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INCOME TAXES (Tables)
 12 Months Ended
Jan. 01, 2022
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 at the end of each fiscal year were as follows:
(Millions of Dollars)20212020
Deferred tax liabilities:
Depreciation$132.2 $149.3 
Intangible assets917.3 669.6 
Liability on undistributed foreign earnings48.2 29.7 
Lease right-of-use asset106.5 107.4 
Inventory79.6 26.2 
Other48.4 62.9 
Total deferred tax liabilities$1,332.2 $1,045.1 
Deferred tax assets:
Employee benefit plans$204.2 $240.0 
Basis differences in liabilities100.4 91.4 
Operating loss, capital loss and tax credit carryforwards830.7 745.4 
Lease liability 109.7 110.5 
Intangible assets417.7 301.3 
Basis difference in debt obligations
205.1 21.0 
Capitalized research and development costs86.0 52.2 
Other206.6 169.6 
Total deferred tax assets$2,160.4 $1,731.4 
Net Deferred Tax Asset before Valuation Allowance$828.2 $686.3 
Valuation Allowance$(1,067.2)$(1,001.9)
Net Deferred Tax Liability after Valuation Allowance$(239.0)$(315.6)
Classification of Deferred Taxes
(Millions of Dollars)202120202019
United States$(31.5)$174.7 $184.5 
Foreign1,672.5 1,045.1 909.9 
Earnings before income taxes and equity interest$1,641.0 $1,219.8 $1,094.4 
Income Tax Expense (Benefit) Attributable to Continuing Operations Income tax expense (benefit) consisted of the following:
(Millions of Dollars)202120202019
Current:
Federal$7.8 $61.2 $(32.4)
Foreign388.0 183.2 184.4 
State32.1 20.3 5.5 
Total current$427.9 $264.7 $157.5 
Deferred:
Federal$(125.9)$(26.2)$(4.8)
Foreign(210.1)(192.1)(33.0)
State(30.5)(3.4)7.1 
Total deferred(366.5)(221.7)(30.7)
Income taxes$61.4 $43.0 $126.8 
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 in the Consolidated Statements of Operations from continuing operations is as follows:
(Millions of Dollars)202120202019
Tax at statutory rate$344.6 $256.2 $229.8 
State income taxes, net of federal benefits1.9 12.8 19.6 
Foreign tax rate differential(63.1)(58.3)(56.9)
Uncertain tax benefits49.6 17.7 (68.2)
Change in valuation allowance(11.9)(12.7)8.5 
Change in deferred tax liabilities on undistributed foreign earnings23.1 (118.8)— 
Stock-based compensation(6.3)(9.2)(23.7)
Change in tax rates(31.1)(0.3)2.4 
Capital loss— (40.4)— 
U.S. federal tax (benefit) expense on foreign earnings(123.9)(1.1)13.7 
Intra-entity asset transfer of intellectual property(114.2)(27.7)— 
Other(7.3)24.8 1.6 
Income taxes $61.4 $43.0 $126.8 
Activity Related to Unrecognized Tax Benefits The following table summarizes the activity related to the unrecognized tax benefits from continuing operations:
(Millions of Dollars)202120202019
Balance at beginning of year$428.3 $392.0 $390.9 
Additions based on tax positions related to current year33.6 27.8 47.2 
Additions based on tax positions related to prior years53.5 34.4 79.5 
Reductions based on tax positions related to prior years(17.2)(19.0)(91.1)
Settlements(1.3)(0.5)(0.3)
Statute of limitations expirations(9.2)(6.4)(34.2)
Balance at end of year$487.7 $428.3 $392.0