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EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Jan. 01, 2022
Retirement Benefits [Abstract]  
Expense for Defined Contribution Plans
The expense for defined contribution plans, aside from the earlier discussed ESOP plans, is as follows:
(Millions of Dollars)202120202019
Multi-employer plan expense$7.1 $7.8 $7.2 
Other defined contribution plan expense$28.6 $24.9 $31.3 
Net Periodic Pension Expense The components of net periodic pension expense (benefit) are as follows:
 U.S. PlansNon-U.S. Plans
(Millions of Dollars)202120202019202120202019
Service cost$6.5 $6.8 $12.3 $17.6 $16.1 $14.6 
Interest cost23.0 35.3 47.1 16.7 22.5 30.3 
Expected return on plan assets(54.9)(58.7)(61.7)(39.9)(41.2)(45.6)
Amortization of prior service cost (credit)1.1 1.0 1.0 (0.8)(0.7)(0.6)
Actuarial loss amortization9.2 8.5 8.0 12.2 11.7 8.6 
Special termination benefit— — — — 0.2 — 
Settlement / curtailment loss0.4 — — 0.7 0.6 1.0 
Net periodic pension (benefit) expense$(14.7)$(7.1)$6.7 $6.5 $9.2 $8.3 
Net periodic post-retirement benefit expense was comprised of the following elements:
 Other Benefit Plans
(Millions of Dollars)202120202019
Service cost$0.4 $0.6 $0.3 
Interest cost0.9 1.5 1.6 
Amortization of prior service credit(0.7)(1.3)(1.4)
Actuarial loss amortization— 0.3 (0.3)
Special termination benefit— 16.1 — 
Net periodic post-retirement expense$0.6 $17.2 $0.2 
Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income Changes in plan assets and benefit obligations recognized in Accumulated other comprehensive loss in 2021 are as follows:
(Millions of Dollars)2021
Current year actuarial gain$(133.4)
Amortization of actuarial loss(21.0)
Prior service cost from plan amendments0.9 
Settlement / curtailment loss(1.1)
Currency / other(7.8)
Total gain recognized in Accumulated other comprehensive loss (pre-tax)$(162.4)
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)202120202021202020212020
Change in benefit obligation
Benefit obligation at end of prior year$1,404.3 $1,325.4 $1,622.3 $1,449.9 $61.2 $52.2 
Service cost6.5 6.8 17.6 16.1 0.4 0.6 
Interest cost23.0 35.3 16.7 22.5 0.9 1.5 
Special termination benefit— — — 0.2 — 16.1 
Settlements/curtailments(0.8)— (15.3)(5.5)— — 
Actuarial (gain) loss(47.2)123.3 (92.4)112.0 (6.6)(2.9)
Plan amendments0.8 0.1 0.1 0.1 — — 
Foreign currency exchange rate changes— — (37.7)84.9 (0.2)(1.8)
Participant contributions— — 0.2 0.3 — — 
Acquisitions, divestitures, and other152.4 (4.0)28.9 (6.5)— — 
Benefits paid(80.8)(82.6)(50.0)(51.7)(5.4)(4.5)
Benefit obligation at end of year$1,458.2 $1,404.3 $1,490.4 $1,622.3 $50.3 $61.2 
Change in plan assets
Fair value of plan assets at end of prior year$1,191.5 $1,103.5 $1,229.6 $1,093.5 $— $— 
Actual return on plan assets63.4 160.9 17.9 119.3 — — 
Participant contributions— — 0.2 0.3 — — 
Employer contributions13.8 13.7 20.8 22.0 5.4 4.5 
Settlements(0.8)— (13.7)(5.2)— — 
Foreign currency exchange rate changes— — (15.6)55.6 — — 
Acquisitions, divestitures, and other153.0 (4.0)37.4 (4.2)— — 
Benefits paid(80.8)(82.6)(50.0)(51.7)(5.4)(4.5)
Fair value of plan assets at end of plan year$1,340.1 $1,191.5 $1,226.6 $1,229.6 $— $— 
Funded status — assets less than benefit obligation$(118.1)$(212.8)$(263.8)$(392.7)$(50.3)$(61.2)
Unrecognized prior service cost (credit)3.5 3.8 (16.4)(17.4)0.1 (0.6)
Unrecognized net actuarial loss (gain)213.4 278.7 268.3 360.3 (9.7)(3.2)
Net amount recognized$98.8 $69.7 $(11.9)$(49.8)$(59.9)$(65.0)
 U.S. PlansNon-U.S. PlansOther Benefits
(Millions of Dollars)202120202021202020212020
Amounts recognized in the Consolidated Balance Sheets
Prepaid benefit cost (non-current)$0.6 $— $62.4 $0.2 $— $— 
Current benefit liability(6.0)(7.3)(10.3)(10.2)(7.5)(6.8)
Non-current benefit liability(112.7)(205.5)(315.9)(382.7)(42.8)(54.4)
Net liability recognized$(118.1)$(212.8)$(263.8)$(392.7)$(50.3)$(61.2)
Accumulated other comprehensive loss (pre-tax):
Prior service cost (credit)$3.5 $3.8 $(16.4)$(17.4)$0.1 $(0.6)
Actuarial loss (gain)213.4 278.7 268.3 360.3 (9.7)(3.2)
216.9 282.5 251.9 342.9 (9.6)(3.8)
Net amount recognized$98.8 $69.7 $(11.9)$(49.8)$(59.9)$(65.0)
Information regarding pension plans in which projected benefit obligations (inclusive of anticipated future compensation increases) exceed plan assets as follows:
 U.S. PlansNon-U.S. Plans
(Millions of Dollars)2021202020212020
Projected benefit obligation$1,303.3 $1,404.3 $399.1 $1,619.9 
Fair value of plan assets$1,184.6 $1,191.5 $72.9 $1,227.0 
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)2021202020212020
Accumulated benefit obligation$1,299.8 $1,401.5 $326.1 $1,531.8 
Fair value of plan assets$1,184.6 $1,191.5 $50.3 $1,201.3 
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
 202120202019202120202019202120202019
Weighted-average assumptions used to determine benefit obligations at year end:
Discount rate2.80 %2.39 %3.20 %1.78 %1.31 %1.80 %2.84 %2.19 %3.64 %
Rate of compensation increase3.00 %3.56 %3.50 %3.56 %3.29 %3.30 %— 3.50 %3.50 %
Weighted-average assumptions used to determine net periodic benefit cost:
Discount rate - service cost2.95 %3.58 %4.43 %1.41 %1.57 %2.37 %4.42 %5.62 %5.22 %
Discount rate - interest cost1.68 %2.75 %3.86 %1.06 %1.61 %2.37 %1.60 %3.36 %4.04 %
Rate of compensation increase3.00 %3.00 %3.00 %3.27 %3.30 %3.44 %— 3.50 %3.50 %
Expected return on plan assets4.75 %5.25 %6.25 %3.25 %3.90 %4.73 %— — — 
Asset Allocations by Asset Category and Level of Valuation Inputs within Fair Value Hierarchy The Company’s worldwide asset allocations at January 1, 2022 and January 2, 2021 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)
2021Level 1Level 2
Cash and cash equivalents$74.2 $55.7 $18.5 
Equity securities
U.S. equity securities323.3 92.5 230.8 
Foreign equity securities205.9 44.8 161.1 
Fixed income securities
Government securities871.1 340.7 530.4 
Corporate securities996.3 — 996.3 
Insurance contracts49.6 — 49.6 
Other46.3 — 46.3 
Total$2,566.7 $533.7 $2,033.0 
 
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 
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$1,505.3 $151.9 $153.8 $151.5 $150.3 $150.6 $747.2