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INCOME TAXES (Tables)

12 Months Ended

Dec. 30, 2023

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, excluding 2023 amounts classified as held for sale, at the end of each fiscal year were as follows:

(Millions of Dollars)			2023						2022
Deferred tax liabilities:
Depreciation			$	114.6					$	160.1
Intangible assets			817.7						907.5
Liability on undistributed foreign earnings			14.8						45.4
Lease right-of-use asset			126.5						108.2
Inventory			32.6						59.4
Other			44.2						46.7
Total deferred tax liabilities			$	1,150.4					$	1,327.3
Deferred tax assets:
Employee benefit plans			$	154.8					$	130.9
Basis differences in liabilities			100.8						104.0
Operating loss, capital loss and tax credit carryforwards			826.5						817.4
Lease liability			129.1						110.4
Intangible assets			681.3						556.8
Basis difference in debt obligations			249.1						268.0
Capitalized research and development costs			194.6						134.7
Interest expense carryforward			152.7						27.7
Other			159.1						176.6
Total deferred tax assets			$	2,648.0					$	2,326.5
Net Deferred Tax Asset before Valuation Allowance			$	1,497.6					$	999.2
Valuation Allowance			$	(1,046.9)					$	(1,032.5)
Net Deferred Tax Asset/ (Liability) after Valuation Allowance			$	450.7					$	(33.3)

Classification of Deferred Taxes

The components of (loss) earnings from continuing operations before income taxes and equity interest consisted of the following:

(Millions of Dollars)			2023						2022						2021
United States			$	(1,385.0)					$	(1,233.8)					$	(77.7)
Foreign			1,009.3						1,271.7						1,664.6
(Loss) earnings before income taxes and equity interest			$	(375.7)					$	37.9					$	1,586.9

Income Tax Expense (Benefit) Attributable to Continuing Operations

Income taxes on continuing operations consisted of the following:

(Millions of Dollars)			2023						2022						2021
Current:
Federal			$	5.8					$	(79.0)					$	0.3
Foreign			307.4						248.6						388.0
State			17.1						(16.7)						31.8
Total current			$	330.3					$	152.9					$	420.1
Deferred:
Federal			$	(158.2)					$	(61.2)					$	(124.7)
Foreign			(218.3)						(222.5)						(210.1)
State			(47.8)						(1.6)						(30.2)
Total deferred			(424.3)						(285.3)						(365.0)
Income taxes			$	(94.0)					$	(132.4)					$	55.1

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 on continuing operations in the Consolidated Statements of Operations is as follows:

(Millions of Dollars)			2023						2022						2021
Tax at statutory rate			$	(78.9)					$	8.0					$	333.2
State income taxes, net of federal benefits			(23.6)						(19.3)						1.4
Foreign tax rate differential			(48.0)						(28.8)						(63.5)
Uncertain tax benefits			30.5						26.3						49.6
Change in valuation allowance			33.5						(25.1)						(11.9)
Change in deferred tax liabilities on undistributed foreign earnings			—						12.8						23.1
Stock-based compensation			8.2						7.3						(6.3)
Change in tax rates			0.2						(5.5)						(31.1)
Tax credits			(13.8)						(8.8)						(6.7)
U.S. federal tax expense (benefit) on foreign earnings			61.1						55.7						(118.1)
Intra-entity asset transfer of intellectual property			(131.3)						(153.3)						(114.2)
Withholding taxes			38.9						5.4						12.0
Impairment on assets held for sale			30.4						—						—
Other			(1.2)						(7.1)						(12.4)
Income taxes			$	(94.0)					$	(132.4)					$	55.1

Activity Related to Unrecognized Tax Benefits

The following table summarizes the activity related to the unrecognized tax benefits from continuing operations:

(Millions of Dollars)			2023						2022						2021
Balance at beginning of year			$	502.7					$	487.7					$	428.3
Additions based on tax positions related to current year			20.9						27.2						33.6
Additions based on tax positions related to prior years			20.4						41.1						53.5
Reductions based on tax positions related to prior years			(8.2)						(37.8)						(17.2)
Settlements			(16.2)						(7.0)						(1.3)
Statute of limitations expirations			(16.8)						(8.5)						(9.2)
Reclassification to long-term liabilities held for sale			(21.5)						—						—
Balance at end of year			$	481.3					$	502.7					$	487.7

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