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EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Jan. 02, 2021
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]  
Expense for Defined Contribution Plans The expense for defined contribution plans, aside from the earlier discussed ESOP plans, is as follows: 
(Millions of Dollars)202020192018
Multi-employer plan expense$7.8 $7.2 $7.3 
Other defined contribution plan expense$29.7 $36.2 $12.9 
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 2020 are as follows:
(Millions of Dollars)2020
Current year actuarial loss$51.9 
Amortization of actuarial loss(19.5)
Prior service cost from plan amendments0.2 
Settlement / curtailment loss(0.6)
Currency / other18.4 
Total loss recognized in Accumulated other comprehensive loss (pre-tax)$50.4 
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. PlansNon-U.S. PlansOther Benefits
(Millions of Dollars)202020192020201920202019
Change in benefit obligation
Benefit obligation at end of prior year$1,325.4 $1,260.9 $1,449.9 $1,305.3 $52.2 $44.8 
Service cost6.8 12.3 16.1 14.6 0.6 0.3 
Interest cost35.3 47.1 22.5 30.3 1.5 1.6 
Special termination benefit— — 0.2 — 16.1 — 
Settlements/curtailments— — (5.5)(6.0)— — 
Actuarial loss (gain)123.3 130.4 112.0 140.6 (2.9)8.6 
Plan amendments0.1 1.4 0.1 0.7 — — 
Foreign currency exchange rate changes— — 84.9 25.8 (1.8)— 
Participant contributions— — 0.3 0.3 — — 
Acquisitions, divestitures, and other(4.0)(10.0)(6.5)(2.2)— 2.4 
Benefits paid(82.6)(116.7)(51.7)(59.5)(4.5)(5.5)
Benefit obligation at end of year$1,404.3 $1,325.4 $1,622.3 $1,449.9 $61.2 $52.2 
Change in plan assets
Fair value of plan assets at end of prior year$1,103.5 $1,020.7 $1,093.5 $974.3 $— $— 
Actual return on plan assets160.9 190.0 119.3 133.2 — — 
Participant contributions— — 0.3 0.3 — — 
Employer contributions13.7 19.5 22.0 22.6 4.5 5.5 
Settlements— — (5.2)(5.6)— — 
Foreign currency exchange rate changes— — 55.6 30.4 — — 
Acquisitions, divestitures, and other(4.0)(10.0)(4.2)(2.2)— — 
Benefits paid(82.6)(116.7)(51.7)(59.5)(4.5)(5.5)
Fair value of plan assets at end of plan year$1,191.5 $1,103.5 $1,229.6 $1,093.5 $— $— 
Funded status — assets less than benefit obligation$(212.8)$(221.9)$(392.7)$(356.4)$(61.2)$(52.2)
Unrecognized prior service cost (credit)3.8 4.7 (17.4)(17.5)(0.6)(2.0)
Unrecognized net actuarial loss (gain)278.7 266.2 360.3 318.7 (3.2)1.1 
Net amount recognized$69.7 $49.0 $(49.8)$(55.2)$(65.0)$(53.1)
 U.S. PlansNon-U.S. PlansOther Benefits
(Millions of Dollars)202020192020201920202019
Amounts recognized in the Consolidated Balance Sheets
Prepaid benefit cost (non-current)$— $— $0.2 $0.1 $— $— 
Current benefit liability(7.3)(7.6)(10.2)(9.1)(6.8)(4.5)
Non-current benefit liability(205.5)(214.3)(382.7)(347.4)(54.4)(47.7)
Net liability recognized$(212.8)$(221.9)$(392.7)$(356.4)$(61.2)$(52.2)
Accumulated other comprehensive loss (pre-tax):
Prior service cost (credit)$3.8 $4.7 $(17.4)$(17.5)$(0.6)$(2.0)
Actuarial loss (gain)278.7 266.2 360.3 318.7 (3.2)1.1 
282.5 270.9 342.9 301.2 (3.8)(0.9)
Net amount recognized$69.7 $49.0 $(49.8)$(55.2)$(65.0)$(53.1)
Information regarding pension plans in which projected benefit obligations (inclusive of anticipated future compensation increases) exceed plan assets follows: 
 U.S. PlansNon-U.S. Plans
(Millions of Dollars)2020201920202019
Projected benefit obligation$1,404.3 $1,325.4 $1,619.9 $1,448.6 
Fair value of plan assets$1,191.5 $1,103.5 $1,227.0 $1,092.0 
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets Information regarding pension plans in which accumulated benefit obligations exceed plan assets follows: 
 U.S. PlansNon-U.S. Plans
(Millions of Dollars)2020201920202019
Accumulated benefit obligation$1,401.5 $1,323.7 $1,531.8 $1,390.1 
Fair value of plan assets$1,191.5 $1,103.5 $1,201.3 $1,090.8 
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. PlansNon-U.S. PlansOther Benefits
 202020192018202020192018202020192018
Weighted-average assumptions used to determine benefit obligations at year end:
Discount rate2.39 %3.20 %4.20 %1.31 %1.80 %2.62 %2.19 %3.64 %4.03 %
Rate of compensation increase3.00 %3.50 %3.00 %3.29 %3.30 %3.44 %3.50 %3.50 %3.50 %
Weighted-average assumptions used to determine net periodic benefit cost:
Discount rate - service cost3.58 %4.43 %3.72 %1.57 %2.37 %2.15 %5.62 %5.22 %5.11 %
Discount rate - interest cost2.75 %3.86 %3.16 %1.61 %2.37 %2.20 %3.36 %4.04 %3.77 %
Rate of compensation increase3.00 %3.00 %3.00 %3.30 %3.44 %3.45 %3.50 %3.50 %3.50 %
Expected return on plan assets5.25 %6.25 %6.25 %3.90 %4.73 %4.37 %— — — 
Asset Allocations by Asset Category and Level of Valuation Inputs within Fair Value Hierarchy The Company’s worldwide asset allocations at January 2, 2021 and December 28, 2019 by asset category and the level of the valuation inputs within the fair value hierarchy established by ASC 820, Fair Value Measurement, are as follows:
Asset Category (Millions of Dollars)
2020Level 1Level 2
Cash and cash equivalents$83.2 $69.0 $14.2 
Equity securities
U.S. equity securities329.4 91.2 238.2 
Foreign equity securities234.1 65.7 168.4 
Fixed income securities
Government securities821.6 285.8 535.8 
Corporate securities867.6 — 867.6 
Insurance contracts41.7 — 41.7 
Other43.5 — 43.5 
Total$2,421.1 $511.7 $1,909.4 
 
Asset Category (Millions of Dollars)
2019Level 1Level 2
Cash and cash equivalents$35.8 $16.1 $19.7 
Equity securities
U.S. equity securities321.4 111.1 210.3 
Foreign equity securities259.4 95.8 163.6 
Fixed income securities
Government securities741.6 271.5 470.1 
Corporate securities751.5 — 751.5 
Insurance contracts39.0 — 39.0 
Other48.3 — 48.3 
Total$2,197.0 $494.5 $1,702.5 
Expected Future Benefit Payments EXPECTED FUTURE BENEFIT PAYMENTS —  Benefit payments, inclusive of amounts attributable to estimated future employee service, are expected to be paid as follows over the next 10 years:
(Millions of Dollars)TotalYear 1Year 2Year 3Year 4Year 5Years 6-10
Future payments$1,440.2 $146.5 $146.4 $148.6 $146.4 $144.6 $707.7 
Pension Plans, Defined Benefit  
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]  
Net Periodic Pension Expense The components of net periodic pension expense (benefit) are as follows:
 U.S. PlansNon-U.S. Plans
(Millions of Dollars)202020192018202020192018
Service cost$6.8 $12.3 $7.5 $16.1 $14.6 $15.2 
Interest cost35.3 47.1 42.8 22.5 30.3 28.6 
Expected return on plan assets(58.7)(61.7)(68.7)(41.2)(45.6)(46.5)
Amortization of prior service cost (credit)1.0 1.0 1.1 (0.7)(0.6)(1.3)
Actuarial loss amortization8.5 8.0 7.8 11.7 8.6 8.5 
Special termination benefit— — — 0.2 — — 
Settlement / curtailment loss— — — 0.6 1.0 0.7 
Net periodic pension (benefit) expense$(7.1)$6.7 $(9.5)$9.2 $8.3 $5.2 
Other Postretirement Benefits Plan  
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]  
Net Periodic Pension Expense Net periodic post-retirement benefit expense was comprised of the following elements:
 Other Benefit Plans
(Millions of Dollars)202020192018
Service cost$0.6 $0.3 $0.5 
Interest cost1.5 1.6 1.6 
Amortization of prior service credit(1.3)(1.4)(1.3)
Actuarial loss amortization0.3 (0.3)— 
Special termination benefit16.1 — — 
Net periodic post-retirement expense$17.2 $0.2 $0.8