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Supplemental Financial Information | 3 Months Ended
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Mar. 30, 2024
Supplemental Financial Information |
Supplemental Financial Information | Supplemental Financial Information Inventories The table below summarizes amounts in inventories.
(In millions) | March 30, 2024 |  | December 30, 2023
Raw materials | $ | 404.4 |  |  | $ | 415.4 |
Work-in-progress | 230.9 |  |  | 238.2 |
Finished goods | 337.2 |  |  | 267.1 |
Inventories | $ | 972.5 |  |  | $ | 920.7 |
Property, Plant and Equipment, Net The table below summarizes the amounts in property, plant and equipment, net.
(In millions) | March 30, 2024 |  | December 30, 2023
Property, plant and equipment | $ | 3,923.9 |  |  | $ | 3,970.4 |
Accumulated depreciation | (2,325.7) |  |  | (2,344.6) |
Property, plant and equipment, net | $ | 1,598.2 |  |  | $ | 1,625.8 |
Allowance for Credit Losses The activity related to our allowance for credit losses is shown below.
| Three Months Ended
(In millions) | March 30, 2024 |  | April 1, 2023
Beginning balance | $ | 34.4 |  |  | $ | 34.4 |
Provision for credit losses | 1.7 |  |  | .1 |
Amounts written off | (1.4) |  |  | (1.3) |
Other, including foreign currency translation | (.1) |  |  | .7 |
Ending balance | $ | 34.6 |  |  | $ | 33.9 |
Supplier Finance Programs We have agreements with third-party financial institutions to facilitate payments to suppliers. These third-party financial institutions offer voluntary supply chain finance programs that enable certain of our suppliers, at the supplier’s sole discretion, to sell our payment obligations to a financial institution on terms directly negotiated with the financial institution. Participating suppliers decide which payment obligations are sold to the financial institution and we have no economic interest in a supplier’s decision to sell these payment obligations. We make payments to the financial institution on the invoice due date, regardless of whether an individual invoice is sold by the supplier to the financial institution. Our obligations to our suppliers, including amounts due and scheduled payment dates, are not impacted by suppliers' decisions to sell amounts under these arrangements. Amounts due under our supply chain finance programs are included in accounts payable on our unaudited Condensed Consolidated Balance Sheets and activities related to these programs are presented as operating activities in our unaudited Condensed Consolidated Statements of Cash Flows. As of March 30, 2024 and December 30, 2023, the amounts due to financial institutions for suppliers that participate in these programs were $383.0 million and $397.4 million, respectively. Argentine Blue Chip Swap During 2019, the Argentine government instituted exchange controls restricting the ability of entities and individuals to exchange Argentine pesos for foreign currencies or remit foreign currency out of Argentina. Due to these currency exchange restrictions, markets in Argentina use a legal trading mechanism known as the Blue Chip Swap that allows entities to transfer U.S. dollars in and out of Argentina. During the first quarter of 2024, we entered into Blue Chip Swap transactions that resulted in losses of approximately $6 million that we recorded in "Other expense (income), net" in the unaudited Condensed Consolidated Statements of Income. Purchases and the proceeds from sales of Argentine Blue Chip Swap securities are presented as investing activities in our unaudited Condensed Consolidated Statements of Cash Flows.

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- Definition The entire disclosure for supplemental balance sheet disclosures, including descriptions and amounts for assets, liabilities, and equity. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 210 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//210/tableOfContent + Details
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