FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jul. 01, 2023

Fair Value Disclosures [Abstract]

Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table presents the Company’s financial assets and liabilities that are measured at fair value on a recurring basis for each of the hierarchy levels:

(Millions of Dollars)	Total Carrying Value		Level 1		Level 2		Level 3
July 1, 2023
Money market fund	$	11.2	$	11.2	$	—	$	—
Deferred compensation plan investments	$	19.1	$	19.1	$	—	$	—
Derivative assets	$	6.4	$	—	$	6.4	$	—
Derivative liabilities	$	19.4	$	—	$	19.4	$	—
Non-derivative hedging instrument	$	736.9	$	—	$	736.9	$	—
Contingent consideration liability	$	260.9	$	—	$	—	$	260.9
December 31, 2022
Money market fund	$	9.4	$	9.4	$	—	$	—
Equity security	$	3.2	$	3.2	$	—	$	—
Deferred compensation plan investments	$	19.0	$	19.0	$	—	$	—
Derivative assets	$	12.2	$	—	12.2		$	—
Derivative liabilities	$	16.1	$	—	$	16.1	$	—
Contingent consideration liability	$	268.7	$	—	$	—	$	268.7

Summary of Financial Instruments Carrying and Fair Values

The following table provides information about the Company's financial assets and liabilities not carried at fair value:

	July 1, 2023				December 31, 2022
(Millions of Dollars)	Carrying Value		Fair Value		Carrying Value		Fair Value
Other investments	$	6.0	$	5.8	$	9.3	$	9.3
Long-term debt, including current portion	$	6,101.0	$	5,316.1	$	5,354.1	$	4,662.9