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EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended
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Jan. 01, 2022
Retirement Benefits [Abstract] |
Expense for Defined Contribution Plans | The expense for defined contribution plans, aside from the earlier discussed ESOP plans, is as follows:
(Millions of Dollars) | 2021 |  | 2020 |  | 2019
Multi-employer plan expense | $ | 7.1 |  |  | $ | 7.8 |  |  | $ | 7.2 |
Other defined contribution plan expense | $ | 28.6 |  |  | $ | 24.9 |  |  | $ | 31.3 |
Net Periodic Pension Expense | The components of net periodic pension expense (benefit) are as follows:
| U.S. Plans |  | Non-U.S. Plans
(Millions of Dollars) | 2021 |  | 2020 |  | 2019 |  | 2021 |  | 2020 |  | 2019
Service cost | $ | 6.5 |  |  | $ | 6.8 |  |  | $ | 12.3 |  |  | $ | 17.6 |  |  | $ | 16.1 |  |  | $ | 14.6 |
Interest cost | 23.0 |  |  | 35.3 |  |  | 47.1 |  |  | 16.7 |  |  | 22.5 |  |  | 30.3 |
Expected return on plan assets | (54.9) |  |  | (58.7) |  |  | (61.7) |  |  | (39.9) |  |  | (41.2) |  |  | (45.6) |
Amortization of prior service cost (credit) | 1.1 |  |  | 1.0 |  |  | 1.0 |  |  | (0.8) |  |  | (0.7) |  |  | (0.6) |
Actuarial loss amortization | 9.2 |  |  | 8.5 |  |  | 8.0 |  |  | 12.2 |  |  | 11.7 |  |  | 8.6 |
Special termination benefit | — |  |  | — |  |  | — |  |  | — |  |  | 0.2 |  |  | — |
Settlement / curtailment loss | 0.4 |  |  | — |  |  | — |  |  | 0.7 |  |  | 0.6 |  |  | 1.0 |
Net periodic pension (benefit) expense | $ | (14.7) |  |  | $ | (7.1) |  |  | $ | 6.7 |  |  | $ | 6.5 |  |  | $ | 9.2 |  |  | $ | 8.3 |
Net periodic post-retirement benefit expense was comprised of the following elements:
| Other Benefit Plans
(Millions of Dollars) | 2021 |  | 2020 |  | 2019
Service cost | $ | 0.4 |  |  | $ | 0.6 |  |  | $ | 0.3 |
Interest cost | 0.9 |  |  | 1.5 |  |  | 1.6 |
Amortization of prior service credit | (0.7) |  |  | (1.3) |  |  | (1.4) |
Actuarial loss amortization | — |  |  | 0.3 |  |  | (0.3) |
Special termination benefit | — |  |  | 16.1 |  |  | — |
Net periodic post-retirement expense | $ | 0.6 |  |  | $ | 17.2 |  |  | $ | 0.2 |
Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income | Changes in plan assets and benefit obligations recognized in Accumulated other comprehensive loss in 2021 are as follows:
(Millions of Dollars) | 2021
Current year actuarial gain | $ | (133.4) |
Amortization of actuarial loss | (21.0) |
Prior service cost from plan amendments | 0.9 |
Settlement / curtailment loss | (1.1) |
Currency / other | (7.8) |
Total gain recognized in Accumulated other comprehensive loss (pre-tax) | $ | (162.4) |
Changes in Pension and Other Post-retirement Benefit Obligations, Fair Value of Plan Assets | The changes in the pension and other post-retirement benefit obligations, fair value of plan assets, as well as amounts recognized in the Consolidated Balance Sheets, are shown below.
| U.S. Plans |  | Non-U.S. Plans |  | Other Benefits
(Millions of Dollars) | 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020
Change in benefit obligation |  |  |  |  |  |  |  |  |  |  |
Benefit obligation at end of prior year | $ | 1,404.3 |  |  | $ | 1,325.4 |  |  | $ | 1,622.3 |  |  | $ | 1,449.9 |  |  | $ | 61.2 |  |  | $ | 52.2 |
Service cost | 6.5 |  |  | 6.8 |  |  | 17.6 |  |  | 16.1 |  |  | 0.4 |  |  | 0.6 |
Interest cost | 23.0 |  |  | 35.3 |  |  | 16.7 |  |  | 22.5 |  |  | 0.9 |  |  | 1.5 |
Special termination benefit | — |  |  | — |  |  | — |  |  | 0.2 |  |  | — |  |  | 16.1 |
Settlements/curtailments | (0.8) |  |  | — |  |  | (15.3) |  |  | (5.5) |  |  | — |  |  | — |
Actuarial (gain) loss | (47.2) |  |  | 123.3 |  |  | (92.4) |  |  | 112.0 |  |  | (6.6) |  |  | (2.9) |
Plan amendments | 0.8 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  |  | — |  |  | — |
Foreign currency exchange rate changes | — |  |  | — |  |  | (37.7) |  |  | 84.9 |  |  | (0.2) |  |  | (1.8) |
Participant contributions | — |  |  | — |  |  | 0.2 |  |  | 0.3 |  |  | — |  |  | — |
Acquisitions, divestitures, and other | 152.4 |  |  | (4.0) |  |  | 28.9 |  |  | (6.5) |  |  | — |  |  | — |
Benefits paid | (80.8) |  |  | (82.6) |  |  | (50.0) |  |  | (51.7) |  |  | (5.4) |  |  | (4.5) |
Benefit obligation at end of year | $ | 1,458.2 |  |  | $ | 1,404.3 |  |  | $ | 1,490.4 |  |  | $ | 1,622.3 |  |  | $ | 50.3 |  |  | $ | 61.2 |
Change in plan assets |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at end of prior year | $ | 1,191.5 |  |  | $ | 1,103.5 |  |  | $ | 1,229.6 |  |  | $ | 1,093.5 |  |  | $ | — |  |  | $ | — |
Actual return on plan assets | 63.4 |  |  | 160.9 |  |  | 17.9 |  |  | 119.3 |  |  | — |  |  | — |
Participant contributions | — |  |  | — |  |  | 0.2 |  |  | 0.3 |  |  | — |  |  | — |
Employer contributions | 13.8 |  |  | 13.7 |  |  | 20.8 |  |  | 22.0 |  |  | 5.4 |  |  | 4.5 |
Settlements | (0.8) |  |  | — |  |  | (13.7) |  |  | (5.2) |  |  | — |  |  | — |
Foreign currency exchange rate changes | — |  |  | — |  |  | (15.6) |  |  | 55.6 |  |  | — |  |  | — |
Acquisitions, divestitures, and other | 153.0 |  |  | (4.0) |  |  | 37.4 |  |  | (4.2) |  |  | — |  |  | — |
Benefits paid | (80.8) |  |  | (82.6) |  |  | (50.0) |  |  | (51.7) |  |  | (5.4) |  |  | (4.5) |
Fair value of plan assets at end of plan year | $ | 1,340.1 |  |  | $ | 1,191.5 |  |  | $ | 1,226.6 |  |  | $ | 1,229.6 |  |  | $ | — |  |  | $ | — |
Funded status — assets less than benefit obligation | $ | (118.1) |  |  | $ | (212.8) |  |  | $ | (263.8) |  |  | $ | (392.7) |  |  | $ | (50.3) |  |  | $ | (61.2) |
Unrecognized prior service cost (credit) | 3.5 |  |  | 3.8 |  |  | (16.4) |  |  | (17.4) |  |  | 0.1 |  |  | (0.6) |
Unrecognized net actuarial loss (gain) | 213.4 |  |  | 278.7 |  |  | 268.3 |  |  | 360.3 |  |  | (9.7) |  |  | (3.2) |
Net amount recognized | $ | 98.8 |  |  | $ | 69.7 |  |  | $ | (11.9) |  |  | $ | (49.8) |  |  | $ | (59.9) |  |  | $ | (65.0) |
| U.S. Plans |  | Non-U.S. Plans |  | Other Benefits
(Millions of Dollars) | 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020
Amounts recognized in the Consolidated Balance Sheets |  |  |  |  |  |  |  |  |  |  |
Prepaid benefit cost (non-current) | $ | 0.6 |  |  | $ | — |  |  | $ | 62.4 |  |  | $ | 0.2 |  |  | $ | — |  |  | $ | — |
Current benefit liability | (6.0) |  |  | (7.3) |  |  | (10.3) |  |  | (10.2) |  |  | (7.5) |  |  | (6.8) |
Non-current benefit liability | (112.7) |  |  | (205.5) |  |  | (315.9) |  |  | (382.7) |  |  | (42.8) |  |  | (54.4) |
Net liability recognized | $ | (118.1) |  |  | $ | (212.8) |  |  | $ | (263.8) |  |  | $ | (392.7) |  |  | $ | (50.3) |  |  | $ | (61.2) |
Accumulated other comprehensive loss (pre-tax): |  |  |  |  |  |  |  |  |  |  |
Prior service cost (credit) | $ | 3.5 |  |  | $ | 3.8 |  |  | $ | (16.4) |  |  | $ | (17.4) |  |  | $ | 0.1 |  |  | $ | (0.6) |
Actuarial loss (gain) | 213.4 |  |  | 278.7 |  |  | 268.3 |  |  | 360.3 |  |  | (9.7) |  |  | (3.2) |
| 216.9 |  |  | 282.5 |  |  | 251.9 |  |  | 342.9 |  |  | (9.6) |  |  | (3.8) |
Net amount recognized | $ | 98.8 |  |  | $ | 69.7 |  |  | $ | (11.9) |  |  | $ | (49.8) |  |  | $ | (59.9) |  |  | $ | (65.0) |
Information regarding pension plans in which projected benefit obligations (inclusive of anticipated future compensation increases) exceed plan assets as follows:
| U.S. Plans |  | Non-U.S. Plans
(Millions of Dollars) | 2021 |  | 2020 |  | 2021 |  | 2020
Projected benefit obligation | $ | 1,303.3 |  |  | $ | 1,404.3 |  |  | $ | 399.1 |  |  | $ | 1,619.9 |
Fair value of plan assets | $ | 1,184.6 |  |  | $ | 1,191.5 |  |  | $ | 72.9 |  |  | $ | 1,227.0 |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | Information regarding pension plans in which accumulated benefit obligations exceed plan assets follows:
| U.S. Plans |  | Non-U.S. Plans
(Millions of Dollars) | 2021 |  | 2020 |  | 2021 |  | 2020
Accumulated benefit obligation | $ | 1,299.8 |  |  | $ | 1,401.5 |  |  | $ | 326.1 |  |  | $ | 1,531.8 |
Fair value of plan assets | $ | 1,184.6 |  |  | $ | 1,191.5 |  |  | $ | 50.3 |  |  | $ | 1,201.3 |
Assumptions used in Valuing Pension and Post-Retirement Plan Obligations and Net Costs | The major assumptions used in valuing pension and post-retirement plan obligations and net costs were as follows:
| Pension Benefits |  |
| U.S. Plans |  | Non-U.S. Plans |  | Other Benefits
| 2021 |  | 2020 |  | 2019 |  | 2021 |  | 2020 |  | 2019 |  | 2021 |  | 2020 |  | 2019
Weighted-average assumptions used to determine benefit obligations at year end: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Discount rate | 2.80 | % |  | 2.39 | % |  | 3.20 | % |  | 1.78 | % |  | 1.31 | % |  | 1.80 | % |  | 2.84 | % |  | 2.19 | % |  | 3.64 | %
Rate of compensation increase | 3.00 | % |  | 3.56 | % |  | 3.50 | % |  | 3.56 | % |  | 3.29 | % |  | 3.30 | % |  | — |  |  | 3.50 | % |  | 3.50 | %
Weighted-average assumptions used to determine net periodic benefit cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Discount rate - service cost | 2.95 | % |  | 3.58 | % |  | 4.43 | % |  | 1.41 | % |  | 1.57 | % |  | 2.37 | % |  | 4.42 | % |  | 5.62 | % |  | 5.22 | %
Discount rate - interest cost | 1.68 | % |  | 2.75 | % |  | 3.86 | % |  | 1.06 | % |  | 1.61 | % |  | 2.37 | % |  | 1.60 | % |  | 3.36 | % |  | 4.04 | %
Rate of compensation increase | 3.00 | % |  | 3.00 | % |  | 3.00 | % |  | 3.27 | % |  | 3.30 | % |  | 3.44 | % |  | — |  |  | 3.50 | % |  | 3.50 | %
Expected return on plan assets | 4.75 | % |  | 5.25 | % |  | 6.25 | % |  | 3.25 | % |  | 3.90 | % |  | 4.73 | % |  | — |  |  | — |  |  | — |
Asset Allocations by Asset Category and Level of Valuation Inputs within Fair Value Hierarchy | The Company’s worldwide asset allocations at January 1, 2022 and January 2, 2021 by asset category and the level of the valuation inputs within the fair value hierarchy established by ASC 820, Fair Value Measurement, are as follows:
Asset Category (Millions of Dollars) | 2021 |  | Level 1 |  | Level 2
Cash and cash equivalents | $ | 74.2 |  |  | $ | 55.7 |  |  | $ | 18.5 |
Equity securities |  |  |  |  |
U.S. equity securities | 323.3 |  |  | 92.5 |  |  | 230.8 |
Foreign equity securities | 205.9 |  |  | 44.8 |  |  | 161.1 |
Fixed income securities |  |  |  |  |
Government securities | 871.1 |  |  | 340.7 |  |  | 530.4 |
Corporate securities | 996.3 |  |  | — |  |  | 996.3 |
Insurance contracts | 49.6 |  |  | — |  |  | 49.6 |
Other | 46.3 |  |  | — |  |  | 46.3 |
Total | $ | 2,566.7 |  |  | $ | 533.7 |  |  | $ | 2,033.0 |
Asset Category (Millions of Dollars) | 2020 |  | Level 1 |  | Level 2
Cash and cash equivalents | $ | 83.2 |  |  | $ | 69.0 |  |  | $ | 14.2 |
Equity securities |  |  |  |  |
U.S. equity securities | 329.4 |  |  | 91.2 |  |  | 238.2 |
Foreign equity securities | 234.1 |  |  | 65.7 |  |  | 168.4 |
Fixed income securities |  |  |  |  |
Government securities | 821.6 |  |  | 285.8 |  |  | 535.8 |
Corporate securities | 867.6 |  |  | — |  |  | 867.6 |
Insurance contracts | 41.7 |  |  | — |  |  | 41.7 |
Other | 43.5 |  |  | — |  |  | 43.5 |
Total | $ | 2,421.1 |  |  | $ | 511.7 |  |  | $ | 1,909.4 |
Expected Future Benefit Payments | EXPECTED FUTURE BENEFIT PAYMENTS — Benefit payments, inclusive of amounts attributable to estimated future employee service, are expected to be paid as follows over the next 10 years:
(Millions of Dollars) |  | Total |  | Year 1 |  | Year 2 |  | Year 3 |  | Year 4 |  | Year 5 |  | Years 6-10
Future payments |  | $ | 1,505.3 |  |  | $ | 151.9 |  |  | $ | 153.8 |  |  | $ | 151.5 |  |  | $ | 150.3 |  |  | $ | 150.6 |  |  | $ | 747.2 |

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- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of the costs related to the various types of retirement plans including defined benefit pension plan cost, defined contribution plan cost, other postretirement benefit plan cost, and net periodic benefit cost. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
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