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INCOME TAXES (Tables) | 12 Months Ended
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Jan. 01, 2022
Income Tax Disclosure [Abstract] |
Significant Components of Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities from continuing operations at the end of each fiscal year were as follows:
(Millions of Dollars) | 2021 |  | 2020
Deferred tax liabilities: |  |  |
Depreciation | $ | 132.2 |  |  | $ | 149.3 |
Intangible assets | 917.3 |  |  | 669.6 |
Liability on undistributed foreign earnings | 48.2 |  |  | 29.7 |
Lease right-of-use asset | 106.5 |  |  | 107.4 |
Inventory | 79.6 |  |  | 26.2 |
Other | 48.4 |  |  | 62.9 |
Total deferred tax liabilities | $ | 1,332.2 |  |  | $ | 1,045.1 |
Deferred tax assets: |  |  |
Employee benefit plans | $ | 204.2 |  |  | $ | 240.0 |
Basis differences in liabilities | 100.4 |  |  | 91.4 |
Operating loss, capital loss and tax credit carryforwards | 830.7 |  |  | 745.4 |
Lease liability | 109.7 |  |  | 110.5 |
Intangible assets | 417.7 |  |  | 301.3 |
Basis difference in debt obligations | 205.1 |  |  | 21.0 |
Capitalized research and development costs | 86.0 |  |  | 52.2 |
Other | 206.6 |  |  | 169.6 |
Total deferred tax assets | $ | 2,160.4 |  |  | $ | 1,731.4 |
Net Deferred Tax Asset before Valuation Allowance | $ | 828.2 |  |  | $ | 686.3 |
Valuation Allowance | $ | (1,067.2) |  |  | $ | (1,001.9) |
Net Deferred Tax Liability after Valuation Allowance | $ | (239.0) |  |  | $ | (315.6) |
Classification of Deferred Taxes |
(Millions of Dollars) | 2021 |  | 2020 |  | 2019
United States | $ | (31.5) |  |  | $ | 174.7 |  |  | $ | 184.5 |
Foreign | 1,672.5 |  |  | 1,045.1 |  |  | 909.9 |
Earnings before income taxes and equity interest | $ | 1,641.0 |  |  | $ | 1,219.8 |  |  | $ | 1,094.4 |
Income Tax Expense (Benefit) Attributable to Continuing Operations | Income tax expense (benefit) consisted of the following:
(Millions of Dollars) | 2021 |  | 2020 |  | 2019
Current: |  |  |  |  |
Federal | $ | 7.8 |  |  | $ | 61.2 |  |  | $ | (32.4) |
Foreign | 388.0 |  |  | 183.2 |  |  | 184.4 |
State | 32.1 |  |  | 20.3 |  |  | 5.5 |
Total current | $ | 427.9 |  |  | $ | 264.7 |  |  | $ | 157.5 |
Deferred: |  |  |  |  |
Federal | $ | (125.9) |  |  | $ | (26.2) |  |  | $ | (4.8) |
Foreign | (210.1) |  |  | (192.1) |  |  | (33.0) |
State | (30.5) |  |  | (3.4) |  |  | 7.1 |
Total deferred | (366.5) |  |  | (221.7) |  |  | (30.7) |
Income taxes | $ | 61.4 |  |  | $ | 43.0 |  |  | $ | 126.8 |
Reconciliation of U.S. Federal Statutory Income Tax to Income Taxes on Continuing Operations | The reconciliation of the U.S. federal statutory income tax provision to Income taxes in the Consolidated Statements of Operations from continuing operations is as follows:
(Millions of Dollars) | 2021 |  | 2020 |  | 2019
Tax at statutory rate | $ | 344.6 |  |  | $ | 256.2 |  |  | $ | 229.8 |
State income taxes, net of federal benefits | 1.9 |  |  | 12.8 |  |  | 19.6 |
Foreign tax rate differential | (63.1) |  |  | (58.3) |  |  | (56.9) |
Uncertain tax benefits | 49.6 |  |  | 17.7 |  |  | (68.2) |
Change in valuation allowance | (11.9) |  |  | (12.7) |  |  | 8.5 |
Change in deferred tax liabilities on undistributed foreign earnings | 23.1 |  |  | (118.8) |  |  | — |
Stock-based compensation | (6.3) |  |  | (9.2) |  |  | (23.7) |
Change in tax rates | (31.1) |  |  | (0.3) |  |  | 2.4 |
Capital loss | — |  |  | (40.4) |  |  | — |
U.S. federal tax (benefit) expense on foreign earnings | (123.9) |  |  | (1.1) |  |  | 13.7 |
Intra-entity asset transfer of intellectual property | (114.2) |  |  | (27.7) |  |  | — |
Other | (7.3) |  |  | 24.8 |  |  | 1.6 |
Income taxes | $ | 61.4 |  |  | $ | 43.0 |  |  | $ | 126.8 |
Activity Related to Unrecognized Tax Benefits | The following table summarizes the activity related to the unrecognized tax benefits from continuing operations:
(Millions of Dollars) | 2021 |  | 2020 |  | 2019
Balance at beginning of year | $ | 428.3 |  |  | $ | 392.0 |  |  | $ | 390.9 |
Additions based on tax positions related to current year | 33.6 |  |  | 27.8 |  |  | 47.2 |
Additions based on tax positions related to prior years | 53.5 |  |  | 34.4 |  |  | 79.5 |
Reductions based on tax positions related to prior years | (17.2) |  |  | (19.0) |  |  | (91.1) |
Settlements | (1.3) |  |  | (0.5) |  |  | (0.3) |
Statute of limitations expirations | (9.2) |  |  | (6.4) |  |  | (34.2) |
Balance at end of year | $ | 487.7 |  |  | $ | 428.3 |  |  | $ | 392.0 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
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