Reserves | |||
Beginning Balance | 1,032.5 | 1,067.2 | 1,001.9 |
Charged To Costs And Expenses | 38.4 | 21.2 | 190.7 |
Charged To Other Accounts | 2.2 | (5.9) | 61.1 |
Deductions | (26.2) | (50) | (186.5) |
Ending Balance | $ 1,046.9 | $ 1,032.5 | $ 1,067.2 |
SIGNIFICANT ACCOUNTING POLICI_4
SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) $ in Millions | 12 Months Ended | |||||
Dec. 30, 2023 USD ($) age | Dec. 31, 2022 USD ($) | Jan. 01, 2022 USD ($) | Dec. 31, 2021 | Dec. 01, 2021 | Jan. 31, 2019 | |
Significant Accounting Policies [Line Items] | ||||||
Minimum service year to be eligible to stock-based compensation benefits | 10 years | |||||
MTD | ||||||
Significant Accounting Policies [Line Items] | ||||||
Percent of ownership interest acquired | 20% | |||||
Minimum | ||||||
Significant Accounting Policies [Line Items] | ||||||
Vesting period of stock-based compensation grants | 3 years | |||||
Stock-based compensation, minimum retirement age for eligibility | age | 55 | |||||
Maximum | ||||||
Significant Accounting Policies [Line Items] | ||||||
Vesting period of stock-based compensation grants | 4 years | |||||
Net Sales | ||||||
Significant Accounting Policies [Line Items] | ||||||
Cooperative advertising expense | $ 325.1 | $ 358.1 | $ 374.1 | |||
Selling, General and Administrative Expenses | ||||||
Significant Accounting Policies [Line Items] | ||||||
Cooperative advertising expense | 27.8 | 31.8 | 19.5 | |||
Selling, General and Administrative Expense | ||||||
Significant Accounting Policies [Line Items] | ||||||
Advertising costs | 110.5 | 118.9 | 98.6 | |||
Production and distribution costs | $ 521.7 | $ 498.7 | $ 416.1 | |||
MTD | ||||||
Significant Accounting Policies [Line Items] | ||||||
Percentage of voting interests acquired | 80% | 80% |
SIGNIFICANT ACCOUNTING POLICI_5
SIGNIFICANT ACCOUNTING POLICIES - Property Plant And Equipment (Details) | Dec. 30, 2023 |
Land improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 10 years |
Land improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 20 years |
Buildings | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 40 years |
Machinery and equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 3 years |
Machinery and equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 15 years |
Computer software | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 3 years |
Computer software | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 7 years |
ACCOUNTS AND NOTES RECEIVABLE_3
ACCOUNTS AND NOTES RECEIVABLE, NET - Schedule (Details) - USD ($) $ in Millions | Dec. 30, 2023 | Dec. 31, 2022 |
Receivables [Abstract] | ||
Trade accounts receivable | $ 1,057.8 | $ 1,059.7 |
Notes receivable | 66.9 | 100.1 |
Other accounts receivable | 253.9 | 177.8 |
Accounts and notes receivable | 1,378.6 | 1,337.6 |
Allowance for credit losses | (76.6) | (106.6) |
Accounts and notes receivable, net | $ 1,302 | $ 1,231 |
ACCOUNTS AND NOTES RECEIVABLE_4
ACCOUNTS AND NOTES RECEIVABLE, NET - Schedule of Changes in Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance beginning of period | $ 106.6 | $ 95.9 | |
Charged to costs and expenses | 8.7 | 14.3 | $ 0 |
Other, including recoveries and deductions | (38.7) | (3.6) | |
Balance end of period | $ 76.6 | $ 106.6 | $ 95.9 |
ACCOUNTS AND NOTES RECEIVABLE_5
ACCOUNTS AND NOTES RECEIVABLE, NET - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 30, 2023 | Dec. 31, 2022 | |
Receivables [Abstract] | ||
Maximum cash investment in receivables | $ 110 | |
Net receivables derecognized | 110 | $ 110 |
Proceeds from transfers of receivables | 455.7 | 496.4 |
Payments to purchaser | 455.7 | 486.4 |
Pretax loss on sale | 6.3 | 4.1 |
Payment to the purchaser, servicing fees | 0.9 | 0.9 |
Deferred revenue | 116.8 | 122.9 |
Deferred revenue, current | 31.7 | 29.6 |
Deferred revenue recognized | $ 27.3 | $ 22.9 |
INVENTORIES, NET - Schedule (De
INVENTORIES, NET - Schedule (Details) - USD ($) $ in Millions | Dec. 30, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Finished products | $ 2,912.5 | $ 3,460.8 |
Work in process | 263.4 | 338.7 |
Raw materials | 1,562.7 | 2,061.6 |
Total | $ 4,738.6 | $ 5,861.1 |
INVENTORIES, NET - Additional I
INVENTORIES, NET - Additional Information (Details) - USD ($) $ in Millions | Dec. 30, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Net inventory amount valued at lower of LIFO cost or market | $ 2,800 | $ 3,400 |
Increase in inventories if LIFO method had not been used | $ 256.1 | $ 486.9 |
PROPERTY, PLANT AND EQUIPMENT -
PROPERTY, PLANT AND EQUIPMENT - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Millions | Dec. 30, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Property, plant & equipment, gross | $ 5,081.2 | $ 5,077.9 |
Less: accumulated depreciation and amortization | (2,911.3) | (2,724.8) |
Property, Plant and Equipment, net | 2,169.9 | 2,353.1 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant & equipment, gross | 135.1 | 137.7 |
Land improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant & equipment, gross | 55 | 59.7 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant & equipment, gross | 808.6 | 793 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant & equipment, gross | 180.9 | 191.7 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant & equipment, gross | 3,391.2 | 3,394.4 |
Computer software | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant & equipment, gross | $ 510.4 | $ 501.4 |
PROPETY, PLANT AND EQUIPMENT -
PROPETY, PLANT AND EQUIPMENT - Depreciation and Amortization Expense Associated with Property, Plant and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation | $ 383.3 | $ 330.4 | $ 326.3 |
Amortization | 49.1 | 39.3 | 47.7 |
Depreciation and amortization expense | $ 432.4 | 369.7 | 374 |
Depreciation and amortization, discontinued operations | $ 0.4 | $ 23.7 |
ACQUISITIONS - Additional Infor
ACQUISITIONS - Additional Information (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Dec. 01, 2021 USD ($) | Nov. 12, 2021 USD ($) | Jan. 31, 2019 USD ($) | Jan. 01, 2022 USD ($) | Dec. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jan. 01, 2022 USD ($) business | Dec. 31, 2021 | |
Business Acquisition [Line Items] | ||||||||
Equity investment, gain on investment | $ 0 | $ 0 | $ 68,000,000 | |||||
Goodwill | $ 8,590,700,000 | $ 7,995,900,000 | $ 8,502,700,000 | 8,590,700,000 | ||||
MTD | ||||||||
Business Acquisition [Line Items] | ||||||||
Percent of ownership interest acquired | 20% | |||||||
Payment to acquire equity method investment | $ 234,000,000 | |||||||
MTD | ||||||||
Business Acquisition [Line Items] | ||||||||
Percentage of voting interests acquired | 80% | 80% | ||||||
Estimated purchase price | $ 1,500,000,000 | |||||||
Equity method, fair value, remeasurement | $ 295,100,000 | |||||||
Equity investment, gain on investment | 68,000,000 | |||||||
Weighted average useful life assigned | 15 years | |||||||
Expected tax deductible amount of acquired goodwill | $ 600,000 | |||||||
Total consideration | 1,936,700,000 | |||||||
Deferred tax liabilities | 214,300,000 | |||||||
Total identifiable net assets | 1,449,800,000 | |||||||
Goodwill | $ 486,900,000 | |||||||
Excel Industries | ||||||||
Business Acquisition [Line Items] | ||||||||
Weighted average useful life assigned | 14 years | |||||||
Expected tax deductible amount of acquired goodwill | $ 0 | |||||||
Total consideration | 373,700,000 | |||||||
Working capital acquired | 31,400,000 | |||||||
Deferred tax liabilities | 43,600,000 | |||||||
Finite-lived intangible assets acquired | 203,500,000 | |||||||
Total identifiable net assets | 195,500,000 | |||||||
Goodwill | 178,200,000 | |||||||
Excel Industries | Customer relationships | ||||||||
Business Acquisition [Line Items] | ||||||||
Finite-lived intangible assets acquired | $ 158,000,000 | |||||||
2021 Aquisitions | ||||||||
Business Acquisition [Line Items] | ||||||||
Estimated purchase price | 202,700,000 | |||||||
Expected tax deductible amount of acquired goodwill | 47,900,000 | 47,900,000 | ||||||
Working capital acquired | 30,600,000 | 30,600,000 | ||||||
Total identifiable net assets | 43,900,000 | 43,900,000 | ||||||
Goodwill | $ 158,800,000 | $ 158,800,000 | ||||||
Number of businesses acquired during the period | business | 2 |
ACQUISITIONS - Estimated Fair V
ACQUISITIONS - Estimated Fair Values of Major Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions | Dec. 01, 2021 | Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 7,995.9 | $ 8,502.7 | $ 8,590.7 | |
MTD | ||||
Business Acquisition [Line Items] | ||||
Cash and cash equivalents | $ 111.5 | |||
Accounts receivable, net | 270.5 | |||
Inventories, net | 855.7 | |||
Prepaid expenses and other assets | 56.9 | |||
Property, plant and equipment | 256.9 | |||
Other assets | 38.5 | |||
Accounts payable | (394.6) | |||
Accrued expenses | (201.1) | |||
Deferred revenue | (0.9) | |||
Long-term debt | (110.9) | |||
Deferred taxes | (214.3) | |||
Other liabilities | (68.4) | |||
Total identifiable net assets | 1,449.8 | |||
Goodwill | 486.9 | |||
Total consideration | 1,936.7 | |||
MTD | Trade names | ||||
Business Acquisition [Line Items] | ||||
Intangible assets | 390 | |||
MTD | Customer relationships | ||||
Business Acquisition [Line Items] | ||||
Intangible assets | $ 460 |
ACQUISITIONS - Supplemental Pro
ACQUISITIONS - Supplemental Pro-Forma (Details) - 2021 Acquisitions - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Jan. 01, 2022 | |
Business Acquisition [Line Items] | ||
Net sales | $ 16,947.4 | $ 17,890.8 |
Net earnings from continuing operations attributable to common shareowners - Diluted | $ 318.3 | $ 1,666 |
Diluted earnings per share of common stock - continuing operations (in dollars per share) | $ 2.03 | $ 10.10 |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS - Changes in Carrying Amount of Goodwill by Segment (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 30, 2023 | Dec. 31, 2022 | |
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | $ 8,502.7 | $ 8,590.7 |
Acquisitions | 90.5 | |
Goodwill, transfers | (540.5) | |
Foreign currency translation and other | 33.7 | (178.5) |
Goodwill, ending balance | 7,995.9 | 8,502.7 |
Tools & Outdoor | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 5,939.7 | 5,973.7 |
Acquisitions | 90.5 | |
Goodwill, transfers | 0 | |
Foreign currency translation and other | 36.6 | (124.5) |
Goodwill, ending balance | 5,976.3 | 5,939.7 |
Industrial | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 2,563 | 2,617 |
Acquisitions | 0 | |
Goodwill, transfers | (540.5) | |
Foreign currency translation and other | (2.9) | (54) |
Goodwill, ending balance | $ 2,019.6 | $ 2,563 |
GOODWILL AND INTANGIBLE ASSET_3
GOODWILL AND INTANGIBLE ASSETS - Additional Information (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 USD ($) reportingUnit | Dec. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jan. 01, 2022 USD ($) | |
Goodwill [Line Items] | ||||
Goodwill, transfers | $ 540.5 | |||
Number of reporting units | reportingUnit | 3 | |||
Goodwill | 7,995.9 | $ 8,502.7 | $ 8,590.7 | |
Carrying value of trade names | 2,396 | 2,516 | ||
Future amortization expense in 2024 | 163.7 | |||
Future amortization expense in 2025 | 150.2 | |||
Future amortization expense in 2026 | 142.3 | |||
Future amortization expense in 2027 | 135.1 | |||
Future amortization expense in 2028 | 131.3 | |||
Future amortization expense thereafter | $ 830.6 | |||
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration] | Asset impairment charges | |||
Tools & Outdoor | ||||
Goodwill [Line Items] | ||||
Goodwill, transfers | $ 0 | |||
Goodwill | 5,976.3 | 5,939.7 | $ 5,973.7 | |
Tools & Outdoor | Irwin and Troy-Bilt Trade Names | ||||
Goodwill [Line Items] | ||||
Carrying value of trade names | $ 113 | |||
Tools & Outdoor | Irwin and Troy-Bilt Trade Names | Trade names | ||||
Goodwill [Line Items] | ||||
Goodwill, impairment charge | $ 124 | $ 124 | ||
Product Concentration Risk | Revenue, Segment Benchmark | Tools & Outdoor | Irwin and Troy-Bilt Trade Names | ||||
Goodwill [Line Items] | ||||
Concentration risk percentage (less than) | 5% | |||
Oil And Gas Business | ||||
Goodwill [Line Items] | ||||
Goodwill, transfers | $ 39 | |||
Engineered Fastening Reporting Unit | ||||
Goodwill [Line Items] | ||||
Goodwill | $ 2,020 | |||
Goodwill assumptions, term | 6 years | |||
Engineered Fastening Reporting Unit | Valuation Technique, Discounted Cash Flow | ||||
Goodwill [Line Items] | ||||
Carrying amount, percentage | 16% | 22% | ||
Engineered Fastening Reporting Unit | Valuation Technique, Discounted Cash Flow | Measurement Input, Discount Rate | ||||
Goodwill [Line Items] | ||||
Measurement input | 0.100 | |||
Engineered Fastening Reporting Unit | Valuation Technique, Discounted Cash Flow | Measurement Input, Compound Annual Growth Rate | ||||
Goodwill [Line Items] | ||||
Measurement input | 0.05 | |||
Engineered Fastening Reporting Unit | Valuation Technique, Discounted Cash Flow | Measurement Input, Perpetual Growth Rate | ||||
Goodwill [Line Items] | ||||
Measurement input | 0.03 | |||
Discontinued Operations, Held-for-sale | ||||
Goodwill [Line Items] | ||||
Intangibles, net | $ 214.3 | |||
Discontinued Operations, Held-for-sale | Infrastructure Reporting Unit | ||||
Goodwill [Line Items] | ||||
Goodwill | $ 540.5 |
GOODWILL AND INTANGIBLE ASSET_4
GOODWILL AND INTANGIBLE ASSETS - Intangible Assets (Details) - USD ($) $ in Millions | Dec. 30, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 2,958.4 | $ 3,284.3 |
Accumulated Amortization | (1,405.2) | (1,325.5) |
Patents and copyrights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 26.2 | 25.8 |
Accumulated Amortization | (26.1) | (25.6) |
Trade names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 223.6 | 247.7 |
Accumulated Amortization | (120.7) | (118) |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,578.4 | 2,881.2 |
Accumulated Amortization | (1,132.7) | (1,059.9) |
Other intangible assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 130.2 | 129.6 |
Accumulated Amortization | $ (125.7) | $ (122) |
GOODWILL AND INTANGIBLE ASSET_5
GOODWILL AND INTANGIBLE ASSETS - Aggregate Intangible Assets Amortization Expense by Segment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangibles | $ 192.7 | $ 202.5 | $ 203.1 |
Discontinued Operations | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangibles | 0 | 0 | 39.1 |
Tools & Outdoor | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangibles | 103.1 | 108.1 | 64.1 |
Industrial | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangibles | $ 89.6 | $ 94.4 | $ 99.9 |
ACCRUED EXPENSES (Details)
ACCRUED EXPENSES (Details) - USD ($) $ in Millions | Dec. 30, 2023 | Dec. 31, 2022 |
Payables and Accruals [Abstract] | ||
Payroll and related taxes | $ 318.3 | $ 192 |
Income and other taxes | 288.5 | 260.7 |
Customer rebates and sales returns | 411.2 | 376.6 |
Insurance and benefits | 71.8 | 95.3 |
Restructuring costs | 28.9 | 62.3 |
Derivative financial instruments | 17.9 | 16.1 |
Warranty costs | 109.5 | 99.8 |
Deferred revenue | 31.7 | 29.6 |
Freight costs | 107.1 | 220.3 |
Environmental costs | 46 | 39.4 |
Current lease liability | 127.7 | 114.1 |
Forward stock purchase contract | 337.4 | 0 |
Accrued interest | 64 | 49 |
Other | 504.3 | 565.5 |
Total | $ 2,464.3 | $ 2,120.7 |
LONG-TERM DEBT AND FINANCING _3
LONG-TERM DEBT AND FINANCING ARRANGEMENTS - Schedule (Details) - USD ($) | 12 Months Ended | |||
Dec. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Feb. 28, 2022 | |
Debt Instrument [Line Items] | ||||
Notional Value | $ 6,154,400,000 | |||
Unamortized Discount | (5,900,000) | |||
Unamortized gain (loss) terminated swaps | (19,700,000) | |||
Purchase Accounting FV Adjustment | 10,100,000 | |||
Deferred Financing Fees | (36,800,000) | |||
Carrying Value | 6,102,100,000 | $ 5,354,100,000 | ||
Less: Current maturities of long-term debt | (1,100,000) | (1,200,000) | ||
Long-term debt | $ 6,101,000,000 | 5,352,900,000 | ||
Notes payable due 2025 | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 2.30% | 2.30% | ||
Notional Value | $ 500,000,000 | $ 500,000,000 | ||
Unamortized Discount | (300,000) | |||
Purchase Accounting FV Adjustment | 0 | |||
Deferred Financing Fees | (1,000,000) | |||
Carrying Value | $ 498,700,000 | 497,700,000 | ||
Notes payable due 2026 | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 3.40% | |||
Notional Value | $ 500,000,000 | |||
Unamortized Discount | (200,000) | |||
Unamortized gain (loss) terminated swaps | 0 | |||
Purchase Accounting FV Adjustment | 0 | |||
Deferred Financing Fees | (900,000) | |||
Carrying Value | $ 498,900,000 | 498,300,000 | ||
Notes payable due 2026 | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 6.27% | 6.272% | ||
Notional Value | $ 350,000,000 | $ 350,000,000 | ||
Unamortized Discount | 0 | |||
Purchase Accounting FV Adjustment | 0 | |||
Deferred Financing Fees | (1,400,000) | |||
Carrying Value | $ 348,600,000 | 0 | ||
Notes payable due 2026 | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 3.42% | |||
Notional Value | $ 25,000,000 | |||
Unamortized Discount | 0 | |||
Unamortized gain (loss) terminated swaps | 0 | |||
Purchase Accounting FV Adjustment | 1,000,000 | |||
Deferred Financing Fees | 0 | |||
Carrying Value | $ 26,000,000 | 26,400,000 | ||
Notes payable due 2026 | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 1.84% | |||
Notional Value | $ 27,600,000 | |||
Unamortized Discount | 0 | |||
Unamortized gain (loss) terminated swaps | 0 | |||
Purchase Accounting FV Adjustment | 1,000,000 | |||
Deferred Financing Fees | (100,000) | |||
Carrying Value | $ 28,500,000 | 28,000,000 | ||
Notes payable due 2028 | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 6% | |||
Notional Value | $ 400,000,000 | |||
Unamortized Discount | (400,000) | |||
Unamortized gain (loss) terminated swaps | 0 | |||
Purchase Accounting FV Adjustment | 0 | |||
Deferred Financing Fees | (2,100,000) | |||
Carrying Value | $ 397,500,000 | 0 | ||
Notes payable due 2028 | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 7.05% | |||
Notional Value | $ 150,000,000 | |||
Unamortized Discount | 0 | |||
Unamortized gain (loss) terminated swaps | 4,900,000 | |||
Purchase Accounting FV Adjustment | 4,800,000 | |||
Deferred Financing Fees | 0 | |||
Carrying Value | $ 159,700,000 | 161,800,000 | ||
Notes payable due 2028 | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 4.25% | |||
Notional Value | $ 500,000,000 | |||
Unamortized Discount | (200,000) | |||
Unamortized gain (loss) terminated swaps | 0 | |||
Purchase Accounting FV Adjustment | 0 | |||
Deferred Financing Fees | (2,100,000) | |||
Carrying Value | $ 497,700,000 | 497,200,000 | ||
Notes payable due 2028 | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 3.52% | |||
Notional Value | $ 50,000,000 | |||
Unamortized Discount | 0 | |||
Unamortized gain (loss) terminated swaps | 0 | |||
Purchase Accounting FV Adjustment | 3,300,000 | |||
Deferred Financing Fees | (200,000) | |||
Carrying Value | $ 53,100,000 | 53,700,000 | ||
Notes payable due 2030 | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 2.30% | |||
Notional Value | $ 750,000,000 | |||
Unamortized Discount | (1,500,000) | |||
Unamortized gain (loss) terminated swaps | 0 | |||
Purchase Accounting FV Adjustment | 0 | |||
Deferred Financing Fees | (3,200,000) | |||
Carrying Value | $ 745,300,000 | 744,500,000 | ||
Notes payable due 2032 | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 3% | 3% | ||
Notional Value | $ 500,000,000 | $ 500,000,000 | ||
Unamortized Discount | (800,000) | |||
Purchase Accounting FV Adjustment | 0 | |||
Deferred Financing Fees | (2,900,000) | |||
Carrying Value | $ 496,300,000 | 495,900,000 | ||
Notes payable due 2040 | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 5.20% | |||
Notional Value | $ 400,000,000 | |||
Unamortized Discount | (200,000) | |||
Unamortized gain (loss) terminated swaps | (24,600,000) | |||
Purchase Accounting FV Adjustment | 0 | |||
Deferred Financing Fees | (2,300,000) | |||
Carrying Value | $ 372,900,000 | 371,300,000 | ||
Notes payable due 2048 | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 4.85% | |||
Notional Value | $ 500,000,000 | |||
Unamortized Discount | (500,000) | |||
Unamortized gain (loss) terminated swaps | 0 | |||
Purchase Accounting FV Adjustment | 0 | |||
Deferred Financing Fees | (4,500,000) | |||
Carrying Value | $ 495,000,000 | 494,800,000 | ||
Notes payable due 2050 | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 2.75% | |||
Notional Value | $ 750,000,000 | |||
Unamortized Discount | (1,800,000) | |||
Unamortized gain (loss) terminated swaps | 0 | |||
Purchase Accounting FV Adjustment | 0 | |||
Deferred Financing Fees | (7,500,000) | |||
Carrying Value | $ 740,700,000 | 740,300,000 | ||
Notes payable due 2060 (junior subordinated) | Junior Subordinated Debt | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 4% | |||
Notional Value | $ 750,000,000 | |||
Unamortized Discount | 0 | |||
Unamortized gain (loss) terminated swaps | 0 | |||
Purchase Accounting FV Adjustment | 0 | |||
Deferred Financing Fees | (8,600,000) | |||
Carrying Value | 741,400,000 | 741,200,000 | ||
Other, payable in varying amounts 2024 through 2027 | ||||
Debt Instrument [Line Items] | ||||
Notional Value | 1,800,000 | |||
Unamortized Discount | 0 | |||
Unamortized gain (loss) terminated swaps | 0 | |||
Purchase Accounting FV Adjustment | 0 | |||
Deferred Financing Fees | 0 | |||
Carrying Value | $ 1,800,000 | $ 3,000,000 | ||
Other, payable in varying amounts 2024 through 2027 | Minimum | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 4.10% | |||
Other, payable in varying amounts 2024 through 2027 | Maximum | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 4.31% |
LONG-TERM DEBT AND FINANCING _4
LONG-TERM DEBT AND FINANCING ARRANGEMENTS - Additional Information (Details) | 1 Months Ended | 12 Months Ended | ||||||
Jan. 31, 2023 | Sep. 30, 2023 USD ($) | Feb. 28, 2023 USD ($) | Feb. 28, 2022 USD ($) | Dec. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jan. 01, 2022 USD ($) | Mar. 31, 2023 USD ($) | |
Debt Instrument [Line Items] | ||||||||
Long-term debt, maturity, year one | $ 1,100,000 | |||||||
Long-term debt, maturity, year two | 500,500,000 | |||||||
Long-term debt, maturity, year three | 902,800,000 | |||||||
Long-term debt, maturity, year four | 1,100,000,000 | |||||||
Long-term debt, maturity, after year five | 3,650,000,000 | |||||||
Fair value adjustment and unamortized gain (loss) termination of swap | (25,600,000) | |||||||
Debt issuance costs | 36,800,000 | |||||||
Notional Value | 6,154,400,000 | |||||||
Proceeds from debt issuances, net of fees | 745,300,000 | $ 992,600,000 | $ 0 | |||||
Debt issuance costs | $ 7,400,000 | $ 4,700,000 | ||||||
Proceeds from debt, net of issuance costs | 992,600,000 | |||||||
Commercial paper amount outstanding | 1,100,000,000 | 2,100,000,000 | ||||||
Line of credit facility, maximum borrowing capacity | 4,300,000,000 | |||||||
Short-term borrowings | 1,074,800,000 | 2,102,900,000 | ||||||
Interest paid | 531,500,000 | $ 320,800,000 | $ 177,100,000 | |||||
Adjustment addback amount | $ 500,000,000 | |||||||
Debt instrument, lower minimum interest coverage ratio | 3.5 | 1.5 | ||||||
Debt instrument, minimum interest coverage ratio | 3.5 | |||||||
Designated as Hedging Instruments | ||||||||
Debt Instrument [Line Items] | ||||||||
Commercial paper amount outstanding | 399,700,000 | |||||||
Line of Credit | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility, maximum borrowing capacity | 251,600,000 | |||||||
Line of credit facility, available borrowing capacity | 154,700,000 | |||||||
Short-term borrowings | $ 96,900,000 | |||||||
Line of Credit | United States of America, Dollars | ||||||||
Debt Instrument [Line Items] | ||||||||
Weighted average interest rates on short-term borrowings | 5.10% | 2.30% | ||||||
Line of Credit | Euro Member Countries, Euro | ||||||||
Debt Instrument [Line Items] | ||||||||
Weighted average interest rates on short-term borrowings | 3.50% | |||||||
Commercial Paper | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 3,500,000,000 | |||||||
Notes payable due 2028 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt issuance costs | 0 | |||||||
Notional Value | $ 150,000,000 | |||||||
Interest Rate | 7.05% | |||||||
Notes payable due 2028 | Fixed To Floating Interest Rate Swap [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Fair value adjustment and unamortized gain (loss) termination of swap | $ 10,100,000 | |||||||
Notes payable due 2026 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt issuance costs | 1,400,000 | |||||||
Notional Value | $ 350,000,000 | $ 350,000,000 | ||||||
Interest Rate | 6.27% | 6.272% | ||||||
Notes 6 Point 0 Percent Due in 2028 | ||||||||
Debt Instrument [Line Items] | ||||||||
Notional Value | $ 400,000,000 | |||||||
Interest Rate | 6% | |||||||
Notes payable due 2025 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt issuance costs | $ 1,000,000 | |||||||
Notional Value | $ 500,000,000 | $ 500,000,000 | ||||||
Interest Rate | 2.30% | 2.30% | ||||||
Notes payable due 2032 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt issuance costs | $ 2,900,000 | |||||||
Notional Value | $ 500,000,000 | $ 500,000,000 | ||||||
Interest Rate | 3% | 3% | ||||||
5 Year Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, term | 5 years | 5 years | 5 years | |||||
Line of credit facility, current borrowing capacity | $ 2,500,000,000 | |||||||
Line of credit drawn | 0 | $ 0 | ||||||
Committed Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Amount of credit facility foreign currency sublimit | 814,300,000 | |||||||
2023 Syndicated 364-Day Credit Agreement | Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 3,500,000,000 | |||||||
Long-term debt, term | 364 days | |||||||
Line of credit drawn | $ 0 | 0 | ||||||
Payments of debt extinguishment costs | $ 1,500,000,000 | |||||||
Line of credit facility, maximum borrowing capacity | $ 1,500,000,000 | |||||||
2023 Club 364-Day Credit Agreement | Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, term | 364 days | |||||||
Line of credit drawn | $ 0 | |||||||
Payments of debt extinguishment costs | $ 500,000,000 |
FINANCIAL INSTRUMENTS - Fair Va
FINANCIAL INSTRUMENTS - Fair Value of Derivatives (Details) - USD ($) $ in Millions | Dec. 30, 2023 | Dec. 31, 2022 |
Derivatives, Fair Value [Line Items] | ||
Derivative assets | $ 8.5 | $ 12.2 |
Derivative liabilities | 417.6 | 16.1 |
Designated as Hedging Instruments | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 0.1 | 4.5 |
Derivative liabilities | 404.6 | 4.2 |
Designated as Hedging Instruments | Cash Flow Hedging | Foreign Exchange Contracts | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 0.1 | 4.5 |
Designated as Hedging Instruments | Cash Flow Hedging | Foreign Exchange Contracts | Accrued expenses | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 4.9 | 4.2 |
Designated as Hedging Instruments | Net Investment Hedging | Short Term Borrowings | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 399.7 | 0 |
Not Designated as Hedging Instrument | Foreign Exchange Contracts | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 8.4 | 7.7 |
Not Designated as Hedging Instrument | Foreign Exchange Contracts | Accrued expenses | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | $ 13 | $ 11.9 |
FINANCIAL INSTRUMENTS - Additio
FINANCIAL INSTRUMENTS - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Cash paid (received) related to derivatives | $ 30.1 | $ (86.2) | $ 166.8 |
After-tax (losses) gains, other comprehensive income, cash flow hedge | (3.6) | 26.4 | (17) |
Derivative liabilities | 417.6 | 16.1 | |
Foreign Exchange Contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Cumulative changes in AOCI from hedging activities, net of tax | 64.9 | 73.8 | |
Forward Contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Other comprehensive income (loss), derivative, excluded component, increase (decrease), adjustments, before tax | 0 | 0.7 | 1.5 |
Not Designated as Hedging Instrument | Forward Contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Notional amount | 1,000 | 1,100 | |
Designated as Hedging Instruments | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative liabilities | 404.6 | 4.2 | |
Cash Flow Hedging | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Other comprehensive (loss) income, cash flow hedge, (loss) gain, before reclassification, after tax | (42.5) | (44.5) | |
Cash flow hedge loss to be reclassified within twelve months | 4.9 | ||
Cash Flow Hedging | Interest Rate Contracts | Discount rate - interest cost | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Other comprehensive income (loss), derivative, excluded component, increase (decrease), adjustments, before tax | 0 | 0 | 0 |
Cash Flow Hedging | Interest Rate Swap | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Other comprehensive (loss) income, cash flow hedge, (loss) gain, before reclassification, after tax | 22.7 | ||
Notional amount | 400 | ||
Cash Flow Hedging | Foreign Exchange Forward | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Notional amount | 300 | 281.7 | |
Cash Flow Hedging | Foreign Exchange Contracts | Cost of sales | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Other comprehensive income (loss), derivative, excluded component, increase (decrease), adjustments, before tax | 0 | 0 | 0 |
Net Investment Hedging | Foreign Exchange Contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net cash (received) paid from foreign exchange contracts | (10.6) | $ 55.1 | |
Net Investment Hedging | Designated as Hedging Instruments | Short Term Borrowings | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative liabilities | $ 399.7 | $ 0 |
FINANCIAL INSTRUMENTS - Derivat
FINANCIAL INSTRUMENTS - Derivatives Designated as Cash Flow Hedges in AOCI (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Foreign Exchange Contracts | Interest expense | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Reclassified from OCI to Income | $ 0 | $ 0 | $ 0 |
Foreign Exchange Contracts | Cost of sales | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Reclassified from OCI to Income | (0.6) | 53.3 | (26.1) |
Cash Flow Hedging | Interest Rate Contracts Cash Flow | Interest expense | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Recorded in OCI | 0 | 23.4 | 14.9 |
Gain (Loss) Reclassified from OCI to Income | (6.1) | (5.8) | (3.9) |
Gain (Loss) Recognized in Income on Amounts Excluded from Effectiveness Testing | 0 | 0 | 0 |
Cash Flow Hedging | Foreign Exchange Contracts | Cost of sales | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Recorded in OCI | (4.3) | 30.6 | 24.1 |
Gain (Loss) Reclassified from OCI to Income | (0.6) | 53.3 | (26.1) |
Gain (Loss) Recognized in Income on Amounts Excluded from Effectiveness Testing | $ 0 | $ 0 | $ 0 |
FINANCIAL INSTRUMENTS - Pretax
FINANCIAL INSTRUMENTS - Pretax Effect of Cash Flow Hedge Accounting (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Derivative [Line Items] | |||
Cost of sales | $ 11,848.5 | $ 12,663.3 | $ 10,189.1 |
Interest Expense | 559.4 | 338.5 | 185.4 |
Foreign Exchange Contracts | Cost of sales | |||
Derivative [Line Items] | |||
Hedged Items | 0.6 | (53.3) | 26.1 |
Gain (loss) reclassified from OCI into Income | (0.6) | 53.3 | (26.1) |
Foreign Exchange Contracts | Discount rate - interest cost | |||
Derivative [Line Items] | |||
Hedged Items | 0 | 0 | 0 |
Gain (loss) reclassified from OCI into Income | 0 | 0 | 0 |
Interest Rate Swap | Cost of sales | |||
Derivative [Line Items] | |||
Gain (loss) reclassified from OCI into Income | 0 | 0 | 0 |
Interest Rate Swap | Discount rate - interest cost | |||
Derivative [Line Items] | |||
Gain (loss) reclassified from OCI into Income | $ (6.1) | $ (5.8) | $ (3.9) |
FINANCIAL INSTRUMENTS - Fair _2
FINANCIAL INSTRUMENTS - Fair Value Adjustments Relating to Swaps (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |||
Total amount in the Consolidated Statements of Operations in which the effects of the fair value hedges are recorded | $ 559.4 | $ 338.5 | $ 185.4 |
Current maturities of long-term debt | 1.1 | 1.2 | |
Long-Term Debt | 532.6 | 533.1 | |
Unamortized gain (loss) terminated swaps | (19.7) | ||
Fair Value Hedges | |||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |||
Amortization of gain on terminated swaps | (0.4) | (0.4) | $ (0.4) |
Fair Value Hedges | Other Current Liabilities | Designated as Hedging Instruments | |||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |||
Unamortized gain (loss) terminated swaps | 0 | 0 | |
Fair Value Hedges | Long-term Debt | Designated as Hedging Instruments | |||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |||
Unamortized gain (loss) terminated swaps | $ (19.7) | $ (20.1) |
FINANCIAL INSTRUMENTS - Details
FINANCIAL INSTRUMENTS - Details of Foreign Exchange Contracts Pre-Tax Amounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |||
Non-derivative designated as net investment hedge, total gain (loss) recorded in OCI | $ (12) | $ (0.1) | $ (6.7) |
Non-derivative designated as net investment hedge, excluded component recorded in OCI | 0 | 0 | 0 |
Non derivative instruments, gain (loss) amortized from accumulated other comprehensive income into income, net | 0 | 0 | 0 |
Other Expense | |||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |||
Non-derivative designated as net investment hedge, excluded component amortized from OCI to income | 0 | 0 | 0 |
Forward Contracts | |||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |||
Total Gain (Loss) Recorded in OCI | 0.4 | 6.1 | (1.2) |
Excluded Component Recorded in OCI | 0 | 0.6 | 1.6 |
Other comprehensive income (loss), derivative, excluded component, increase (decrease), adjustments, before tax | 0 | 0.7 | 1.5 |
Forward Contracts | Other Expense | |||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |||
Total Gain (Loss) Reclassified from OCI to Income | $ 0 | 0.7 | 1.5 |
Cross Currency Swap | |||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |||
Total Gain (Loss) Recorded in OCI | (1.2) | 11.7 | |
Excluded Component Recorded in OCI | 2.5 | 24.6 | |
Other comprehensive income (loss), derivative, excluded component, increase (decrease), adjustments, before tax | 1.5 | 3.7 | |
Cross Currency Swap | Other Expense | |||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |||
Total Gain (Loss) Reclassified from OCI to Income | $ 1.5 | $ 3.7 |
FINANCIAL INSTRUMENTS - Income
FINANCIAL INSTRUMENTS - Income Statement Impacts Related to Derivatives Not Designated as Hedging Instruments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Foreign Exchange Contracts | Other, net | |||
Derivative [Line Items] | |||
Amount of gain (loss) recorded in Income on derivative, year to date | $ (33.7) | $ 5 | $ (10.8) |
CAPITAL STOCK - Earnings Per Sh
CAPITAL STOCK - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Numerator | |||
Net (Loss) Earnings from Continuing Operations Attributable to Common Shareowners | $ (281.7) | $ 164.3 | $ 1,538.3 |
Add: Contract adjustment payments accretion | 0 | 1.2 | 1.3 |
Net (Loss) Earnings from Continuing Operations Attributable to Common Shareowners - Diluted | (281.7) | 165.5 | 1,539.6 |
Net (loss) earnings from discontinued operations | (28.8) | 892.4 | 136.7 |
Net (Loss) Earnings Attributable to Common Shareowners - Diluted | $ (310.5) | $ 1,057.9 | $ 1,676.3 |
Denominator | |||
Basic weighted-average shares outstanding (in shares) | 149,751 | 148,170 | 158,760 |
Dilutive effect of stock contracts and awards (in shares) | 0 | 8,383 | 6,264 |
Diluted weighted-average shares outstanding (in shares) | 149,751 | 156,553 | 165,024 |
Basic (loss) earnings per share of common stock: | |||
Continuing operation (in dollars per share) | $ (1.88) | $ 1.11 | $ 9.69 |
Discontinued operations (in dollars per share) | (0.19) | 6.02 | 0.86 |
Total basic (loss) earnings per share of common stock (in dollars per share) | (2.07) | 7.13 | 10.55 |
Diluted (loss) earnings per share of common stock: | |||
Continuing operations (in dollars per share) | (1.88) | 1.06 | 9.33 |
Discontinued operations (in dollars per share) | (0.19) | 5.70 | 0.83 |
Total diluted (loss) earnings per share of common stock (in dollars per share) | $ (2.07) | $ 6.76 | $ 10.16 |
CAPITAL STOCK - Weighted-Averag
CAPITAL STOCK - Weighted-Average Diluted Shares Outstanding (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Stock options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Number of stock options (in shares) | 5,406 | 4,019 | 1,039 |
CAPITAL STOCK - Earning Per Sha
CAPITAL STOCK - Earning Per Share, Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | |||||||||
Jun. 03, 2021 | Apr. 28, 2021 | Nov. 30, 2022 | Jun. 30, 2021 | May 31, 2020 | Nov. 30, 2019 | May 31, 2017 | Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | May 15, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Common stock, forward purchase contract | 3 years | 3 years | |||||||||
Preferred stock, liquidation preference (in dollars per share) | $ 1,000 | ||||||||||
Increase in weighted-average shares outstanding (in shares) | 3,600,000 | ||||||||||
Conversion of stock (in shares) | 4,723,500 | ||||||||||
Payments for repurchase of preferred stock and preference stock | $ 0 | $ 750 | $ 750 | ||||||||
Redemption and conversion of preferred stock (in shares) | 1,469,055 | 750,000 | 1,469,055 | ||||||||
Preferred stock, redemption price before redemption date (in dollars per share) | $ 148.04 | ||||||||||
Equity Units And Capped Call Transactions Commenced In 2019 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Shares issued, price per share (in dollars per share) | $ 100 | ||||||||||
Beneficial ownership in one share of preferred stock | 10% | 10% | |||||||||
Preferred stock, liquidation preference (in dollars per share) | $ 1,000 | $ 1,000 | |||||||||
Forward contract indexed to issuer's equity, forward rate (in dollars per share) | $ 100 | ||||||||||
Series D Preferred Stock | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Equity units issued (in shares) | 7,500,000 | ||||||||||
Equity unit | $ 750 | ||||||||||
Preferred stock, dividend rate | 7.50% | ||||||||||
Preferred stock, liquidation preference (in dollars per share) | $ 1,000 | ||||||||||
Proceeds from issuance of convertible preferred stock | $ 750 | ||||||||||
Conversion of stock (in shares) | 4,723,500 | ||||||||||
Preferred stock, shares issued (in shares) | 750,000 | ||||||||||
Preferred stock, dividend rate (in dollars per share) | $ 75 | ||||||||||
Preferred stock, redemption price (in dollars per share) | $ 1,007.71 | ||||||||||
Preferred stock, redemption price, percentage of liquidation preference | 100% | ||||||||||
Payments for repurchase of preferred stock and preference stock | $ 750 | ||||||||||
Series D Preferred Stock | Equity Units And Capped Call Transactions Commenced In 2019 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Preferred stock, dividend rate | 0% | ||||||||||
Series C Preferred Stock | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Equity unit | $ 750 | ||||||||||
Preferred stock, dividend rate | 5% | ||||||||||
Preferred stock, liquidation preference (in dollars per share) | $ 1,000 | $ 1,000 | |||||||||
Proceeds from issuance of convertible preferred stock | $ 750 | ||||||||||
Conversion of stock (in shares) | 5,463,750 | ||||||||||
Preferred stock, shares issued (in shares) | 750,000 | ||||||||||
Preferred stock, dividend rate (in dollars per share) | $ 50 | ||||||||||
Preferred stock, redemption price (in dollars per share) | $ 1,002.5 | ||||||||||
Preferred stock, redemption price, percentage of liquidation preference | 100% | ||||||||||
Payments for repurchase of preferred stock and preference stock | $ 750 | ||||||||||
Redemption and conversion of preferred stock (in shares) | 1,469,055 | ||||||||||
Preferred stock conversion rate number of common stock shares (in shares) | 6.7548 | ||||||||||
Series C Preferred Stock | Equity Units And Capped Call Transactions Commenced In 2019 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Preferred stock, dividend rate | 0% | ||||||||||
Series C Preferred Stock | Equity Units And Capped Call Transactions Commenced in 2017 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Preferred stock, liquidation preference (in dollars per share) | $ 1,000 |
CAPITAL STOCK - Common Stock Ac
CAPITAL STOCK - Common Stock Activity (Details) - shares | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Common Stock, Shares, Activity [Roll Forward] | |||
Outstanding, beginning of year (in shares) | 152,983,530 | 163,328,776 | 160,752,262 |
Issued from treasury (in shares) | 817,110 | 5,711,974 | 3,105,587 |
Returned to treasury (in shares) | (180,552) | (16,057,220) | (529,073) |
Outstanding, end of year (in shares) | 153,620,088 | 152,983,530 | 163,328,776 |
Shares subject to the forward share purchase contract (in shares) | (3,645,510) | (3,645,510) | (3,645,510) |
Outstanding, less shares subject to the forward share purchase contract (in shares) | 149,974,578 | 149,338,020 | 159,683,266 |
CAPITAL STOCK - Common Stock, A
CAPITAL STOCK - Common Stock, Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | ||||||||
Nov. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | May 31, 2020 | Mar. 31, 2015 | Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | May 31, 2022 | Feb. 28, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Forward share purchase contract, shares purchased (in shares) | 3,645,510 | 3,645,510 | 3,645,510 | |||||||
Conversion of stock (in shares) | 4,723,500 | |||||||||
Payments for repurchase of preferred stock and preference stock | $ 0 | $ 750 | $ 750 | |||||||
Redemption and conversion of preferred stock (in shares) | 1,469,055 | 750,000 | 1,469,055 | |||||||
Forward share purchase contract (in shares) | 3,645,510 | |||||||||
Forward share purchase contract | $ 350 | |||||||||
2020 Credit Agreement | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Long-term debt, term | 364 days | |||||||||
Accelerated Share Repurchase | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Stock repurchase program, authorized amount | $ 2,000 | |||||||||
Stock repurchase program, percent of shares for initial delivery | 85% | |||||||||
Forward share purchase contract, shares purchased (in shares) | 10,756,770 | 3,211,317 | ||||||||
Shares issued, price per share (in dollars per share) | $ 143.18 | |||||||||
Open Market, Share Repurchase | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Stock repurchase program, authorized amount | $ 300 | |||||||||
Forward share purchase contract, shares purchased (in shares) | 1,888,601 | |||||||||
Series C Preferred Stock | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Conversion of stock (in shares) | 5,463,750 | |||||||||
Preferred stock, shares issued (in shares) | 750,000 | |||||||||
Payments for repurchase of preferred stock and preference stock | $ 750 | |||||||||
Redemption and conversion of preferred stock (in shares) | 1,469,055 | |||||||||
Shares received in transaction (in shares) | 344,004 | |||||||||
Average reference price (in dollars per share) | $ 209.80 |
CAPITAL STOCK - Common Stock Sh
CAPITAL STOCK - Common Stock Shares Reserved for Issuance under Various Employee and Director Stock Plans (Details) - shares | Dec. 30, 2023 | Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] | ||
Shares reserved (in shares) | 7,231,476 | 9,655,464 |
Employee stock purchase plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Shares reserved (in shares) | 1,070,126 | 1,251,699 |
Other stock-based compensation plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Shares reserved (in shares) | 6,161,350 | 8,403,765 |
CAPITAL STOCK - Stock-based Com
CAPITAL STOCK - Stock-based Compensation Plans, Additional Information (Details) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 30, 2023 USD ($) age goal $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Jan. 01, 2022 USD ($) $ / shares shares | Feb. 16, 2022 shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense (income) | $ 83.8 | $ 90.7 | $ 118.3 | |
Cash received from exercise of stock options | 7.1 | |||
Tax benefit from exercise of stock options | 0.2 | |||
Aggregate intrinsic value | 1 | 4.6 | 85.3 | |
Aggregate intrinsic value of stock options outstanding | 21.9 | |||
Aggregate intrinsic value of stock options exercisable | $ 5.6 | |||
Weighted average exercise price (in dollars per share) | $ / shares | $ 89.87 | |||
Shares granted, before forfeiture | $ 1.5 | $ 9.8 | $ 1.1 | |
Number of annual performance goals | goal | 2 | |||
Award performance period | 3 years | |||
Earnings per share and return on capital employed as percentage of share based payment | 75% | 75% | 75% | |
Market based elements as a percentage of share based payment | 25% | |||
2022 Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Employee stock purchase plan, shares authorized for subscription (in shares) | shares | 9,800,000 | |||
2018 Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Employee stock purchase plan, shares authorized for subscription (in shares) | shares | 0 | |||
Non Employee Directors | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares granted, before forfeiture | $ 1.9 | $ 1.8 | $ 2 | |
Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options vesting period | 3 years | |||
Number of years of service to be eligible for employee retirement compensation | 10 years | |||
Stock-based compensation, minimum retirement age for eligibility | age | 55 | |||
Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options vesting period | 4 years | |||
Employee Stock Purchase Plans | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Employee stock purchase plan, shares authorized for subscription (in shares) | shares | 1,600,000 | |||
Stock-based compensation expense (income) | $ 3.6 | 3.3 | 4.4 | |
Aggregate intrinsic value | $ 4.1 | $ 2.3 | $ 3.9 | |
Employee stock purchase plan, discounted purchase price percentage | 85% | |||
Weighted average exercise price (in dollars per share) | $ / shares | $ 65.39 | |||
Employee stock purchase plan, shares issued (in shares) | shares | 181,573 | 136,956 | 92,307 | |
Employee stock purchase plan (USD per share) | $ / shares | $ 65.34 | $ 96.09 | $ 150.21 | |
Cash received related to ESPP purchases | $ 11.9 | |||
Expected life | 1 year | |||
Dividend yield | 3.90% | 1.70% | 1.60% | |
Average expected volatility | 42% | 25% | 55% | |
Risk-free interest rate | 4.70% | 0.20% | 0.10% | |
Fair value per option (in dollars per share) | $ / shares | $ 21.26 | $ 38.51 | $ 45.46 | |
Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options term | 10 years | |||
Exercise price ranges, lower (in dollars per share) | $ / shares | $ 77.83 | |||
Exercise price ranges, upper (in dollars per share) | $ / shares | $ 193.97 | |||
Stock-based compensation expense (income) | $ 26.6 | $ 27.1 | $ 36.4 | |
Unrecognized pre-tax compensation expense | $ 27.9 | |||
Number of years of service to be eligible for employee retirement compensation | 1 year 1 month 6 days | |||
Stock-based compensation, tax benefit | $ 0.1 | $ 0.1 | $ 14.1 | |
Expected life | 5 years | 4 years 2 months 12 days | 5 years 3 months 18 days | |
Dividend yield | 3.60% | 3.70% | 1.60% | |
Average expected volatility | 39.10% | 38.60% | 34% | |
Risk-free interest rate | 4% | 3.20% | 1.30% | |
Fair value per option (in dollars per share) | $ / shares | $ 26.05 | $ 20 | $ 52.39 | |
Stock options | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options vesting period | 3 years | |||
Forfeiture rate | 8% | |||
Stock options | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options vesting period | 4 years | |||
Forfeiture rate | 10% | |||
Restricted Share Units & Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense (income) | $ 53.9 | $ 50.6 | $ 47.3 | |
Unrecognized pre-tax compensation expense | $ 86.1 | |||
Stock-based compensation, tax benefit | $ 7.7 | |||
Granted (in shares) | shares | 827,133 | 870,848 | 463,084 | |
Granted (in dollars per share) | $ / shares | $ 90.09 | $ 85.05 | $ 193.66 | |
Excess tax benefit | $ 1.9 | $ 3.6 | $ 2.5 | |
Unrecognized pre-tax compensation expense, weighted average recognition period | 1 year 6 months | |||
Total fair value of shares vested | $ 49.9 | 38.9 | 53.3 | |
Restricted Share Units & Awards | Non Employee Directors | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense (income) | $ 1.1 | 1.2 | 1.4 | |
Restricted Share Units & Awards | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options vesting period | 3 years | |||
Restricted Share Units & Awards | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options vesting period | 4 years | |||
MICP PSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options vesting period | 3 years | |||
Stock-based compensation expense (income) | $ (5) | 9.1 | 15.7 | |
Stock-based compensation, tax benefit | 0.9 | 3.6 | 5.6 | |
Long-Term Performance Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense (income) | 1.7 | 2.4 | 11.1 | |
Stock-based compensation, tax benefit | $ 0.3 | 1.3 | 0.8 | |
Granted (in shares) | shares | 393,040 | |||
Granted (in dollars per share) | $ / shares | $ 81.36 | |||
Market based elements as a percentage of share based payment | 25% | |||
Excess tax benefits | $ 0.5 | $ 0.1 | $ 0.1 |
CAPITAL STOCK - Assumptions Use
CAPITAL STOCK - Assumptions Used for Black-Scholes Valuation of Options (Details) - Stock options - $ / shares | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Average expected volatility | 39.10% | 38.60% | 34% |
Dividend yield | 3.60% | 3.70% | 1.60% |
Risk-free interest rate | 4% | 3.20% | 1.30% |
Expected life | 5 years | 4 years 2 months 12 days | 5 years 3 months 18 days |
Fair value per option (in dollars per share) | $ 26.05 | $ 20 | $ 52.39 |
Weighted-average vesting period | 1 year 10 months 24 days | 1 year 8 months 12 days | 2 years 10 months 24 days |
CAPITAL STOCK - Number of Stock
CAPITAL STOCK - Number of Stock Options and Weighted-average Exercise Prices (Details) | 12 Months Ended |
Dec. 30, 2023 $ / shares shares | |
Options | |
Outstanding, beginning of year (in shares) | shares | 5,281,713 |
Granted (in shares) | shares | 848,394 |
Exercised (in shares) | shares | (85,925) |
Forfeited (in shares) | shares | (553,334) |
Outstanding, end of year (in shares) | shares | 5,490,848 |
Exercisable, end of year (in shares) | shares | 3,877,759 |
Price | |
Outstanding, beginning of year (in dollars per share) | $ / shares | $ 140.22 |
Granted (in dollars per share) | $ / shares | 89.87 |
Exercised (in dollars per share) | $ / shares | 82.93 |
Forfeited (in dollars per share) | $ / shares | 141.37 |
Outstanding, end of year (in dollars per share) | $ / shares | 133.22 |
Exercisable, end of year (in dollars per share) | $ / shares | $ 144.12 |
CAPITAL STOCK - Outstanding and
CAPITAL STOCK - Outstanding and Exercisable Stock Option (Details) - $ / shares | 12 Months Ended | |
Dec. 30, 2023 | Dec. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding stock options, options (in shares) | 5,490,848 | 5,281,713 |
Outstanding stock options, weighted average remaining contractual life | 6 years 2 months 19 days | |
Outstanding stock options, weighted-average exercise price (in dollars per share) | $ 133.22 | |
Exercisable stock options, options (in shares) | 3,877,759 | |
Exercisable stock options, weighted-average remaining contractual life | 5 years 1 month 28 days | |
Exercisable stock options, weighted-average exercise price (in dollars per share) | $ 144.12 | |
$100.00 and below | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding stock options, options (in shares) | 1,654,765 | |
Outstanding stock options, weighted average remaining contractual life | 8 years 5 months 1 day | |
Outstanding stock options, weighted-average exercise price (in dollars per share) | $ 84.89 | |
Exercisable stock options, options (in shares) | 398,173 | |
Exercisable stock options, weighted-average remaining contractual life | 6 years 4 months 2 days | |
Exercisable stock options, weighted-average exercise price (in dollars per share) | $ 84.05 | |
Exercise price ranges, upper (in dollars per share) | $ 100 | |
100.01 — 165.00 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding stock options, options (in shares) | 2,082,851 | |
Outstanding stock options, weighted average remaining contractual life | 4 years 4 months 17 days | |
Outstanding stock options, weighted-average exercise price (in dollars per share) | $ 131.39 | |
Exercisable stock options, options (in shares) | 2,061,056 | |
Exercisable stock options, weighted-average remaining contractual life | 4 years 4 months 2 days | |
Exercisable stock options, weighted-average exercise price (in dollars per share) | $ 131.64 | |
Exercise price ranges, lower (in dollars per share) | 100.01 | |
Exercise price ranges, upper (in dollars per share) | $ 165 | |
165.01 — higher | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding stock options, options (in shares) | 1,753,232 | |
Outstanding stock options, weighted average remaining contractual life | 6 years 3 months 29 days | |
Outstanding stock options, weighted-average exercise price (in dollars per share) | $ 181.01 | |
Exercisable stock options, options (in shares) | 1,418,530 | |
Exercisable stock options, weighted-average remaining contractual life | 6 years 10 days | |
Exercisable stock options, weighted-average exercise price (in dollars per share) | $ 179.11 | |
Exercise price ranges, lower (in dollars per share) | $ 165.01 |
CAPITAL STOCK - Summary of Non-
CAPITAL STOCK - Summary of Non-vested Restricted Stock Unit Activity (Details) - Restricted Share Units & Awards - $ / shares | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
MICP PSUs | |||
Non-vested, beginning balance (in shares) | 1,266,462 | ||
Granted (in shares) | 827,133 | 870,848 | 463,084 |
Vested (in shares) | (426,527) | ||
Forfeited (in shares) | (176,144) | ||
Non-vested, ending balance (in shares) | 1,490,924 | 1,266,462 | |
Weighted-Average Grant Date Fair Value | |||
Non-vested, beginning balance (in dollars per share) | $ 115.02 | ||
Granted (in dollars per share) | 90.09 | $ 85.05 | $ 193.66 |
Vested (in dollars per share) | 115.80 | ||
Forfeited (in dollars per share) | 120.88 | ||
Non-vested, ending balance (in dollars per share) | $ 100.24 | $ 115.02 |
CAPITAL STOCK - Summary of Long
CAPITAL STOCK - Summary of Long-Term Performance Awards Activity (Details) | 12 Months Ended |
Dec. 30, 2023 $ / shares shares | |
Management Incentive Compensation Plan Performance Stock Units | |
MICP PSUs | |
Non-vested, beginning balance (in shares) | shares | 67,698 |
Granted (in shares) | shares | 0 |
Vested (in shares) | shares | (67,698) |
Forfeited (in shares) | shares | 0 |
Non-vested, ending balance (in shares) | shares | 0 |
Weighted-Average Grant Date Fair Value | |
Non-vested, beginning balance (in dollars per share) | $ / shares | $ 93.58 |
Granted (in dollars per share) | $ / shares | 0 |
Vested (in dollars per share) | $ / shares | 93.58 |
Forfeited (in dollars per share) | $ / shares | 0 |
Non-vested, ending balance (in dollars per share) | $ / shares | $ 0 |
Long-Term Performance Awards | |
MICP PSUs | |
Non-vested, beginning balance (in shares) | shares | 534,586 |
Granted (in shares) | shares | 393,040 |
Vested (in shares) | shares | (45,950) |
Forfeited (in shares) | shares | (150,548) |
Non-vested, ending balance (in shares) | shares | 731,128 |
Weighted-Average Grant Date Fair Value | |
Non-vested, beginning balance (in dollars per share) | $ / shares | $ 158.18 |
Granted (in dollars per share) | $ / shares | 81.36 |
Vested (in dollars per share) | $ / shares | 154.07 |
Forfeited (in dollars per share) | $ / shares | 144.78 |
Non-vested, ending balance (in dollars per share) | $ / shares | $ 119.90 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE LOSS - Changes in AOCI (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | $ 9,714.2 | $ 11,592.4 | $ 11,066.4 |
Other comprehensive (loss) income before reclassifications | 37.7 | (219.5) | |
Adjustments related to sales of businesses | (36.1) | ||
Reclassification adjustments to earnings | 12.7 | (18.3) | |
Net other comprehensive (loss) income | 50.4 | (273.9) | (131.9) |
Ending balance | 9,056.1 | 9,714.2 | 11,592.4 |
Accumulated Other Comprehensive Loss | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (2,119.5) | (1,845.6) | (1,713.7) |
Net other comprehensive (loss) income | 50.4 | (273.9) | (131.9) |
Ending balance | (2,069.1) | (2,119.5) | (1,845.6) |
Currency translation adjustment and other | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (1,907.4) | (1,543) | |
Other comprehensive (loss) income before reclassifications | 75.1 | (328.3) | |
Adjustments related to sales of businesses | (36.1) | ||
Reclassification adjustments to earnings | 0 | 0 | |
Net other comprehensive (loss) income | 75.1 | (364.4) | |
Ending balance | (1,832.3) | (1,907.4) | (1,543) |
(Losses) gains on cash flow hedges, net of tax | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (44.5) | (49.8) | |
Other comprehensive (loss) income before reclassifications | (1.6) | 31.7 | |
Adjustments related to sales of businesses | 0 | ||
Reclassification adjustments to earnings | 3.6 | (26.4) | |
Net other comprehensive (loss) income | 2 | 5.3 | |
Ending balance | (42.5) | (44.5) | (49.8) |
Gains (losses) on net investment hedges, net of tax | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | 73.8 | 71.8 | |
Other comprehensive (loss) income before reclassifications | (8.9) | 3.7 | |
Adjustments related to sales of businesses | 0 | ||
Reclassification adjustments to earnings | 0 | (1.7) | |
Net other comprehensive (loss) income | (8.9) | 2 | |
Ending balance | 64.9 | 73.8 | 71.8 |
Pension (losses) gains, net of tax | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (241.4) | (324.6) | |
Other comprehensive (loss) income before reclassifications | (26.9) | 73.4 | |
Adjustments related to sales of businesses | 0 | ||
Reclassification adjustments to earnings | 9.1 | 9.8 | |
Net other comprehensive (loss) income | (17.8) | 83.2 | |
Ending balance | $ (259.2) | $ (241.4) | $ (324.6) |
ACCUMULATED OTHER COMPREHENSI_4
ACCUMULATED OTHER COMPREHENSIVE LOSS - Reclassifications Out of AOCI (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Cost of sales | $ 11,848.5 | $ 12,663.3 | $ 10,189.1 |
Other, net | 320.1 | 274.8 | 189.5 |
Interest expense | 559.4 | 338.5 | 185.4 |
Total before taxes | (375.7) | 37.9 | 1,586.9 |
Tax effect | 94 | 132.4 | (55.1) |
Net (Loss) Earnings Attributable to Stanley Black & Decker, Inc. | (310.5) | 1,062.5 | $ 1,689.2 |
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest | Reclassification out of Accumulated Other Comprehensive Income | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Cost of sales | (0.6) | 53.3 | |
Interest expense | (6.1) | (5.8) | |
Total before taxes | (6.7) | 47.5 | |
Tax effect | 3.1 | (21.1) | |
Net (Loss) Earnings Attributable to Stanley Black & Decker, Inc. | (3.6) | 26.4 | |
Accumulated Net Investment Hedge Gain (Loss) Including Portion Attributable To Noncontrolling Interest | Reclassification out of Accumulated Other Comprehensive Income | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Other, net | 0 | 2.2 | |
Tax effect | 0 | (0.5) | |
Net (Loss) Earnings Attributable to Stanley Black & Decker, Inc. | 0 | 1.7 | |
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest | Reclassification out of Accumulated Other Comprehensive Income | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Total before taxes | (12.1) | (13.3) | |
Tax effect | 3 | 3.5 | |
Net (Loss) Earnings Attributable to Stanley Black & Decker, Inc. | (9.1) | (9.8) | |
Actuarial losses and prior service costs / credits | Reclassification out of Accumulated Other Comprehensive Income | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Other, net | (11.1) | (13.3) | |
Settlement losses | Reclassification out of Accumulated Other Comprehensive Income | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Other, net | $ (1) | $ 0 |
EMPLOYEE BENEFIT PLANS - Additi
EMPLOYEE BENEFIT PLANS - Additional Information (Details) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 USD ($) employee | Dec. 31, 2022 USD ($) | Jan. 01, 2022 USD ($) | |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||
Employer match percentage of employee's tax-deferred contribution | 50% | ||
Allocations for benefits earned under the cornerstone plan | $ 38.8 | $ 28.9 | $ 31.1 |
Employee stock ownership plan, expenses | 71.6 | 61.1 | $ 59.1 |
Defined contribution plan, liability | 104.7 | 95.6 | |
Accumulated benefit obligation for defined benefit pension plans | $ 2,084 | $ 2,023 | |
Expected return on plan assets | 5.99% | ||
Percentage of pension liabilities invested in fixed income securities | 50% | ||
Target allocation percentage of assets, equity securities, minimum | 10% | ||
Target allocation percentage of assets, equity securities, maximum | 30% | ||
Target allocations in fixed income securities minimum range | 60% | ||
Target allocations in fixed income securities maximum range | 80% | ||
Target allocations in other securities range, maximum | 10% | ||
Funded percentage | 87% | 87% | 87% |
Expected pension and other post retirement benefit plans | $ 35 | ||
Assumed health care cost trend rate for next year | 6.60% | ||
Assumed ultimate trend rate for health care cost | 4.90% | ||
Medical and dental benefits | |||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||
Number of employees covered by benefit plans | employee | 18,220 | ||
Non-U.S. Plans | |||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||
Employees covered by pension plan | employee | 12,673 | ||
Expected return on plan assets | 5.29% | 3.41% | 3.25% |
Employee Stock Ownership Plan (ESOP), Plan | |||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||
Defined benefit employer matches participant contributions percentage | 7% | ||
Employer cash contributions | $ 61 | $ 67.8 | $ 35.7 |
Employee Defined Contribution Plans | |||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||
Defined contribution plan, employer contribution | $ 32.8 | $ 32.2 | $ 28 |
Core Benefit Plan | Employee Stock Ownership Plan (ESOP), Plan | |||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||
Number of employees covered by benefit plans | employee | 12,670 | ||
Minimum | Core Benefit Plan | Employee Stock Ownership Plan (ESOP), Plan | |||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||
Defined contribution plan, employer contribution | 2% | ||
Maximum | Employee Stock Ownership Plan (ESOP), Plan | |||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||
Defined benefit employer matches participant contributions percentage | 25% | ||
Maximum | Core Benefit Plan | Employee Stock Ownership Plan (ESOP), Plan | |||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||
Defined contribution plan, employer contribution | 6% |
EMPLOYEE BENEFIT PLANS - Define
EMPLOYEE BENEFIT PLANS - Defined Contribution Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Retirement Benefits [Abstract] | |||
Multi-employer plan expense | $ 3.5 | $ 6 | $ 7.1 |
Other defined contribution plan expense (benefit) | $ 43.3 | $ (2.4) | $ 28.6 |
EMPLOYEE BENEFIT PLANS - Net Pe
EMPLOYEE BENEFIT PLANS - Net Periodic Pension Expense (Benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Settlement / curtailment loss | $ 1 | ||
U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 8.1 | $ 6.2 | $ 6.5 |
Interest cost | 54.7 | 33.6 | 23 |
Expected return on plan assets | (62.1) | (60.9) | (54.9) |
Amortization of prior service cost (credit) | 0.8 | 0.9 | 1.1 |
Actuarial loss amortization | 8.9 | 5.9 | 9.2 |
Special termination benefit | 0 | 0 | 0 |
Settlement / curtailment loss | 0.3 | 0.2 | 0.4 |
Net periodic pension expense (benefit) | 10.7 | (14.1) | (14.7) |
Non-U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 11.2 | 15.1 | 17.6 |
Interest cost | 43.4 | 22.9 | 16.7 |
Expected return on plan assets | (41.5) | (37.7) | (39.9) |
Amortization of prior service cost (credit) | (0.7) | (0.7) | (0.8) |
Actuarial loss amortization | 3.4 | 7.9 | 12.2 |
Special termination benefit | 0.3 | 0 | 0 |
Settlement / curtailment loss | 0.7 | 0.2 | 0.7 |
Net periodic pension expense (benefit) | $ 16.8 | $ 7.7 | $ 6.5 |
EMPLOYEE BENEFIT PLANS - Net _2
EMPLOYEE BENEFIT PLANS - Net Periodic Post-Retirement Benefit Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Settlement / curtailment loss | $ 1 | ||
Defined benefit plan, net periodic benefit cost (credit) excluding service cost, statement of income or comprehensive income | Other, net | Other, net | Other, net |
Other Benefit Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 0.3 | $ 0.3 | $ 0.4 |
Interest cost | 2 | 1.5 | 0.9 |
Amortization of prior service cost (credit) | 0.1 | 0 | (0.7) |
Actuarial loss amortization | (1.4) | (0.7) | 0 |
Settlement / curtailment loss | 0 | (0.4) | 0 |
Special termination benefit | 0 | 6.9 | 0 |
Net periodic pension expense (benefit) | $ 1 | $ 7.6 | $ 0.6 |
EMPLOYEE BENEFIT PLANS - Assets
EMPLOYEE BENEFIT PLANS - Assets and Benefit Obligations Recognized in Other Comprehensive Income (Details) $ in Millions | 12 Months Ended |
Dec. 30, 2023 USD ($) | |
Retirement Benefits [Abstract] | |
Current year actuarial loss | $ 28.8 |
Amortization of actuarial loss | (11.1) |
Prior service cost from plan amendments | 0 |
Settlement / curtailment loss | (1) |
Currency / other | 8 |
Total gain recognized in Accumulated other comprehensive loss (pre-tax) | $ 24.7 |
EMPLOYEE BENEFIT PLANS - Pensio
EMPLOYEE BENEFIT PLANS - Pension and Other Post-Retirement Benefit Obligations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Amounts recognized in the Consolidated Balance Sheets | |||
Non-current benefit liability | $ (378.4) | $ (353.9) | |
Other Benefit Plans | |||
Change in benefit obligation | |||
Benefit obligation at end of prior year | 42.8 | 50.3 | |
Service cost | 0.3 | 0.3 | $ 0.4 |
Interest cost | 2 | 1.5 | 0.9 |
Special termination benefit | 0 | 6.9 | 0 |
Settlements/curtailments | 0 | (0.4) | |
Actuarial loss (gain) | (2.3) | (9.5) | |
Plan amendments | 0 | 0.4 | |
Foreign currency exchange rate changes | 0.3 | (0.2) | |
Participant contributions | 0 | 0 | |
Acquisitions, divestitures, and other | 0 | 0 | |
Benefits paid | (7.9) | (6.5) | |
Benefit obligation at end of year | 35.2 | 42.8 | 50.3 |
Change in plan assets | |||
Fair value of plan assets at end of prior year | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Participant contributions | 0 | 0 | |
Employer contributions | 7.9 | 6.5 | |
Settlements | 0 | 0 | |
Foreign currency exchange rate changes | 0 | 0 | |
Acquisitions, divestitures, and other | 0 | 0 | |
Benefits paid | (7.9) | (6.5) | |
Fair value of plan assets at end of plan year | 0 | 0 | 0 |
Funded status — assets less than benefit obligation | (35.2) | (42.8) | |
Unrecognized prior service cost (credit) | 0.4 | 0.4 | |
Unrecognized net actuarial loss (gain) | (19.6) | (18.3) | |
Net amount recognized | (54.4) | (60.7) | |
Amounts recognized in the Consolidated Balance Sheets | |||
Prepaid benefit cost (non-current) | 0 | 0 | |
Current benefit liability | (7.6) | (8.9) | |
Non-current benefit liability | (27.6) | (33.9) | |
Net liability recognized | (35.2) | (42.8) | |
Accumulated other comprehensive loss (pre-tax): | |||
Prior service cost (credit) | 0.4 | 0.4 | |
Actuarial loss (gain) | (19.6) | (18.3) | |
Defined benefit plan, accumulated other comprehensive loss (pre-tax) | (19.2) | (17.9) | |
U.S. Plans | |||
Change in benefit obligation | |||
Benefit obligation at end of prior year | 1,083.5 | 1,458.2 | |
Service cost | 8.1 | 6.2 | 6.5 |
Interest cost | 54.7 | 33.6 | 23 |
Special termination benefit | 0 | 0 | 0 |
Settlements/curtailments | (5.6) | (10.7) | |
Actuarial loss (gain) | 40.2 | (314.7) | |
Plan amendments | 0 | 0.7 | |
Foreign currency exchange rate changes | 0 | 0 | |
Participant contributions | 0 | 0 | |
Acquisitions, divestitures, and other | (7.7) | (4.5) | |
Benefits paid | (82.9) | (85.3) | |
Benefit obligation at end of year | 1,090.3 | 1,083.5 | 1,458.2 |
Change in plan assets | |||
Fair value of plan assets at end of prior year | 967.3 | 1,340.1 | |
Actual return on plan assets | 93.4 | (279) | |
Participant contributions | 0 | 0 | |
Employer contributions | 14.7 | 7 | |
Settlements | (5.6) | (11) | |
Foreign currency exchange rate changes | 0 | 0 | |
Acquisitions, divestitures, and other | (7.7) | (4.5) | |
Benefits paid | (82.9) | (85.3) | |
Fair value of plan assets at end of plan year | 979.2 | 967.3 | 1,340.1 |
Funded status — assets less than benefit obligation | (111.1) | (116.2) | |
Unrecognized prior service cost (credit) | 2.1 | 2.9 | |
Unrecognized net actuarial loss (gain) | 233 | 233.2 | |
Net amount recognized | 124 | 119.9 | |
Amounts recognized in the Consolidated Balance Sheets | |||
Prepaid benefit cost (non-current) | 0 | 4.1 | |
Current benefit liability | (5.6) | (6.1) | |
Non-current benefit liability | (105.5) | (114.2) | |
Net liability recognized | (111.1) | (116.2) | |
Accumulated other comprehensive loss (pre-tax): | |||
Prior service cost (credit) | 2.1 | 2.9 | |
Actuarial loss (gain) | 233 | 233.2 | |
Defined benefit plan, accumulated other comprehensive loss (pre-tax) | 235.1 | 236.1 | |
Non-U.S. Plans | |||
Change in benefit obligation | |||
Benefit obligation at end of prior year | 931 | 1,490.4 | |
Service cost | 11.2 | 15.1 | 17.6 |
Interest cost | 43.4 | 22.9 | 16.7 |
Special termination benefit | 0.3 | 0 | 0 |
Settlements/curtailments | (7.6) | (4.4) | |
Actuarial loss (gain) | 26.6 | (409.5) | |
Plan amendments | 0 | 0.1 | |
Foreign currency exchange rate changes | 46.5 | (133.1) | |
Participant contributions | 0.2 | 0.2 | |
Acquisitions, divestitures, and other | (2.7) | 2.2 | |
Benefits paid | (49.8) | (52.9) | |
Benefit obligation at end of year | 999.1 | 931 | 1,490.4 |
Change in plan assets | |||
Fair value of plan assets at end of prior year | 783.4 | 1,226.6 | |
Actual return on plan assets | 50.1 | (281.3) | |
Participant contributions | 0.2 | 0.2 | |
Employer contributions | 19.6 | 18.4 | |
Settlements | (11.3) | (4.4) | |
Foreign currency exchange rate changes | 41.5 | (121) | |
Acquisitions, divestitures, and other | (2.7) | (2.2) | |
Benefits paid | (49.8) | (52.9) | |
Fair value of plan assets at end of plan year | 831 | 783.4 | $ 1,226.6 |
Funded status — assets less than benefit obligation | (168.1) | (147.6) | |
Unrecognized prior service cost (credit) | (13.9) | (13.8) | |
Unrecognized net actuarial loss (gain) | 170.2 | 143.1 | |
Net amount recognized | (11.8) | (18.3) | |
Amounts recognized in the Consolidated Balance Sheets | |||
Prepaid benefit cost (non-current) | 88.7 | 67.7 | |
Current benefit liability | (10.9) | (9.5) | |
Non-current benefit liability | (245.9) | (205.8) | |
Net liability recognized | (168.1) | (147.6) | |
Accumulated other comprehensive loss (pre-tax): | |||
Prior service cost (credit) | (13.9) | (13.8) | |
Actuarial loss (gain) | 170.2 | 143.1 | |
Defined benefit plan, accumulated other comprehensive loss (pre-tax) | $ 156.3 | $ 129.3 |
EMPLOYEE BENEFIT PLANS - Accumu
EMPLOYEE BENEFIT PLANS - Accumulated Benefit Obligations Exceed Plan Assets (Details) - USD ($) $ in Millions | Dec. 30, 2023 | Dec. 31, 2022 |
U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | $ 1,090.3 | $ 982.3 |
Fair value of plan assets | 979.1 | 862 |
Non-U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | 249.9 | 208.7 |
Fair value of plan assets | $ 31.5 | $ 25.7 |
EMPLOYEE BENEFIT PLANS - Projec
EMPLOYEE BENEFIT PLANS - Projected Benefit Obligations Exceed Plan Assets (Details) - USD ($) $ in Millions | Dec. 30, 2023 | Dec. 31, 2022 |
U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 1,090.3 | $ 982.3 |
Fair value of plan assets | 979.1 | 862 |
Non-U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 304.5 | 266.7 |
Fair value of plan assets | $ 47.8 | $ 51.3 |
EMPLOYEE BENEFIT PLANS - Pens_2
EMPLOYEE BENEFIT PLANS - Pension and Post-Retirement Plan Obligations and Net Costs (Details) | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Weighted-average assumptions used to determine net periodic benefit cost: | |||
Expected return on plan assets | 5.99% | ||
Other Benefit Plans | |||
Weighted-average assumptions used to determine benefit obligations at year end: | |||
Discount rate | 5.45% | 5.47% | 2.84% |
Rate of compensation increase | 0% | 0% | 0% |
Weighted-average assumptions used to determine net periodic benefit cost: | |||
Rate of compensation increase | 0% | 0% | 0% |
Expected return on plan assets | 0% | 0% | 0% |
Other Benefit Plans | Discount rate - service cost | |||
Weighted-average assumptions used to determine net periodic benefit cost: | |||
Discount rate | 6.64% | 4.41% | 4.42% |
Other Benefit Plans | Discount rate - interest cost | |||
Weighted-average assumptions used to determine net periodic benefit cost: | |||
Discount rate | 5.37% | 2.25% | 1.60% |
U.S. Plans | |||
Weighted-average assumptions used to determine benefit obligations at year end: | |||
Discount rate | 5.04% | 5.36% | 2.80% |
Rate of compensation increase | 0% | 0% | 3% |
Weighted-average assumptions used to determine net periodic benefit cost: | |||
Rate of compensation increase | 0% | 3% | 3% |
Expected return on plan assets | 6.70% | 4.69% | 4.75% |
U.S. Plans | Discount rate - service cost | |||
Weighted-average assumptions used to determine net periodic benefit cost: | |||
Discount rate | 5.58% | 3.14% | 2.95% |
U.S. Plans | Discount rate - interest cost | |||
Weighted-average assumptions used to determine net periodic benefit cost: | |||
Discount rate | 5.23% | 2.28% | 1.68% |
Non-U.S. Plans | |||
Weighted-average assumptions used to determine benefit obligations at year end: | |||
Discount rate | 4.43% | 4.70% | 1.78% |
Rate of compensation increase | 3.52% | 3.64% | 3.56% |
Weighted-average assumptions used to determine net periodic benefit cost: | |||
Rate of compensation increase | 3.64% | 3.57% | 3.27% |
Expected return on plan assets | 5.29% | 3.41% | 3.25% |
Non-U.S. Plans | Discount rate - service cost | |||
Weighted-average assumptions used to determine net periodic benefit cost: | |||
Discount rate | 5.23% | 2.67% | 1.41% |
Non-U.S. Plans | Discount rate - interest cost | |||
Weighted-average assumptions used to determine net periodic benefit cost: | |||
Discount rate | 4.67% | 1.69% | 1.06% |
EMPLOYEE BENEFIT PLANS - Pens_3
EMPLOYEE BENEFIT PLANS - Pension Plan Assets (Details) - Defined Benefit Pension - Fair Value, Measurements, Recurring - USD ($) $ in Millions | Dec. 30, 2023 | Dec. 31, 2022 |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||
Fair value of plan assets | $ 1,810.2 | $ 1,750.7 |
Cash and cash equivalents | ||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||
Fair value of plan assets | 40.9 | 42.3 |
U.S. equity securities | ||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||
Fair value of plan assets | 191.5 | 181.9 |
Foreign equity securities | ||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||
Fair value of plan assets | 119.7 | 123.3 |
Government securities | ||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||
Fair value of plan assets | 646 | 619.3 |
Corporate securities | ||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||
Fair value of plan assets | 736.5 | 702.5 |
Insurance contracts | ||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||
Fair value of plan assets | 39.6 | 36.7 |
Other | ||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||
Fair value of plan assets | 36 | 44.7 |
Level 1 | ||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||
Fair value of plan assets | 363.8 | 364.1 |
Level 1 | Cash and cash equivalents | ||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||
Fair value of plan assets | 25.8 | 28.2 |
Level 1 | U.S. equity securities | ||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||
Fair value of plan assets | 63.5 | 66.2 |
Level 1 | Foreign equity securities | ||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||
Fair value of plan assets | 34.7 | 33 |
Level 1 | Government securities | ||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||
Fair value of plan assets | 239.8 | 236.7 |
Level 1 | Corporate securities | ||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Level 1 | Insurance contracts | ||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Level 1 | Other | ||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Level 2 | ||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||
Fair value of plan assets | 1,446.4 | 1,386.6 |
Level 2 | Cash and cash equivalents | ||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||
Fair value of plan assets | 15.1 | 14.1 |
Level 2 | U.S. equity securities | ||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||
Fair value of plan assets | 128 | 115.7 |
Level 2 | Foreign equity securities | ||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||
Fair value of plan assets | 85 | 90.3 |
Level 2 | Government securities | ||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||
Fair value of plan assets | 406.2 | 382.6 |
Level 2 | Corporate securities | ||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||
Fair value of plan assets | 736.5 | 702.5 |
Level 2 | Insurance contracts | ||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||
Fair value of plan assets | 39.6 | 36.7 |
Level 2 | Other | ||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||
Fair value of plan assets | $ 36 | $ 44.7 |
EMPLOYEE BENEFIT PLANS - Expect
EMPLOYEE BENEFIT PLANS - Expected Future Benefit Payments (Details) $ in Millions | Dec. 30, 2023 USD ($) |
Retirement Benefits [Abstract] | |
Total | $ 1,489.8 |
Year 1 | 160.1 |
Year 2 | 149.8 |
Year 3 | 149.5 |
Year 4 | 148.6 |
Year 5 | 148.4 |
Years 6-10 | $ 733.4 |
FAIR VALUE MEASUREMENTS - Finan
FAIR VALUE MEASUREMENTS - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions | Dec. 30, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | $ 8.5 | $ 12.2 |
Derivative liabilities | 417.6 | 16.1 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market fund | 12.3 | 9.4 |
Equity security | 3.2 | |
Deferred compensation plan investments | 20.2 | 19 |
Derivative assets | 8.5 | 12.2 |
Derivative liabilities | 17.9 | 16.1 |
Non-derivative hedging instrument | 399.7 | |
Contingent consideration liability | 208.8 | 268.7 |
Level 1 | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market fund | 12.3 | 9.4 |
Equity security | 3.2 | |
Deferred compensation plan investments | 20.2 | 19 |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Non-derivative hedging instrument | 0 | |
Contingent consideration liability | 0 | 0 |
Level 2 | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market fund | 0 | 0 |
Equity security | 0 | |
Deferred compensation plan investments | 0 | 0 |
Derivative assets | 8.5 | 12.2 |
Derivative liabilities | 17.9 | 16.1 |
Non-derivative hedging instrument | 399.7 | |
Contingent consideration liability | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market fund | 0 | 0 |
Equity security | 0 | |
Deferred compensation plan investments | 0 | 0 |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Non-derivative hedging instrument | 0 | |
Contingent consideration liability | $ 208.8 | $ 268.7 |
FAIR VALUE MEASUREMENTS - Summa
FAIR VALUE MEASUREMENTS - Summary of Financial Instruments Carrying and Fair Values (Details) - USD ($) $ in Millions | Dec. 30, 2023 | Dec. 31, 2022 |
Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other investments | $ 6 | $ 9.3 |
Long-term debt, including current portion | 6,102.1 | 5,354.1 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other investments | 5.8 | 9.3 |
Long-term debt, including current portion | $ 5,512.8 | $ 4,662.9 |
FAIR VALUE MEASUREMENTS - Addit
FAIR VALUE MEASUREMENTS - Additional Information (Details) $ in Millions | 12 Months Ended | |||
Dec. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jan. 01, 2022 USD ($) | Mar. 31, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Craftsman contingent consideration payments | $ 18 | $ 41.3 | $ 29.3 | |
Measurement Input, Discount Rate | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Business combination, contingent consideration, liability, measurement input | 0.0100 | |||
Craftsman | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Craftsman contingent consideration payments | $ 42 | |||
Contingent consideration liability | 208.8 | $ 268.7 | ||
Estimated increase in liability due to reduction in discount rate | $ 6.4 | |||
Minimum | Craftsman | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Obligation to make future payments based on future sales as a percentage | 2.50% | |||
Maximum | Craftsman | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Obligation to make future payments based on future sales as a percentage | 3.50% |
OTHER COSTS AND EXPENSES (Detai
OTHER COSTS AND EXPENSES (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Other Costs and Expenses [Abstract] | |||
Other, net | $ 320.1 | $ 274.8 | $ 189.5 |
Research and development costs | $ 362 | $ 357.4 | $ 276.3 |
RESTRUCTURING CHARGES - Summary
RESTRUCTURING CHARGES - Summary of Restructuring Reserve Activity (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Restructuring Reserve | |||
Reserve, beginning balance | $ 62.3 | ||
Net Additions | 39.4 | $ 140.8 | $ 14.5 |
Usage | (72.4) | ||
Currency | (0.4) | ||
Reserve, ending balance | 28.9 | 62.3 | |
Severance and related costs | |||
Restructuring Reserve | |||
Reserve, beginning balance | 57 | ||
Net Additions | 20.3 | ||
Usage | (51.1) | ||
Currency | (0.4) | ||
Reserve, ending balance | 25.8 | 57 | |
Facility closures and other | |||
Restructuring Reserve | |||
Reserve, beginning balance | 5.3 | ||
Net Additions | 19.1 | ||
Usage | (21.3) | ||
Currency | 0 | ||
Reserve, ending balance | $ 3.1 | $ 5.3 |
RESTRUCTURING CHARGES - Additio
RESTRUCTURING CHARGES - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges and asset impairments recognized | $ 39.4 | $ 140.8 | $ 14.5 |
Restructuring reserves | 28.9 | $ 62.3 | |
Corporate Overhead | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges and asset impairments recognized | 7.2 | ||
Tools & Outdoor | Operating Segments | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges and asset impairments recognized | 31.3 | ||
Industrial | Operating Segments | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges and asset impairments recognized | 0.9 | ||
Series of Individually Immaterial Business Acquisitions | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges and asset impairments recognized | $ 39.4 |
BUSINESS SEGMENTS AND GEOGRAP_3
BUSINESS SEGMENTS AND GEOGRAPHIC AREAS - Additional Information (Details) - segment | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Segment Reporting Information [Line Items] | |||
Number of reportable segments | 2 | ||
Lowes | Revenue from Contract with Customer Benchmark | Customer Concentration Risk | |||
Segment Reporting Information [Line Items] | |||
Concentration risk percentage | 14% | 15% | 15% |
Home Depot | Revenue from Contract with Customer Benchmark | Customer Concentration Risk | |||
Segment Reporting Information [Line Items] | |||
Concentration risk percentage | 13% | 13% | 15% |
Operating Segments | Industrial | |||
Segment Reporting Information [Line Items] | |||
Deferred revenue recognized | 2.20% | 4.60% | 6.60% |
BUSINESS SEGMENTS AND GEOGRAP_4
BUSINESS SEGMENTS AND GEOGRAPHIC AREAS - Business Segments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Segment Reporting Information [Line Items] | |||
Net Sales | $ 15,781.1 | $ 16,947.4 | $ 15,281.3 |
Corporate Overhead | (312.2) | (294) | (342.9) |
Other, net | (320.1) | (274.8) | (189.5) |
Loss on sales of businesses | (10.8) | (8.4) | (0.6) |
Restructuring charges | (39.4) | (140.8) | (14.5) |
Gain on equity method investment | 0 | 0 | 68 |
Asset impairment charges | (274.8) | (168.4) | 0 |
Interest income | 186.9 | 54.7 | 9.8 |
Interest expense | (559.4) | (338.5) | (185.4) |
(Loss) earnings from continuing operations before income taxes and equity interest | (375.7) | 37.9 | 1,586.9 |
Capital and Software Expenditures | 338.7 | 530.4 | 519.1 |
Capital and software expenditures, discontinued operations | 0 | 6.3 | 20 |
Depreciation and amortization, discontinued operations | 0 | 0.4 | 62.8 |
Depreciation and Amortization | 625.1 | 572.2 | 577.1 |
Assets held for sale | 857.6 | 0 | |
Segment Assets | 23,663.8 | 24,963.3 | |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Segment Profit | 954.1 | 1,208.1 | 2,242 |
Segment Assets | 23,042.5 | 25,486.8 | |
Corporate Overhead | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 0 | 0.3 | 0.8 |
Restructuring charges | (7.2) | ||
Segment Assets | (236.3) | (523.5) | |
Tools & Outdoor | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 13,367.1 | 14,423.7 | 12,817.4 |
Segment Profit | 687.6 | 971.9 | 1,985.4 |
Restructuring charges | (31.3) | ||
Capital and Software Expenditures | 264.7 | 438.5 | 375.8 |
Depreciation and Amortization | 453.5 | 387.6 | 312.9 |
Segment Assets | 18,960.8 | 20,202 | |
Industrial | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 2,414 | 2,523.4 | 2,463.1 |
Segment Profit | 266.5 | 236.2 | 256.6 |
Restructuring charges | (0.9) | ||
Capital and Software Expenditures | 74 | 85.6 | 123.3 |
Depreciation and Amortization | 171.6 | 184.2 | $ 201.4 |
Segment Assets | $ 4,081.7 | $ 5,284.8 |
BUSINESS SEGMENTS AND GEOGRAP_5
BUSINESS SEGMENTS AND GEOGRAPHIC AREAS - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Disaggregation of Revenue [Line Items] | |||
Net Sales | $ 15,781.1 | $ 16,947.4 | $ 15,281.3 |
Industrial | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Net Sales | 2,414 | 2,523.4 | 2,463.1 |
Industrial | Engineered Fastening | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Net Sales | 1,965.4 | 1,874.8 | 1,842.1 |
Industrial | Infrastructure | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Net Sales | $ 448.6 | $ 648.6 | $ 621 |
BUSINESS SEGMENTS AND GEOGRAP_6
BUSINESS SEGMENTS AND GEOGRAPHIC AREAS - Geographic Areas (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Segment Reporting Disclosure [Line Items] | |||
Net Sales | $ 15,781.1 | $ 16,947.4 | $ 15,281.3 |
Property, Plant and Equipment, net | 2,169.9 | 2,353.1 | |
United States | |||
Segment Reporting Disclosure [Line Items] | |||
Net Sales | 9,861.3 | 10,733.1 | 9,073.1 |
Property, Plant and Equipment, net | 1,306.5 | 1,465.8 | |
Canada | |||
Segment Reporting Disclosure [Line Items] | |||
Net Sales | 761.5 | 835.7 | 696 |
Property, Plant and Equipment, net | 7.2 | 7.4 | |
Other Americas | |||
Segment Reporting Disclosure [Line Items] | |||
Net Sales | 870.9 | 839.4 | 833.6 |
Property, Plant and Equipment, net | 253.2 | 249.8 | |
Europe | |||
Segment Reporting Disclosure [Line Items] | |||
Net Sales | 3,024.7 | 3,154.7 | 3,336 |
Property, Plant and Equipment, net | 300 | 303.6 | |
Asia | |||
Segment Reporting Disclosure [Line Items] | |||
Net Sales | 1,262.7 | 1,384.5 | $ 1,342.6 |
Property, Plant and Equipment, net | $ 303 | $ 326.5 |
INCOME TAXES - Components of De
INCOME TAXES - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 30, 2023 | Dec. 31, 2022 |
Deferred tax liabilities: | ||
Depreciation | $ 114.6 | $ 160.1 |
Intangible assets | 817.7 | 907.5 |
Liability on undistributed foreign earnings | 14.8 | 45.4 |
Lease right-of-use asset | 126.5 | 108.2 |
Inventory | 32.6 | 59.4 |
Other | 44.2 | 46.7 |
Total deferred tax liabilities | 1,150.4 | 1,327.3 |
Deferred tax assets: | ||
Employee benefit plans | 154.8 | 130.9 |
Basis differences in liabilities | 100.8 | 104 |
Operating loss, capital loss and tax credit carryforwards | 826.5 | 817.4 |
Lease liability | 129.1 | 110.4 |
Intangible assets | 681.3 | 556.8 |
Basis difference in debt obligations | 249.1 | 268 |
Capitalized research and development costs | 194.6 | 134.7 |
Interest expense carryforward | 152.7 | 27.7 |
Other | 159.1 | 176.6 |
Total deferred tax assets | 2,648 | 2,326.5 |
Net Deferred Tax Asset before Valuation Allowance | 1,497.6 | 999.2 |
Valuation Allowance | (1,046.9) | (1,032.5) |
Net Deferred Tax Asset/ (Liability) after Valuation Allowance | $ 450.7 | |
Net Deferred Tax Asset/ (Liability) after Valuation Allowance | $ (33.3) |
INCOME TAXES - Additional Infor
INCOME TAXES - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Tax Credit Carryforward [Line Items] | |||
Valuation allowance | $ 1,046.9 | $ 1,032.5 | |
Undistributed earnings, basic | 4,600 | ||
Liability on undistributed foreign earnings | 14.8 | 45.4 | |
Undistributed earnings of foreign subsidiaries | 1,000 | ||
Income taxes paid, net | 415.2 | 482.6 | $ 441.8 |
Income tax refund | 25.3 | 41.8 | 50.1 |
Unrecognized tax benefits that would impact effective tax rate | 475.7 | 496 | |
Unrecognized tax benefits, income tax penalties and interest expense (decrease) increase | 15.5 | (11.2) | 9.6 |
Unrecognized tax benefits, income tax penalties and interest accrued | 64.3 | $ 48.8 | $ 60 |
State and Local Jurisdiction | |||
Tax Credit Carryforward [Line Items] | |||
Operating loss carryforwards | 1,500 | ||
State and Local Jurisdiction | Capital Loss Carryforward | |||
Tax Credit Carryforward [Line Items] | |||
Tax credit carryforward | 19.3 | ||
Foreign Tax Authority | |||
Tax Credit Carryforward [Line Items] | |||
Operating loss carryforwards | 3,100 | ||
Foreign Tax Authority | Capital Loss Carryforward | |||
Tax Credit Carryforward [Line Items] | |||
Tax credit carryforward | 40.3 | ||
Domestic Tax Authority | Capital Loss Carryforward | |||
Tax Credit Carryforward [Line Items] | |||
Tax credit carryforward | 1.6 | ||
LUXEMBOURG | Foreign Tax Authority | |||
Tax Credit Carryforward [Line Items] | |||
Operating loss carryforwards | 2,400 | ||
FRANCE | Foreign Tax Authority | |||
Tax Credit Carryforward [Line Items] | |||
Operating loss carryforwards | 202.5 | ||
GERMANY | Foreign Tax Authority | |||
Tax Credit Carryforward [Line Items] | |||
Operating loss carryforwards | 168.4 | ||
BRAZIL | Foreign Tax Authority | |||
Tax Credit Carryforward [Line Items] | |||
Operating loss carryforwards | 106.1 | ||
Other Geographical | Foreign Tax Authority | |||
Tax Credit Carryforward [Line Items] | |||
Operating loss carryforwards | $ 218.4 |
INCOME TAXES - Components of Ea
INCOME TAXES - Components of Earnings from Continuing Operations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Income Tax Disclosure [Abstract] | |||
United States | $ (1,385) | $ (1,233.8) | $ (77.7) |
Foreign | 1,009.3 | 1,271.7 | 1,664.6 |
(Loss) earnings from continuing operations before income taxes and equity interest | $ (375.7) | $ 37.9 | $ 1,586.9 |
INCOME TAXES - Income Tax Expen
INCOME TAXES - Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Current: | |||
Federal | $ 5.8 | $ (79) | $ 0.3 |
Foreign | 307.4 | 248.6 | 388 |
State | 17.1 | (16.7) | 31.8 |
Total current | 330.3 | 152.9 | 420.1 |
Deferred: | |||
Federal | (158.2) | (61.2) | (124.7) |
Foreign | (218.3) | (222.5) | (210.1) |
State | (47.8) | (1.6) | (30.2) |
Total deferred | (424.3) | (285.3) | (365) |
Income taxes on continuing operations | $ (94) | $ (132.4) | $ 55.1 |
INCOME TAXES - Reconciliation o
INCOME TAXES - Reconciliation of U.S. Federal Statutory Income Tax to Income Taxes on Continuing Operations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Income Tax Disclosure [Abstract] | |||
Tax at statutory rate | $ (78.9) | $ 8 | $ 333.2 |
State income taxes, net of federal benefits | (23.6) | (19.3) | 1.4 |
Foreign tax rate differential | (48) | (28.8) | (63.5) |
Uncertain tax benefits | 30.5 | 26.3 | 49.6 |
Change in valuation allowance | 33.5 | (25.1) | (11.9) |
Change in deferred tax liabilities on undistributed foreign earnings | 0 | 12.8 | 23.1 |
Stock-based compensation | 8.2 | 7.3 | (6.3) |
Change in tax rates | 0.2 | (5.5) | (31.1) |
Tax credits | (13.8) | (8.8) | (6.7) |
U.S. federal tax expense (benefit) on foreign earnings | 61.1 | 55.7 | (118.1) |
Intra-entity asset transfer of intellectual property | (131.3) | (153.3) | (114.2) |
Withholding taxes | 38.9 | 5.4 | 12 |
Impairment on assets held for sale | 30.4 | 0 | 0 |
Other | (1.2) | (7.1) | (12.4) |
Income taxes on continuing operations | $ (94) | $ (132.4) | $ 55.1 |
INCOME TAXES - Unrecognized Tax
INCOME TAXES - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns | |||
Balance at beginning of year | $ 502.7 | $ 487.7 | $ 428.3 |
Additions based on tax positions related to current year | 20.9 | 27.2 | 33.6 |
Additions based on tax positions related to prior years | 20.4 | 41.1 | 53.5 |
Reductions based on tax positions related to prior years | (8.2) | (37.8) | (17.2) |
Settlements | (16.2) | (7) | (1.3) |
Statute of limitations expirations | (16.8) | (8.5) | (9.2) |
Reclassification to long-term liabilities held for sale | (21.5) | 0 | 0 |
Balance at end of year | $ 481.3 | $ 502.7 | $ 487.7 |
COMMITMENTS AND GUARANTEES - Sc
COMMITMENTS AND GUARANTEES - Schedule of Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 30, 2023 | Dec. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||
Right-of-use assets | $ 502.9 | $ 431.5 |
Lease liabilities | $ 506.6 | $ 440.5 |
Weighted-average incremental borrowing rate | 4.60% | 3.60% |
Weighted-average remaining term | 7 years | 6 years |
COMMITMENTS AND GUARANTEES - Ad
COMMITMENTS AND GUARANTEES - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Guarantor Obligations [Line Items] | |||
Operating lease, right-of-use asset, statement of financial position | Other Assets | Other Assets | |
Operating lease, liability, current, statement of financial position | Accrued expenses | Accrued expenses | |
Operating lease, liability, noncurrent, statement of financial position | Other Liabilities | Other Liabilities | |
Right-of-use assets | $ 502.9 | $ 431.5 | |
Lease liabilities | 506.6 | 440.5 | |
Increase in lease liability | 206.1 | 115.8 | |
Payments on operating leases | 128.3 | $ 124.1 | $ 110.8 |
2024 | 135.4 | ||
2025 | 105.7 | ||
2026 | 90.5 | ||
2027 | 69.5 | ||
2028 | 56.3 | ||
Thereafter | 155.6 | ||
Total | $ 613 | ||
Supplier finance program, obligation, current, statement of financial position | Accounts payable | Accounts payable | |
Amounts due to the financial institutions for suppliers | $ 528.1 | $ 607.5 | |
Lease guarantees | 436 | ||
Carrying amount of guarantees recorded in the consolidated balance sheet | $ 15.5 | ||
Product warranties | 1 year | ||
Infrastructure | Discontinued Operations, Held-for-sale | |||
Guarantor Obligations [Line Items] | |||
Right-of-use assets | $ 19.4 | ||
Lease liabilities | 19.5 | ||
2024 | 4.7 | ||
2025 | 4.5 | ||
2026 | 4.5 | ||
2027 | 4.1 | ||
2028 | 1.9 | ||
Thereafter | 1.4 | ||
Total | 21.1 | ||
Guarantees on the residual values of leased properties | |||
Guarantor Obligations [Line Items] | |||
Lease guarantees | 157.4 | ||
Carrying amount of guarantees recorded in the consolidated balance sheet | 0 | ||
Lease Obligations | |||
Guarantor Obligations [Line Items] | |||
Residual value of leased asset | 210.5 | ||
Standby letters of credit | |||
Guarantor Obligations [Line Items] | |||
Lease guarantees | 185.5 | ||
Carrying amount of guarantees recorded in the consolidated balance sheet | 0 | ||
Commercial customer financing arrangements | |||
Guarantor Obligations [Line Items] | |||
Lease guarantees | 93.1 | ||
Carrying amount of guarantees recorded in the consolidated balance sheet | $ 15.5 |
COMMITMENTS AND GUARANTEES - Su
COMMITMENTS AND GUARANTEES - Summary of Lease Cost (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Operating lease cost | $ 144 | $ 147.1 | $ 126.3 |
Short-term lease cost | 31.2 | 27.6 | 25.5 |
Variable lease cost | 11.2 | 5.9 | 5.9 |
Sublease income | (3.2) | (2.5) | (1.3) |
Total lease cost | $ 183.2 | $ 178.1 | $ 156.4 |
COMMITMENTS AND GUARANTEES - Le
COMMITMENTS AND GUARANTEES - Lease Maturity Schedule (Details) $ in Millions | Dec. 30, 2023 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Total | $ 613 |
2024 | 135.4 |
2025 | 105.7 |
2026 | 90.5 |
2027 | 69.5 |
2028 | 56.3 |
Thereafter | $ 155.6 |
COMMITMENTS AND GUARANTEES - _2
COMMITMENTS AND GUARANTEES - Summary of Contractual Commitments (Details) - Marketing and other commitments $ in Millions | Dec. 30, 2023 USD ($) |
Guarantor Obligations [Line Items] | |
Total | $ 72.5 |
2024 | 37.9 |
2025 | 18.6 |
2026 | 16 |
2027 | 0 |
2028 | 0 |
Thereafter | $ 0 |
COMMITMENTS AND GUARANTEES - _3
COMMITMENTS AND GUARANTEES - Summary of Purchase Obligations (Details) $ in Millions | Dec. 30, 2023 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Total | $ 199.1 |
2024 | 87.8 |
2025 | 44 |
2026 | 37.9 |
2027 | 22.1 |
2028 | 7.3 |
Thereafter | $ 0 |
COMMITMENTS AND GUARANTEES - Fi
COMMITMENTS AND GUARANTEES - Financial Guarantees (Details) $ in Millions | 12 Months Ended |
Dec. 30, 2023 USD ($) | |
Guarantor Obligations [Line Items] | |
Maximum Potential Payment | $ 436 |
Carrying Amount of Liability | 15.5 |
Guarantees on the residual values of leased properties | |
Guarantor Obligations [Line Items] | |
Maximum Potential Payment | 157.4 |
Carrying Amount of Liability | $ 0 |
Standby letters of credit | |
Guarantor Obligations [Line Items] | |
Term | 20 years |
Maximum Potential Payment | $ 185.5 |
Carrying Amount of Liability | $ 0 |
Commercial customer financing arrangements | |
Guarantor Obligations [Line Items] | |
Term | 6 years |
Maximum Potential Payment | $ 93.1 |
Carrying Amount of Liability | $ 15.5 |
Minimum | Guarantees on the residual values of leased properties | |
Guarantor Obligations [Line Items] | |
Term | 1 year |
Maximum | Guarantees on the residual values of leased properties | |
Guarantor Obligations [Line Items] | |
Term | 9 years |
COMMITMENTS AND GUARANTEES - Ca
COMMITMENTS AND GUARANTEES - Carrying Amount of Product Warranties (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Summary of warranty liability activity | |||
Balance beginning of period | $ 126.6 | $ 134.5 | $ 107.9 |
Warranties and guarantees issued | 171.3 | 155.3 | 150.1 |
Warranties assumed in acquisitions | 0 | 0 | 33.4 |
Warranty payments and currency | (161.2) | (163.2) | (156.9) |
Balance end of period | $ 136.7 | $ 126.6 | $ 134.5 |
CONTINGENCIES (Details)
CONTINGENCIES (Details) cubic_yard in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | ||||||||||||||||||
Jan. 19, 2024 USD ($) | Apr. 07, 2023 USD ($) | Mar. 02, 2023 company mi | Dec. 16, 2022 USD ($) company mi | Feb. 11, 2022 mi | Apr. 14, 2021 USD ($) mi | Dec. 04, 2020 USD ($) | Oct. 10, 2018 mi | Jun. 30, 2018 USD ($) municipality company mi | May 17, 2017 hazardousSubstance company mi | Mar. 30, 2017 company mi | Sep. 30, 2016 mi | Mar. 31, 2016 company mi | Mar. 04, 2016 USD ($) cubic_yard mi | Apr. 11, 2014 mi | Jun. 18, 2012 mi | Apr. 30, 2015 mi | May 31, 2007 company mi | Dec. 30, 2023 USD ($) site | Dec. 31, 2022 USD ($) | |
Commitments and Contingencies Disclosure [Line Items] | ||||||||||||||||||||
Superfund sites | site | 23 | |||||||||||||||||||
Environmental loss contingency, statement of financial position, not disclosed | reserves | reserves | ||||||||||||||||||
Reserve for environmental remediation costs, current | $ 46 | $ 39.4 | ||||||||||||||||||
Environmental loss contingency, noncurrent, statement of financial position, not disclosed | long-term | |||||||||||||||||||
Environmental remediation costs deemed probable and reasonable estimable | $ 150 | $ 441 | $ 1,400 | |||||||||||||||||
Reserve for environmental loss contingencies, EPA funded amount | $ 17 | |||||||||||||||||||
Environmental remediation. period construction of treatment facility to be maintained | 30 years | |||||||||||||||||||
Number of miles of river | mi | 9 | 10.9 | 17 | 17 | 9 | 8.3 | 8.3 | 8.3 | 8.3 | 8.3 | 8.3 | 8.3 | 10.9 | 17 | 17 | |||||
Cubic yards of settlement | cubic_yard | 3.5 | |||||||||||||||||||
Approximate implementation time | 6 years | |||||||||||||||||||
Number of defendants | company | 100 | |||||||||||||||||||
Estimated costs of remediation design | $ 165 | |||||||||||||||||||
Number of municipalities | municipality | 42 | |||||||||||||||||||
Number of parties notified | company | 105 | |||||||||||||||||||
Number of companies offered cash out settlements | company | 20 | 20 | ||||||||||||||||||
Number of hazardous substances | hazardousSubstance | 8 | |||||||||||||||||||
Number of parties | company | 40 | 85 | ||||||||||||||||||
Environmental exit costs anticipated cost, percentage | 99.40% | |||||||||||||||||||
Estimated environmental remediation expense, statement of income or comprehensive income, extensible enumeration, not disclosed flag | estimated remediation costs | |||||||||||||||||||
Undiscounted environmental liability expected to be paid in 2024 | $ 3.2 | |||||||||||||||||||
Undiscounted environmental liability expected to be paid 2025 | 3.2 | |||||||||||||||||||
Undiscounted environmental liability expected to be paid in 2026 | 3.2 | |||||||||||||||||||
Undiscounted environmental liability expected to be paid in 2027 | 2.4 | |||||||||||||||||||
Undiscounted environmental liability expected to be paid in 2028 | 2.4 | |||||||||||||||||||
Undiscounted environmental liability expected to be paid thereafter | 32.6 | |||||||||||||||||||
Subsequent Event | ||||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||||||||||||||||
Penalty charge | $ 32 | |||||||||||||||||||
YPF And Repsol | ||||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||||||||||||||||
Litigation settlement, amount | $ 573 | |||||||||||||||||||
Lower Passaic Cooperating Parties Group | ||||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||||||||||||||||
Number of companies | company | 47 | |||||||||||||||||||
YPF And Repsol | Lower Passaic Cooperating Parties Group | ||||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||||||||||||||||
Litigation settlement, amount awarded from other party | $ 9 | |||||||||||||||||||
Property, Plant and Equipment, Other Types | ||||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||||||||||||||||
Environmental remediation costs, reserve | 124.5 | $ 129.3 | ||||||||||||||||||
Reserve for environmental remediation costs, current | 46 | |||||||||||||||||||
Reserve for environmental remediation costs, noncurrent | 78.5 | |||||||||||||||||||
Reserve for environmental loss contingencies, obligation after EPA funding | 107.5 | |||||||||||||||||||
Estimated environmental remediation expense | 28.2 | |||||||||||||||||||
Centredale Site | ||||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||||||||||||||||
Environmental remediation costs deemed probable and reasonable estimable | $ 24.9 | |||||||||||||||||||
Minimum | ||||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||||||||||||||||
Environmental remediation costs deemed probable and reasonable estimable | $ 420 | |||||||||||||||||||
Environmental liability discount rate | 4.40% | |||||||||||||||||||
Undiscounted environmental liability | $ 34.3 | |||||||||||||||||||
Minimum | Property, Plant and Equipment, Other Types | ||||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||||||||||||||||
Environmental remediation costs deemed probable and reasonable estimable | $ 79.9 | |||||||||||||||||||
Maximum | ||||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||||||||||||||||
Environmental remediation costs deemed probable and reasonable estimable | $ 468 | |||||||||||||||||||
Environmental liability discount rate | 5.50% | |||||||||||||||||||
Undiscounted environmental liability | $ 47 | |||||||||||||||||||
Maximum | Property, Plant and Equipment, Other Types | ||||||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||||||||||||||||
Environmental remediation costs deemed probable and reasonable estimable | $ 226.8 |
DIVESTITURES - Pre Tax Losses (
DIVESTITURES - Pre Tax Losses (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Pre-tax income | $ (10.8) | $ (8.4) | $ (0.6) |
Discontinued Operations, Held-for-sale | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Pre-tax income | $ 52 | $ 54.3 | $ 65.1 |
DIVESTITURES - Additional Infor
DIVESTITURES - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||
Aug. 19, 2022 | Jul. 22, 2022 | Jul. 05, 2022 | Mar. 31, 2024 | Jul. 02, 2022 | Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Asset impairment charges | $ 274.8 | $ 168.4 | $ 0 | |||||
Loss on sales of businesses | 10.8 | 8.4 | 0.6 | |||||
Discontinued Operations, Held-for-sale | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Loss on sales of businesses | $ (52) | (54.3) | (65.1) | |||||
Discontinued Operations, Held-for-sale | Subsequent Event | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Asset impairment charges | $ 150.8 | |||||||
Discontinued Operations, Disposed of by Sale | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Asset impairment charges | $ 168.4 | |||||||
Discontinued Operations, Disposed of by Sale | Oil And Gas Business | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Loss on sales of businesses | $ 8.6 | $ 2.7 | $ 16.8 | |||||
Discontinued Operations, Disposed of by Sale | Convergent Security Solutions | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Loss on sales of businesses | $ (574) | |||||||
Agreement for divesture of interest in consolidated subsidiaries | $ 3,100 | |||||||
Discontinued Operations, Disposed of by Sale | Mechanical Access Solutions | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Loss on sales of businesses | $ (609) | |||||||
Proceeds from sales of businesses, net of cash sold | $ 916 | |||||||
Transition services, term | 2 years | |||||||
Transition services, extension terms | 6 months |
DIVESTITURES - Assets Held For
DIVESTITURES - Assets Held For Sale And Liabilities (Details) - USD ($) $ in Millions | Dec. 30, 2023 | Dec. 31, 2022 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Cash and cash equivalents | $ 0.6 | $ 0 |
Total assets | 857.6 | $ 0 |
Discontinued Operations, Held-for-sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Intangibles, net | 214.3 | |
Discontinued Operations, Held-for-sale | Infrastructure | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Cash and cash equivalents | 0.6 | |
Accounts and notes receivable, net | 41.3 | |
Inventories, net | 96.5 | |
Other current assets | 2.4 | |
Property, plant and equipment, net | 70.4 | |
Goodwill | 389.7 | |
Intangibles, net | 214.3 | |
Other assets | 42.4 | |
Total assets | 857.6 | |
Accounts payable and accrued expenses | 44.1 | |
Other long-term liabilities | 84.8 | |
Total liabilities | $ 128.9 |
DIVESTITURES - Results Of Disco
DIVESTITURES - Results Of Discontinued Operation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
(Loss) gain on sale of discontinued operations | $ (14.3) | $ 1,197.4 | $ 0 |
(Loss) earnings from discontinued operations before income taxes | (14.3) | 1,210.9 | 124.3 |
Income taxes on discontinued operations | 14.5 | 318.5 | (12.4) |
CSS and MAS | Discontinued Operations, Disposed of by Sale | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net Sales | 0 | 1,056.3 | |
Cost of sales | 0 | 687.5 | |
Selling, general and administrative | 0 | 308 | |
(Loss) gain on sale of discontinued operations | (14.3) | 1,197.4 | |
Other, net and restructuring charges | 0 | 47.3 | |
(Loss) earnings from discontinued operations before income taxes | (14.3) | 1,210.9 | |
Income taxes on discontinued operations | 14.5 | 318.5 | |
Net (loss) earnings from discontinued operations | $ (28.8) | $ 892.4 | |
CSS and MAS | Discontinued Operations, Held-for-sale | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net Sales | 1,971.4 | ||
Cost of sales | 1,258.7 | ||
Selling, general and administrative | 529.2 | ||
(Loss) gain on sale of discontinued operations | 0 | ||
Other, net and restructuring charges | 59.2 | ||
(Loss) earnings from discontinued operations before income taxes | 124.3 | ||
Income taxes on discontinued operations | (12.4) | ||
Net (loss) earnings from discontinued operations | $ 136.7 |
DIVESTITURES - Discontinued Ope
DIVESTITURES - Discontinued Operation With Respect To MAS And CSS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Depreciation and amortization | $ 0 | $ 0.4 | $ 62.8 |
Discontinued Operations, Disposed of by Sale | CSS and MAS | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Depreciation and amortization | 0.4 | ||
Capital expenditures | 6.3 | ||
Stock-based compensation | $ 17.5 | ||
Discontinued Operations, Held-for-sale | CSS and MAS | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Depreciation and amortization | 62.8 | ||
Capital expenditures | 20 | ||
Stock-based compensation | $ 7.9 |