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Supplier Finance Program | 3 Months Ended
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Apr. 01, 2023
Equity [Abstract] |
Supplier Finance Program | Supplier Finance Program The Corporation adopted ASU 2022-04, Liabilities—Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations in the first fiscal quarter of 2023, which enhances the transparency of supplier finance programs by requiring the disclosure of key terms, amounts outstanding, a rollforward of outstanding amounts, and a description of where in the financial statements outstanding amounts are presented. The rollforward disclosure is not required until fiscal 2024. One of the Corporation’s third-party financial institutions offers a supply chain finance ("SCF") program by which it allows eligible Corporation suppliers the opportunity to sell their trade receivables due from the Corporation. Supplier participation in the SCF program is voluntary and requires an agreement between the supplier and the financial institution, to which the Corporation is not a party. Any sales of supplier receivables to the financial institution is at the sole discretion of the supplier and is priced at a rate that leverages the Corporation’s credit rating and thus may be more beneficial to the supplier. The Corporation’s responsibility is limited to making payment on the terms originally negotiated with each supplier, regardless of whether the supplier sells its receivables to the financial institution. The Corporation’s payments to the financial institution to settle obligations related to suppliers that elected to participate in the SCF program are reflected in cash flows from operating activities in the Condensed Consolidated Statements of Cash Flows. Additionally, SCF program payment obligations due by the Corporation to the financial institution are recorded in "Accounts payable and accrued expenses" in the Condensed Consolidated Balance Sheets as follows:
|  | As of April 1, 2023 |  | As of December 31, 2022
Supplier finance program obligations |  | $ | 27.3 |  |  | $ | 27.4 |

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- Definition The entire disclosure for supplier finance program. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 405 -SubTopic 50 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479468/405-50-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 405 -SubTopic 50 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479468/405-50-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 405 -SubTopic 50 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479468/405-50-50-3 Reference 4: http://www.xbrl.org/2003/role/exampleRef -Topic 405 -SubTopic 50 -Name Accounting Standards Codification -Section 55 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147477128/405-50-55-3 + Details
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