ACQUISITIONS AND INVESTMENTS - Restructuring and Related Activities (Tables)

12 Months Ended

Jan. 01, 2022

Restructuring and Related Activities [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the estimated acquisition date value of identifiable net assets acquired and liabilities assumed:

(Millions of Dollars)
Cash and cash equivalents	$	111.6
Accounts receivable, net	272.6
Inventories, net	900.7
Prepaid expenses and other assets	97.7
Property, plant and equipment	223.5
Trade names	390.0
Customer relationships	450.0
Other assets	36.8
Accounts payable	(391.8)
Accrued expenses	(253.6)
Deferred revenue	(0.9)
Long-term debt	(103.0)
Deferred taxes	(194.3)
Other liabilities	(71.3)
Total identifiable net assets	$	1,468.0
Goodwill	436.7
Total consideration	$	1,904.7

(Millions of Dollars)
Cash and cash equivalents	$	35.8
Accounts receivable, net	48.3
Inventories, net	124.3
Prepaid expenses and other assets	2.6
Property, plant and equipment	127.9
Trade names	25.0
Customer relationships	565.0
Accounts payable	(25.9)
Accrued expenses	(26.9)
Deferred taxes	(16.3)
Other liabilities	(0.3)
Total identifiable net assets	$	859.5
Goodwill	632.3
Contingent consideration	(155.3)
Total consideration paid	$	1,336.5

Schedule of Business Acquisitions, by Acquisition

The net sales and net loss from the 2021 acquisitions included in the Company's Consolidated Statements of Operations for the year ended January 1, 2022 are shown in the table below. The net loss includes amortization expense relating to intangible assets recorded upon acquisition, inventory step-up charges, transaction costs, gain on MTD investment, contingent consideration expense, and other integration-related costs.

(Millions of Dollars)	2021
Net sales	$	235.5
Net loss from continuing operations attributable to common shareowners	$	(49.7)

Business Acquisition, Pro Forma Information

The following table presents supplemental pro-forma information as if the 2021 acquisitions had occurred on December 29, 2019 and the 2020 acquisitions had occurred on December 30, 2018. 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 dates. 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)	2021		2020
Net sales	$	18,226.7	$	16,000.5
Net earnings from continuing operations attributable to common shareowners - Diluted	1,714.3		1,138.4
Diluted earnings per share of common stock - Continuing operations	$	10.39	$	7.01