FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 30, 2023

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 30, 2023 and December 31, 2022 is as follows:

(Millions of Dollars)	Balance Sheet Classification	2023		2022		Balance Sheet Classification	2023		2022
Derivatives designated as hedging instruments:
Foreign Exchange Contracts Cash Flow	Other current assets	$	0.1	$	4.5	Accrued expenses	$	4.9	$	4.2
Non-derivative designated as hedging instrument:
Net Investment Hedge		$	—	$	—	Short-term borrowings	$	399.7	$	—
Total Designated as hedging instruments		$	0.1	$	4.5		$	404.6	$	4.2
Derivatives not designated as hedging instruments:
Foreign Exchange Contracts	Other current assets	$	8.4	$	7.7	Accrued expenses	$	13.0	$	11.9
Total		$	8.5	$	12.2		$	417.6	$	16.1

A summary of the amounts recorded in the Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges as of December 30, 2023 and December 31, 2022 is as follows:

(Millions of Dollars)	2023 Carrying Amount of Hedged Liability1		2023 Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liability
Current maturities of long-term debt	$	1.1	Terminated Swaps	$	—
Long-Term Debt	$	532.6	Terminated Swaps	$	(19.7)

1Represents hedged items no longer designated in qualifying fair value hedging relationships.

(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.

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 2023, 2022 and 2021: 

2023 (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	$	—	Interest expense	$	(6.1)	$	—
Foreign Exchange Contracts	$	(4.3)	Cost of sales	$	(0.6)	$	—

 

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)	$	—

A summary of the pre-tax effect of cash flow hedge accounting on the Consolidated Statements of Operations for 2023, 2022 and 2021 is as follows:

	2023				2022				2021
(Millions of Dollars)	Cost of Sales		Interest Expense		Cost of Sales		Interest Expense		Cost of Sales		Interest Expense
Total amount in the Consolidated Statements of Operations in which the effects of the cash flow hedges are recorded	$	11,848.5	$	559.4	$	12,663.3	$	338.5	$	10,189.1	$	185.4
Gain (loss) on cash flow hedging relationships:
Foreign Exchange Contracts:
Hedged Items	$	0.6	$	—	$	(53.3)	$	—	$	26.1	$	—
Gain (loss) reclassified from OCI into Income	$	(0.6)	$	—	$	53.3	$	—	$	(26.1)	$	—
Interest Rate Swap Agreements:
Gain (loss) reclassified from OCI into Income 1	$	—	$	(6.1)	$	—	$	(5.8)	$	—	$	(3.9)

1 Inclusive of the gain/loss amortization on terminated derivative financial instruments.

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 2023, 2022 and 2021 is as follows:

	2023		2022		2021
(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	$	559.4	$	338.5	$	185.4
Amortization of gain on terminated swaps	$	(0.4)	$	(0.4)	$	(0.4)

Schedule of Derivatives Pre-tax Gain or Loss from Fair Value Change

The pre-tax gain or loss from fair value changes during 2023, 2022 and 2021 were as follows:

	2023
(Millions of Dollars)	Total Gain (Loss) Recorded in OCI		Excluded Component Recorded in OCI		Income Statement Classification	Total Gain (Loss) Reclassified from OCI to Income		Excluded Component Amortized from OCI to Income
Forward Contracts	$	0.4	$	—	Other, net	$	—	$	—
Non-derivative designated as Net Investment Hedge	$	(12.0)	$	—	Other, net	$	—	$	—

	2022
(Millions of Dollars)	Total Gain (Loss) Recorded in OCI		Excluded Component Recorded in OCI		Income Statement Classification	Total Gain (Loss) Reclassified from OCI to Income		Excluded 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 OCI		Excluded Component Recorded in OCI		Income Statement Classification	Total Gain (Loss) Reclassified from OCI to Income		Excluded 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	$	—	$	—

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 2023, 2022 and 2021 is as follows:

(Millions of Dollars)	Income Statement Classification	2023		2022		2021
Foreign Exchange Contracts	Other-net	$	(33.7)	$	5.0	$	(10.8)