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TAXES BASED ON INCOME (Tables) | 12 Months Ended
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Dec. 28, 2024
Income Tax Disclosure [Abstract] |
Schedule of Taxes Based on Income | Taxes based on income were as follows:
(In millions) |  | 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |  |
U.S. federal tax |  | $ | 36.0 |  |  | $ | 42.5 |  |  | $ | 29.4 |
State taxes |  | 10.6 |  |  | 9.0 |  |  | 8.8 |
Foreign taxes |  | 214.9 |  |  | 160.8 |  |  | 177.7 |
|  | 261.5 |  |  | 212.3 |  |  | 215.9 |
Deferred: |  |  |  |  |  |
U.S. federal tax |  | (8.7) |  |  | (29.0) |  |  | 5.8 |
State taxes |  | (3.3) |  |  | (3.5) |  |  | .9 |
Foreign taxes |  | (.9) |  |  | 11.9 |  |  | 19.6 |
|  | (12.9) |  |  | (20.6) |  |  | 26.3 |
Provision for income taxes |  | $ | 248.6 |  |  | $ | 191.7 |  |  | $ | 242.2 |
Schedule of the Principal Items Accounting for the Difference Between Taxes Computed at the U.S. Federal Statutory Rate | The principal items accounting for the difference between taxes computed at the U.S. federal statutory rate and taxes recorded were as follows:
(In millions) |  | 2024 |  | 2023 |  | 2022
Tax provision computed at U.S. federal statutory rate(1) |  | $ | 200.2 |  |  | $ | 145.9 |  |  | $ | 209.9 |
Increase (decrease) in taxes resulting from: |  |  |  |  |  |
State taxes, net of federal tax benefit |  | 2.7 |  |  | 2.6 |  |  | 11.8 |
Foreign earnings taxed at different rates(1) |  | 49.5 |  |  | 50.4 |  |  | 51.7 |
GILTI high-tax exclusion election, net(2) |  | (6.2) |  |  | (10.0) |  |  | (11.9) |
Valuation allowance |  | 15.9 |  |  | 2.6 |  |  | (5.0) |
U.S. federal research and development tax credits |  | (7.7) |  |  | (8.3) |  |  | (6.5) |
Tax contingencies and audit settlements |  | 1.9 |  |  | 11.9 |  |  | (4.3) |
Other items, net |  | (7.7) |  |  | (3.4) |  |  | (3.5) |
Provision for income taxes |  | $ | 248.6 |  |  | $ | 191.7 |  |  | $ | 242.2 |
(1) All years included certain U.S. international tax provisions and foreign earnings taxed in the U.S., net of credits. (2) In 2024, we recognized $6.2 million from our current year GILTI exclusion election. In 2023, we recognized $4.4 million from our 2023 GILTI exclusion election and $5.6 million related to the election made on our 2022 U.S. federal tax return. In 2022, we recognized $11.9 million of benefit related to a GILTI exclusion election made on our 2021 U.S. federal tax return.
Schedule of Income Before Taxes from the U.S. and International Operations | Income before taxes from our U.S. and foreign operations was as follows:
(In millions) |  | 2024 |  | 2023 |  | 2022
U.S. |  | $ | 211.4 |  |  | $ | 187.2 |  |  | $ | 232.4 |
Foreign |  | 742.1 |  |  | 507.5 |  |  | 766.9 |
Income before taxes |  | $ | 953.5 |  |  | $ | 694.7 |  |  | $ | 999.3 |
Schedule of Components of the Temporary Differences | The primary components of the temporary differences that gave rise to our deferred tax assets and liabilities were as follows:
(In millions) |  | 2024 |  | 2023
Accrued expenses not currently deductible |  | $ | 29.8 |  |  | $ | 44.5 |
Net operating loss carryforwards |  | 137.9 |  |  | 138.9 |
Tax credit carryforwards |  | 14.8 |  |  | 9.0 |
Capitalized research expenses |  | 81.7 |  |  | 59.9 |
Stock-based compensation |  | 8.8 |  |  | 10.9 |
Pension and other postretirement benefits |  | 31.1 |  |  | 34.2 |
Inventory reserve |  | 19.2 |  |  | 16.4 |
Lease liabilities |  | 44.7 |  |  | 43.3 |
Other assets |  | 31.6 |  |  | 27.9 |
Valuation allowance |  | (72.7) |  |  | (62.0) |
Total deferred tax assets(1) |  | 326.9 |  |  | 323.0 |
Depreciation and amortization |  | (306.0) |  |  | (317.2) |
Repatriation accrual |  | (24.2) |  |  | (24.5) |
Foreign operating loss recapture |  | (3.1) |  |  | (3.4) |
Lease assets |  | (44.3) |  |  | (43.4) |
Total deferred tax liabilities(1) |  | (377.6) |  |  | (388.5) |
Total net deferred tax assets (liabilities) |  | $ | (50.7) |  |  | $ | (65.5) |
(1) Reflect gross amounts before jurisdictional netting of deferred tax assets and liabilities.
Schedule of Tax Credit and Net Operating Loss Carryforwards | If unused, foreign net operating losses and tax credit carryforwards will expire as follows:
(In millions) |  | Net Operating Losses(1) |  | Tax Credits
Year of Expiry |  |  |  |
2025 |  | $ | 2.6 |  |  | $ | .2 |
2026 |  | 2.3 |  |  | .2 |
2027 |  | 3.1 |  |  | .4 |
2028 |  | 6.6 |  |  | .8 |
2029 |  | 28.5 |  |  | .4 |
2030-2044 |  | 23.6 |  |  | 11.7 |
Indefinite life/no expiry |  | 399.4 |  |  | 1.1 |
Total |  | $ | 466.1 |  |  | $ | 14.8 |
(1) Net operating losses are presented before tax effects and valuation allowance.
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amounts of unrecognized tax benefits is set forth below.
(In millions) |  | 2024 |  | 2023
Balance at beginning of year |  | $ | 88.0 |  |  | $ | 69.5 |
Additions for tax positions of current year |  | 11.4 |  |  | 15.4 |
Additions (reductions) for tax positions of prior years, net |  | (7.2) |  |  | 8.0 |
Settlements with tax authorities |  | (4.6) |  |  | (1.8) |
Expirations of statutes of limitations |  | (3.7) |  |  | (3.9) |
Changes due to translation of foreign currencies |  | (2.8) |  |  | .8 |
Balance at end of year |  | $ | 81.1 |  |  | $ | 88.0 |

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