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ACQUISITIONS AND INVESTMENTS - Restructuring and Related Activities (Tables) | 12 Months Ended
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Jan. 01, 2022
Restructuring and Related Activities [Abstract] |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the estimated acquisition date value of identifiable net assets acquired and liabilities assumed:
(Millions of Dollars) |
Cash and cash equivalents | $ | 111.6 |
Accounts receivable, net | 272.6 |
Inventories, net | 900.7 |
Prepaid expenses and other assets | 97.7 |
Property, plant and equipment | 223.5 |
Trade names | 390.0 |
Customer relationships | 450.0 |
Other assets | 36.8 |
Accounts payable | (391.8) |
Accrued expenses | (253.6) |
Deferred revenue | (0.9) |
Long-term debt | (103.0) |
Deferred taxes | (194.3) |
Other liabilities | (71.3) |
Total identifiable net assets | $ | 1,468.0 |
Goodwill | 436.7 |
Total consideration | $ | 1,904.7 |
(Millions of Dollars) |
Cash and cash equivalents | $ | 35.8 |
Accounts receivable, net | 48.3 |
Inventories, net | 124.3 |
Prepaid expenses and other assets | 2.6 |
Property, plant and equipment | 127.9 |
Trade names | 25.0 |
Customer relationships | 565.0 |
Accounts payable | (25.9) |
Accrued expenses | (26.9) |
Deferred taxes | (16.3) |
Other liabilities | (0.3) |
Total identifiable net assets | $ | 859.5 |
Goodwill | 632.3 |
Contingent consideration | (155.3) |
Total consideration paid | $ | 1,336.5 |
Schedule of Business Acquisitions, by Acquisition | The net sales and net loss from the 2021 acquisitions included in the Company's Consolidated Statements of Operations for the year ended January 1, 2022 are shown in the table below. The net loss includes amortization expense relating to intangible assets recorded upon acquisition, inventory step-up charges, transaction costs, gain on MTD investment, contingent consideration expense, and other integration-related costs.
(Millions of Dollars) | 2021
Net sales | $ | 235.5 |
Net loss from continuing operations attributable to common shareowners | $ | (49.7) |
Business Acquisition, Pro Forma Information | The following table presents supplemental pro-forma information as if the 2021 acquisitions had occurred on December 29, 2019 and the 2020 acquisitions had occurred on December 30, 2018. The pro-forma consolidated results are not necessarily indicative of what the Company’s consolidated net sales and net earnings would have been had the Company completed the acquisitions on the aforementioned dates. In addition, the pro-forma consolidated results do not purport to project the future results of the Company.
(Millions of Dollars, except per share amounts) | 2021 |  | 2020
Net sales | $ | 18,226.7 |  |  | $ | 16,000.5 |
Net earnings from continuing operations attributable to common shareowners - Diluted | 1,714.3 |  |  | 1,138.4 |
Diluted earnings per share of common stock - Continuing operations | $ | 10.39 |  |  | $ | 7.01 |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(3) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1486-128463 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=123413009&loc=d3e4845-128472 + Details
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