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FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2022
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 31, 2022 and January 1, 2022 follows:
(Millions of Dollars)Balance Sheet
Classification		20222021Balance Sheet
Classification		20222021
Derivatives designated as hedging instruments:
Interest Rate Contracts Cash FlowOther current assets$— $1.2 Accrued expenses$— $1.9 
Foreign Exchange Contracts Cash FlowOther current assets4.5 18.3 Accrued expenses4.2 0.8 
Net Investment HedgeOther current assets— 2.5 Accrued expenses— — 
LT other assets— 3.3 LT other liabilities— — 
Total Designated as hedging instruments$4.5 $25.3 $4.2 $2.7 
Derivatives not designated as hedging instruments:
Foreign Exchange ContractsOther current assets$7.7 $7.8 Accrued expenses$11.9 $6.0 
Total$12.2 $33.1 $16.1 $8.7 
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 2022, 2021 and 2020: 

2022 (Millions of Dollars)
Gain (Loss)
Recorded in OCI		Classification of
Gain (Loss)
Reclassified from
OCI to Income		Gain (Loss)
Reclassified from
OCI to Income		Gain (Loss)
Recognized in
Income on Amounts Excluded from Effectiveness Testing
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) 
Recorded in OCI		Classification of
Gain (Loss)
Reclassified from
OCI to Income		Gain (Loss)
Reclassified from
OCI to Income		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)$— 
2020 (Millions of Dollars)
Gain (Loss) 
Recorded in OCI		Classification of
Gain (Loss)
Reclassified from
OCI to Income		Gain (Loss)
Reclassified from
OCI to Income
(Effective Portion)		Gain (Loss)
Recognized in
Income
(Ineffective Portion)
Interest Rate Contracts$(70.9)Interest expense$(16.3)$— 
Foreign Exchange Contracts$(16.1)Cost of sales$12.4 $— 

A summary of the pre-tax effect of cash flow hedge accounting on the Consolidated Statements of Operations for 2022, 2021 and 2020 is as follows:
202220212020
(Millions of dollars)Cost of SalesInterest ExpenseCost of SalesInterest ExpenseCost of SalesInterest Expense
Total amount in the Consolidated Statements of Operations in which the effects of the cash flow hedges are recorded$12,663.3 $338.5 $10,189.1 $185.4 $8,431.9 $222.7 
Gain (loss) on cash flow hedging relationships:
Foreign Exchange Contracts:
Hedged Items$(53.3)$— $26.1 $— $(12.4)$— 
Gain (loss) reclassified from OCI into Income$53.3 $— $(26.1)$— $12.4 $— 
Interest Rate Swap Agreements:
Gain (loss) reclassified from OCI into Income 1
$— $(5.8)$— $(3.9)$— $(16.3)
1 Inclusive of the gain/loss amortization on terminated derivative financial instruments.
The pre-tax gains and losses from fair value changes during 2022, 2021 and 2020 were as follows:
2022
(Millions of Dollars)Total Gain (Loss) Recorded in OCIExcluded Component Recorded in OCIIncome Statement ClassificationTotal Gain (Loss) Reclassified from OCI to IncomeExcluded 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)$— Other, net$— $— 
2021
(Millions of Dollars)Total Gain (Loss) Recorded in OCIExcluded Component Recorded in OCIIncome Statement ClassificationTotal Gain (Loss) Reclassified from OCI to IncomeExcluded Component Amortized from OCI to Income
Forward Contracts$(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)$— Other, net$— $— 

2020
(Millions of Dollars)Total Gain (Loss) Recorded in OCIExcluded Component Recorded in OCIIncome Statement ClassificationTotal Gain (Loss) Reclassified from OCI to IncomeExcluded Component Amortized from OCI to Income
Forward Contracts$0.8 $— Other, net$— $— 
Cross Currency Swap$(5.4)$60.7 Other, net$18.2 $18.2 
Non-derivative designated as Net Investment Hedge$(8.5)$— Other, net$— $— 
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 2022, 2021 and 2020 is as follows:
202220212020
(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$338.5 $185.4 $222.7 
Amortization of gain on terminated swaps$(0.4)$(0.4)$(3.0)
A summary of the amounts recorded in the Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges as of December 31, 2022 and January 1, 2022 is as follows:
(Millions of dollars)
2022 Carrying Amount of Hedged Liability1
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)
1Represents hedged items no longer designated in qualifying fair value hedging relationships.
(Millions of dollars)
2021 Carrying Amount of Hedged Liability1
2021 Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liability
Current maturities of long-term debt$1.3 Terminated Swaps$— 
Long-Term Debt$533.6 Terminated Swaps$(20.4)
1Represents hedged items no longer designated in qualifying fair value hedging relationships.
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 2022, 2021 and 2020 are as follows:
(Millions of Dollars)Income Statement
Classification		202220212020
Foreign Exchange ContractsOther-net$5.0 $(10.8)$(15.7)