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SUPPLEMENTAL FINANCIAL INFORMATION | 12 Months Ended
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Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
SUPPLEMENTAL FINANCIAL INFORMATION | SUPPLEMENTAL FINANCIAL INFORMATION Inventories Inventories at year-end were as follows:
(In millions) |  | 2022 |  | 2021
Raw materials |  | $ | 457.6 |  |  | $ | 393.6 |
Work-in-progress |  | 255.1 |  |  | 233.1 |
Finished goods |  | 297.2 |  |  | 280.5 |
Inventories |  | $ | 1,009.9 |  |  | $ | 907.2 |
Property, Plant and Equipment, Net Major classes of property, plant and equipment, stated at cost, at year-end were as follows:
(In millions) |  | 2022 |  | 2021
Land |  | $ | 29.3 |  |  | $ | 28.6 |
Buildings and improvements |  | 781.0 |  |  | 777.6 |
Machinery and equipment |  | 2,667.8 |  |  | 2,582.2 |
Construction-in-progress |  | 269.6 |  |  | 237.8 |
Property, plant and equipment |  | 3,747.7 |  |  | 3,626.2 |
Accumulated depreciation |  | (2,207.5) |  |  | (2,148.5) |
Property, plant and equipment, net |  | $ | 1,540.2 |  |  | $ | 1,477.7 |
Software Capitalized software costs at year-end were as follows:
(In millions) |  | 2022 |  | 2021
Cost |  | $ | 390.6 |  |  | $ | 403.9 |
Accumulated amortization |  | (282.3) |  |  | (280.6) |
Software, net |  | $ | 108.3 |  |  | $ | 123.3 |
Software amortization expense was $29.5 million in 2022, $30.1 million in 2021 and $29.0 million in 2020. Allowance for Credit Losses Given the short-term nature of trade receivables, our allowance for credit losses is based on the financial condition of customers, the aging of receivable balances, our historical collections experience, and current and expected future macroeconomic and market conditions, including as a result of COVID-19. Balances are written off in the period in which they are determined to be uncollectible. The activity related to our allowance for credit losses was as follows:
(In millions) |  | 2022 |  | 2021
Balance at beginning of year |  | $ | 33.0 |  |  | $ | 44.6 |
Provision for (reversal of) credit losses |  | 6.9 |  |  | (4.7) |
Amounts written off |  | (4.3) |  |  | (7.7) |
Other, including foreign currency translation |  | (1.2) |  |  | .8 |
Balance at end of year |  | $ | 34.4 |  |  | $ | 33.0 |
The provision for credit losses was $20.3 million in 2020 and reflected impacts on customers as a result of COVID-19. Research and Development Research and development expense, which is included in “Marketing, general and administrative expense” in the Consolidated Statements of Income, was as follows:
(In millions) |  | 2022 |  | 2021 |  | 2020
Research and development expense |  | $ | 136.1 |  |  | $ | 136.6 |  |  | $ | 112.8 |
Supplemental Cash Flow Information Cash paid for interest and income taxes was as follows:
(In millions) |  | 2022 |  | 2021 |  | 2020
Interest |  | $ | 80.9 |  |  | $ | 62.8 |  |  | $ | 69.6 |
Income taxes, net of refunds |  | 204.8 |  |  | 253.4 |  |  | 203.4 |
Foreign Currency Effects Gains and losses resulting from foreign currency transactions are included in income in the period incurred. Transactions in foreign currencies (including receivables, payables and loans denominated in currencies other than the functional currency), including hedging impacts, were not material in 2022, 2021 or 2020. Deferred Revenue Deferred revenue primarily relates to constrained variable consideration on supply agreements for sales of products, as well as to payments received in advance of performance under a contract. Deferred revenue is recognized as revenue as or when we perform under a contract. The following table shows the amounts and balance sheet locations of deferred revenue as of December 31, 2022 and January 1, 2022:
(In millions) |  | December 31, 2022 |  | January 1, 2022
Other current liabilities |  | $ | 22.2 |  |  | $ | 24.7 |
Long-term retirement benefits and other liabilities |  | 2.1 |  |  | 1.9 |
Total deferred revenue |  | $ | 24.3 |  |  | $ | 26.6 |
Revenue recognized from amounts included in deferred revenue as of January 1, 2022 was $23.5 million in 2022. Revenue recognized from amounts included in deferred revenue as of January 2, 2021 was $18.4 million in 2021. Revenue recognized from amounts included in deferred revenue as of December 28, 2019 was $12.0 million in 2020. This revenue was included in “Net sales” in the Consolidated Statements of Income.

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