Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 28, 2019 | Feb. 17, 2020 | Jun. 28, 2019 | |
Cover page. | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 28, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 001-05224 | ||
Entity Registrant Name | STANLEY BLACKĀ & DECKER, INC. | ||
Entity Incorporation, State or Country Code | CT | ||
Entity Tax Identification Number | 06-0548860 | ||
Entity Address, Address Line One | 1000 STANLEY DRIVE | ||
Entity Address, City or Town | NEW BRITAIN | ||
Entity Address, State or Province | CT | ||
Entity Address, Postal Zip Code | 06053 | ||
City Area Code | 860 | ||
Local Phone Number | 225-5111 | ||
Title of 12(b) Security | Common Stock | ||
Trading Symbol | SWK | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 21.9 | ||
Entity Common Stock, Shares Outstanding | 154,025,464 | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE | ||
Entity Central Index Key | 0000093556 | ||
Current Fiscal Year End Date | --12-28 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Net Sales | $ 14,442.2 | $ 13,982.4 | $ 12,966.6 |
Costs and Expenses | |||
Cost of sales | 9,636.7 | 9,131.3 | 8,188.3 |
Selling, general and administrative | 3,008 | 3,143.7 | 2,982.9 |
Provision for doubtful accounts | 33 | 28 | 16.3 |
Other, net | 249.1 | 287 | 269.2 |
Gain (Loss) on Disposition of Business | (17) | 0.8 | (264.1) |
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement | 0 | 0 | 12.2 |
Restructuring charges | 154.1 | 160.3 | 51.5 |
Gain (Loss) on Extinguishment of Debt | 17.9 | 0 | 0 |
Interest income | (53.9) | (68.7) | (40.1) |
Interest expense | 284.3 | 277.9 | 222.6 |
Costs and Expenses, Total | 13,312.2 | 12,960.3 | 11,438.8 |
Earnings before income taxes and equity interest | 1,130 | 1,022.1 | 1,527.8 |
Income taxes | 160.8 | 416.3 | 300.9 |
Income (Loss) from Continuing Operations, Net-of-Tax, before Equity Method Investments and Noncontrolling Interest | 969.2 | 605.8 | 1,226.9 |
Income (Loss) from Equity Method Investments | (11.2) | 0 | 0 |
Net earnings | 958 | 605.8 | 1,226.9 |
Less: Net earnings (loss) attributable to non-controlling interests | 2.2 | 0.6 | (0.4) |
Net Earnings Attributable to Common Shareowners | $ 955.8 | $ 605.2 | $ 1,227.3 |
Earnings per share of common stock: | |||
Earnings Per Share, Basic | $ 6.44 | $ 4.06 | $ 8.20 |
Earnings Per Share, Diluted | $ 6.35 | $ 3.99 | $ 8.05 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Net earnings | $ 955.8 | $ 605.2 | $ 1,227.3 |
Other comprehensive (loss) income: | |||
Currency translation adjustment and other | (36) | (373) | 478.5 |
Unrealized gains (losses) on cash flow hedges, net of tax | (27.4) | 85.8 | (66.3) |
Gain (Loss) on Derivative Used in Net Investment Hedge, after Tax | 34 | 59.9 | (85.2) |
Pension losses, net of tax | (40.9) | 2.1 | 5.5 |
Other Comprehensive Income (Loss), Net of Tax | (70.3) | (225.2) | 332.5 |
Comprehensive (loss) income attributable to common shareowners | $ 885.5 | $ 380 | $ 1,559.8 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 28, 2019 | Dec. 29, 2018 |
Current Assets | ||
Cash and cash equivalents | $ 297.7 | $ 288.7 |
Accounts and notes receivable, net | 1,454.6 | 1,607.8 |
Inventories, net | 2,255 | 2,373.5 |
Prepaid expenses | 395.4 | 240.5 |
Other current assets | 53.9 | 58.9 |
Total Current Assets | 4,456.6 | 4,569.4 |
Property, Plant and Equipment, net | 1,959.5 | 1,915.2 |
Goodwill | 9,237.5 | 8,956.7 |
Customer Relationships, net | 1,317.3 | 1,165.2 |
Trade Names, net | 2,253.6 | 2,254.8 |
Other Intangible Assets, Net | 51.1 | 64.4 |
Other Assets | 1,321 | 482.3 |
Total Assets | 20,596.6 | 19,408 |
Current Liabilities | ||
Short-term borrowings | 337.3 | 376.1 |
Current maturities of long-term debt | 3.1 | 2.5 |
Accounts payable | 2,087.8 | 2,233.2 |
Accrued expenses | 1,977.5 | 1,389.8 |
Total Current Liabilities | 4,405.7 | 4,001.6 |
Long-Term Debt | 3,176.4 | 3,819.8 |
Deferred Taxes | 731.2 | 705.3 |
Post-Retirement Benefits | 609.4 | 595.4 |
Other Liabilities | 2,531.7 | 2,446 |
Stanley Black & Decker, Inc. Shareownersā Equity | ||
Preferred stock, without par value: Authorized 10,000,000 shares in 2019 and 2018 Issued and outstanding 1,500,000 shares in 2019 and 750,000 shares in 2018 | 1,500 | 750 |
Common stock, par value $2.50 per share: Authorized 300,000,000 shares in 2019 and 2018 Issued 176,902,738 shares in 2019 and 2018 | 442.3 | 442.3 |
Retained earnings | 6,772.8 | 6,219 |
Additional paid in capital | 4,492.9 | 4,621 |
Accumulated other comprehensive loss | (1,884.6) | (1,814.3) |
ESOP | (2.3) | (10.5) |
Shareowners' equity subtotal | 11,321.1 | 10,207.5 |
Less: cost of common stock in treasury (23,396,329 shares in 2019 and 25,600,288 shares in 2018) | (2,184.8) | (2,371.3) |
Stanley Black & Decker, Inc. Shareownersā Equity | 9,136.3 | 7,836.2 |
Non-controlling interests | 5.9 | 3.7 |
Total Shareownersā Equity | 9,142.2 | 7,839.9 |
Total Liabilities and Shareownersā Equity | 20,596.6 | 19,408 |
Designated as Hedging Instruments | Other Current Liabilities [Member] | Fair Value Hedges | ||
Current Liabilities | ||
Current maturities of long-term debt | 3.1 | 2.5 |
Designated as Hedging Instruments | Long-term Debt [Member] | Fair Value Hedges | ||
Current Liabilities | ||
Long-Term Debt | $ 3,176.4 | $ 3,819.8 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 28, 2019 | Dec. 29, 2018 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares unissued | 8,500,000 | 9,250,000 |
Common Stock, Par or Stated Value Per Share | $ 2.5 | $ 2.5 |
Common Stock, Shares Authorized | 300,000,000 | 300,000,000 |
Common Stock, Shares, Issued | 176,902,738 | 176,902,738 |
Cost of common stock in treasury, shares | 23,396,329 | 25,600,288 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Millions | 12 Months Ended | ||
Dec. 28, 2019USD ($) | Dec. 29, 2018USD ($) | Dec. 30, 2017USD ($) | |
Statement of Cash Flows [Abstract] | |||
Net earnings | $ 958 | $ 605.8 | $ 1,226.9 |
Increase (Decrease) in Obligation, Pension and Other Postretirement Benefits | (47.6) | (44.7) | (66.5) |
Payments to Acquire Property, Plant, and Equipment | (424.7) | (492.1) | (442.4) |
Proceeds from Divestiture of Businesses, Net of Cash Divested | 76.6 | (3) | 756.9 |
Payments to Acquire Investments | (260.6) | (21.7) | (17.9) |
Payments for (Proceeds from) Derivative Instrument, Investing Activities | 8 | 25.7 | (23.3) |
Proceeds from Sale of Property, Plant, and Equipment | 100.1 | 45.2 | 50.2 |
Payments to Acquire Businesses, Net of Cash Acquired | (685.4) | (524.6) | (2,583.5) |
Effect of Exchange Rate on Cash and Cash Equivalents | (1.4) | (53.9) | 81 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 3.2 | (343.7) | (522.1) |
Increase (Decrease) in Accounts Payable | (169.1) | 211 | 240.4 |
Restricted Cash and Investments, Current | 16.9 | 22.7 | |
Adjustments to reconcile net earnings to cash provided by operating activities: | |||
Gain (Loss) on Disposition of Business | (17) | 0.8 | (264.1) |
Gain (Loss) on Extinguishment of Debt | 17.9 | 0 | 0 |
Share-based Payment Arrangement, Noncash Expense | 88.8 | 76.5 | 78.7 |
Provision for doubtful accounts | 33 | 28 | 16.3 |
inventory step up amortization | 7.4 | 9.6 | 43.2 |
Changes in operating assets and liabilities: | |||
Income (Loss) from Equity Method Investments | 11.2 | 0 | 0 |
Investing Activities: | |||
Supplemental Deferred Purchase Price | 0 | 0 | 704.7 |
Payments for (Proceeds from) Other Investing Activities | (22.6) | (18.6) | (11.5) |
Net Cash Provided by (Used in) Investing Activities | (1,208.6) | (989.1) | (1,566.8) |
Repayments of Long-term Debt | (1,150) | (977.5) | (2.8) |
Proceeds from Issuance of Unsecured Debt | 496.2 | 990 | 0 |
Proceeds from (Repayments of) Short-term Debt | (18.1) | 433.2 | (76.7) |
Proceeds from Issuance of Preferred Stock and Preference Stock | 735 | 0 | 726 |
Payments for Repurchase of Other Equity | (19.2) | (57.3) | (25.1) |
Proceeds from (Payments for) Other Financing Activities | (12.6) | (36.2) | (5.4) |
Net Cash Provided by (Used in) Financing Activities | (292.5) | (561.6) | 295.2 |
Proceeds from Issuance of Common Stock | 146 | 38.5 | 90.8 |
Payments of Ordinary Dividends, Common Stock | (402) | (384.9) | (362.9) |
Payments of Stock Issuance Costs | 40.3 | 40.3 | 20 |
Payments for Repurchase of Common Stock | (27.5) | (527.1) | (28.7) |
Depreciation, Depletion and Amortization, Nonproduction | 372.8 | 331.2 | 296.9 |
Amortization of Intangible Assets | 187.4 | 175.3 | 163.8 |
Deferred Income Tax Expense (Benefit) | (17.9) | 191.1 | (103) |
Other Noncash Income (Expense) | (13.8) | 10.1 | 24.4 |
Increase (Decrease) in Accounts Receivable | 137.8 | (48.8) | (905.6) |
Increase (Decrease) in Inventories | 137.7 | (401.6) | (303) |
Increase (Decrease) in Deferred Revenue | 8.5 | 1.5 | 1.6 |
Increase (Decrease) in Other Current Assets | (183.6) | (4.4) | (5.9) |
Increase (Decrease) in Other Noncurrent Assets | (37.3) | 28.9 | 84.9 |
Increase (Decrease) in Accrued Liabilities | 123.6 | 70.1 | 123.3 |
Increase (Decrease) in Other Noncurrent Liabilities | (92.1) | 20.5 | 16.2 |
Net Cash Provided by (Used in) Operating Activities | 1,505.7 | 1,260.9 | 668.5 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 314.6 | 311.4 | $ 655.1 |
Cash and Cash Equivalents, at Carrying Value | $ 297.7 | $ 288.7 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareowners' Equity - USD ($) $ in Millions | Total | Preferred Stock [Member] | Common Stock | Additional Paid In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | ESOP | Treasury Stock [Member] | Non- Controlling Interests |
Purchase Of Call Options | $ (25.1) | $ (25.1) | |||||||
Beginning Balance at Dec. 31, 2016 | 6,380.2 | $ 0 | $ 442.3 | 4,774.4 | $ 5,134.3 | $ (1,921.6) | $ (25.9) | $ (2,029.9) | $ 6.6 |
Increase (Decrease) in Stockholders' Equity | |||||||||
Net earnings | 1,226.9 | 1,227.3 | (0.4) | ||||||
Other Comprehensive Income (Loss), Net of Tax | 332.5 | 332.5 | |||||||
Cash dividends declared - $1.80 per share in 2012, $1.64 per share in 2011 and $1.34 per share in 2010 | (362.9) | (362.9) | |||||||
Issuance of common stock | 90.8 | (43.7) | 134.5 | ||||||
Treasury Stock, Forward Share Repurchase Contracts | (28.7) | ||||||||
Payments for Repurchase of Common Stock | $ 28.7 | ||||||||
Repurchase of common stock- 12,613,068 shares in 2012, 164,710 shares in 2011 and 79,357 shares in 2010 | (28.7) | ||||||||
Repurchase of common stock (9,227,564 shares) | 202,075 | ||||||||
Non-controlling interest buyout | $ (3.4) | (117.1) | (3.4) | ||||||
Adjustments to Additional Paid in Capital, Other | (117.1) | ||||||||
Accelerated Share Repurchase Program, Adjustment | 726 | 750 | (24) | ||||||
Stock-based compensation related | 78.7 | 78.7 | |||||||
ESOP and related tax benefit | 7.1 | 7.1 | |||||||
Ending Balance at Dec. 30, 2017 | 8,305 | 750 | 442.3 | 4,643.2 | 5,998.7 | (1,589.1) | (18.8) | (1,924.1) | 2.8 |
Purchase Of Call Options | (57.3) | (57.3) | |||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Net earnings | 605.8 | 605.2 | 0.6 | ||||||
Other Comprehensive Income (Loss), Net of Tax | (225.2) | (225.2) | |||||||
Cash dividends declared - $1.80 per share in 2012, $1.64 per share in 2011 and $1.34 per share in 2010 | (384.9) | (384.9) | |||||||
Issuance of common stock | 38.5 | (41.4) | 79.9 | ||||||
Payments for Repurchase of Common Stock | 527.1 | ||||||||
Repurchase of common stock- 12,613,068 shares in 2012, 164,710 shares in 2011 and 79,357 shares in 2010 | $ (527.1) | (527.1) | |||||||
Repurchase of common stock (9,227,564 shares) | 3,677,435 | ||||||||
Non-controlling interest buyout | $ 0.3 | 0.3 | |||||||
Stock-based compensation related | 76.5 | 76.5 | |||||||
ESOP and related tax benefit | 8.3 | 8.3 | |||||||
Ending Balance at Dec. 29, 2018 | 7,839.9 | 750 | 442.3 | 4,621 | 6,219 | (1,814.3) | (10.5) | (2,371.3) | 3.7 |
Purchase Of Call Options | (19.2) | (19.2) | |||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Net earnings | 958 | 955.8 | 2.2 | ||||||
Other Comprehensive Income (Loss), Net of Tax | (70.3) | ||||||||
Cash dividends declared - $1.80 per share in 2012, $1.64 per share in 2011 and $1.34 per share in 2010 | (402) | (402) | |||||||
Issuance of common stock | 146 | (68) | 214 | ||||||
Payments for Repurchase of Common Stock | 27.5 | ||||||||
Repurchase of common stock- 12,613,068 shares in 2012, 164,710 shares in 2011 and 79,357 shares in 2010 | $ (27.5) | (27.5) | |||||||
Repurchase of common stock (9,227,564 shares) | 187,377 | ||||||||
Non-controlling interest buyout | $ (114.2) | (114.2) | |||||||
Accelerated Share Repurchase Program, Adjustment | 734.5 | 750 | (15.5) | ||||||
Stock-based compensation related | 88.8 | 88.8 | |||||||
ESOP and related tax benefit | 8.2 | 8.2 | |||||||
Ending Balance at Dec. 28, 2019 | $ 9,142.2 | $ 1,500 | $ 442.3 | $ 4,492.9 | $ 6,772.8 | $ (1,884.6) | $ (2.3) | $ (2,184.8) | $ 5.9 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareowners' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Cash dividends declared, (USD per share) | $ 2.70 | $ 2.58 | $ 2.42 |
Stock Repurchased During Period, Shares | 187,377 | 3,677,435 | 202,075 |
Preferred Stock [Member] | |||
Stock Issued During Period, Value, New Issues |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 29, 2018 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | Schedule II ā Valuation and Qualifying Accounts Stanley Black & Decker, Inc. and Subsidiaries Fiscal years ended December 28, 2019 , December 29, 2018 , and December 30, 2017 (Millions of Dollars) ADDITIONS Beginning Balance Charged To Costs And Expenses Charged To Other Accounts (b) (a) Deductions Ending Balance Allowance for Doubtful Accounts: Year Ended 2019 $ 102.0 $ 33.0 $ 5.9 $ (28.5 ) $ 112.4 Year Ended 2018 $ 80.4 $ 28.0 $ 12.5 $ (18.9 ) $ 102.0 Year Ended 2017 $ 78.5 $ 16.3 $ 8.9 $ (23.3 ) $ 80.4 Tax Valuation Allowance: Year Ended 2019 (c) $ 626.7 $ 461.5 $ (0.5 ) $ (22.7 ) $ 1,065.0 Year Ended 2018 $ 516.7 $ 146.2 $ (6.4 ) $ (29.8 ) $ 626.7 Year Ended 2017 $ 525.5 $ 262.4 $ 22.8 $ (294.0 ) $ 516.7 (a) With respect to the allowance for doubtful accounts, deductions represent amounts charged-off less recoveries of accounts previously charged-off. (b) Amounts represent the impact of foreign currency translation, acquisitions and net transfers to/from other accounts. (c) Refer to Note Q, Income Taxes , of the Notes to Consolidated Financial Statements in Item 8 for further discussion. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 28, 2019 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION ā The Consolidated Financial Statements include the accounts of Stanley Black & Decker, Inc. and its majority-owned subsidiaries (collectively the āCompanyā) which require consolidation, after the elimination of intercompany accounts and transactions. The Companyās fiscal year ends on the Saturday nearest to December 31. There were 52 weeks in each of the fiscal years 2019 , 2018 and 2017 . In March 2019, the Company acquired International Equipment Solutions Attachments businesses, Paladin and Pengo, ("IES Attachments"), a manufacturer of high quality, performance-driven heavy equipment attachment tools for off-highway applications. The acquisition is being accounted for as a business combination using the acquisition method of accounting and the results have been consolidated into the Company's Industrial segment. In April 2018, the Company acquired the industrial business of Nelson Fastener Systems ("Nelson"), which excluded Nelson's automotive stud welding business. The results of Nelson have been consolidated into the Company's Industrial segment. In March 2017, the Company acquired the Tools business of Newell Brands ("Newell Tools") and the CraftsmanĀ® brand. The results of Newell Tools and the CraftsmanĀ® brand have been consolidated into the Company's Tools & Storage segment. The 2018 and 2017 acquisitions were accounted for as business combinations using the acquisition method of accounting. In January 2019, the Company acquired a 20 percent interest in MTD Holdings Inc. ("MTD"), a privately held global manufacturer of outdoor power equipment. MTD manufactures and distributes gas-powered lawn tractors, zero turn mowers, walk behind mowers, snow throwers, trimmers, chain saws, utility vehicles and other outdoor power equipment. Under the terms of the agreement, the Company has the option to acquire the remaining 80 percent of MTD beginning on July 1, 2021 and ending on January 2, 2029. In the event the option is exercised, the companies have agreed to a valuation multiple based on MTDās 2018 Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA"), with an equitable sharing arrangement for future EBITDA growth. The Company is applying the equity method of accounting to the MTD investment. Refer to Note E, Acquisitions and Investments , for further discussion on these transactions. In the second quarter of 2019, the Company sold its Sargent & Greenleaf mechanical locks business within the Security segment. The operating results of this business have been reported in the Consolidated Financial Statements through the date of sale in 2019 and for the years ended December 29, 2018 and December 30, 2017. In the first quarter of 2017, the Company sold the majority of its mechanical security businesses within the Security segment, which included the commercial hardware brands of Best Access, phi Precision and GMT, and sold a small business within the Tools & Storage segment. The Company also sold a small business in the Industrial segment in the third quarter of 2017 and a small business in the Tools & Storage segment in the fourth quarter of 2017. The operating results of these businesses have been reported in the Consolidated Financial Statements through their respective dates of sale in 2017. Refer to Note T, Divestitures , for further discussion. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements. While management believes that the estimates and assumptions used in the preparation of the financial statements are appropriate, actual results could differ from these estimates. Certain amounts reported in previous years have been reclassified to conform to the 2019 presentation. FOREIGN CURRENCY ā For foreign operations with functional currencies other than the U.S. dollar, asset and liability accounts are translated at current exchange rates, while income and expenses are translated using average exchange rates. Translation adjustments are reported in a separate component of shareownersā equity and exchange gains and losses on transactions are included in earnings. CASH EQUIVALENTS ā Highly liquid investments with original maturities of three months or less are considered cash equivalents. ACCOUNTS AND FINANCING RECEIVABLE ā Trade receivables are stated at gross invoice amounts less discounts, other allowances and provisions for uncollectible accounts. Financing receivables are initially recorded at fair value, less impairments or provisions for credit losses. Interest income earned from financing receivables that are not delinquent is recorded on the effective interest method. The Company considers any financing receivable that has not been collected within 90 days of original billing date as past-due or delinquent. Additionally, the Company considers the credit quality of all past-due or delinquent financing receivables as nonperforming. ALLOWANCE FOR DOUBTFUL ACCOUNTS ā The Company estimates its allowance for doubtful accounts using two methods. First, a specific reserve is established for individual accounts where information indicates the customers may have an inability to meet financial obligations. Second, a reserve is determined for all customers based on a range of percentages applied to aging categories. These percentages are based on historical collection and write-off experience. Actual write-offs are charged against the allowance when collection efforts have been unsuccessful. INVENTORIES ā U.S. inventories are primarily valued at the lower of Last-In First-Out (āLIFOā) cost or market because the Company believes it results in better matching of costs and revenues. Other inventories are primarily valued at the lower of First-In, First-Out (āFIFOā) cost and net realizable value because LIFO is not permitted for statutory reporting outside the U.S. Refer to Note C, Inventories , for a quantification of the LIFO impact on inventory valuation. PROPERTY, PLANT AND EQUIPMENT ā The Company generally values property, plant and equipment (āPP&Eā), including capitalized software, at historical cost less accumulated depreciation and amortization. Costs related to maintenance and repairs which do not prolong the asset's useful life are expensed as incurred. Depreciation and amortization are provided using straight-line methods over the estimated useful lives of the assets as follows: Useful Life (Years) Land improvements 10 ā 20 Buildings 40 Machinery and equipment 3 ā 15 Computer software 3 ā 7 Leasehold improvements are depreciated over the shorter of the estimated useful life or the term of the lease. The Company reports depreciation and amortization of property, plant and equipment in cost of sales and selling, general and administrative expenses based on the nature of the underlying assets. Depreciation and amortization related to the production of inventory and delivery of services are recorded in cost of sales. Depreciation and amortization related to distribution center activities, selling and support functions are reported in selling, general and administrative expenses. The Company assesses its long-lived assets for impairment when indicators that the carrying amounts may not be recoverable are present. In assessing long-lived assets for impairment, the Company groups its long-lived assets with other assets and liabilities at the lowest level for which identifiable cash flows are generated (āasset groupā) and estimates the undiscounted future cash flows that are directly associated with, and expected to be generated from, the use of and eventual disposition of the asset group. If the carrying value is greater than the undiscounted cash flows, an impairment loss must be determined and the asset group is written down to fair value. The impairment loss is quantified by comparing the carrying amount of the asset group to the estimated fair value, which is generally determined using weighted-average discounted cash flows that consider various possible outcomes for the disposition of the asset group. GOODWILL AND INTANGIBLE ASSETS ā Goodwill represents costs in excess of values assigned to the underlying net assets of acquired businesses. Intangible assets acquired are recorded at estimated fair value. Goodwill and intangible assets deemed to have indefinite lives are not amortized, but are tested for impairment annually during the third quarter, and at any time when events suggest an impairment more likely than not has occurred. To assess goodwill for impairment, the Company, depending on relevant facts and circumstances, performs either a qualitative assessment or a quantitative analysis utilizing a discounted cash flow valuation model. In performing a qualitative assessment, the Company first assesses relevant factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step quantitative goodwill impairment test. The Company identifies and considers the significance of relevant key factors, events, and circumstances that could affect the fair value of each reporting unit. These factors include external factors such as macroeconomic, industry, and market conditions, as well as entity-specific factors, such as actual and planned financial performance. The Company also considers changes in each reporting unit's fair value and carrying amount since the most recent date a fair value measurement was performed. In performing a quantitative analysis, the Company determines the fair value of a reporting unit using managementās assumptions about future cash flows based on long-range strategic plans. This approach incorporates many assumptions including discount rates, future growth rates and expected profitability. In the event the carrying amount of a reporting unit exceeded its fair value, an impairment loss would be recognized to the extent the carrying amount of the reporting unitās goodwill exceeded the implied fair value of the goodwill. Indefinite-lived intangible assets are tested for impairment utilizing either a qualitative assessment or a quantitative analysis. For a qualitative assessment, the Company identifies and considers relevant key factors, events, and circumstances to determine whether it is necessary to perform a quantitative impairment test. The key factors considered include macroeconomic, industry, and market conditions, as well as the asset's actual and forecasted results. For the quantitative impairment tests, the Company compares the carrying amounts to the current fair market values, usually determined by the estimated cost to lease the assets from third parties. Intangible assets with definite lives are amortized over their estimated useful lives generally using an accelerated method. Under this accelerated method, intangible assets are amortized reflecting the pattern over which the economic benefits of the intangible assets are consumed. Definite-lived intangible assets are also evaluated for impairment when impairment indicators are present. If the carrying amount exceeds the total undiscounted future cash flows, a discounted cash flow analysis is performed to determine the fair value of the asset. If the carrying amount of the asset was to exceed the fair value, it would be written down to fair value. No significant goodwill or other intangible asset impairments were recorded during 2019 , 2018 or 2017 . FINANCIAL INSTRUMENTS ā Derivative financial instruments are employed to manage risks, including foreign currency, interest rate exposures and commodity prices and are not used for trading or speculative purposes. As part of the Companyās risk management program, a variety of financial instruments such as interest rate swaps, currency swaps, purchased currency options, foreign exchange contracts and commodity contracts, may be used to mitigate interest rate exposure, foreign currency exposure and commodity price exposure. The Company recognizes all derivative instruments in the balance sheet at fair value. Changes in the fair value of derivatives are recognized periodically either in earnings or in shareownersā equity as a component of other comprehensive income (loss) ("OCI"), depending on whether the derivative financial instrument is undesignated or qualifies for hedge accounting, and if so, whether it represents a fair value, cash flow, or net investment hedge. Changes in the fair value of derivatives accounted for as fair value hedges are recorded in earnings in the same caption as the changes in the fair value of the hedged items. Gains and losses on derivatives designated as cash flow hedges, to the extent they are included in the assessment of effectiveness, are recorded in OCI and subsequently reclassified to earnings to offset the impact of the hedged items when they occur. In the event it becomes probable the forecasted transaction to which a cash flow hedge relates will not occur, the derivative would be terminated and the amount in accumulated other comprehensive income (loss) would be recognized in earnings. Changes in the fair value of derivatives that are designated and qualify as a hedge of the net investment in foreign operations, to the extent they are included in the assessment of effectiveness, are reported in OCI and are deferred until disposal of the underlying assets. Gains and losses representing components excluded from the assessment of effectiveness for cash flow and fair value hedges are recognized in earnings on a straight-line basis in the same caption as the hedged item over the term of the hedge. Gains and losses representing components excluded from the assessment of effectiveness for net investment hedges are recognized in earnings on a straight-line basis in Other, net over the term of the hedge. The net interest paid or received on interest rate swaps is recognized as interest expense. Gains and losses resulting from the early termination of interest rate swap agreements are deferred and amortized as adjustments to interest expense over the remaining period of the debt originally covered by the terminated swap. Changes in the fair value of derivatives not designated as hedges are reported in Other, net in the Consolidated Statements of Operations. Refer to Note I, Financial Instruments , for further discussion. REVENUE RECOGNITION ā The Companyās revenues result from the sale of goods or services and reflect the consideration to which the Company expects to be entitled. The Company records revenue based on a five-step model in accordance with Accounting Standards Codification ("ASC") 606, Revenue from Contracts with Customers ("ASC 606"). For its contracts with customers, the Company identifies the performance obligations (goods or services), determines the transaction price, allocates the contract transaction price to the performance obligations, and recognizes the revenue when (or as) the performance obligation is transferred to the customer. A good or service is transferred when (or as) the customer obtains control of that good or service. The majority of the Companyās revenues are recorded at a point in time from the sale of tangible products. A portion of the Companyās revenues within the Security and Infrastructure businesses is generated from equipment leased to customers. Customer arrangements are identified as leases if they include transfer of a tangible asset which is provided to the customer in exchange for payments typically at fixed rates payable monthly, quarterly or annually. Customer leases may include terms to allow for extension of leases for a short period of time, but typically do not provide for customer termination prior to the initial term. Some customer leases include terms to allow the customer to purchase the underlying asset, which occurs occasionally, and virtually no customer leases include residual value guarantee clauses. Within the Security business, the underlying asset typically has no value at termination of the customer lease, so no residual value asset is recorded in the financial statements. For Infrastructure business leases, underlying assets are assessed for functionality at termination of the lease and, if necessary, an impairment to the leased asset value is recorded. Provisions for customer volume rebates, product returns, discounts and allowances are variable consideration and are recorded as a reduction of revenue in the same period the related sales are recorded. Such provisions are calculated using historical averages adjusted for any expected changes due to current business conditions. Consideration given to customers for cooperative advertising is recognized as a reduction of revenue except to the extent that there is a distinct good or service and evidence of the fair value of the advertising, in which case the expense is classified as selling, general, and administrative expense. The Companyās revenues can be generated from contracts with multiple performance obligations. When a contract involves multiple performance obligations, each obligation is separately identified and the transaction price is allocated based on the amount of consideration the Company expects to be entitled to in exchange for transferring the promised good or service to the customer. Sales of security monitoring systems may have multiple performance obligations, including equipment, installation and monitoring or maintenance services. In most instances, the Company allocates the appropriate amount of consideration to each performance obligation based on the standalone selling price ("SSP") of the distinct goods or services performance obligation. In circumstances where SSP is not observable, the Company allocates the consideration for the performance obligations by utilizing one of the following methods: expected cost plus margin, the residual approach, or a mix of these estimation methods. For performance obligations that the Company satisfies over time, revenue is recognized by consistently applying a method of measuring progress toward complete satisfaction of that performance obligation. The Company utilizes the method that most accurately depicts the progress toward completion of the performance obligation. The Companyās contract sales for the installation of security intruder systems and other construction-related projects are generally recorded under the input method. The input method recognizes revenue on the basis of the Companyās efforts or inputs to the satisfaction of a performance obligation relative to the total inputs expected to satisfy that performance obligation. Revenue recognized on security contracts in process are based upon the allocated contract price and related total inputs of the project at completion. The extent of progress toward completion is generally measured using input methods based on labor metrics. Revisions to these estimates as contracts progress have the effect of increasing or decreasing profits each period. Provisions for anticipated losses are made in the period in which they become determinable. The revenues for monitoring and monitoring-related services are recognized as services are rendered over the contractual period. The Company utilizes the output method for contract sales in the Oil & Gas product line. The output method recognizes revenue based on direct measurements of the customer value of the goods or services transferred to date relative to the remaining goods or services promised under the contract. The output method includes methods such as surveys of performance completed to date, appraisals of results achieved, milestones reached, time elapsed, and units produced or units delivered. Contract assets or liabilities result from transactions with revenue recorded over time. If the measure of remaining rights exceeds the measure of the remaining performance obligations, the Company records a contract asset. Conversely, if the measure of the remaining performance obligations exceeds the measure of the remaining rights, the Company records a contract liability. Incremental costs of obtaining or fulfilling a contract with a customer that are expected to be recovered are recognized and classified in Other current assets or Other assets in the Consolidated Balance Sheets and are typically amortized over the contract period. The Company recognizes the incremental costs of obtaining or fulfilling a contract as expense when incurred if the amortization period of the asset is one year or less. Customer billings for services not yet rendered are deferred and recognized as revenue as the services are rendered. The associated deferred revenue is included in Accrued expenses or Other liabilities, as appropriate, in the Consolidated Balance Sheets. Refer to Note B, Accounts and Notes Receivable, for further discussion. COST OF SALES AND SELLING, GENERAL & ADMINISTRATIVE ā Cost of sales includes the cost of products and services provided, reflecting costs of manufacturing and preparing the product for sale. These costs include expenses to acquire and manufacture products to the point that they are allocable to be sold to customers and costs to perform services pertaining to service revenues (e.g. installation of security systems, automatic doors, and security monitoring costs). Cost of sales is primarily comprised of freight, direct materials, direct labor as well as overhead which includes indirect labor and facility and equipment costs. Cost of sales also includes quality control, procurement and material receiving costs as well as internal transfer costs. Selling, general & administrative costs ("SG&A") include the cost of selling products as well as administrative function costs. These expenses generally represent the cost of selling and distributing the products once they are available for sale and primarily include salaries and commissions of the Companyās sales force, distribution costs, notably salaries and facility costs, as well as administrative expenses for certain support functions and related overhead. ADVERTISING COSTS ā Television advertising is expensed the first time the advertisement airs, whereas other advertising is expensed as incurred. Advertising costs are classified in SG&A and amounted to $90.4 million in 2019 , $101.3 million in 2018 and $123.3 million in 2017 . Expense pertaining to cooperative advertising with customers reported as a reduction of Net Sales was $323.2 million in 2019 , $315.8 million in 2018 and $297.4 million in 2017 . Cooperative advertising with customers classified as SG&A expense amounted to $6.9 million in 2019 , $5.4 million in 2018 and $6.1 million in 2017 . SALES TAXES ā Sales and value added taxes collected from customers and remitted to governmental authorities are excluded from Net Sales reported in the Consolidated Statements of Operations. SHIPPING AND HANDLING COSTS ā The Company generally does not bill customers for freight. Shipping and handling costs associated with inbound and outbound freight are reported in Cost of sales. Distribution costs are classified in SG&A and amounted to $326.7 million , $316.0 million and $279.8 million in 2019 , 2018 and 2017 , respectively. STOCK-BASED COMPENSATION ā Compensation cost relating to stock-based compensation grants is recognized on a straight-line basis over the vesting period, which is generally four years . The expense for stock options and restricted stock units awarded to retirement-eligible employees (those aged 55 and over, and with 10 or more years of service) is recognized on the grant date, or (if later) by the date they become retirement-eligible. POSTRETIREMENT DEFINED BENEFIT PLAN ā The Company uses the corridor approach to determine expense recognition for each defined benefit pension and other postretirement plan. The corridor approach defers actuarial gains and losses resulting from variances between actual and expected results (based on economic estimates or actuarial assumptions) and amortizes them over future periods. For pension plans, these unrecognized gains and losses are amortized when the net gains and losses exceed 10% of the greater of the market-related value of plan assets or the projected benefit obligation at the beginning of the year. For other postretirement benefits, amortization occurs when the net gains and losses exceed 10% of the accumulated postretirement benefit obligation at the beginning of the year. For ongoing, active plans, the amount in excess of the corridor is amortized on a straight-line basis over the average remaining service period for active plan participants. For plans with primarily inactive participants, the amount in excess of the corridor is amortized on a straight-line basis over the average remaining life expectancy of inactive plan participants. INCOME TAXES ā The Company accounts for income taxes under the asset and liability method in accordance with ASC 740, Income Taxes , which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using the enacted tax rates in effect for the year in which the differences are expected to reverse. Any changes in tax rates on deferred tax assets and liabilities are recognized in earnings in the period that includes the enactment date. The Company records net deferred tax assets to the extent that it is more likely than not that these assets will be realized. In making this determination, management considers all available positive and negative evidence, including future reversals of existing temporary differences, estimates of future taxable income, tax-planning strategies, and the realizability of net operating loss carryforwards. In the event that it is determined that an asset is not more likely that not to be realized, a valuation allowance is recorded against the asset. Valuation allowances related to deferred tax assets can be impacted by changes to tax laws, changes to statutory tax rates and future taxable income levels. In the event the Company were to determine that it would not be able to realize all or a portion of its deferred tax assets in the future, the unrealizable amount would be charged to earnings in the period in which that determination is made. Conversely, if the Company were to determine that it would be able to realize deferred tax assets in the future in excess of the net carrying amounts, it would decrease the recorded valuation allowance through a favorable adjustment to earnings in the period that the determination was made. The Company records uncertain tax positions in accordance with ASC 740, which requires a two-step process. First, management determines whether it is more likely than not that a tax position will be sustained based on the technical merits of the position and second, for those tax positions that meet the more likely than not threshold, management recognizes the largest amount of the tax benefit that is greater than 50 percent likely to be realized upon ultimate settlement with the related taxing authority. The Company maintains an accounting policy of recording interest and penalties on uncertain tax positions as a component of Income taxes in the Consolidated Statements of Operations. The Company is subject to income tax in a number of locations, including many state and foreign jurisdictions. Significant judgment is required when calculating the worldwide provision for income taxes. Many factors are considered when evaluating and estimating the Company's tax positions and tax benefits, which may require periodic adjustments, and which may not accurately anticipate actual outcomes. It is reasonably possible that the amount of the unrecognized benefit with respect to certain of the Company's unrecognized tax positions will significantly increase or decrease within the next twelve months. These changes may be the result of settlements of ongoing audits or final decisions in transfer pricing matters. The Company periodically assesses its liabilities and contingencies for all tax years still subject to audit based on the most current available information, which involves inherent uncertainty. On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (āthe Actā). Changes included, but were not limited to, a corporate tax rate decrease from 35% to 21% effective for tax years beginning after December 31, 2017, changes to U.S. international taxation, and a one-time transition tax on the mandatory deemed repatriation of cumulative foreign earnings as of December 31, 2017. Pursuant to Staff Accounting Bulletin No. 118 (āSAB 118ā) issued by the SEC in December 2017, issuers were permitted up to one year from the enactment of the Act to complete the accounting for the income tax effects of the Act (āthe measurement periodā). The Company completed its accounting for the tax effects of the Act within the measurement period and those effects are included within Income taxes in the Consolidated Statements of Operations. The Act subjects a U.S. shareholder to current tax on global intangible low-taxed income (āGILTIā) earned by certain foreign subsidiaries. The Financial Accounting Standards Board ("FASB") Staff Q&A, Topic 740, No. 5, Accounting for Global Intangible Low-Taxed Income , states that an entity can make an accounting policy election to either recognize deferred taxes for temporary differences expected to reverse as GILTI in future years or provide for the tax expense related to GILTI in the year the tax is incurred. The Company has elected to recognize the tax on GILTI as a period expense in the period the tax is incurred. Refer to Note Q, Income Taxes, for further discussion. EARNINGS PER SHARE ā Basic earnings per share equals net earnings attributable to common shareowners divided by weighted-average shares outstanding during the year. Diluted earnings per share include the impact of common stock equivalents using the treasury stock method when the effect is dilutive. NEW ACCOUNTING STANDARDS ADOPTED ā In February 2018, the FASB issued Accounting Standards Update ("ASU") 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220) . The new guidance permits, but does not require, companies to reclassify the stranded tax effects of the Act on items within accumulated other comprehensive income to retained earnings. The Company adopted this standard in the first quarter of 2019 and did not elect to reclassify the stranded tax effects of the Act on items within accumulated other comprehensive income to retained earnings. The Company uses the portfolio method for releasing the stranded tax effects from accumulated other comprehensive income. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) ("new lease standard"). The objective of the new lease standard is to increase transparency and comparability among organizations by requiring recognition of all lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. In March 2019, the FASB issued ASU 2019-01, Codification Improvements, Leases (Topic 842), and in July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases , and ASU 2018-11, Targeted Improvements, Leases (Topic 842). In December 2018, the FASB issued ASU 2018-20, Leases (Topic 842): Narrow-Scope Improvements for Lessors. These ASUs provided clarification on how to apply certain aspects of the new lease standard and allowed entities to initially apply the standards from the adoption date. The Company adopted these standards effective December 30, 2018 utilizing the transition method, which allowed these standards to be applied as of the adoption date with no adjustment for periods prior to fiscal year 2019. The Company recorded lease liabilities and a right-of-use asset in its consolidated balance sheet upon adoption. The adoption of these standards did not impact the Company's consolidated statements of operations, net assets or retained earnings. Refer to Note B, Accounts and Notes Receivable, and Note R, Commitments and Guarantees , for further discussion. RECENTLY ISSUED ACCOUNTING STANDARDS NOT YET ADOPTED ā In January 2020, the FASB issued ASU 2020-01, Investments-Equity Securities (Topic 321), Investments-Equity Me |
ACCOUNTS AND NOTES RECEIVABLE
ACCOUNTS AND NOTES RECEIVABLE | 12 Months Ended |
Dec. 28, 2019 | |
Receivables [Abstract] | |
ACCOUNTS AND NOTES RECEIVABLE | ACCOUNTS AND NOTES RECEIVABLE (Millions of Dollars) 2019 2018 Trade accounts receivable $ 1,284.0 $ 1,437.1 Trade notes receivable 156.7 150.0 Other accounts receivable 126.3 122.7 Gross accounts and notes receivable 1,567.0 1,709.8 Allowance for doubtful accounts (112.4 ) (102.0 ) Accounts and notes receivable, net $ 1,454.6 $ 1,607.8 Long-term receivable, net $ 146.1 $ 153.7 Trade receivables are dispersed among a large number of retailers, distributors and industrial accounts in many countries. Adequate reserves have been established to cover anticipated credit losses. Long-term receivables, net of $146.1 million and $153.7 million at December 28, 2019 and December 29, 2018 , respectively, are reported within Other Assets in the Consolidated Balance Sheets. The Company's financing receivables are predominantly related to certain security equipment sales-type leases with commercial businesses. As of December 28, 2019 , the current portion of finance receivables within Trade notes receivable approximated $ 78.2 million . Generally, the Company retains legal title to any equipment under lease and holds the right to repossess such equipment in an event of default. All financing receivables are interest-bearing and the Company has not classified any financing receivables as held-for-sale. Interest income earned from financing receivables that are not delinquent are recorded on the effective interest method. The Company considers any financing receivable that has not been collected within 90 days of original billing date as past-due or delinquent. The Company's payment terms are generally consistent with the industries in which their businesses operate and typically range from 30-90 days globally. Additionally, the Company considers the credit quality of all past-due or delinquent financing receivables as nonperforming. The Company does not adjust the promised amount of consideration for the effects of a significant financing component when the period between transfer of the product and receipt of payment is less than one year. Any significant financing components for contracts greater than one year are included in revenue over time. The following is a summary of the expected timing of receipt of payments from customers on an undiscounted basis as of December 28, 2019 relating to the Company's lease receivables: (Millions of Dollars) Total Within 1 Year 2 Years 3 Years 4 Years 5 Years Thereafter Finance receivables $ 210.5 $ 78.2 $ 59.7 $ 39.8 $ 20.6 $ 12.2 $ ā Operating leases $ 47.7 $ 45.5 $ 1.3 $ 0.7 $ 0.2 $ ā $ ā The following is a summary of lease revenue and sales-type lease profit for the year ended December 28, 2019 : (Millions of Dollars) 2019 Sales-type lease revenue $ 88.9 Lease interest revenue 12.7 Operating lease revenue 148.9 Total lease revenue $ 250.5 Sales-type lease profit $ 35.3 In October 2018, the Company entered into an accounts receivable sale program. According to the terms, the Company sells certain of its trade accounts receivables at fair value to a wholly owned, consolidated, bankruptcy-remote special purpose subsidiary (āBRS"). The BRS, in turn, can sell such receivables to a third-party financial institution (āPurchaserā) for cash. The Purchaserās maximum cash investment in the receivables at any time is $110.0 million . The purpose of the program is to provide liquidity to the Company. These transfers qualify as sales under ASC 860, Transfers and Servicing, and receivables are derecognized from the Companyās Consolidated Balance Sheets when the BRS sells those receivables to the Purchaser. The Company has no retained interests in the transferred receivables, other than collection and administrative responsibilities. At December 28, 2019 , the Company did not record a servicing asset or liability related to its retained responsibility based on its assessment of the servicing fee, market values for similar transactions and its cost of servicing the receivables sold. At December 28, 2019 and December 29, 2018 , net receivables of approximately $100.0 million and $100.1 million , respectively, were derecognized. Proceeds from transfers of receivables to the Purchaser totaled $495.4 million and $194.3 million for the years ended December 28, 2019 and December 29, 2018 , respectively, and payments to the Purchaser totaled $495.5 million and $94.3 million , respectively. The program resulted in a pre-tax loss of $3.6 million and $0.7 million for the years ended December 28, 2019 and December 29, 2018 , respectively, which included service fees of $0.9 million and $0.2 million , respectively. All cash flows under the program are reported as a component of changes in accounts receivable within operating activities in the Consolidated Statements of Cash Flows since all the cash from the Purchaser is received upon the initial sale of the receivable. As of December 28, 2019 and December 29, 2018 , the Company's deferred revenue totaled $209.8 million and $202.0 million , respectively, of which $108.9 million and $98.6 million , respectively, was classified as current. Revenue recognized for the years ended December 28, 2019 and December 29, 2018 that was previously deferred as of December 29, 2018 and December 30, 2017 totaled $96.4 million and $89.3 million , respectively. As of December 28, 2019 , approximately $1.118 billion of revenue from long-term contracts primarily in the Security segment was unearned related to customer contracts which were not completely fulfilled and will be recognized on a decelerating basis over the next 5 years. This amount excludes any of the Company's contracts with an original expected duration of one year or less. |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 28, 2019 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES (Millions of Dollars) 2019 2018 Finished products $ 1,526.0 $ 1,707.4 Work in process 162.0 150.8 Raw materials 567.0 515.3 Total $ 2,255.0 $ 2,373.5 Net inventories in the amount of $1.1 billion at December 28, 2019 and $1.2 billion at December 29, 2018 were valued at the lower of LIFO cost or market. If the LIFO method had not been used, inventories would have been higher than reported by $78.1 million at December 28, 2019 and $44.6 million at December 29, 2018 . |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 28, 2019 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | D. PROPERTY, PLANT AND EQUIPMENT (Millions of Dollars) 2019 2018 Land $ 112.2 $ 115.9 Land improvements 52.6 52.2 Buildings 630.3 625.6 Leasehold improvements 172.1 157.8 Machinery and equipment 2,812.8 2,566.1 Computer software 510.8 452.5 Property, plant & equipment, gross $ 4,290.8 $ 3,970.1 Less: accumulated depreciation and amortization (2,331.3 ) (2,054.9 ) Property, plant & equipment, net $ 1,959.5 $ 1,915.2 Depreciation and amortization expense associated with property, plant and equipment was as follows: (Millions of Dollars) 2019 2018 2017 Depreciation $ 325.2 $ 288.4 $ 253.6 Amortization 47.6 42.8 43.3 Depreciation and amortization expense $ 372.8 $ 331.2 $ 296.9 |
MERGER AND ACQUISITIONS
MERGER AND ACQUISITIONS | 12 Months Ended |
Dec. 28, 2019 | |
Business Combinations [Abstract] | |
MERGER AND ACQUISITIONS | ACQUISITIONS AND INVESTMENTS PENDING ACQUISITION On January 3, 2020, the Company reached an agreement to acquire Consolidated Aerospace Manufacturing, LLC ("CAM") for up to $1.5 billion in cash, with $200 million of the purchase price held back and contingent on the Boeing 737 MAX Airplanes receiving Federal Aviation Administration authorization to return to service and The Boeing Company achieving certain production levels. CAM is an industry-leading manufacturer of specialty fasteners and components for the aerospace and defense markets. The Company expects the acquisition to further diversify the Company's presence in the industrial markets and expand its portfolio of specialty fasteners in the high-growth, high-margin aerospace and defense market. The acquisition will be accounted for as a business combination using the acquisition method of accounting and consolidated into the Company's Industrial segment. The transaction is subject to customary closing conditions, including regulatory approval, and is expected to close in late February 2020. 2019 INVESTMENTS On January 2, 2019, the Company acquired a 20 percent interest in MTD, a privately held global manufacturer of outdoor power equipment, for $234 million in cash. With annual revenues of approximately $2.4 billion, MTD manufactures and distributes gas-powered lawn tractors, zero turn mowers, walk behind mowers, snow throwers, trimmers, chain saws, utility vehicles and other outdoor power equipment. Under the terms of the agreement, the Company has the option to acquire the remaining 80 percent of MTD beginning on July 1, 2021 and ending on January 2, 2029. In the event the option is exercised, the companies have agreed to a valuation multiple based on MTDās 2018 EBITDA, with an equitable sharing arrangement for future EBITDA growth. The Company is applying the equity method of accounting to the MTD investment. During 2019, the Company made additional immaterial investments that are not accounted for under the equity method. The Company acquired less than 20 percent interest in each investment and does not have the ability to significantly influence any of the investees. 2019 ACQUISITIONS IES Attachments On March 8, 2019, the Company acquired IES Attachments for $653.5 million , net of cash acquired. IES Attachments is a manufacturer of high quality, performance-driven heavy equipment attachment tools for off-highway applications. The acquisition further diversifies the Company's presence in the industrial markets, expands its portfolio of attachment solutions and provides a meaningful platform for continued growth. The results of IES Attachments subsequent to the date of acquisition are included in the Company's Industrial segment. The IES Attachments acquisition is being accounted for as a business combination using the acquisition method of accounting, which requires, among other things, certain assets acquired and liabilities assumed to be recognized at their fair values as of the acquisition date. The estimated acquisition date value of identifiable net assets acquired, which includes $77.9 million of working capital (primarily inventory), $78.3 million of deferred tax liabilities, and $328.0 million of intangible assets, is $344.7 million . The related goodwill is $308.8 million . The amount allocated to intangible assets includes $304.0 million for customer relationships. The weighted-average useful life assigned to the intangible assets is 14 years . Goodwill is calculated as the excess of the consideration transferred over the net assets recognized and represents the expected cost synergies of the combined business, assembled workforce, and the going concern nature of IES Attachments. It is estimated that $2.4 million of goodwill, relating to the pre-acquisition historical tax basis of goodwill, will be deductible for tax purposes. The purchase price allocation for IES Attachments is substantially complete with the exception of certain opening balance sheet liabilities and tax matters. The Company will complete its purchase price allocation in the first quarter of 2020. Any measurement period adjustments resulting from the finalization of the Companyās purchase accounting assessment are not expected to be material. A single estimate of fair value results from a complex series of judgments about future events and uncertainties and relies heavily on estimates and assumptions. The Companyās judgments used to determine the estimated fair value assigned to each class of assets acquired and liabilities assumed, as well as asset lives, can materially impact the Companyās results from operations. Other 2019 Acquisitions During 2019, the Company completed five smaller acquisitions for $40.8 million , net of cash acquired. The estimated acquisition date value of the identifiable net assets acquired, which includes $6.0 million of working capital and $8.8 million of customer relationships, is $19.1 million . The related goodwill is $21.7 million . The useful lives assigned to the customer relationships range from 8 to 10 years . The results of these acquisitions subsequent to the dates of acquisition are included in the Company's Industrial and Security segments. The acquisition accounting for these acquisitions is substantially complete with the exception of certain minor items and will be completed within the measurement period. 2018 ACQUISITIONS Nelson Fastener Systems On April 2, 2018, the Company acquired Nelson for $424.2 million , net of cash acquired. Nelson is complementary to the Company's product offerings, enhances its presence in the general industrial end markets, and expands its portfolio of highly-engineered fastening solutions. The results of Nelson are included in the Company's Industrial segment. The Nelson acquisition was accounted for as a business combination using the acquisition method of accounting. The acquisition date value of identifiable net assets acquired, which included $64.2 million of working capital and $167.0 million of intangible assets, was $211.8 million . The related goodwill was $216.9 million . The amount allocated to intangible assets included $149.0 million for customer relationships. The useful lives assigned to the intangible assets ranged from 12 to 15 years . Goodwill was calculated as the excess of the consideration transferred over the net assets recognized and represents the expected cost synergies of the combined business, assembled workforce, and the going concern nature of Nelson. Goodwill is not expected to be deductible for tax purposes. The acquisition accounting for Nelson is complete. The measurement period adjustments recorded in 2019 did not have a material impact to the Company's Consolidated Financial Statements. Other 2018 Acquisitions During 2018, the Company completed six smaller acquisitions for a total purchase price of $104.5 million , net of cash acquired. The acquisition date value of the identifiable net assets acquired, which included $13.4 million of working capital and $35.5 million of intangible assets, was $38.1 million . The related goodwill was $66.4 million . The amount allocated to intangible assets included $32.0 million for customer relationships. The useful lives assigned to intangible assets ranged from 10 to 14 years . The acquisition accounting for these acquisitions is complete. The measurement period adjustments recorded in 2019 did not have a material impact to the Company's Consolidated Financial Statements. 2017 ACQUISITIONS Newell Tools On March 9, 2017, the Company acquired Newell Tools for approximately $1.86 billion , net of cash acquired. The Newell Tools results are included in the Company's Tools & Storage segment. The Newell Tools acquisition was accounted for as a business combination using the acquisition method of accounting. The purchase price allocation for Newell Tools was completed in 2018. The measurement period adjustments recorded in 2018 did not have a material impact on the Company's Consolidated Financial Statements. The following table summarizes the acquisition date value of assets acquired and liabilities assumed: (Millions of Dollars) Cash and cash equivalents $ 20.0 Accounts and notes receivable, net 19.7 Inventories, net 195.5 Prepaid expenses and other current assets 27.1 Property, plant and equipment, net 112.4 Trade names 283.0 Customer relationships 548.0 Other assets 8.8 Accounts payable (70.3 ) Accrued expenses (40.7 ) Deferred taxes (269.4 ) Other liabilities (7.9 ) Total identifiable net assets $ 826.2 Goodwill 1,031.8 Total consideration paid $ 1,858.0 The trade names were determined to have indefinite lives. The weighted-average useful life assigned to the customer relationships was 15 years . Goodwill was calculated as the excess of the consideration transferred over the net assets recognized and represents the expected revenue and cost synergies of the combined business, assembled workforce, and the going concern nature of Newell Tools. It is estimated that $15.7 million of goodwill, relating to the pre-acquisition historical tax basis of goodwill, will be deductible for tax purposes. Craftsman Brand On March 8, 2017, the Company purchased the CraftsmanĀ® brand from Sears Holdings Corporation ("Sears Holdings") for a total estimated cash purchase price of $936.7 million on a discounted basis, which consisted of an initial cash payment of $568.2 million , a cash payment due in March 2020 with an estimated present value at acquisition date of $234.0 million , and future payments to Sears Holdings of between 2.5% and 3.5% on sales of Craftsman products in new Stanley Black & Decker channels through March 2032, which was valued at $134.5 million at the acquisition date based on estimated future sales projections. Refer to Note M, Fair Value Measurements, for additional details. In addition, as part of the acquisition the Company also granted a perpetual license to Sears Holdings to continue selling CraftsmanĀ®-branded products in Sears Holdings-related channels. The perpetual license will be royalty-free until March 2032, which represented an estimated value at acquisition date of approximately $293.0 million , and 3% thereafter. The Craftsman results are included in the Company's Tools & Storage segment. The CraftsmanĀ® brand acquisition was accounted for as a business combination using the acquisition method of accounting. The purchase price allocation for Craftsman was completed during 2018. The measurement period adjustments recorded in 2018 did not have a material impact on the Company's Consolidated Financial Statements. The acquisition date value of identifiable net assets acquired, which included $40.2 million of working capital and $418.0 million of intangible assets, was $482.6 million . The related goodwill was $747.1 million . The amount allocated to intangible assets included $396.0 million of an indefinite-lived trade name. The useful life assigned to the customer relationships was 17 years . Goodwill was calculated as the excess of the consideration transferred over the net assets recognized and represents the expected revenue and cost synergies of the combined business and the going concern nature of the CraftsmanĀ® brand. It is estimated that $442.7 million of goodwill will be deductible for tax purposes. Other 2017 Acquisitions During 2017, the Company completed four smaller acquisitions for a total purchase price of $182.9 million , net of cash acquired. The results of these acquisitions subsequent to the dates of acquisition are included in the Company's Tools & Storage and Security segments. The purchase price allocation for these acquisitions was completed in 2018. The acquisition date value of the identifiable net assets acquired, which included $35.3 million of working capital and $54.4 million of intangible assets, was $88.1 million . The related goodwill was $94.8 million . The amount allocated to intangible assets included $51.4 million for customer relationships. The useful lives assigned to the customer relationships ranged between 10 and 15 years . ACTUAL AND PRO-FORMA IMPACT FROM ACQUISITIONS Actual Impact from Acquisitions The net sales and net loss from the 2019 acquisitions included in the Company's Consolidated Statements of Operations for the year ended December 28, 2019 are shown in the table below. The net loss includes amortization relating to intangible assets recorded upon acquisition, inventory step-up charges, transaction costs, and other integration-related costs. (Millions of Dollars) 2019 Net sales $ 291.1 Net loss attributable to common shareowners $ (1.7 ) Pro-forma Impact from Acquisitions The following table presents supplemental pro-forma information as if the 2019 acquisitions had occurred on December 31, 2017 and the 2018 acquisitions had occurred on January 1, 2017. The pro-forma consolidated results are not necessarily indicative of what the Companyās 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) 2019 2018 Net sales $ 14,524.6 $ 14,448.6 Net earnings attributable to common shareowners 977.8 620.3 Diluted earnings per share $ 6.49 $ 4.09 2019 Pro-forma Results The 2019 pro-forma results were calculated by combining the results of Stanley Black & Decker with the stand-alone results of the 2019 acquisitions for their respective pre-acquisition periods. Accordingly the following adjustments were made: ā¢ Elimination of the historical pre-acquisition intangible asset amortization expense and the addition of intangible asset amortization expense related to intangibles valued as part of the purchase price allocation that would have been incurred from December 30, 2018 to the acquisition dates. ā¢ Additional depreciation expense for the property, plant, and equipment fair value adjustments that would have been incurred from December 30, 2018 to the acquisition date of IES Attachments. ā¢ Because the 2019 acquisitions were assumed to occur on December 31, 2017, there were no acquisition-related costs or inventory step-up charges factored into the 2019 pro-forma year, as such expenses would have occurred in the first year following the assumed acquisition date. 2018 Pro-forma Results The 2018 pro-forma results were calculated by combining the results of Stanley Black & Decker with the stand-alone results of the 2018 and 2019 acquisitions for their respective pre-acquisition periods. Accordingly the following adjustments were made: ā¢ Elimination of the historical pre-acquisition intangible asset amortization expense and the addition of intangible asset amortization expense related to intangibles valued as part of the purchase price allocation that would have been incurred from December 31, 2017 to the acquisition dates of the 2018 acquisitions and for the year ended December 29, 2018 for the 2019 acquisitions. ā¢ Additional depreciation expense for the property, plant, and equipment fair value adjustments that would have been incurred from December 31, 2017 to the acquisition date of Nelson and for the year ended December 29, 2018 for the IES acquisition. ā¢ Additional expense for acquisition-related costs and inventory step-up charges relating to the 2019 acquisitions, as such expenses would have been incurred during the year ended December 29, 2018. ā¢ Because the 2018 acquisitions were assumed to occur on January 1, 2017, there were no acquisition-related costs or inventory step-up charges factored into the 2018 pro-forma period, as such expenses relating to the 2018 acquisitions would have occurred in the first year following the assumed acquisition date. |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended |
Dec. 28, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS GOODWILL ā The changes in the carrying amount of goodwill by segment are as follows: (Millions of Dollars) Tools & Storage Industrial Security Total Balance December 30, 2017 $ 5,189.7 $ 1,454.4 $ 2,132.0 $ 8,776.1 Acquisitions 59.8 225.5 55.0 340.3 Foreign currency translation and other (95.2 ) (0.2 ) (64.3 ) (159.7 ) Balance December 29, 2018 $ 5,154.3 $ 1,679.7 $ 2,122.7 $ 8,956.7 Acquisitions (1.3 ) 320.5 8.2 327.4 Foreign currency translation and other 8.8 (4.7 ) (50.7 ) (46.6 ) Balance December 28, 2019 $ 5,161.8 $ 1,995.5 $ 2,080.2 $ 9,237.5 In accordance with ASC 350, Intangibles - Goodwill and Other , a portion of the goodwill associated with the Security segment was allocated to the aforementioned Sargent & Greenleaf divestiture based on the relative fair value of the business disposed of and the portion of the reporting unit that was retained. Accordingly, goodwill for the Security segment was reduced by $33.8 million and included in the gain on sale of Sargent & Greenleaf in 2019. Refer to Note T, Divestitures , for further discussion. As required by the Company's policy, goodwill and indefinite-lived trade names were tested for impairment in the third quarter of 2019 . The Company assessed the fair values of two of its reporting units utilizing a discounted cash flow valuation model and determined that the fair values exceeded the respective carrying amounts. The key assumptions used were discount rates and perpetual growth rates applied to cash flow projections. Also inherent in the discounted cash flow valuations were near-term revenue growth rates over the next five years. These assumptions contemplated business, market and overall economic conditions. For the remaining three reporting units, the Company determined qualitatively that it was not more likely than not that goodwill was impaired, and thus, the quantitative goodwill impairment test was not required. In making this determination, the Company considered the significant excess of fair value over carrying amount as calculated in the most recent quantitative analysis, each reporting unit's 2019 performance compared to prior year and their respective industries, analyst multiples and other positive qualitative information. Based on the results of the annual impairment testing performed in the third quarter of 2019, the Company determined that the fair values of each of its reporting units exceeded their respective carrying amounts. The fair values of the Company's indefinite-lived trade names were assessed using quantitative analyses, which utilized discounted cash flow valuation models taking into consideration appropriate discount rates, royalty rates and perpetual growth rates applied to projected sales. Based on the results of this testing, the Company determined that the fair values of each of its indefinite-lived trade names exceeded their respective carrying amounts. INTANGIBLE ASSETS ā Intangible assets at December 28, 2019 and December 29, 2018 were as follows: 2019 2018 (Millions of Dollars) Gross Accumulated Gross Accumulated Amortized Intangible Assets ā Definite lives Patents and copyrights $ 42.4 $ (41.5 ) $ 42.5 $ (40.6 ) Trade names 194.5 (127.2 ) 170.8 (114.9 ) Customer relationships 2,739.0 (1,421.7 ) 2,435.0 (1,269.8 ) Other intangible assets 233.1 (182.9 ) 236.1 (173.6 ) Total $ 3,209.0 $ (1,773.3 ) $ 2,884.4 $ (1,598.9 ) Indefinite-lived trade names totaled $2.186 billion at December 28, 2019 and $2.199 billion at December 29, 2018 . The year-over-year change is due to currency fluctuations. Intangible assets amortization expense by segment was as follows: (Millions of Dollars) 2019 2018 2017 Tools & Storage $ 73.1 $ 75.5 $ 68.0 Industrial 69.6 50.7 45.4 Security 44.7 49.1 50.4 Consolidated $ 187.4 $ 175.3 $ 163.8 Future amortization expense in each of the next five years amounts to $175.1 million for 2020 , $166.5 million for 2021 , $157.3 million for 2022 , $148.3 million for 2023 , $139.5 million for 2024 and $649.0 million thereafter. |
ACCRUED EXPENSES
ACCRUED EXPENSES | 12 Months Ended |
Dec. 28, 2019 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES | ACCRUED EXPENSES Accrued expenses at December 28, 2019 and December 29, 2018 were as follows: (Millions of Dollars) 2019 2018 Payroll and related taxes $ 262.4 $ 297.0 Income and other taxes 243.9 67.5 Customer rebates and sales returns 112.0 116.6 Insurance and benefits 69.8 69.4 Restructuring costs 147.8 108.8 Derivative financial instruments 22.4 7.5 Warranty costs 69.6 65.5 Deferred revenue 108.9 98.6 Freight costs 72.9 87.3 Environmental costs 57.8 58.1 Deferred purchase price 249.2 ā Current lease liability 141.3 ā Other 419.5 413.5 Total $ 1,977.5 $ 1,389.8 |
LONG-TERM DEBT AND FINANCING AR
LONG-TERM DEBT AND FINANCING ARRANGEMENTS | 12 Months Ended |
Dec. 28, 2019 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT AND FINANCING ARRANGEMENTS | LONG-TERM DEBT AND FINANCING ARRANGEMENTS Long-term debt and financing arrangements at December 28, 2019 and December 29, 2018 were as follows: December 28, 2019 December 29, 2018 (Millions of Dollars) Interest Rate Original Notional Unamortized Discount Unamortized Gain (Loss) Terminated Swaps 1 Purchase Accounting FV Adjustment Deferred Financing Fees Carrying Value Carrying Value Notes payable due 2021 3.40% $ 400.0 $ (0.1 ) $ 6.7 $ ā $ (0.6 ) $ 406.0 $ 409.1 Notes payable due 2022 2.90% 754.3 (0.2 ) ā ā (1.8 ) 752.3 751.6 Notes payable due 2026 3.40% 500.0 (0.6 ) ā ā (2.9 ) 496.5 ā Notes payable due 2028 7.05% 150.0 ā 9.3 9.0 ā 168.3 170.4 Notes payable due 2028 4.25% 500.0 (0.3 ) ā ā (3.9 ) 495.8 495.7 Notes payable due 2040 5.20% 400.0 (0.2 ) (30.5 ) ā (2.8 ) 366.5 364.9 Notes payable due 2048 4.85% 500.0 (0.5 ) ā ā (5.4 ) 494.1 494.4 Notes payable due 2052 (junior subordinated) 5.75% ā ā ā ā ā ā 731.6 Notes payable due 2053 (junior subordinated) 7.08% ā ā ā ā ā ā 396.7 Other, payable in varying amounts through 2022 2 0.00% - 4.50% ā ā ā ā ā ā 7.9 Total long-term debt, including current maturities $ 3,204.3 $ (1.9 ) $ (14.5 ) $ 9.0 $ (17.4 ) $ 3,179.5 $ 3,822.3 Less: Current maturities of long-term debt (3.1 ) (2.5 ) Long-term debt $ 3,176.4 $ 3,819.8 1 Unamortized gain (loss) associated with interest rate swaps are more fully discussed in Note I, Financial Instruments. 2 Finance lease balances as of December 29, 2018 have been reclassified to lease liabilities in accordance with the adoption of the new lease standard in the first quarter of 2019. Refer to Note A, Significant Accounting Policies. As of December 28, 2019, the aggregate annual principal maturities of long-term debt for the next five years and thereafter are as follows: no principal maturities in 2020, $400.0 million in 2021, $754.3 million in 2022, no principal maturities in 2023 or 2024, and $2.050 billion thereafter. These maturities represent the principal amounts to be paid and accordingly exclude the remaining $9.0 million of unamortized fair value adjustments made in purchase accounting, which increased the Black & Decker note payable due 2028, as well as a net loss of $16.4 million pertaining to unamortized termination gains and losses on interest rate swaps and unamortized discounts on the notes as described in Note I, Financial Instruments, and $17.4 million of unamortized deferred financing fees. Interest paid during 2019 , 2018 and 2017 amounted to $252.9 million , $249.6 million and $198.3 million , respectively. In February 2020, the Company issued $750.0 million of senior unsecured term notes maturing March 15, 2030 ("2030 Term Notes") and $750.0 million of fixed-to-fixed reset rate junior subordinated debentures maturing March 15, 2060 (ā2060 Junior Subordinated Debenturesā). The 2030 Term Notes will accrue interest at a fixed rate of 2.3% per annum, with interest payable semi-annually in arrears, and rank equally in right of payment with all of the Company's existing and future unsecured and unsubordinated debt. The 2060 Junior Subordinated Debentures will bear interest at a fixed rate of 4.0% per annum, payable semi-annually in arrears, up to but excluding March 15, 2025. From and including March 15, 2025, the interest rate will be reset for each subsequent five-year reset period equal to the Five-Year Treasury Rate plus 2.657% . The Five-Year Treasury Rate is based on the average yields on actively traded U.S. treasury securities adjusted to constant maturity, for five-year maturities. On each five-year reset date, the 2060 Junior Subordinated Debentures can be called at par value. The 2060 Junior Subordinated Debentures are unsecured and rank subordinate and junior in right of payment to all of the Companyās existing and future senior debt. The Company received total net proceeds from these offerings of approximately $1.487 billion , which reflected approximately $13.4 million of underwriting expenses and other fees associated with the transactions. The net proceeds from the offering will be used for general corporate purposes, including acquisition funding and repayment of short-term borrowings. In March 2019, the Company issued $500.0 million of senior unsecured notes maturing on March 1, 2026 ("2026 Term Notes"). The 2026 Term Notes accrue interest at a fixed rate of 3.40% per annum with interest payable semi-annually in arrears. The 2026 Term Notes rank equally in right of payment with all of the Company's existing and future unsecured and unsubordinated debt. The Company received net cash proceeds of $496.2 million which reflected the notional amount offset by a discount, underwriting expenses, and other fees associated with the transaction. The Company used the net proceeds from the offering for general corporate purposes, including repayment of other borrowings. In November 2018, the Company issued $500.0 million of senior unsecured notes maturing on November 15, 2028 ("2028 Term Notes") and $500.0 million of senior unsecured notes maturing on November 15, 2048 ("2048 Term Notes"). The 2028 Term Notes and 2048 Term Notes accrue interest at fixed rates of 4.25% per annum and 4.85% per annum, respectively, with interest payable semi-annually in arrears on both notes. The notes are unsecured and rank equally with all of the Company's existing and future unsecured and unsubordinated debt. The Company received net proceeds of $990.0 million which reflected a discount of $0.9 million and $9.1 million of underwriting expenses and other fees associated with the transaction. The Company used the net proceeds from the offering for general corporate purposes, including repayment of other borrowings. Contemporaneously with the issuance of the 2028 Term Notes and 2048 Term Notes, the Company paid $977.5 million to settle its remaining obligations of two unsecured notes which matured in November 2018. In December 2013, the Company issued $400.0 million aggregate principal amount of 5.75% fixed-to-floating rate junior subordinated debentures maturing December 15, 2053 (ā2053 Junior Subordinated Debenturesā). The 2053 Junior Subordinated Debentures bore interest at a fixed rate of 5.75% per annum, payable semi-annually in arrears to, but excluding December 15, 2018. From and including December 15, 2018, the 2053 Junior Subordinated Debentures bore interest at an annual rate equal to three-month LIBOR plus 4.304% , payable quarterly in arrears. In February 2019, the Company redeemed all of the outstanding 2053 Junior Subordinated Debentures for $405.7 million , which represented 100% of the principal amount plus accrued and unpaid interest to the redemption date. The Company recognized a net pre-tax loss of $3.2 million from the redemption, which was comprised of a $7.8 million loss related to the write-off of deferred financing fees partially offset by a $4.6 million gain relating to an unamortized terminated interest rate swap as described in more detailed in Note I, Financial Instruments . In November 2012, the Company issued $800.0 million of senior unsecured term notes, maturing on November 1, 2022 (ā2022 Term Notesā) with fixed interest payable semi-annually, in arrears, at a rate of 2.90% per annum. The 2022 Term Notes are unsecured and rank equally with all of the Company's existing and future unsecured and unsubordinated debt. The Company received net proceeds of $793.9 million , which reflected a discount of $0.7 million and $5.4 million of underwriting expenses and other fees associated with the transaction. The Company used the net proceeds from the offering for general corporate purposes, including repayment of short-term borrowings. The 2022 Term Notes include a Change of Control provision that would apply should a Change of Control event (as defined in the Indenture governing the 2022 Term Notes) occur. The Change of Control provision states that the holders of the 2022 Term Notes may require the Company to repurchase, in cash, all of the outstanding 2022 Term Notes for a purchase price at 101.0% of the original principal amount, plus any accrued and unpaid interest outstanding up to the repurchase date. In December 2014, the Company repurchased $45.7 million of the 2022 Term Notes and paid $45.3 million in cash and recognized a net pre-tax gain of less than $0.1 million after expensing $0.3 million of related loan discount costs and deferred financing fees. At December 28, 2019 , the carrying value of the 2022 Term Notes includes $0.2 million of unamortized discount. In July 2012, the Company issued $750.0 million of junior subordinated debentures, maturing on July 25, 2052 (ā2052 Junior Subordinated Debenturesā) with fixed interest payable quarterly, in arrears, at a rate of 5.75% per annum. In December 2019, the Company redeemed all of the outstanding 2052 Junior Subordinated Debentures for $760.5 million , which represented 100% of the principal amount plus accrued and unpaid interest. The Company recognized a pre-tax loss of $17.9 million from the redemption related to the write-off of unamortized deferred financing fees. Commercial Paper and Credit Facilities The Company has a $3.0 billion commercial paper program which includes Euro denominated borrowings in addition to U.S. Dollars. As of December 28, 2019, the Company had $335.5 million of borrowings outstanding representing Euro denominated commercial paper, which was designated as a net investment hedge. As of December 29, 2018, the Company had $373.0 million of borrowings outstanding, of which approximately $228.9 million in Euro denominated commercial paper was designated as a net investment hedge. Refer to Note I, Financial Instruments, for further discussion. The Company has a five-year $2.0 billion committed credit facility (the "5-Year Credit Agreement"). Borrowings under the 5-Year Credit Agreement may be made in U.S. Dollars, Euros or Pounds Sterling. A sub-limit amount of $653.3 million is designated for swing line advances which may be drawn in Euros pursuant to the terms of the 5-Year Credit Agreement. Borrowings bear interest at a floating rate plus an applicable margin dependent upon the denomination of the borrowing and specific terms of the 5-Year Credit Agreement. The Company must repay all advances under the 5-Year Credit Agreement by the earlier of September 12, 2023 or upon termination. The 5-Year Credit Agreement is designated to be a liquidity back-stop for the Company's $3.0 billion U.S. Dollar and Euro commercial paper program. As of December 28, 2019 and December 29, 2018, the Company had not drawn on its five-year committed credit facility. In September 2019, the Company terminated its 364-day $1.0 billion committed credit facility and concurrently executed a new 364-Day $1.0 billion committed credit facility (the "September 364-Day Credit Agreement"). Borrowings under the September 364-Day Credit Agreement may be made in U.S. Dollars or Euros and bear interest at a floating rate plus an applicable margin dependent upon the denomination of the borrowing and pursuant to the terms of the September 364-Day Credit Agreement. The Company must repay all advances under the September 364-Day Credit Agreement by the earlier of September 9, 2020 or upon termination. The Company may, however, convert all advances outstanding upon termination into a term loan that shall be repaid in full no later than the first anniversary of the termination date provided that the Company, among other things, pays a fee to the administrative agent for the account of each lender. The September 364-Day Credit Agreement serves as part of the liquidity back-stop for the Companyās $3.0 billion U.S. Dollar and Euro commercial paper program. As of December 28, 2019 and December 29, 2018, the Company had not drawn on its September 364-Day committed credit facility. In addition, the Company has other short-term lines of credit that are primarily uncommitted, with numerous banks, aggregating to $521.2 million , of which $432.5 million was available at December 28, 2019 . Short-term arrangements are reviewed annually for renewal. At December 28, 2019 , the aggregate amount of committed and uncommitted lines of credit, long-term and short-term, was $3.5 billion . At December 28, 2019 , $337.3 million was recorded as short-term borrowings relating to commercial paper and amounts outstanding against uncommitted lines. In addition, $88.8 million of the short-term credit lines was utilized primarily pertaining to outstanding letters of credit for which there are no required or reported debt balances. The weighted-average interest rates on U.S. dollar denominated short-term borrowings for the years ended December 28, 2019 and December 29, 2018 was 2.3% . The weighted-average interest rate on Euro denominated short-term borrowings for the years ended December 28, 2019 and December 29, 2018 was negative 0.3% |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 28, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE FINANCIAL INSTRUMENTS | FINANCIAL INSTRUMENTS In the first quarter of 2018, the Company elected to early adopt ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedge Activities , which amended the hedge accounting recognition and presentation requirements of ASC 815. ASU 2017-12 required the presentation and disclosure requirements to be applied prospectively and as a result, certain disclosures for fiscal year 2017 conform to the presentation and disclosure requirements prior to the adoption. The Company is exposed to market risk from changes in foreign currency exchange rates, interest rates, stock prices and commodity prices. As part of the Companyās risk management program, a variety of financial instruments such as interest rate swaps, currency swaps, purchased currency options, foreign exchange contracts and commodity contracts, may be used to mitigate interest rate exposure, foreign currency exposure and commodity price exposure. If the Company elects to do so and if the instrument meets the criteria specified in ASC 815, management designates its derivative instruments as cash flow hedges, fair value hedges or net investment hedges. Generally, commodity price exposures are not hedged with derivative financial instruments and instead are actively managed through customer pricing initiatives, procurement-driven cost reduction initiatives and other productivity improvement projects. Financial instruments are not utilized for speculative purposes. A summary of the fair values of the Companyās derivatives recorded in the Consolidated Balance Sheets at December 28, 2019 and December 29, 2018 follows: (Millions of Dollars) Balance Sheet Classification 2019 2018 Balance Sheet Classification 2019 2018 Derivatives designated as hedging instruments: Interest Rate Contracts Cash Flow LT other assets $ ā $ ā LT other liabilities $ 40.5 $ ā Foreign Exchange Contracts Cash Flow Other current assets 7.0 18.1 Accrued expenses 7.8 0.6 Net Investment Hedge Other current assets 18.6 5.7 Accrued expenses 8.5 1.5 LT other assets ā ā LT other liabilities 2.6 13.8 Non-derivative designated as hedging instrument: Net Investment Hedge ā ā Short-term borrowings 335.5 228.9 Total Designated as hedging instruments $ 25.6 $ 23.8 $ 394.9 $ 244.8 Derivatives not designated as hedging instruments: Foreign Exchange Contracts Other current assets $ 3.7 $ 9.1 Accrued expenses $ 6.1 $ 5.4 Total $ 29.3 $ 32.9 $ 401.0 $ 250.2 The counterparties to all of the above mentioned financial instruments are major international financial institutions. The Company is exposed to credit risk for net exchanges under these agreements, but not for the notional amounts. The credit risk is limited to the asset amounts noted above. The Company limits its exposure and concentration of risk by contracting with diverse financial institutions and does not anticipate non-performance by any of its counterparties. Further, as more fully discussed in Note M, Fair Value Measurements , the Company considers non-performance risk of its counterparties at each reporting period and adjusts the carrying value of these assets accordingly. The risk of default is considered remote. As of December 28, 2019 and December 29, 2018, there were no assets that had been posted as collateral related to the above mentioned financial instruments. In 2019 , 2018 and 2017 , cash flows related to derivatives, including those that are separately discussed below, resulted in net cash received of $69.9 million , $2.4 million and $2.6 million , respectively. CASH FLOW HEDGES ā There were after-tax mark-to-market losses of $54.2 million and $26.8 million as of December 28, 2019 and December 29, 2018 , respectively, reported for cash flow hedge effectiveness in Accumulated other comprehensive loss. An after-tax loss of $7.4 million is expected to be reclassified to earnings as the hedged transactions occur or as amounts are amortized within the next twelve months. The ultimate amount recognized will vary based on fluctuations of the hedged currencies and interest rates through the maturity dates. The tables below detail pre-tax amounts of derivatives designated as cash flow hedges in Accumulated other comprehensive loss for active derivatives during the periods in which the underlying hedged transactions affected earnings for 2019 , 2018 and 2017 : 2019 (Millions of Dollars) Gain (Loss) Recorded in OCI Classification of Gain (Loss) Reclassified from OCI to Income Gain (Loss) Reclassified from OCI to Income Gain (Loss) Interest Rate Contracts $ (40.5 ) Interest expense $ (16.2 ) $ ā Foreign Exchange Contracts $ (16.7 ) Cost of sales $ (6.5 ) $ ā 2018 (Millions of Dollars) Gain (Loss) Recorded in OCI Classification of Gain (Loss) Reclassified from OCI to Income Gain (Loss) Reclassified from OCI to Income Gain (Loss) Interest Rate Contracts $ 33.1 Interest expense $ (15.3 ) $ ā Foreign Exchange Contracts $ 35.9 Cost of sales $ (17.9 ) $ ā 2017 (Millions of Dollars) Gain (Loss) Recorded in OCI Classification of Gain (Loss) Reclassified from OCI to Income Gain (Loss) Reclassified from OCI to Income (Effective Portion) Gain (Loss) Recognized in Income (Ineffective Portion*) Interest Rate Contracts $ (8.4 ) Interest expense $ ā $ ā Foreign Exchange Contracts $ (66.6 ) Cost of sales $ 8.4 $ ā * Includes ineffective portion and amount excluded from effectiveness testing on derivatives. A summary of the pre-tax effect of cash flow hedge accounting on the Consolidated Statements of Operations for 2019 and 2018 is as follows: 2019 2018 (Millions of dollars) Cost of Sales Interest Expense Cost of Sales Interest Expense Total amount in the Consolidated Statements of Operations in which the effects of the cash flow hedges are recorded $ 9,636.7 $ 284.3 $ 9,131.3 $ 277.9 Gain (loss) on cash flow hedging relationships: Foreign Exchange Contracts: Hedged Items $ 6.5 $ ā $ 17.9 $ ā Gain (loss) reclassified from OCI into Income $ (6.5 ) $ ā $ (17.9 ) $ ā Interest Rate Swap Agreements: Gain (loss) reclassified from OCI into Income 1 $ ā $ (16.2 ) $ ā $ (15.3 ) 1 Inclusive of the gain/loss amortization on terminated derivative financial instruments. For 2017 , the hedged itemsā impact to the Consolidated Statement of Operations was a loss of $8.4 million in Cost of Sales offsetting the amount shown above. There was no impact related to the interest rate contractsā hedged items for any period presented. For 2019 , 2018 and 2017 after-tax losses of $13.1 million , $15.4 million , and $4.7 million , respectively, were reclassified from Accumulated other comprehensive loss into earnings (inclusive of the gain/loss amortization on terminated derivative financial instruments) during the periods in which the underlying hedged transactions affected earnings. Interest Rate Contracts: The Company enters into interest rate swap agreements in order to obtain the lowest cost source of funds within a targeted range of variable to fixed-rate debt proportions. During 2019, the Company entered into forward starting interest rate swaps totaling $650.0 million to offset expected variability on future interest rate payments associated with debt instruments expected to be issued in the future. During 2019, swaps with a notional amount of $250.0 million matured resulting in a loss of $1.0 million , which was recorded in Accumulated other comprehensive loss and is being amortized to earnings as interest expense over future periods. The cash flows stemming from the maturity of such interest rate swaps designated as cash flow hedges are presented within other financing activities in the Consolidated Statements of Cash Flows. As of December 28, 2019 , the Company had $400 million of forward starting swaps outstanding. As of December 30, 2018 all interest rate swaps designated as cash flow hedges matured as discussed below. In 2018, forward starting interest rate swaps with an aggregate notional amount of $400 million fixing 10 years of interest payments ranging from 4.25% - 4.85% matured. The objective of the hedges was to offset the expected variability on future payments associated with the interest rate on debt instruments. This resulted in a loss of $22.7 million , which was recorded in Accumulated other comprehensive loss and is being amortized to earnings as interest expense over future periods. The cash flows stemming from the maturity of such interest rate swaps designated as cash flow hedges are presented within other financing activities in the Consolidated Statements of Cash Flows. In January 2020, the Company entered into forward starting interest rate swaps totaling $1.0 billion to offset expected variability on future interest rate payments associated with debt instruments expected to be issued in the future. In February 2020, the Company terminated these swaps resulting in a loss of $20.5 million , which was recorded in Accumulated other comprehensive loss and will be amortized to interest expense over future periods. Foreign Currency Contracts Forward Contracts: Through its global businesses, the Company enters into transactions and makes investments denominated in multiple currencies that give rise to foreign currency risk. The Company and its subsidiaries regularly purchase inventory from subsidiaries with functional currencies different than their own, which creates currency-related volatility in the Companyās results of operations. The Company utilizes forward contracts to hedge these forecasted purchases and sales of inventory. Gains and losses reclassified from Accumulated other comprehensive loss are recorded in Cost of sales as the hedged item affects earnings. There are no components excluded from the assessment of effectiveness for these contracts. At December 28, 2019 , and December 29, 2018 , the notional values of the forward currency contracts outstanding was $518.2 million and $240.0 million , respectively, maturing on various dates through 2020. Purchased Option Contracts: The Company and its subsidiaries have entered into various intercompany transactions whereby the notional values are denominated in currencies other than the functional currencies of the party executing the trade. In order to better match the cash flows of its intercompany obligations with cash flows from operations, the Company enters into purchased option contracts. Gains and losses reclassified from Accumulated other comprehensive loss are recorded in Cost of sales as the hedged item affects earnings. There are no components excluded from the assessment of effectiveness for these contracts. At December 28, 2019 , there were no outstanding option contracts. At December 29, 2018 , the notional value of option contracts outstanding was $370.0 million maturing on various dates through 2019. FAIR VALUE HEDGES Interest Rate Risk: In an effort to optimize the mix of fixed versus floating rate debt in the Companyās capital structure, the Company enters into interest rate swaps. In prior years, the Company entered into interest rate swaps related to certain of its notes payable which were subsequently terminated. Amortization of the gain/loss on previously terminated swaps is reported as a reduction of interest expense. Prior to termination, the changes in fair value of the swaps and the offsetting changes in fair value related to the underlying notes were recognized in earnings. The Company did not have any active fair value interest rate swaps at December 28, 2019 or December 29, 2018 . A summary of the pre-tax effect of fair value hedge accounting on the Consolidated Statements of Operations for 2019 and 2018 is as follows: (Millions of dollars) 2019 2018 Total amount in the Consolidated Statements of Operations in which the effects of the fair value hedges are recorded $ 284.3 $ 277.9 Amortization of gain on terminated swaps $ (7.7 ) $ (3.2 ) Amortization of the gain/loss on terminated swaps of $3.2 million was reported as a reduction of interest expense in 2017 . In February 2019, the Company redeemed all of the outstanding 2053 Junior Subordinated Debentures as discussed in Note H, Long-Term Debt and Financing Arrangements. As a result, the Company recorded a pre-tax gain of $4.6 million relating to the remaining unamortized gain on swap termination related to this debt. A summary of the amounts recorded in the Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges as of 2019 and 2018 is as follows: (Millions of dollars) 2019 Carrying Amount of Hedged Liability 1 2019 Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liability Current maturities of long-term debt $ 3.1 Terminated Swaps $ 3.1 Long-Term Debt $ 3,176.4 Terminated Swaps $ (17.5 ) 1 Represents hedged items no longer designated in qualifying fair value hedging relationships. (Millions of dollars) 2018 Carrying Amount of Hedged Liability 1 2018 Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liability Current maturities of long-term debt $ 2.5 Terminated Swaps $ 2.1 Long-Term Debt $ 3,819.8 Terminated Swaps $ (10.0 ) 1 Represents hedged items no longer designated in qualifying fair value hedging relationships. NET INVESTMENT HEDGES Foreign Exchange Contracts: The Company utilizes net investment hedges to offset the translation adjustment arising from re-measurement of its investment in the assets and liabilities of its foreign subsidiaries. The total after-tax amounts in Accumulated other comprehensive loss were gains of $97.3 million and $63.3 million at December 28, 2019 and December 29, 2018 , respectively. As of December 28, 2019 , the Company had cross currency swaps with a notional value totaling $1.1 billion maturing on various dates through 2023 hedging a portion of its Japanese yen, Euro and Swiss franc denominated net investments and Euro denominated commercial paper with a value of $335.5 million maturing in 2020 hedging a portion of its Euro denominated net investments. As of December 29, 2018 , the Company had foreign exchange contracts maturing on various dates through 2019 with notional values totaling $262.4 million outstanding hedging a portion of its British pound sterling, Swedish krona, and Euro denominated net investments; a cross currency swap with a notional value totaling $250.0 million maturing in 2023 hedging a portion of its Japanese yen denominated net investment; an option contract with a notional value totaling $35.1 million maturing in 2019 hedging a portion of its Mexican peso denominated net investment; and Euro denominated commercial paper with a value of $228.9 million maturing in 2019 hedging a portion of its Euro denominated net investments. In January 2020, the Company entered into cross currency swaps with notional values totaling $1.4 billion maturing in 2021 hedging a portion of its Euro, British pound sterling, Swedish krona and Swiss franc denominated net investments. Maturing foreign exchange contracts resulted in net cash received of $8.0 million and $25.7 million during 2019 and 2018, respectively, and cash paid of $23.3 million during 2017 . Gains and losses on net investment hedges remain in Accumulated other comprehensive loss until disposal of the underlying assets. Upon adoption of ASU 2017-12, gains and losses representing components excluded from the assessment of effectiveness are recognized in earnings in Other, net on a straight-line basis over the term of the hedge. Prior to the adoption of ASU 2017-12, no components were excluded from the assessment of effectiveness. Gains and losses after a hedge has been de-designated are recorded directly to the Consolidated Statements of Operations in Other, net. The pre-tax gains and losses from fair value changes during 2019 and 2018 were as follows: 2019 (Millions of Dollars) Total Gain (Loss) Recorded in OCI Excluded Component Recorded in OCI Income Statement Classification Total Gain (Loss) Reclassified from OCI to Income Excluded Component Amortized from OCI to Income Forward Contracts $ 6.4 $ 4.6 Other, net $ 4.3 $ 4.3 Cross Currency Swap $ 54.8 $ 48.8 Other, net $ 29.9 $ 29.9 Option Contracts $ (3.7 ) $ ā Other, net $ ā $ ā Non-derivative designated as Net Investment Hedge $ 21.7 $ ā Other, net $ ā $ ā 2018 (Millions of Dollars) Total Gain (Loss) Recorded in OCI Excluded Component Recorded in OCI Income Statement Classification Total Gain (Loss) Reclassified from OCI to Income Excluded Component Amortized from OCI to Income Forward Contracts $ 37.1 $ 8.6 Other, net $ 8.2 $ 8.2 Cross Currency Swap $ (2.3 ) $ 5.8 Other, net $ 6.8 $ 6.8 Option Contracts $ (2.0 ) $ ā Other, net $ ā $ ā Non-derivative designated as Net Investment Hedge $ 61.8 $ ā Other, net $ ā $ ā The pre-tax loss from fair value changes during 2017 was as follows: 2017 Income Statement Classification (Millions of Dollars) Amount Effective Portion Recorded in Income Statement Ineffective Other-net $ (131.3 ) $ ā $ ā * Includes ineffective portion. As discussed in Note H, Long-Term Debt and Financing Arrangements , the Company has a commercial paper program which authorizes Euro denominated borrowings in addition to U.S. Dollars. Euro denominated borrowings against this commercial paper program are designated as a net investment hedge against a portion of its Euro denominated net investment. As of December 28, 2019 and December 29, 2018 , the Company had $335.5 million and $228.9 million , respectively, in Euro denominated borrowings outstanding against this commercial paper program. UNDESIGNATED HEDGES Foreign Exchange Contracts: Currency swaps and foreign exchange forward contracts are used to reduce risks arising from the change in fair value of certain foreign currency denominated assets and liabilities (such as affiliate loans, payables and receivables). The objective of these practices is to minimize the impact of foreign currency fluctuations on operating results. The total notional amount of the forward contracts outstanding at December 28, 2019 was $946.8 million maturing on various dates through 2020. The total notional amount of the forward contracts outstanding at December 29, 2018 was $1.0 billion maturing on various dates through 2019. The gain (loss) recorded in the income statement from changes in the fair value related to derivatives not designated as hedging instruments under ASC 815 for 2019 , 2018 and 2017 are as follows: (Millions of Dollars) Income Statement Classification 2019 2018 2017 Foreign Exchange Contracts Other-net $ (4.1 ) $ 17.0 $ 51.5 |
CAPITAL STOCK
CAPITAL STOCK | 12 Months Ended |
Dec. 28, 2019 | |
Equity [Abstract] | |
CAPITAL STOCK | CAPITAL STOCK EARNINGS PER SHARE ā The following table reconciles net earnings attributable to common shareowners and the weighted-average shares outstanding used to calculate basic and diluted earnings per share for the fiscal years ended December 28, 2019 , December 29, 2018 , and December 30, 2017 . 2019 2018 2017 Numerator (in millions): Net Earnings Attributable to Common Shareowners $ 955.8 $ 605.2 $ 1,227.3 Denominator (in thousands): Basic weighted-average shares outstanding 148,365 148,919 149,629 Dilutive effect of stock contracts and awards 2,193 2,724 2,820 Diluted weighted-average shares outstanding 150,558 151,643 152,449 Earnings per share of common stock: Basic $ 6.44 $ 4.06 $ 8.20 Diluted $ 6.35 $ 3.99 $ 8.05 The following weighted-average stock options were not included in the computation of diluted shares outstanding because the effect would be anti-dilutive (in thousands): 2019 2018 2017 Number of stock options 2,151 1,339 389 In November 2019, the Company issued 7,500,000 Equity Units with a total notional value of $750.0 million (ā2019 Equity Unitsā). Each unit initially consists of 750,000 shares of convertible preferred stock and forward stock purchase contracts. On and after November 15, 2022, the convertible preferred stock may be converted into common stock at the option of the holder. At the election of the Company, upon conversion, the Company may deliver cash, common stock, or a combination thereof. The conversion rate is initially 5.2263 shares of common stock per one share of convertible preferred stock, which is equivalent to an initial conversion price of approximately $191.34 per share of common stock. The convertible preferred stock is excluded from the denominator of the diluted earnings per share calculation on the basis that the convertible preferred stock will be settled in cash except to the extent that the conversion value of the convertible preferred stock exceeds its liquidation preference. Therefore, before any redemption or conversion, the common shares that would be required to settle the applicable conversion value in excess of the liquidation preference, if the Company elects to settle such excess in common shares, are included in the denominator of diluted earnings per share in periods in which they are dilutive. The shares related to the convertible preferred stock were anti-dilutive during November and December of 2019. In May 2017, the Company issued 7,500,000 Equity Units with a total notional value of $750.0 million (ā2017 Equity Unitsā). Each unit initially consists of 750,000 shares of convertible preferred stock and forward stock purchase contracts. On and after May 15, 2020, the convertible preferred stock may be converted into common stock at the option of the holder. At the election of the Company, upon conversion, the Company may deliver cash, common stock, or a combination thereof. The conversion rate was initially 6.1627 shares of common stock per one share of convertible preferred stock, which was equivalent to an initial conversion price of approximately $162.27 per share of common stock. As of December 28, 2019 , due to the customary anti-dilution provisions, the conversion rate was 6.1954 , equivalent to a conversion price of approximately $161.41 per share of common stock. The convertible preferred stock is excluded from the denominator of the diluted earnings per share calculation on the basis that the convertible preferred stock will be settled in cash except to the extent that the conversion value of the convertible preferred stock exceeds its liquidation preference. Therefore, before any redemption or conversion, the common shares that would be required to settle the applicable conversion value in excess of the liquidation preference, if the Company elects to settle such excess in common shares, are included in the denominator of diluted earnings per share in periods in which they are dilutive. The shares related to the convertible preferred stock were anti-dilutive during most of 2019. See "Other Equity Arrangements" below for further details of the above transactions. COMMON STOCK ACTIVITY ā Common stock activity for 2019 , 2018 and 2017 was as follows: 2019 2018 2017 Outstanding, beginning of year 151,302,450 154,038,031 152,559,767 Issued from treasury 2,391,336 941,854 1,680,339 Returned to treasury (187,377 ) (3,677,435 ) (202,075 ) Outstanding, end of year 153,506,409 151,302,450 154,038,031 Shares subject to the forward share purchase contract (3,645,510 ) (3,645,510 ) (3,645,510 ) Outstanding, less shares subject to the forward share purchase contract 149,860,899 147,656,940 150,392,521 In April 2018, the Company repurchased 1,399,732 shares of common stock for approximately $200.0 million . In July 2018, the Company repurchased 2,086,792 shares of common stock for approximately $300.0 million . In March 2015, the Company entered into a forward share purchase contract with a financial institution counterparty for 3,645,510 shares of common stock. The contract obligates the Company to pay $350.0 million , plus an additional amount related to the forward component of the contract. In February 2020, the Company amended the settlement date to April 2022, or earlier at the Company's option. The reduction of common shares outstanding was recorded at the inception of the forward share purchase contract in March 2015 and factored into the calculation of weighted-average shares outstanding at that time. COMMON STOCK RESERVED ā Common stock shares reserved for issuance under various employee and director stock plans at December 28, 2019 and December 29, 2018 are as follows: 2019 2018 Employee stock purchase plan 1,593,759 1,606,224 Other stock-based compensation plans 11,330,531 14,277,893 Total shares reserved 12,924,290 15,884,117 On January 22, 2018, the Board of Directors adopted the 2018 Omnibus Award Plan (the "2018 Plan") and authorized the issuance of 16,750,000 shares of the Company's common stock in connection with the awards pursuant to the 2018 Plan. No further awards will be issued under the Company's 2013 Long-Term Incentive Plan. STOCK-BASED COMPENSATION PLANS ā The Company has stock-based compensation plans for salaried employees and non-employee members of the Board of Directors. The plans provide for discretionary grants of stock options, restricted stock units and other stock-based awards. The plans are generally administered by the Compensation and Talent Development Committee of the Board of Directors, consisting of non-employee directors. Stock Option Valuation Assumptions: Stock options are granted at the fair market value of the Companyās stock on the date of grant and have a 10 -year term. Generally, stock option grants vest ratably over 4 years from the date of grant. The following describes how certain assumptions affecting the estimated fair value of stock options are determined: the dividend yield is computed as the annualized dividend rate at the date of grant divided by the strike price of the stock option; expected volatility is based on an average of the market implied volatility and historical volatility for the 5.25 year expected life; the risk-free interest rate is based on U.S. Treasury securities with maturities equal to the expected life of the option; and a seven percent forfeiture rate is assumed. The Company uses historical data in order to estimate forfeitures and holding period behavior for valuation purposes. The fair value of stock option grants is estimated on the date of grant using the Black-Scholes option pricing model. The following weighted-average assumptions were used to value grants made in 2019 , 2018 and 2017 : 2019 2018 2017 Average expected volatility 25.0 % 23.0 % 20.0 % Dividend yield 1.8 % 2.0 % 1.5 % Risk-free interest rate 1.5 % 2.9 % 2.2 % Expected term 5.3 years 5.3 years 5.2 years Fair value per option $ 30.09 $ 26.54 $ 30.71 Weighted-average vesting period 2.8 years 2.9 years 2.9 years Stock Options: The number of stock options and weighted-average exercise prices as of December 28, 2019 are as follows: Options Price Outstanding, beginning of year 7,352,263 $ 107.36 Granted 1,225,750 150.69 Exercised (1,851,761 ) 78.17 Forfeited (271,581 ) 144.05 Outstanding, end of year 6,454,671 $ 122.42 Exercisable, end of year 3,720,639 $ 105.71 At December 28, 2019 , the range of exercise prices on outstanding stock options was $57.50 to $168.78 . Stock option expense was $27.7 million , $23.9 million and $21.3 million for the years ended December 28, 2019 , December 29, 2018 and December 30, 2017 , respectively. At December 28, 2019 , the Company had $55.9 million of unrecognized pre-tax compensation expense for stock options. This expense will be recognized over the remaining vesting periods which are 1.8 years on a weighted-average basis. During 2019 , the Company received $144.7 million in cash from the exercise of stock options. The related tax benefit from the exercise of these options was $34.7 million . During 2019 , 2018 and 2017 , the total intrinsic value of options exercised was $143.7 million , $18.3 million and $72.7 million , respectively. When options are exercised, the related shares are issued from treasury stock. An excess tax benefit is generated on the extent to which the actual gain, or spread, an optionee receives upon exercise of an option exceeds the fair value determined at the grant date; that excess spread over the fair value of the option times the applicable tax rate represents the excess tax benefit. During 2019, 2018 and 2017, the excess tax benefit arising from tax deductions in excess of recognized compensation cost totaled $25.8 million , $2.3 million and 18.3 million , respectively, and was recorded in income tax expense. Outstanding and exercisable stock option information at December 28, 2019 follows: Outstanding Stock Options Exercisable Stock Options Exercise Price Ranges Options Weighted- Average Remaining Contractual Life Weighted- Average Exercise Price Options Weighted- Weighted- $75.00 and below 991,566 1.64 $ 64.69 991,566 1.64 $ 64.69 $75.01 ā $125.00 2,154,836 5.91 107.44 1,932,443 5.80 106.10 $125.01 and higher 3,308,269 8.97 149.48 796,630 8.13 155.84 6,454,671 6.83 $ 122.42 3,720,639 5.19 $ 105.71 Compensation cost for new grants is recognized on a straight-line basis over the vesting period. The expense for retirement eligible employees (those aged 55 and over and with 10 or more years of service) is recognized by the date they become retirement eligible, as such employees may retain their options for the 10 year contractual term in the event they retire prior to the end of the vesting period stipulated in the grant. As of December 28, 2019 , the aggregate intrinsic value of stock options outstanding and stock options exercisable was $283.5 million and $225.5 million , respectively. Employee Stock Purchase Plan: The Employee Stock Purchase Plan (āESPPā) enables eligible employees in the United States, Canada and Israel to purchase shares of the Company's common stock at the lower of 85.0% of the fair market value of the shares on the grant date ( $110.80 per share for fiscal year 2019 purchases) or 85.0% of the fair market value of the shares on the last business day of each month. A maximum of 6,000,000 shares are authorized for subscription. In conjunction with the Companyās cost savings initiatives, the ESPP was temporarily suspended in 2019 and has been reinstated in 2020. During 2019 , 2018 and 2017 , 12,465 shares, 139,715 shares and 190,154 shares, respectively, were issued under the plan at average prices of $103.02 , $121.00 , and $103.35 per share, respectively, and the intrinsic value of the ESPP purchases was $0.3 million , $3.1 million and $8.7 million , respectively. For 2019 , the Company received $1.3 million in cash from ESPP purchases, and there was no related tax benefit. The fair value of ESPP shares was estimated using the Black-Scholes option pricing model. ESPP compensation cost is recognized ratably over the one year term based on actual employee stock purchases under the plan. The fair value of the employeesā purchase rights under the ESPP was estimated using the following assumptions for 2019 , 2018 and 2017 , respectively: dividend yield of 2.2% , 1.6% and 1.8% ; expected volatility of 28.0% , 16.0% and 21.0% ; risk-free interest rates of 2.5% , 1.6% , and 0.9% ; and expected lives of one year . The weighted-average fair value of those purchase rights granted in 2019 , 2018 and 2017 was $27.75 , $43.69 and $35.70 , respectively. Total compensation expense recognized for ESPP was de minimus in 2019, $6.6 million in 2018 and $6.7 million in 2017 . Restricted Share Units and Awards: Compensation cost for restricted share units and awards, including restricted shares granted to French employees in lieu of RSUs, (collectively āRSUsā) granted to employees is recognized ratably over the vesting term, which varies but is generally 4 years. RSU grants totaled 282,598 shares, 413,838 shares and 304,976 shares in 2019 , 2018 and 2017 , respectively. The weighted-average grant date fair value of RSUs granted in 2019 , 2018 and 2017 was $149.14 , $133.90 and $160.04 per share, respectively. Total compensation expense recognized for RSUs amounted to $41.2 million , $40.1 million and $31.7 million in 2019 , 2018 and 2017 , respectively. The actual tax benefit received related to the shares that were delivered in 2019 was $12.7 million . The excess tax benefit recognized was $3.4 million , $1.8 million , and $4.9 million in 2019 , 2018 and 2017 , respectively. As of December 28, 2019 , unrecognized compensation expense for RSUs amounted to $80.9 million and will be recognized over a weighted-average period of 2 years . A summary of non-vested restricted stock unit and award activity as of December 28, 2019 , and changes during the twelve month period then ended is as follows: Restricted Share Units & Awards Weighted-Average Grant Date Fair Value Non-vested at December 29, 2018 1,074,735 $ 129.65 Granted 282,598 149.14 Vested (372,571 ) 119.92 Forfeited (118,242 ) 136.62 Non-vested at December 28, 2019 866,520 $ 139.23 The total fair value of shares vested (market value on the date vested) during 2019 , 2018 and 2017 was $56.7 million , $46.8 million and $46.6 million , respectively. Non-employee members of the Board of Directors received restricted share-based grants which must be cash settled and accordingly mark-to-market accounting is applied. The Company recognized $6.8 million of expense for these awards in 2019, $3.4 million of income in 2018 , and expense of $7.0 million in 2017 . Additionally, the Board of Directors were granted restricted share units for which compensation expense of $1.2 million , $1.2 million , and $1.0 million was recognized for 2019 , 2018 and 2017 , respectively. Management Incentive Compensation Plan Performance Stock Units: In 2019, the Company granted Performance Stock Units (collectively "MICP-PSUs") under the Management Incentive Compensation Plan ("MICP") to participating employees. Awards are payable in shares of common stock and generally no award is made if the employee terminates employment prior to the settlement dates. The ultimate delivery of the shares related to the 2019 MICP-PSU grant will occur ratably in March 2020, 2021, and 2022. The total shares to be delivered are based on actual 2019 performance in relation to the established goals. Compensation cost for these performance awards is recognized ratably over the vesting term of 3 years. Total expense recognized in 2019 related to these MICP-PSUs approximated $9.5 million . The maximum number of shares that may be issued under the 2019 grant is 346,011 share units which remain non-vested as of December 28, 2019. The grant date fair value associated with the MICP-PSUs granted in 2019 is $127.27 per share. Long-Term Performance Awards: The Company has granted Long-Term Performance Awards (āLTIPā) under its 2018 Omnibus Award Plan and 2013 Long Term Incentive Plan to senior management employees for achieving Company performance measures. Awards are payable in shares of common stock, which may be restricted if the employee has not achieved certain stock ownership levels, and generally no award is made if the employee terminates employment prior to the settlement date. LTIP grants were made in 2017 , 2018 and 2019 . Each grant has separate annual performance goals for each year within the respective three year performance period. Earnings per share and cash flow return on investment represent 75% of the grant value. There is a third market-based metric, representing 25% of the total grant, which measures the Companyās common stock return relative to peers over the performance period. The ultimate delivery of shares will occur in 2020 , 2021 and 2022 for the 2017 , 2018 and 2019 grants, respectively. Share settlements are based on actual performance in relation to these goals. Expense recognized for these performance awards amounted to $9.0 million in 2019 , $4.7 million in 2018 , and $18.0 million in 2017 . With the exception of the market-based metric comprising 25% of the award, in the event performance goals are not met, compensation cost is not recognized and any previously recognized compensation cost is reversed. A summary of the activity pertaining to the maximum number of shares that may be issued is as follows: Share Units Weighted-Average Grant Date Fair Value Non-vested at December 29, 2018 627,407 $ 116.85 Granted 639,957 123.01 Vested (154,217 ) 86.56 Forfeited (105,910 ) 91.12 Non-vested at December 28, 2019 1,007,237 $ 128.10 OTHER EQUITY ARRANGEMENTS 2019 Equity Units and Capped Call Transactions In November 2019, the Company issued 7,500,000 Equity Units with a total notional value of $750.0 million (ā2019 Equity Unitsā). Each unit has a stated amount of $100 and initially consists of a three-year forward stock purchase contract (ā2022 Purchase Contractsā) for the purchase of a variable number of shares of common stock, on November 15, 2022, for a price of $100 , and a 10% beneficial ownership interest in one share of 0% Series D Cumulative Perpetual Convertible Preferred Stock, without par, with a liquidation preference of $1,000 per share (āSeries D Preferred Stockā). The Company received approximately $735.0 million in net cash proceeds from the 2019 Equity Units net of offering expenses and underwriting costs and commissions, and issued 750,000 shares of Series D Preferred Stock, recording $750.0 million in preferred stock. The proceeds were used for general corporate purposes, including repayment of short-term borrowings. The Company also used $19.2 million of the proceeds to enter into capped call transactions utilized to hedge potential economic dilution as described in more detail below. Convertible Preferred Stock In November 2019, the Company issued 750,000 shares of Series D Preferred Stock, without par, with a liquidation preference of $1,000 per share. The convertible preferred stock will initially not bear any dividends and the liquidation preference of the convertible preferred stock will not accrete. The convertible preferred stock has no maturity date and will remain outstanding unless converted by holders or redeemed by the Company. Holders of shares of the convertible preferred stock will generally have no voting rights. The Series D Preferred Stock is pledged as collateral to support holdersā purchase obligations under the 2022 Purchase Contracts and can be remarketed. In connection with any successful remarketing, the Company may (but is not required to) modify certain terms of the convertible preferred stock, including the dividend rate, the conversion rate, and the earliest redemption date. After any successful remarketing in connection with which the dividend rate on the convertible preferred stock is increased, the Company will pay cumulative dividends on the convertible preferred stock, if declared by the Board of Directors, quarterly in arrears from the applicable remarketing settlement date. On and after November 15, 2022, the Series D Preferred Stock may be converted into common stock at the option of the holder. The conversion rate is initially 5.2263 shares of common stock per one share of Series D Preferred Stock, which is equivalent to an initial conversion price of approximately $191.34 per share of common stock. At the election of the Company, upon conversion, the Company may deliver cash, common stock, or a combination thereof. The Company may not redeem the Series D Preferred Stock prior to December 22, 2022. At the election of the Company, on or after December 22, 2022, the Company may redeem for cash, all or any portion of the outstanding shares of the Series D Preferred Stock at a redemption price equal to 100% of the liquidation preference, plus any accumulated and unpaid dividends. If the Company calls the Series D Preferred Stock for redemption, holders may convert their shares immediately preceding the redemption date. 2022 Purchase Contracts The 2022 Purchase Contracts obligate the holders to purchase, on November 15, 2022, for a price of $100 in cash, a maximum number of 4.7 million shares of the Companyās common stock (subject to customary anti-dilution adjustments). The 2022 Purchase Contract holders may elect to settle their obligation early, in cash. The Series D Preferred Stock is pledged as collateral to guarantee the holdersā obligations to purchase common stock under the terms of the 2022 Purchase Contracts. The initial settlement rate determining the number of shares that each holder must purchase will not exceed the maximum settlement rate, and is determined over a market value averaging period immediately preceding November 15, 2022. The initial maximum settlement rate of 0.6272 was calculated using an initial reference price of $159.45 , equal to the last reported sale price of the Company's common stock on November 7, 2019. If the applicable market value of the Company's common stock is less than or equal to the reference price, the settlement rate will be the maximum settlement rate; and if the applicable market value of common stock is greater than the reference price, the settlement rate will be a number of shares of the Company's common stock equal to $100 divided by the applicable market value. Upon settlement of the 2022 Purchase Contracts, the Company will receive additional cash proceeds of $750 million . The Company will pay the holders of the 2022 Purchase Contracts quarterly payments (āContract Adjustment Paymentsā) at a rate of 5.25% per annum, payable quarterly in arrears on February 15, May 15, August 15 and November 15, which will commence on February 15, 2020. The $114.2 million present value of the Contract Adjustment Payments reduced Shareownersā Equity at inception. As each quarterly Contract Adjustment Payment is made, the related liability is reduced and the difference between the cash payment and the present value will accrete to interest expense, approximately $1.3 million per year over the three-year term. As of December 28, 2019, the present value of the Contract Adjustment Payments was $114.4 million . The holders can settle the purchase contracts early, for cash, subject to certain exceptions and conditions in the prospectus supplement. Upon early settlement of any purchase contracts, the Company will deliver the number of shares of its common stock equal to 85% of the number of shares of common stock that would have otherwise been deliverable. Capped Call Transactions In order to offset the potential economic dilution associated with the common shares issuable upon conversion of the Series D Preferred Stock, to the extent that the conversion value of the convertible preferred stock exceeds its liquidation preference, the Company entered into capped call transactions with three major financial institutions. The capped call transactions have a term of approximately three years and are intended to cover the number of shares issuable upon conversion of the Series D Preferred Stock. Subject to customary anti-dilution adjustments, the capped call has an initial lower strike price of $191.34 , which corresponds to the minimum 5.2263 settlement rate of the Series D Preferred Stock, and an upper strike price of $207.29 , which is approximately 30% higher than the closing price of the Company's common stock on November 7, 2019. The capped call transactions may be settled by net share settlement (the default settlement method) or, at the Companyās option and subject to certain conditions, cash settlement, physical settlement or modified physical settlement. The number of shares the Company will receive will be determined by the terms of the contracts using a volume-weighted average price calculation for the market value of the Company's common stock, over an averaging period. The market value determined will then be measured against the applicable strike price of the capped call transactions. The Company expects the capped call transactions to offset the potential dilution upon conversion of the Series D Preferred Stock if the calculated market value is greater than the lower strike price but less than or equal to the upper strike price of the capped call transactions. Should the calculated market value exceed the upper strike price of the capped call transactions, the dilution mitigation will be limited based on such capped value as determined under the terms of the contracts. With respect to the impact on the Company, the capped call transactions and 2019 Equity Units, when taken together, result in the economic equivalent of having the conversion price on the 2019 Equity Units at $207.29 , the upper strike price of the capped call as of December 28, 2019. The Company paid $19.2 million , or an average of $4.90 per option, to enter into capped call transactions on 3.9 million shares of common stock. The $19.2 million premium paid was a reduction of Shareownersā Equity. The aggregate fair value of the options at December 28, 2019 was $19.2 million . 2018 Capped Call Transactions In March 2018, the Company purchased from a financial institution "at-the money" capped call options with an approximate term of three years, on 3.2 million shares of its common stock (subject to customary anti-dilution adjustments) for an aggregate premium of $57.3 million , or an average of $17.96 per share. The premium paid was recorded as reduction of Shareowners' equity. The purpose of the capped call options was to hedge the risk of stock price appreciation between the lower and upper strike prices of the capped call options for a future share repurchase. The capped call had an initial lower strike price of $156.86 and an upper strike price of $203.92 , which was approximately 30% higher than the closing price of the Company's common stock on March 13, 2018. As of December 28, 2019 , due to the customary anti-dilution provisions, the capped call transactions had an adjusted lower strike price of $156.59 and an adjusted upper strike price of $203.57 . The aggregate fair value of the options at December 28, 2019 was $56.4 million . The capped call transactions may be settled by net-share settlement (the default settlement method) or, at the Company's option and subject to certain conditions, cash settlement, physical settlement or modified physical settlement. The number of shares the Company will receive will be determined by the terms of the contracts using a volume-weighted average price calculation for the market value of the Company's common stock, over an average period. The market value determined will then be measured against the applicable strike price of the capped call transactions. 2017 Equity Units and Capped Call Transactions In May 2017, the Company issued 7,500,000 Equity Units with a total notional value of $750.0 million (ā2017 Equity Unitsā). Each unit has a stated amount of $100 and initially consists of a three-year forward stock purchase contract (ā2020 Purchase Contractsā) for the purchase of a variable number of shares of common stock, on May 15, 2020, for a price of $100 , and a 10% beneficial ownership interest in one share of 0% Series C Cumulative Perpetual Convertible Preferred Stock, without par, with a liquidation preference of $1,000 per share (āSeries C Preferred Stockā). The Company received approximately $726.0 million in net cash proceeds from the 2017 Equity Units net of offering expenses and underwriting costs and commissions, and issued 750,000 shares of Series C Preferred Stock, recording $750.0 million in preferred stock. The proceeds were used for general corporate purposes, including repayment of short-term borrowings. The Company also used $25.1 million of the proceeds to enter into capped call transactions utilized to hedge potential economic dilution as described in more detail below. Convertible Preferred Stock In May 2017, the Company issued 750,000 shares of Series C Preferred Stock, without par, with a liquidation preference of $1,000 per share. The convertible preferred stock will initially not bear any dividends and the liquidation preference of the convertible preferred stock will not accrete. The convertible preferred stock has no maturity date, and will remain outstanding unless converted by holders or redeemed by the Company. Holders of shares of the convertible preferred stock will generally have no voting rights. The Series C Preferred Stock is pledged as collateral to support holdersā purchase obligations under the 2020 Purchase Contracts and can be remarketed. In connection with any successful remarketing, the Company may (but is not required to) modify certain terms of the convertible preferred stock, including the dividend rate, the conversion rate, and the earliest redemption date. After any successful remarketing in connection with which the dividend rate on the convertible preferred stock is increased, the Company will pay cumulative dividends on the convertible preferred stock, if declared by the Board of Directors, quarterly in arrears from the applicable remarketing settlement date. On and after May 15, 2020, the Series C Preferred Stock may be converted into common stock at the option of the holder. The initial conversion rate was 6.1627 shares of common stock per one share of Series C Preferred Stock, which was equivalent to an initial conversion price of approximately $162.27 per share of common stock. As of December 28, 2019, due to the customary anti-dilution provisions, the conversion rate was 6.1954 , equivalent to a conversion price of approximately $161.41 per share of common stock. At the election of the Company, upon conversion, the Company may deliver cash, common stock, or a combination thereof. The Company may not redeem the Series C Preferred Stock prior to June 22, 2020. At the election of the Company, on or after June 22, 2020, the Company may redeem for cash, all or any portion of the outstanding shares of the Series C Preferred Stock at a redemption price equal to 100% of the liquidation preference, plus any accumulated and unpaid dividends. If the Company calls the Series C Preferred Stock for redemption, holders may convert their shares immediately preceding the redemption date. 2020 Purchase Contracts The 2020 Purchase Contracts obligate the holders to purchase, on May 15, 2020, for a price of $100 in cash, a maximum number of 5.4 million shares of the Companyās common stock (subject to customary anti-dilution adjustments). The 2020 Purchase Contract holders may elect to settle their obligation early, in cash. The Series C Preferred Stock is pledged as collateral to guarantee the holdersā obligations to purchase common stock under the terms of the 2020 Purchase Contracts. The initial settlement rate determining the number of shares that each holder must purchase will not exceed the maximum settlement rate, and is determined over a market value averaging period immediately preceding May 15, 2020. The initial maximum settlement rate of 0.7241 was calculated using an initial reference price of $138.10 , equal to the last reported sale price of the Company's common stock on May 11, 2017. As of December 28, 2019, due to the customary anti-dilution provisions, the maximum settlement rate was 0.7279 , equivalent to a reference price of $137.38 . If the applicable market value of the Company's common stock is less than or equal to the reference price, the settlement rate will be the maximum settlement rate; and if the applicable market value of common stock is greater than the reference price, the settlement rate will be a number of shares of the Company's common stock equal to $100 divided by the |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 12 Months Ended |
Dec. 28, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ACCUMULATED OTHER COMPREHENSIVE LOSS The following table summarizes the changes in the accumulated balances for each component of accumulated other comprehensive loss: (Millions of Dollars) Currency translation adjustment and other Unrealized (losses) gains on cash flow hedges, net of tax Unrealized gains (losses) on net investment hedges, net of tax Pension (losses) gains, net of tax Total Balance - December 30, 2017 $ (1,108.2 ) $ (112.6 ) $ 3.4 $ (371.7 ) $ (1,589.1 ) Other comprehensive (loss) income before reclassifications (373.0 ) 70.4 71.2 (9.7 ) (241.1 ) Reclassification adjustments to earnings ā 15.4 (11.3 ) 11.8 15.9 Net other comprehensive (loss) income (373.0 ) 85.8 59.9 2.1 (225.2 ) Balance - December 29, 2018 $ (1,481.2 ) $ (26.8 ) $ 63.3 $ (369.6 ) $ (1,814.3 ) Other comprehensive (loss) income before reclassifications (36.0 ) (40.5 ) 60.0 (53.3 ) (69.8 ) Reclassification adjustments to earnings ā 13.1 (26.0 ) 12.4 (0.5 ) Net other comprehensive (loss) income (36.0 ) (27.4 ) 34.0 (40.9 ) (70.3 ) Balance - December 28, 2019 $ (1,517.2 ) $ (54.2 ) $ 97.3 $ (410.5 ) $ (1,884.6 ) (Millions of Dollars) 2019 2018 Components of accumulated other comprehensive loss Reclassification adjustments Reclassification adjustments Affected line item in Consolidated Statements of Operations Realized losses on cash flow hedges $ (6.5 ) $ (17.9 ) Cost of sales Realized losses on cash flow hedges (16.2 ) (15.3 ) Interest expense Total before taxes $ (22.7 ) $ (33.2 ) Tax effect 9.6 17.8 Income taxes Realized losses on cash flow hedges, net of tax $ (13.1 ) $ (15.4 ) Realized gains on net investment hedges $ 34.2 $ 15.0 Other, net Tax effect (8.2 ) (3.7 ) Income taxes Realized gains on net investment hedges, net of tax $ 26.0 $ 11.3 Actuarial losses and prior service costs / credits (15.3 ) (14.8 ) Other, net Settlement losses (1.0 ) (0.7 ) Other, net Total before taxes (16.3 ) (15.5 ) Tax effect 3.9 3.7 Income taxes Amortization of defined benefit pension items, net of tax $ (12.4 ) $ (11.8 ) |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended |
Dec. 28, 2019 | |
Retirement Benefits [Abstract] | |
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS EMPLOYEE STOCK OWNERSHIP PLAN (āESOP ā) ā Most U.S. employees may make contributions that do not exceed 25% of their eligible compensation to a tax-deferred 401(k) savings plan, subject to restrictions under tax laws. Employees generally direct the investment of their own contributions into various investment funds. An employer match benefit is provided under the plan equal to one-half of each employeeās tax-deferred contribution up to the first 7% of their compensation. Participants direct the entire employer match benefit such that no participant is required to hold the Companyās common stock in their 401(k) account. The employer match benefit totaled $28.8 million , $28.0 million and $24.8 million in 2019 , 2018 and 2017 , respectively. In addition to the regular employer match, $0.7 million was allocated to the employee's accounts for forfeitures and a surplus resulting from appreciation of the Company's share value in 2018. There was no additional employer match allocated to employee's accounts in 2019 and 2017. In addition, approximately 9,400 U.S. salaried and non-union hourly employees are eligible to receive a non-contributory benefit under the Core benefit plan. Core benefit allocations range from 2% to 6% of eligible employee compensation based on age. Allocations for benefits earned under the Core plan were $28.8 million , $29.0 million , and $25.4 million in 2019 , 2018 and 2017 , respectively. Assets held in participant Core accounts are invested in target date retirement funds which have an age-based allocation of investments. Shares of the Company's common stock held by the ESOP were purchased with the proceeds of borrowings from the Company in 1991 ("1991 internal loan"). Shareowners' equity reflects a reduction equal to the cost basis of unearned (unallocated) shares purchased with the internal borrowings. In 2019 , 2018 and 2017 , the Company made additional contributions to the ESOP for $7.2 million , $7.0 million , and $4.8 million , respectively, which were used by the ESOP to make additional payments on the 1991 internal loan. These payments triggered the release of 226,212 , 207,049 and 133,694 shares of unallocated stock in 2019 , 2018 and 2017 , respectively. Net ESOP activity recognized is comprised of the cost basis of shares released, the cost of the aforementioned Core and 401(k) match defined contribution benefits, less the fair value of shares released and dividends on unallocated ESOP shares. The Companyās net ESOP activity resulted in income of $0.5 million in 2019 and expense of $0.4 million in 2018 and $1.3 million in 2017 . ESOP expense is affected by the market value of the Companyās common stock on the monthly dates when shares are released. The weighted-average market value of shares released was $138.67 per share in 2019 , $139.45 per share in 2018 and $138.60 per share in 2017 . Unallocated shares are released from the trust based on current period debt principal and interest payments as a percentage of total future debt principal and interest payments. Dividends on both allocated and unallocated shares may be used for debt service and to credit participant accounts for dividends earned on allocated shares. Dividends paid on the shares acquired with the 1991 internal loan were used solely to pay internal loan debt service in all periods. Dividends on ESOP shares, which are charged to shareownersā equity as declared, were $6.3 million in 2019 , $7.7 million in 2018 and $8.4 million in 2017 , net of the tax benefit which is recorded in earnings. Dividends on ESOP shares were utilized entirely for debt service in all years. Interest costs incurred by the ESOP on the 1991 internal loan, which have no earnings impact, were $0.5 million , $1.6 million and $2.2 million for 2019 , 2018 and 2017 , respectively. Both allocated and unallocated ESOP shares are treated as outstanding for purposes of computing earnings per share. As of December 28, 2019 , the cumulative number of ESOP shares allocated was 15,418,053 , of which participants held 1,889,408 shares, and the number of unallocated shares was 122,681 . At December 28, 2019 , there were no released shares in the ESOP trust holding account pending allocation. The Company made cash contributions totaling $2.2 million in 2019 , $2.3 million in 2018 and $1.8 million in 2017 , excluding additional contributions of $7.2 million , $7.0 million and $4.8 million in 2019 , 2018 and 2017 , respectively, as discussed previously. PENSION AND OTHER BENEFIT PLANS ā The Company sponsors pension plans covering most domestic hourly and certain executive employees, and approximately 15,800 foreign employees. Benefits are generally based on salary and years of service, except for U.S. collective bargaining employees whose benefits are based on a stated amount for each year of service. The Company contributes to a number of multi-employer plans for certain collective bargaining U.S. employees. The risks of participating in these multi-employer plans are different from single-employer plans in the following aspects: a. Assets contributed to the multi-employer plan by one employer may be used to provide benefit to employees of other participating employers. b. If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be inherited by the remaining participating employers. c. If the Company chooses to stop participating in some of its multi-employer plans, the Company may be required to pay those plans an amount based on the underfunded status of the plan, referred to as a withdrawal liability. In addition, the Company also contributes to a number of multi-employer plans outside of the U.S. The foreign plans are insured, therefore, the Companyās obligation is limited to the payment of insurance premiums. The Company has assessed and determined that none of the multi-employer plans to which it contributes are individually significant to the Companyās financial statements. The Company does not expect to incur a withdrawal liability or expect to significantly increase its contributions over the remainder of the contract period. In addition to the multi-employer plans, various other defined contribution plans are sponsored worldwide. The expense for defined contribution plans, aside from the earlier discussed ESOP plans, is as follows: (Millions of Dollars) 2019 2018 2017 Multi-employer plan expense $ 7.2 $ 7.3 $ 7.2 Other defined contribution plan expense $ 36.2 $ 12.9 $ 27.5 The components of net periodic pension expense (benefit) are as follows: U.S. Plans Non-U.S. Plans (Millions of Dollars) 2019 2018 2017 2019 2018 2017 Service cost $ 12.3 $ 7.5 $ 8.7 $ 14.6 $ 15.2 $ 13.7 Interest cost 47.1 42.8 43.2 30.3 28.6 29.1 Expected return on plan assets (61.7 ) (68.7 ) (64.4 ) (45.6 ) (46.5 ) (45.5 ) Amortization of prior service cost (credit) 1.0 1.1 1.1 (0.6 ) (1.3 ) (1.2 ) Actuarial loss amortization 8.0 7.8 8.3 8.6 8.5 9.4 Settlement / curtailment loss ā ā 2.9 1.0 0.7 12.7 Net periodic pension expense (benefit) $ 6.7 $ (9.5 ) $ (0.2 ) $ 8.3 $ 5.2 $ 18.2 The Company provides medical and dental benefits for certain retired employees in the United States, Brazil, and Canada. Approximately 16,600 participants are covered under these plans. Net periodic post-retirement benefit expense was comprised of the following elements: Other Benefit Plans (Millions of Dollars) 2019 2018 2017 Service cost $ 0.3 $ 0.5 $ 0.6 Interest cost 1.6 1.6 1.7 Amortization of prior service credit (1.4 ) (1.3 ) (1.4 ) Actuarial loss amortization (0.3 ) ā ā Net periodic post-retirement expense $ 0.2 $ 0.8 $ 0.9 For the year ended December 30, 2017, the Company recorded pre-tax charges of approximately $12.2 million , reflecting losses previously reported in accumulated other comprehensive loss, related to a non-U.S. pension plan for which the Company settled its obligation by purchasing an annuity and making lump sum payments to participants. Also, in accordance with policy, $2.9 million and $0.5 million in pre-tax settlement and curtailment losses were recorded for other U.S. and non-U.S. plans, respectively, in December 2017 due to standard lump sum benefit payments elected exceeding the sum of service cost and interest cost. Changes in plan assets and benefit obligations recognized in accumulated other comprehensive loss in 2019 are as follows: (Millions of Dollars) 2019 Current year actuarial loss $ 63.3 Amortization of actuarial loss (15.3 ) Prior service cost from plan amendments 2.1 Settlement / curtailment loss (1.0 ) Currency / other 4.2 Total loss recognized in accumulated other comprehensive loss (pre-tax) $ 53.3 The amounts in Accumulated other comprehensive loss expected to be recognized as components of net periodic benefit costs during 2020 total $19.7 million , representing amortization of actuarial losses. 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) 2019 2018 2019 2018 2019 2018 Change in benefit obligation Benefit obligation at end of prior year $ 1,260.9 $ 1,365.3 $ 1,305.3 $ 1,446.1 $ 44.8 $ 52.3 Service cost 12.3 7.5 14.6 15.2 0.3 0.5 Interest cost 47.1 42.8 30.3 28.6 1.6 1.6 Settlements/curtailments ā ā (6.0 ) (4.3 ) ā ā Actuarial loss (gain) 130.4 (106.2 ) 140.6 (64.1 ) 8.6 (6.2 ) Plan amendments 1.4 0.2 0.7 16.0 ā 0.1 Foreign currency exchange rates ā ā 25.8 (77.0 ) ā (1.0 ) Participant contributions ā ā 0.3 0.3 ā ā Acquisitions, divestitures, and other (10.0 ) 34.0 (2.2 ) 3.4 2.4 1.9 Benefits paid (116.7 ) (82.7 ) (59.5 ) (58.9 ) (5.5 ) (4.4 ) Benefit obligation at end of year $ 1,325.4 $ 1,260.9 $ 1,449.9 $ 1,305.3 $ 52.2 $ 44.8 Change in plan assets Fair value of plan assets at end of prior year $ 1,020.7 $ 1,114.1 $ 974.3 $ 1,099.2 $ ā $ ā Actual return on plan assets 190.0 (52.9 ) 133.2 (18.6 ) ā ā Participant contributions ā ā 0.3 0.3 ā ā Employer contributions 19.5 19.4 22.6 20.9 5.5 4.4 Settlements ā ā (5.6 ) (4.2 ) ā ā Foreign currency exchange rate changes ā ā 30.4 (61.5 ) ā ā Acquisitions, divestitures, and other (10.0 ) 22.8 (2.2 ) (2.9 ) ā ā Benefits paid (116.7 ) (82.7 ) (59.5 ) (58.9 ) (5.5 ) (4.4 ) Fair value of plan assets at end of plan year $ 1,103.5 $ 1,020.7 $ 1,093.5 $ 974.3 $ ā $ ā Funded status ā assets less than benefit obligation $ (221.9 ) $ (240.2 ) $ (356.4 ) $ (331.0 ) $ (52.2 ) $ (44.8 ) Unrecognized prior service cost (credit) 4.7 4.3 (17.5 ) (18.2 ) (2.0 ) (3.4 ) Unrecognized net actuarial loss (gain) 266.2 272.0 318.7 270.8 1.1 (7.6 ) Net amount recognized $ 49.0 $ 36.1 $ (55.2 ) $ (78.4 ) $ (53.1 ) $ (55.8 ) U.S. Plans Non-U.S. Plans Other Benefits (Millions of Dollars) 2019 2018 2019 2018 2019 2018 Amounts recognized in the Consolidated Balance Sheets Prepaid benefit cost (non-current) $ ā $ ā $ 0.1 $ 1.0 $ ā $ ā Current benefit liability (7.6 ) (7.7 ) (9.1 ) (9.1 ) (4.5 ) (4.8 ) Non-current benefit liability (214.3 ) (232.5 ) (347.4 ) (322.9 ) (47.7 ) (40.0 ) Net liability recognized $ (221.9 ) $ (240.2 ) $ (356.4 ) $ (331.0 ) $ (52.2 ) $ (44.8 ) Accumulated other comprehensive loss (pre-tax): Prior service cost (credit) $ 4.7 $ 4.3 $ (17.5 ) $ (18.2 ) $ (2.0 ) $ (3.4 ) Actuarial loss (gain) 266.2 272.0 318.7 270.8 1.1 (7.6 ) $ 270.9 $ 276.3 $ 301.2 $ 252.6 $ (0.9 ) $ (11.0 ) Net amount recognized $ 49.0 $ 36.1 $ (55.2 ) $ (78.4 ) $ (53.1 ) $ (55.8 ) The accumulated benefit obligation for all defined benefit pension plans was $2.768 billion at December 28, 2019 and $2.513 billion at December 29, 2018 . Information regarding pension plans in which accumulated benefit obligations exceed plan assets follows: U.S. Plans Non-U.S. Plans (Millions of Dollars) 2019 2018 2019 2018 Projected benefit obligation $ 1,325.4 $ 1,260.9 $ 1,447.2 $ 1,275.7 Accumulated benefit obligation $ 1,323.7 $ 1,257.6 $ 1,390.1 $ 1,228.6 Fair value of plan assets $ 1,103.5 $ 1,020.7 $ 1,090.8 $ 945.0 Information regarding pension plans in which projected benefit obligations (inclusive of anticipated future compensation increases) exceed plan assets follows: U.S. Plans Non-U.S. Plans (Millions of Dollars) 2019 2018 2019 2018 Projected benefit obligation $ 1,325.4 $ 1,260.9 $ 1,448.6 $ 1,301.7 Accumulated benefit obligation $ 1,323.7 $ 1,257.6 $ 1,391.2 $ 1,252.7 Fair value of plan assets $ 1,103.5 $ 1,020.7 $ 1,092.0 $ 969.7 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 2019 2018 2017 2019 2018 2017 2019 2018 2017 Weighted-average assumptions used to determine benefit obligations at year end: Discount rate 3.20 % 4.20 % 3.53 % 1.80 % 2.62 % 2.24 % 3.64 % 4.03 % 3.53 % Rate of compensation increase 3.50 % 3.00 % 3.00 % 3.30 % 3.44 % 3.45 % 3.50 % 3.50 % 3.50 % Weighted-average assumptions used to determine net periodic benefit cost: Discount rate - service cost 4.43 % 3.72 % 4.10 % 2.37 % 2.15 % 2.27 % 5.22 % 5.11 % 4.53 % Discount rate - interest cost 3.86 % 3.16 % 3.30 % 2.37 % 2.20 % 2.31 % 4.04 % 3.77 % 2.93 % Rate of compensation increase 3.00 % 3.00 % 3.00 % 3.44 % 3.45 % 3.63 % 3.50 % 3.50 % 3.50 % Expected return on plan assets 6.25 % 6.25 % 6.25 % 4.73 % 4.37 % 4.41 % ā ā ā The expected rate of return on plan assets is determined considering the returns projected for the various asset classes and the relative weighting for each asset class. The Company will use a 4.70% weighted-average expected rate of return assumption to determine the 2020 net periodic benefit cost. PENSION PLAN ASSETS ā Plan assets are invested in equity securities, government and corporate bonds and other fixed income securities, money market instruments and insurance contracts. The Companyās worldwide asset allocations at December 28, 2019 and December 29, 2018 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) 2019 Level 1 Level 2 Cash and cash equivalents $ 35.8 $ 16.1 $ 19.7 Equity securities U.S. equity securities 321.4 111.1 210.3 Foreign equity securities 259.4 95.8 163.6 Fixed income securities Government securities 741.6 271.5 470.1 Corporate securities 751.5 ā 751.5 Insurance contracts 39.0 ā 39.0 Other 48.3 ā 48.3 Total $ 2,197.0 $ 494.5 $ 1,702.5 Asset Category (Millions of Dollars) 2018 Level 1 Level 2 Cash and cash equivalents $ 139.5 $ 113.6 $ 25.9 Equity securities U.S. equity securities 248.7 83.4 165.3 Foreign equity securities 220.0 85.2 134.8 Fixed income securities Government securities 642.3 205.5 436.8 Corporate securities 656.6 ā 656.6 Insurance contracts 37.1 ā 37.1 Other 50.8 ā 50.8 Total $ 1,995.0 $ 487.7 $ 1,507.3 U.S. and foreign equity securities primarily consist of companies with large market capitalizations and to a lesser extent mid and small capitalization securities. Government securities primarily consist of U.S. Treasury securities and foreign government securities with de minimus default risk. Corporate fixed income securities include publicly traded U.S. and foreign investment grade and to a small extent high yield securities. Assets held in insurance contracts are invested in the general asset pools of the various insurers, mainly debt and equity securities with guaranteed returns. Other investments include diversified private equity holdings. The level 2 investments are primarily comprised of institutional mutual funds that are not publicly traded; the investments held in these mutual funds are generally level 1 publicly traded securities. The Company's investment strategy for pension assets focuses on a liability-matching approach with gradual de-risking taking place over a period of many years. The Company utilizes the current funded status to transition the portfolio toward investments that better match the duration and cash flow attributes of the underlying liabilities. Assets approximating 50% of the Company's current pension liabilities have been invested in fixed income securities, using a liability / asset matching duration strategy, with the primary goal of mitigating exposure to interest rate movements and preserving the overall funded status of the underlying plans. Plan assets are broadly diversified and are invested to ensure adequate liquidity for immediate and medium term benefit payments. The Companyās target asset allocations include approximately 20% - 40% in equity securities, approximately 50% - 70% in fixed income securities and approximately 10% in other securities. In 2019 , the funded status percentage (total plan assets divided by total projected benefit obligation) of all global pension plans was 79% , which is consistent with 78% in 2018 and 79% in 2017. CONTRIBUTIONS ā The Companyās funding policy for its defined benefit plans is to contribute amounts determined annually on an actuarial basis to provide for current and future benefits in accordance with federal law and other regulations. The Company expects to contribute approximately $38 million to its pension and other post-retirement benefit plans in 2020. EXPECTED FUTURE BENEFIT PAYMENTS ā 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 $ 1,393.7 $ 138.5 $ 138.6 $ 139.1 $ 140.9 $ 139.8 $ 696.8 These benefit payments will be funded through a combination of existing plan assets, the returns on those assets, and amounts to be contributed in the future by the Company. HEALTH CARE COST TRENDS ā The weighted-average annual assumed rate of increase in the per-capita cost of covered benefits (i.e., health care cost trend rate) is assumed to be 6.6% for 2020, reducing gradually to 5.0% by 2028 and remaining at that level thereafter. A one percentage point change in the assumed health care cost trend rate would affect the post-retirement benefit obligation as of December 28, 2019 by approximately $0.7 million to $0.9 million , and would have an immaterial effect on the net periodic post-retirement benefit cost. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 28, 2019 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS ASC 820, Fair Value Measurement , defines, establishes a consistent framework for measuring, and expands disclosure requirements about fair value. ASC 820 requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Companyās market assumptions. These two types of inputs create the following fair value hierarchy: Level 1 ā Quoted prices for identical instruments in active markets. Level 2 ā Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs and significant value drivers are observable. Level 3 ā Instruments that are valued using unobservable inputs. The Company is exposed to market risk from changes in foreign currency exchange rates, interest rates, stock prices and commodity prices. The Company holds various financial instruments to manage these risks. These financial instruments are carried at fair value and are included within the scope of ASC 820. The Company determines the fair value of these financial instruments through the use of matrix or model pricing, which utilizes observable inputs such as market interest and currency rates. When determining fair value for which Level 1 evidence does not exist, the Company considers various factors including the following: exchange or market price quotations of similar instruments, time value and volatility factors, the Companyās own credit rating and the credit rating of the counterparty. The following table presents the Companyās financial assets and liabilities that are measured at fair value on a recurring basis for each of the hierarchy levels: (Millions of Dollars) Total Carrying Value Level 1 Level 2 Level 3 December 28, 2019 Money market fund $ 1.2 $ 1.2 $ ā $ ā Derivative assets $ 29.3 $ ā $ 29.3 $ ā Derivative liabilities $ 65.5 $ ā $ 65.5 $ ā Non-derivative hedging instrument $ 335.5 $ ā $ 335.5 $ ā Contingent consideration liability $ 196.1 $ ā $ ā $ 196.1 December 29, 2018 Money market fund $ 4.8 $ 4.8 $ ā $ ā Derivative assets $ 32.9 $ ā $ 32.9 $ ā Derivative liabilities $ 21.3 $ ā $ 21.3 $ ā Non-derivative hedging instrument $ 228.9 $ ā $ 228.9 $ ā Contingent consideration liability $ 169.2 $ ā $ ā $ 169.2 The following table provides information about the Company's financial assets and liabilities not carried at fair value: December 28, 2019 December 29, 2018 (Millions of Dollars) Carrying Value Fair Value Carrying Value Fair Value Other investments $ 14.4 $ 14.8 $ 7.6 $ 7.7 Long-term debt, including current portion $ 3,179.5 $ 3,601.0 $ 3,822.3 $ 3,905.4 The money market fund and other investments related to the West Coast Loading Corporation ("WCLC") trust are considered Level 1 instruments within the fair value hierarchy. The long-term debt instruments are considered Level 2 instruments and are measured using a discounted cash flow analysis based on the Companyās marginal borrowing rates. The differences between the carrying values and fair values of long-term debt are attributable to the stated interest rates differing from the Company's marginal borrowing rates. The fair values of the Company's variable rate short-term borrowings approximate their carrying values at December 28, 2019 and December 29, 2018 . The fair values of derivative financial instruments in the table above are based on current settlement values. As part of the CraftsmanĀ® brand acquisition in March 2017, the Company recorded a contingent consideration liability representing the Company's obligation to make future payments to Transform Holdco, LLC, which operates Sears and Kmart retail locations, of between 2.5% and 3.5% on sales of Craftsman products in new Stanley Black & Decker channels through March 2032, which was valued at $134.5 million as of the acquisition date. The first payment is due the second quarter of 2020 relating to royalties owed for the previous twelve quarters, and future payments will be due quarterly through the first quarter of 2032. The estimated fair value of the contingent consideration liability is determined using a discounted cash flow analysis taking into consideration future sales projections, forecasted payments to Transform Holdco, LLC, based on contractual royalty rates, and the related tax impacts. The estimated fair value of the contingent consideration liability was $196.1 million and $169.2 million as of December 28, 2019 and December 29, 2018 , respectively. The change in fair value during 2019 was recorded in SG&A in the Consolidated Statements of Operations. A 100 basis point reduction in the discount rate would result in an increase to the liability of approximately $7.5 million as of December 28, 2019 . The Company had no significant non-recurring fair value measurements, nor any other financial assets or liabilities measured using Level 3 inputs, during 2019 or 2018. Refer to Note I, Financial Instruments , for more details regarding derivative financial instruments, Note S, Contingencies, for more details regarding the other investments related to the WCLC trust, and Note H, Long-Term Debt and Financing Arrangements , for more information regarding the carrying values of the Company's long-term debt. |
OTHER COSTS AND EXPENSES
OTHER COSTS AND EXPENSES | 12 Months Ended |
Dec. 28, 2019 | |
Other Costs and Expenses [Abstract] | |
OTHER COSTS AND EXPENSES | OTHER COSTS AND EXPENSES Other, net is primarily comprised of intangible asset amortization expense (see Note F, Goodwill and Intangible Assets ), currency-related gains or losses, environmental remediation expense, acquisition-related transaction and consulting costs, and certain pension gains or losses. Acquisition-related transaction and consulting costs of $30.2 million and $30.4 million were included in Other, net for the years ended December 28, 2019 and December 29, 2018 , respectively. In addition, Other, net included a $77.7 million environmental remediation charge recorded in 2018 related to a settlement with the Environmental Protection Agency ("EPA"). Refer to Note S, Contingencies , for further discussion of the EPA settlement. Research and development costs, which are classified in SG&A, were $255.2 million , $275.8 million and $252.3 million for fiscal years 2019 , 2018 and 2017 |
RESTRUCTURING AND ASSET IMPAIRM
RESTRUCTURING AND ASSET IMPAIRMENTS | 12 Months Ended |
Dec. 28, 2019 | |
Restructuring and Related Activities [Abstract] | |
RESTRUCTURING AND ASSET IMPAIRMENTS | RESTRUCTURING CHARGES A summary of the restructuring reserve activity from December 29, 2018 to December 28, 2019 is as follows: (Millions of Dollars) December 29, 2018 Net Usage Currency December 28, 2019 Severance and related costs $ 105.7 $ 131.9 $ (97.4 ) $ 0.1 $ 140.3 Facility closures and asset impairments 3.1 22.2 (17.9 ) 0.1 7.5 Total $ 108.8 $ 154.1 $ (115.3 ) $ 0.2 $ 147.8 During 2019 , the Company recognized net restructuring charges of $154.1 million , primarily related to severance costs associated with a cost reduction program announced in the third quarter of 2019. Current and expected actions of the program include headcount reductions across the Company as well as footprint rationalization opportunities. The majority of the $147.8 million of reserves remaining as of December 28, 2019 is expected to be utilized within the next 12 months. Segments: The $154 million of net restructuring charges for the year ended December 28, 2019 includes: $63 million pertaining to the Tools & Storage segment; $27 million pertaining to the Industrial segment; $18 million pertaining to the Security segment; and $46 million pertaining to Corporate. |
BUSINESS SEGMENTS AND GEOGRAPHI
BUSINESS SEGMENTS AND GEOGRAPHIC AREAS | 12 Months Ended |
Dec. 28, 2019 | |
Segment Reporting [Abstract] | |
BUSINESS SEGMENTS AND GEOGRAPHIC AREAS | BUSINESS SEGMENTS AND GEOGRAPHIC AREAS The Company's operations are classified into three reportable segments, which also represent its operating segments: Tools & Storage, Industrial and Security. The Tools & Storage segment is comprised of the Power Tools & Equipment ("PTE") and Hand Tools, Accessories & Storage ("HTAS") businesses. The PTE business includes both professional and consumer products. Professional products include professional grade corded and cordless electric power tools and equipment including drills, impact wrenches and drivers, grinders, saws, routers and sanders, as well as pneumatic tools and fasteners including nail guns, nails, staplers and staples, concrete and masonry anchors. Consumer products include corded and cordless electric power tools sold primarily under the BLACK+DECKERĀ® brand, lawn and garden products, including hedge trimmers, string trimmers, lawn mowers, edgers and related accessories, and home products such as hand-held vacuums, paint tools and cleaning appliances. The HTAS business sells hand tools, power tool accessories and storage products. Hand tools include measuring, leveling and layout tools, planes, hammers, demolition tools, clamps, vises, knives, saws, chisels and industrial and automotive tools. Power tool accessories include drill bits, screwdriver bits, router bits, abrasives, saw blades and threading products. Storage products include tool boxes, sawhorses, medical cabinets and engineered storage solution products. The Industrial segment is comprised of the Engineered Fastening and Infrastructure businesses. The Engineered Fastening business primarily sells engineered fastening products and systems designed for specific applications. The product lines include blind rivets and tools, blind inserts and tools, drawn arc weld studs and systems, engineered plastic and mechanical fasteners, self-piercing riveting systems, precision nut running systems, micro fasteners, and high-strength structural fasteners. The Infrastructure business consists of the Oil & Gas and Attachment Tools product lines. Oil & Gas sells and rents custom pipe handling, joint welding and coating equipment used in the construction of large and small diameter pipelines, and provides pipeline inspection services. Attachment Tools sells hydraulic tools, attachments and accessories. The Security segment is comprised of the Convergent Security Solutions ("CSS") and Mechanical Access Solutions ("MAS") businesses. The CSS business designs, supplies and installs commercial electronic security systems and provides electronic security services, including alarm monitoring, video surveillance, fire alarm monitoring, systems integration and system maintenance. Purchasers of these systems typically contract for ongoing security systems monitoring and maintenance at the time of initial equipment installation. The business also sells healthcare solutions, which include asset tracking, infant protection, pediatric protection, patient protection, wander management, fall management, and emergency call products. The MAS business primarily sells automatic doors. The Company utilizes segment profit, which is defined as net sales minus cost of sales and SG&A inclusive of the provision for doubtful accounts (aside from corporate overhead expense), and segment profit as a percentage of net sales to assess the profitability of each segment. Segment profit excludes the corporate overhead expense element of SG&A, other, net (inclusive of intangible asset amortization expense), gain or loss on sales of businesses, pension settlement, restructuring charges, loss on debt extinguishment, interest income, interest expense, income taxes and share of net loss of equity method investment. Corporate overhead is comprised of world headquarters facility expense, cost for the executive management team and expenses pertaining to certain centralized functions that benefit the entire Company but are not directly attributable to the businesses, such as legal and corporate finance functions. Refer to Note F, Goodwill and Intangible Assets , and Note O, Restructuring Charges, for the amount of intangible asset amortization expense and net restructuring charges, respectively, attributable to each segment. Transactions between segments are not material. Segment assets primarily include cash, accounts receivable, inventory, other current assets, property, plant and equipment, right-of-use lease assets and intangible assets. Net sales and long-lived assets are attributed to the geographic regions based on the geographic locations of the end customer and the Company subsidiary, respectively. BUSINESS SEGMENTS (Millions of Dollars) 2019 2018 2017 Net Sales Tools & Storage $ 10,062.1 $ 9,814.0 $ 9,045.0 Industrial 2,434.7 2,187.8 1,974.3 Security 1,945.4 1,980.6 1,947.3 Consolidated $ 14,442.2 $ 13,982.4 $ 12,966.6 Segment Profit Tools & Storage $ 1,533.3 $ 1,393.1 $ 1,438.9 Industrial 334.1 319.8 345.9 Security 126.6 169.3 211.7 Segment Profit 1,994.0 1,882.2 1,996.5 Corporate overhead (229.5 ) (202.8 ) (217.4 ) Other, net (249.1 ) (287.0 ) (269.2 ) Gain (loss) on sales of businesses 17.0 (0.8 ) 264.1 Pension settlement ā ā (12.2 ) Restructuring charges (154.1 ) (160.3 ) (51.5 ) Loss on debt extinguishment (17.9 ) ā ā Interest income 53.9 68.7 40.1 Interest expense (284.3 ) (277.9 ) (222.6 ) Earnings before income taxes and equity interest $ 1,130.0 $ 1,022.1 $ 1,527.8 Capital and Software Expenditures Tools & Storage $ 297.2 $ 353.7 $ 327.2 Industrial 89.6 95.8 76.2 Security 37.9 42.6 39.0 Consolidated $ 424.7 $ 492.1 $ 442.4 Depreciation and Amortization Tools & Storage $ 327.8 $ 300.1 $ 271.9 Industrial 159.3 125.9 107.4 Security 73.1 80.5 81.4 Consolidated $ 560.2 $ 506.5 $ 460.7 Segment Assets Tools & Storage $ 13,642.4 $ 13,122.6 $ 12,870.3 Industrial 4,207.0 3,620.5 3,413.3 Security 3,448.6 3,413.6 3,407.0 21,298.0 20,156.7 19,690.6 Corporate assets (701.4 ) (748.7 ) (592.9 ) Consolidated $ 20,596.6 $ 19,408.0 $ 19,097.7 Corporate assets primarily consist of cash, equity method investment, deferred taxes, and property, plant and equipment. Based on the nature of the Company's cash pooling arrangements, at times corporate-related cash accounts will be in a net liability position. Sales to Lowe's were approximately 21% , 17% and 16% of the Tools & Storage segment net sales in 2019 , 2018 and 2017 , respectively. Sales to The Home Depot were approximately 15% , 14% , and 13% of the Tools & Storage segment net sales in 2019 , 2018 and 2017 , respectively. As described in Note A, Significant Accounting Policies , the Company recognizes revenue at a point in time from the sale of tangible products or over time depending on when the performance obligation is satisfied. For the years ended December 28, 2019 and December 29, 2018 , the majority of the Companyās revenue was recognized at the time of sale. The following table provides the percent of total segment revenue recognized over time for the Industrial and Security segments for the years ended December 28, 2019 , December 29, 2018 and December 30, 2017: 2019 2018 2017 Industrial 10.9 % 11.9 % 13.4 % Security 45.8 % 44.9 % 48.1 % The following table is a further disaggregation of the Industrial segment revenue for the years ended December 28, 2019 , December 29, 2018 and December 30, 2017: (Millions of Dollars) 2019 2018 2017 Engineered Fastening $ 1,738.5 $ 1,766.6 $ 1,554.3 Infrastructure 696.2 421.2 420.0 Industrial $ 2,434.7 $ 2,187.8 $ 1,974.3 GEOGRAPHIC AREAS (Millions of Dollars) 2019 2018 2017 Net Sales United States $ 8,472.1 $ 7,700.3 $ 7,025.7 Canada 609.9 628.3 583.3 Other Americas 717.9 801.5 790.7 France 610.2 627.8 623.8 Other Europe 2,870.8 2,989.9 2,791.1 Asia 1,161.3 1,234.6 1,152.0 Consolidated $ 14,442.2 $ 13,982.4 $ 12,966.6 Property, Plant & Equipment United States $ 1,046.8 $ 1,018.3 $ 850.2 Canada 27.4 25.5 30.0 Other Americas 117.9 112.7 111.2 France 57.3 63.9 65.1 Other Europe 352.3 356.9 378.0 Asia 357.8 337.9 308.0 Consolidated $ 1,959.5 $ 1,915.2 $ 1,742.5 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 28, 2019 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES Significant components of the Companyās deferred tax assets and liabilities at the end of each fiscal year were as follows: (Millions of Dollars) 2019 2018 Deferred tax liabilities: Depreciation $ 144.9 $ 128.5 Amortization of intangibles 731.8 672.8 Liability on undistributed foreign earnings 159.3 202.5 Lease right-of-use asset 129.7 ā Other 89.5 73.9 Total deferred tax liabilities $ 1,255.2 $ 1,077.7 Deferred tax assets: Employee benefit plans $ 235.4 $ 222.1 Basis differences in liabilities 82.0 93.3 Operating loss, capital loss and tax credit carryforwards 1,100.3 710.6 Lease liability 129.6 ā Other 149.2 147.3 Total deferred tax assets $ 1,696.5 $ 1,173.3 Net Deferred Tax Asset before Valuation Allowance $ 441.3 $ 95.6 Valuation Allowance $ (1,065.0 ) $ (626.7 ) Net Deferred Tax Liability after Valuation Allowance $ (623.7 ) $ (531.1 ) A valuation allowance is recorded on certain deferred tax assets if it has been determined it is more likely than not that all or a portion of these assets will not be realized. The Company recorded a valuation allowance of $1,065.0 million and $626.7 million on deferred tax assets existing as of December 28, 2019 and December 29, 2018 , respectively. The valuation allowance in 2019 and 2018 was primarily attributable to foreign and state net operating loss carryforwards and foreign capital loss carryforwards. As of December 28, 2019 , the Company has approximately $5.2 billion of unremitted foreign earnings and profits. Of the total amount, the Company has provided for deferred taxes of $159.3 million on approximately $2.5 billion , which is not indefinitely reinvested primarily due to the changes brought about by the Act. The Company otherwise continues to consider the remaining undistributed earnings of its foreign subsidiaries to be permanently reinvested based on its current plans for use outside of the U.S. and accordingly no taxes have been provided on such earnings. The cash that the Companyās non-U.S. subsidiaries hold for indefinite reinvestment is generally used to finance foreign operations and investments, including acquisitions. The income taxes applicable to such earnings are not readily determinable or practicable to calculate. Net operating loss carryforwards of $4.3 billion as of December 28, 2019 are available to reduce future tax obligations of certain U.S. and foreign companies. The net operating loss carryforwards have various expiration dates beginning in 2020 with certain jurisdictions having indefinite carryforward periods. The foreign capital loss carryforwards of $32.9 million as of December 28, 2019 have indefinite carryforward periods. The components of earnings before income taxes and equity interest consisted of the following: (Millions of Dollars) 2019 2018 2017 United States $ 214.5 $ 444.1 $ 715.2 Foreign 915.5 578.0 812.6 Earnings before income taxes and equity interest $ 1,130.0 $ 1,022.1 $ 1,527.8 Income tax expense (benefit) consisted of the following: (Millions of Dollars) 2019 2018 2017 Current: Federal $ (23.7 ) $ 25.4 $ 590.6 Foreign 195.9 175.0 224.6 State 6.5 24.8 25.4 Total current $ 178.7 $ 225.2 $ 840.6 Deferred: Federal $ 5.7 $ 29.7 $ (513.0 ) Foreign (32.9 ) 132.7 (33.0 ) State 9.3 28.7 6.3 Total deferred (17.9 ) 191.1 (539.7 ) Income taxes $ 160.8 $ 416.3 $ 300.9 Net income taxes paid during 2019 , 2018 and 2017 were $250.1 million , $339.4 million and $273.6 million , respectively. The 2019 , 2018 and 2017 amounts include refunds of $72.5 million , $43.7 million and $28.5 million , respectively, primarily related to prior year overpayments and settlement of tax audits. The reconciliation of the U.S. federal statutory income tax provision to Income taxes in the Consolidated Statements of Operations is as follows: (Millions of Dollars) 2019 2018 2017 Tax at statutory rate $ 237.3 $ 214.6 $ 534.1 State income taxes, net of federal benefits 22.1 24.7 13.3 Foreign tax rate differential (53.3 ) (33.2 ) (149.0 ) Uncertain tax benefits (53.1 ) 4.5 64.4 Change in valuation allowance 10.5 5.1 (5.4 ) Change in deferred tax liabilities on undistributed foreign earnings ā ā (94.1 ) Basis difference for businesses Held for Sale ā ā 27.9 Stock-based compensation (24.1 ) (4.1 ) (23.2 ) Sale of businesses 6.7 ā (47.3 ) U.S. Federal tax reform ā 199.6 23.6 Other 14.7 5.1 (43.4 ) Income taxes $ 160.8 $ 416.3 $ 300.9 The Company conducts business globally and, as a result, files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. In the normal course, the Company is subject to examinations by taxing authorities throughout the world. The Internal Revenue Service is currently examining the Company's consolidated U.S. income tax returns for the 2015 and 2016 tax years. With few exceptions, as of December 28, 2019 , the Company is no longer subject to U.S. federal, state, local, or foreign examinations by tax authorities for years before 2012. The Companyās liabilities for unrecognized tax benefits relate to U.S. and various foreign jurisdictions. The following table summarizes the activity related to the unrecognized tax benefits: (Millions of Dollars) 2019 2018 2017 Balance at beginning of year $ 406.3 $ 387.8 $ 309.8 Additions based on tax positions related to current year 48.6 28.3 34.6 Additions based on tax positions related to prior years 78.5 103.0 82.5 Reductions based on tax positions related to prior years (91.1 ) (91.5 ) (4.2 ) Settlements (0.3 ) (2.5 ) (0.3 ) Statute of limitations expirations (35.7 ) (18.8 ) (34.6 ) Balance at end of year $ 406.3 $ 406.3 $ 387.8 The gross unrecognized tax benefits at December 28, 2019 and December 29, 2018 include $398.2 million and $397.0 million , respectively, of tax benefits that, if recognized, would impact the effective tax rate. The liability for potential penalties and interest related to unrecognized tax benefits decreased by $4.3 million in 2019 and $15.8 million in 2018 , and increased by $3.8 million in 2017 . The liability for potential penalties and interest totaled $47.8 million as of December 28, 2019 , $52.1 million as of December 29, 2018 , and $67.9 million as of December 30, 2017 . The Company classifies all tax-related interest and penalties as income tax expense. The Company considers many factors when evaluating and estimating its tax positions and the impact on income tax expense, which may require periodic adjustments, and which may not accurately anticipate actual outcomes. It is reasonably possible that the amount of the unrecognized benefit with respect to certain of the Company's unrecognized tax positions will significantly increase or decrease within the next twelve months. However, based on the uncertainties associated with finalizing audits with the relevant tax authorities including formal legal proceedings, it is not possible to reasonably estimate the impact of any such change. Changes resulting from the Act included, but were not limited to, a corporate tax rate decrease from 35% to 21% effective for tax years beginning after December 31, 2017, changes to U.S. international taxation, and a one-time transition tax on the mandatory deemed repatriation of cumulative foreign earnings as of December 31, 2017. Pursuant to Staff Accounting Bulletin No. 118 (āSAB 118ā) issued by the U.S. Securities and Exchange Commission ("SEC") in December 2017, issuers were permitted up to one year from the enactment of the Act to complete the accounting for the income tax effects of the Act (āthe measurement periodā). The Company completed its accounting for the tax effects of the Act within the measurement period and those effects are included as a component of Income taxes in the Consolidated Statements of Operations. Deferred tax assets and liabilities: U.S. deferred tax assets and liabilities were remeasured as a result of the Act based on the rates at which they are expected to reverse in the future, resulting in an income tax benefit of approximately $230.6 million . The Company recorded an income tax provision of $21.9 million in 2018 as an adjustment to its provisional income tax benefit recorded in 2017 of $252.5 million . Transition Tax: The one-time transition tax, which totals $447.2 million , is based on the Companyās post-1986 earnings and profits that were previously deferred from U.S. income taxes. As a result of legislative guidance issued in 2019, the Company recorded a $2.9 million adjustment to its income tax payable of approximately $450.1 million recorded as of December 29, 2018. The Company has elected to pay its transition tax over the eight-year period provided in the Act. As of December 28, 2019, the remaining balance of the transition tax obligation is $344.1 million , which will be paid over the next six years. Indefinite reinvestment: Following enactment of the Act and the associated one-time transition tax, in general, repatriation of foreign earnings to the United States can be completed with no incremental U.S. tax. However, repatriation of foreign earnings could subject the Company to U.S. state and non-U.S. jurisdictional taxes (including withholding taxes) on distributions. While repatriation of some foreign earnings held outside the United States may be restricted by local laws, most of the Companyās foreign earnings as of December 2017 could be repatriated to the United States. As a result of the Act, the Company analyzed all unrepatriated foreign earnings as of December 2017 and concluded at that time that it no longer asserted indefinite reinvestment on approximately $4.8 billion . The deferred tax liability associated with these unrepatriated foreign earnings was approximately $217.7 million . The Company recorded a $188.3 million income tax provision in 2018, mainly comprised of U.S. state and non-U.S. jurisdictional withholding taxes. The Company otherwise continues to consider the remaining undistributed earnings of its foreign subsidiaries to be permanently reinvested based on its current plans for use outside of the U.S. and accordingly no taxes have been provided on such earnings. |
COMMITMENTS AND GUARANTEES
COMMITMENTS AND GUARANTEES | 12 Months Ended |
Dec. 28, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND GUARANTEES | COMMITMENTS AND GUARANTEES COMMITMENTS ā The Company has numerous assets, predominantly real estate, vehicles and equipment, under various lease arrangements. At inception of arrangements with vendors, the Company determines whether the contract is or contains a lease based on each partyās rights and obligations under the arrangement. If the lease arrangement also contains non-lease components, the lease and non-lease elements are separately accounted for in accordance with the appropriate accounting guidance for each item. From time to time, lease arrangements allow for, and the Company executes, the purchase of the underlying leased asset. Lease arrangements may also contain renewal options or early termination options. As part of its lease liability and right-of-use asset calculation, consideration is given to the likelihood of exercising any extension or termination options. The present value of the Companyās lease liability was calculated using a weighted-average incremental borrowing rate of 3.75% . The Company determined its incremental borrowing rate based on interest rates from its debt issuances taking into consideration adjustments for collateral, lease terms and foreign currency. As a result of acquiring right-of-use assets from new leases entered into during the year ended December 28, 2019 , the Company's lease liability increased approximately $186.9 million . As of December 28, 2019 , the Company recognized a lease liability of approximately $536.9 million and a right-of-use asset of approximately $535.4 million . The right-of-use asset is included within Other assets in the Consolidated Balance Sheets, while the lease liability is included within Accrued expenses and Other liabilities, as appropriate. As permitted by ASC 842, leases with expected durations of less than 12 months from inception (i.e. short-term leases) were excluded from the Companyās calculation of its lease liability and right-of-use asset. Furthermore, as permitted by ASC 842, the Company elected to apply the package of practical expedients upon transition, which allowed companies not to reassess: (a) whether its expired or existing contracts are or contain leases, (b) the lease classification for any expired or existing leases, and (c) initial direct costs for any existing leases. The Company is a party to leases for one of its major distribution centers and two of its office buildings in which the periodic rental payments vary based on interest rates (i.e. LIBOR). The leases qualify as operating leases for accounting purposes. The following is a summary of the Company's total lease cost for the year ended December 28, 2019 : (Millions of Dollars) 2019 Operating lease cost $ 151.6 Short-term lease cost 26.6 Variable lease cost 8.5 Sublease income (2.8 ) Total lease cost $ 183.9 During 2019 , the Company paid approximately $154.4 million relating to leases included in the measurement of its lease liability and right-of-use asset. The weighted-average remaining term for the Company's leases is approximately 7 years. The following is a summary of the Company's future lease obligations on an undiscounted basis at December 28, 2019 : (Millions of Dollars) Total 2020 2021 2022 2023 2024 Thereafter Lease obligations $ 607.4 $ 144.1 $ 110.7 $ 82.4 $ 59.4 $ 53.7 $ 157.1 In 2019, the Company completed many actions within the Margin Resiliency Program and one rooftop footprint initiative resulted in a sale-leaseback arrangement related to one of its distribution centers, which resulted in cash proceeds of $93.0 million , a pre-tax gain of $69.5 million and a twelve-year lease obligation. Prior to the adoption of the new lease standard as further discussed in Note A, Significant Accounting Policies , the Company's rental expense, exclusive of sublease income, for operating leases was $177.6 million and $150.4 million in 2018 and 2017, respectively. The following is a summary of the Companyās future marketing commitments at December 28, 2019: (Millions of Dollars) Total 2020 2021 2022 2023 2024 Thereafter Marketing commitments $ 34.5 $ 24.9 $ 6.5 $ 2.7 $ 0.4 $ ā $ ā GUARANTEES ā The Company's financial guarantees at December 28, 2019 are as follows: (Millions of Dollars) Term Maximum Potential Payment Carrying Amount of Liability Guarantees on the residual values of leased properties One to five years $ 102.6 $ ā Standby letters of credit Up to three years 154.4 ā Commercial customer financing arrangements Up to six years 64.7 6.3 Total $ 321.7 $ 6.3 The Company has guaranteed a portion of the residual values of leased assets relating to the previously discussed leases for one of its major distribution centers and two of its office buildings. The lease guarantees aggregate $102.6 million while the fair value of the underlying assets is estimated at $123.6 million . The related assets would be available to satisfy the guarantee obligations and therefore it is unlikely the Company will incur any future loss associated with these guarantees. The Company has issued $154.4 million in standby letters of credit that guarantee future payments which may be required under certain insurance programs and in relation to certain environmental remediation activities described more fully in Note S, Contingencies . The Company provides various limited and full recourse guarantees to financial institutions that provide financing to U.S. and Canadian Mac Tool distributors and franchisees for their initial purchase of the inventory and truck necessary to function as a distributor and franchisee. In addition, the Company provides limited and full recourse guarantees to financial institutions that extend credit to certain end retail customers of its U.S. Mac Tool distributors and franchisees. The gross amount guaranteed in these arrangements is $64.7 million and the $6.3 million carrying value of the guarantees issued is recorded in Other liabilities in the Consolidated Balance Sheets. The Company provides warranties which vary across its businesses. The types of product warranties offered generally range from one year to limited lifetime. There are also certain products with no warranty. Further, the Company sometimes incurs discretionary costs to service its products in connection with product performance issues. Historical warranty and service claim experience forms the basis for warranty obligations recognized. Adjustments are recorded to the warranty liability as new information becomes available. Following is a summary of the warranty liability activity for the years ended December 28, 2019 , December 29, 2018 , and December 30, 2017 : (Millions of Dollars) 2019 2018 2017 Balance beginning of period $ 102.1 $ 108.5 $ 103.4 Warranties and guarantees issued 128.1 110.4 105.3 Warranty payments and currency (130.1 ) (116.8 ) (100.2 ) Balance end of period $ 100.1 $ 102.1 $ 108.5 |
CONTINGENCIES
CONTINGENCIES | 12 Months Ended |
Dec. 28, 2019 | |
Environmental Remediation Obligations [Abstract] | |
CONTINGENCIES | CONTINGENCIES The Company is involved in various legal proceedings relating to environmental issues, employment, product liability, workersā compensation claims and other matters. The Company periodically reviews the status of these proceedings with both inside and outside counsel, as well as an actuary for risk insurance. Management believes that the ultimate disposition of these matters will not have a material adverse effect on operations or financial condition taken as a whole. On January 25, 2019, IPS Worldwide, LLC ("IPS"), a third-party provider of freight payment processing services for the Company, filed for Chapter 11 bankruptcy protection and listed the Company as an unsecured creditor. As of December 29, 2018, there were outstanding obligations of approximately $50.8 million owed to certain of the Company's freight carriers. Such amounts had previously been remitted to IPS through a third-party financing program for ultimate payment to these freight carriers. However, due to nonperformance of IPS with respect to processing these payments and the Company's obligation to its freight carriers, an incremental $50.8 million charge was recorded in the fourth quarter of 2018. This charge did not include any amounts that the Company will attempt to recover from insurance and/or through the bankruptcy proceedings, which could ultimately reduce the loss exposure recorded. In the normal course of business, the Company is a party to administrative proceedings and litigation, before federal and state regulatory agencies, relating to environmental remediation with respect to claims involving the discharge of hazardous substances into the environment, generally at current and former manufacturing facilities. In addition, some of these claims assert that the Company is responsible for damages and liability, for remedial investigation and clean-up costs, with respect to sites that have never been owned or operated by the Company but the Company has been identified as a potentially responsible party ("PRP"). In connection with the 2010 merger with Black & Decker, the Company assumed certain commitments and contingent liabilities. Black & Decker is a party to litigation and administrative proceedings with respect to claims involving the discharge of hazardous substances into the environment at current and former manufacturing facilities and has also been named as a PRP in certain administrative proceedings. The Company, along with many other companies, has been named as a PRP in numerous administrative proceedings for the remediation of various waste sites, including 28 active Superfund sites. Current laws potentially impose joint and several liabilities upon each PRP. In assessing its potential liability at these sites, the Company has considered the following: whether responsibility is being disputed, the terms of existing agreements, experience at similar sites, and the Companyās volumetric contribution at these sites. The Companyās policy is to accrue environmental investigatory and remediation costs for identified sites when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. If no amount in the range of probable loss is considered most likely, the minimum loss in the range is accrued. The amount of liability recorded is based on an evaluation of currently available facts with respect to each individual site and includes such factors as existing technology, presently enacted laws and regulations, and prior experience in remediation of contaminated sites. The liabilities recorded do not take into account any claims for recoveries from insurance or third parties. As assessments and remediation progress at individual sites, the amounts recorded are reviewed periodically and adjusted to reflect additional technical and legal information that becomes available. As of December 28, 2019 and December 29, 2018 , the Company had reserves of $213.8 million and $246.6 million , respectively, for remediation activities associated with Company-owned properties, as well as for Superfund sites, for losses that are probable and estimable. Of the 2019 amount, $57.8 million is classified as current and $156.0 million as long-term which is expected to be paid over the estimated remediation period. As of December 28, 2019, the range of environmental remediation costs that is reasonably possible is $149.1 million to $286.1 million which is subject to change in the near term. The Company may be liable for environmental remediation of sites it no longer owns. Liabilities have been recorded on those sites in accordance with the Company's policy. As of December 28, 2019 , the Company has recorded $15.6 million in other assets related to funding received by the Environmental Protection Agency (āEPAā) and placed in a trust in accordance with the final settlement with the EPA, embodied in a Consent Decree approved by the United States District Court for the Central District of California on July 3, 2013. Per the Consent Decree, Emhart Industries, Inc. (a dissolved and liquidated former indirectly wholly-owned subsidiary of The Black & Decker Corporation) (āEmhartā) has agreed to be responsible for an interim remedy at a site located in Rialto, California and formerly operated by West Coast Loading Corporation (āWCLCā), a defunct company for which Emhart was alleged to be liable as a successor. The remedy will be funded by (i) the amounts received from the EPA as gathered from multiple parties, and, to the extent necessary, (ii) Emhart's affiliate. The interim remedy requires the construction of a water treatment facility and the filtering of ground water at or around the site for a period of approximately 30 years or more. As of December 28, 2019 , the Company's net cash obligation associated with remediation activities, including WCLC assets, is $198.2 million . The EPA also asserted claims in federal court in Rhode Island against Black & Decker and Emhart related to environmental contamination found at the Centredale Manor Restoration Project Superfund Site ("Centredale"), located in North Providence, Rhode Island. The EPA discovered a variety of contaminants at the site, including but not limited to, dioxins, polychlorinated biphenyls, and pesticides. The EPA alleged that Black & Decker and Emhart are liable for site clean-up costs under the Comprehensive Environmental Response, Compensation, and Liability Act ("CERCLA") as successors to the liability of Metro-Atlantic, Inc., a former operator at the site, and demanded reimbursement of the EPAās costs related to this site. Black & Decker and Emhart contested the EPA's allegation that they are responsible for the contamination, and asserted contribution claims, counterclaims and cross-claims against a number of other PRPs, including the federal government as well as insurance carriers. The EPA released its Record of Decision ("ROD") in September 2012, which identified and described the EPA's selected remedial alternative for the site. Black & Decker and Emhart contested the EPA's selection of the remedial alternative set forth in the ROD on the grounds that the EPA's actions were arbitrary and capricious and otherwise not in accordance with law, and proposed other equally-protective, more cost-effective alternatives. On June 10, 2014, the EPA issued an Administrative Order under Sec. 106 of CERCLA, instructing Black & Decker and Emhart to perform the remediation of Centredale pursuant to the ROD. Black & Decker and Emhart disputed the factual, legal and scientific bases cited by the EPA for such an administrative order and provided the EPA with numerous good-faith bases for their declination to comply with the administrative order. Black & Decker and Emhart then vigorously litigated the issue of their liability for environmental conditions at the Centredale site, including completing trial on Phase 1 of the proceedings in late July 2015 and completing trial on Phase 2 of the proceedings in April 2017. Following the Phase I trial, the Court found that dioxin contamination at the Centredale site was not "divisible" and that Black & Decker and Emhart were jointly and severally liable for dioxin contamination at the site. Following the Phase 2 trial, the Court found that certain components of the EPA's selected remedy were arbitrary and capricious, and remanded the matter to the EPA while retaining jurisdiction over the ongoing remedy selection and implementation process. The Court also held in Phase 2 that Black & Decker and Emhart had sufficient cause for their declination to comply with the EPA's June 10, 2014 administrative order and that no associated civil penalties or fines were warranted. The United States filed a Motion for Reconsideration concerning the Court's Phase 2 rulings and appealed the ruling to the United States Court of Appeals for the First Circuit. Black & Decker and Emhart's Motion to Dismiss the Appeal was denied without prejudice for consideration with the merits. On July 9, 2018, a Consent Decree was lodged with the United States District Court documenting the terms of a settlement between the Company and the United States for reimbursement of EPA's past costs and remediation of environmental contamination found at the Centredale site. The terms of the Consent Decree were subject to public comment and Court approval. After a full hearing on March 19, 2019, the Court approved and entered the Consent Decree on April 8, 2019. The settlement resolves outstanding issues relating to Phase 1 and 2 of the litigation with the United States. The Company is complying with the terms of the settlement while several PRPs at the site have appealed the District Court's entry of the Consent Decree to the United States Court of Appeals for the First Circuit. Phase 3 of the litigation, is addressing the potential allocation of liability to other PRPs who may have contributed to contamination of the Centredale site with dioxins, polychlorinated biphenyls and other contaminants of concern. Based on the Company's estimated remediation and response cost obligations arising out of the settlement reached with the United States (including the EPAās past costs as well as costs of additional investigation, remediation, and related costs such as EPAās oversight costs), the Company has increased its reserve for this site. Accordingly, in 2018, a $77.7 million increase was recorded in Other, net in the Consolidated Statements of Operations. As of December 28, 2019, the Company has reserved $113.8 million for this site. The Company and approximately 47 other companies comprise the Lower Passaic Cooperating Parties Group (the āCPGā). The CPG members and other companies are parties to a May 2007 Administrative Settlement Agreement and Order on Consent (āAOCā) with the EPA to perform a remedial investigation/feasibility study (āRI/FSā) of the lower seventeen miles of the Lower Passaic River in New Jersey (the āRiverā). The Companyās potential liability stems from former operations in Newark, New Jersey. As an interim step related to the 2007 AOC, on June 18, 2012, the CPG members voluntarily entered into an AOC with the EPA for remediation actions focused solely at mile 10.9 of the River. The Companyās estimated costs related to the RI/FS and focused remediation action at mile 10.9, based on an interim allocation, are included in its environmental reserves. On April 11, 2014, the EPA issued a Focused Feasibility Study (āFFSā) and proposed plan which addressed various early action remediation alternatives for the lower 8.3 miles of the River. The EPA received public comment on the FFS and proposed plan (including comments from the CPG and other entities asserting that the FFS and proposed plan do not comply with CERCLA) which public comment period ended on August 20, 2014. The CPG submitted to the EPA a draft RI report in February 2015 and draft FS report in April 2015 for the entire lower seventeen miles of the River. On March 4, 2016, the EPA issued a Record of Decision selecting the remedy for the lower 8.3 miles of the River. The cleanup plan adopted by the EPA is now considered a final action for the lower 8.3 miles of the River and will include the removal of 3.5 million cubic yards of sediment, placement of a cap over the entire lower 8.3 miles of the River, and, according to the EPA, will cost approximately $1.4 billion and take 6 years to implement after the remedial design is completed. (The EPA estimates that the remedial design will take four years to complete.) The Company and 105 other parties received a letter dated March 31, 2016 from the EPA notifying such parties of potential liability for the costs of the cleanup of the lower 8.3 miles of the River and a letter dated March 30, 2017 stating that the EPA had offered 20 of the parties (not including the Company) an early cash out settlement. In a letter dated May 17, 2017, the EPA stated that these 20 parties did not discharge any of the eight hazardous substances identified as the contaminants of concern in the lower 8.3 mile ROD. In the March 30, 2017 letter, the EPA stated that other parties who did not discharge dioxins, furans or polychlorinated biphenyls (which are considered the contaminants of concern posing the greatest risk to human health or the environment) may also be eligible for cash out settlement, but expects those parties' allocation to be determined through a complex settlement analysis using a third-party allocator. The EPA subsequently clarified this statement to say that such parties would be eligible to be "funding parties" for the lower 8.3 mile remedial action with each party's share of the costs determined by the EPA based on the allocation process and the remaining parties would be "work parties" for the remedial action. The Company currently is participating in the allocation process that is expected to be completed in late 2020. The Company asserts that it did not discharge dioxins, furans or polychlorinated biphenyls and should be eligible to be a "funding party" for the lower 8.3 mile remedial action. On September 30, 2016, Occidental Chemical Corporation ("OCC") entered into an agreement with the EPA to perform the remedial design for the cleanup plan for the lower 8.3 miles of the River. On June 30, 2018, OCC filed a complaint in the United States District Court for the District of New Jersey against over 100 companies, including the Company, seeking CERCLA cost recovery or contribution for past costs relating to various investigations and cleanups OCC has conducted or is conducting in connection with the River. According to the complaint, OCC has incurred or is incurring costs which include the estimated cost ($165 million) to complete the remedial design for the cleanup plan for the lower 8.3 miles of the River. OCC also seeks a declaratory judgment to hold the defendants liable for their proper shares of future response costs for OCC's ongoing activities in connection with the River. The Company and other defendants have answered the complaint and currently are engaged in discovery with OCC. On October 10, 2018, the EPA issued a letter directing the CPG to prepare a streamlined feasibility study for the upper 9 miles of the River based on an iterative approach using adaptive management strategies. The CPG submitted a draft Interim Remedy Feasibility Study to EPA on August 12, 2019, which identifies various targeted dredge and cap alternatives with costs that range from $412 million to $460 million (net present value). At this time, the Company cannot reasonably estimate its liability related to the litigation and remediation efforts, excluding the RI/FS and remediation actions at mile 10.9, as the RI/FS is ongoing, the ultimate remedial approach and associated cost for the upper portion of the River has not yet been determined, and the parties that will participate in funding the remediation and their respective allocations are not yet known. Per the terms of a Final Order and Judgment approved by the United States District Court for the Middle District of Florida on January 22, 1991, Emhart is responsible for a percentage of remedial costs arising out of the Kerr McGee Chemical Corporation Superfund Site located in Jacksonville, Florida. On March 15, 2017, the Company received formal notification from the EPA that the EPA had issued a ROD selecting the preferred alternative identified in the Proposed Cleanup Plan. The cleanup adopted by the EPA is estimated to cost approximately $68.7 million. As of December 28, 2019, the Company has reserved $26.3 million for this site. The environmental liability for certain sites that have cash payments beyond the current year that are fixed or reliably determinable have been discounted using a rate of 1.6% to 2.3% , depending on the expected timing of disbursements. The discounted and undiscounted amount of the liability relative to these sites is $40.8 million and $47.1 million , respectively. The payments relative to these sites are expected to be $1.4 million in 2020 , $3.0 million in 2021 , $3.0 million in 2022 , $3.0 million in 2023 , $3.1 million in 2024 , and $33.6 million thereafter. The amount recorded for identified contingent liabilities is based on estimates. Amounts recorded are reviewed periodically and adjusted to reflect additional technical and legal information that becomes available. Actual costs to be incurred in future periods may vary from the estimates, given the inherent uncertainties in evaluating certain exposures. Subject to the imprecision in estimating future contingent liability costs, the Company does not expect that any sum it may have to pay in connection with these matters in excess of the amounts recorded will have a materially adverse effect on its financial position, results of operations or liquidity. |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended |
Dec. 28, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS | n January 3, 2017, the Company sold a business within the Tools & Storage segment for $25.6 million . During the second quarter of 2017, the Company received additional proceeds of $0.5 million as a result of the finalization of the purchase price. On February 22, 2017, the Company sold the majority of its mechanical security businesses within the Security segment, which included the commercial hardware brands of Best Access, phi Precision and GMT, for net proceeds of $717.1 million . The Company also sold a small business in the Industrial segment during the third quarter of 2017 and a small business in the Tools & Storage segment during the fourth quarter of 2017 for total proceeds of approximately $13.7 million . As a result of these sales, the Company recognized a net pre-tax gain of $264.1 million in 2017, primarily related to the sale of the mechanical security businesses. The results of these disposals are included in the Company's Consolidated Statements of Operations through their respective dates of sale in 2017. The Company recognized pre-tax income for these businesses of $7.0 million for the year ended December 30, 2017. |
SELECTED QUARTERLY FINANCIAL DA
SELECTED QUARTERLY FINANCIAL DATA SELECTED QUARTERLY FINANCIAL DATA | 12 Months Ended |
Dec. 28, 2019 | |
Quarterly Financial Information [Text Block] | SELECTED QUARTERLY FINANCIAL DATA (unaudited) Quarter (Millions of Dollars, except per share amounts) First Second Third Fourth Year 2019 Net Sales $ 3,333.6 $ 3,761.3 $ 3,633.1 $ 3,714.2 $ 14,442.2 Gross profit 1,105.6 1,299.8 1,239.5 1,160.6 4,805.5 Selling, general and administrative (1) 778.9 782.3 756.1 723.7 3,041.0 Net earnings 170.4 357.4 231.1 199.1 958.0 Less: Net earnings attributable to non-controlling interest 0.5 1.1 0.6 ā 2.2 Net Earnings Attributable to Common Shareowners $ 169.9 $ 356.3 $ 230.5 $ 199.1 $ 955.8 Earnings per share of common stock: Basic $ 1.15 $ 2.41 $ 1.55 $ 1.34 $ 6.44 Diluted $ 1.13 $ 2.37 $ 1.53 $ 1.32 $ 6.35 2018 Net Sales $ 3,209.3 $ 3,643.6 $ 3,494.8 $ 3,634.7 $ 13,982.4 Gross profit 1,165.7 1,287.1 1,238.4 1,159.9 4,851.1 Selling, general and administrative (1) 785.6 805.8 798.9 781.4 3,171.7 Net earnings (loss) 170.1 293.4 248.3 (106.0 ) 605.8 Less: Net (loss) earnings attributable to non-controlling interest (0.5 ) (0.2 ) 0.5 0.8 0.6 Net Earnings (Loss) Attributable to Common Shareowners $ 170.6 $ 293.6 $ 247.8 $ (106.8 ) $ 605.2 Earnings (loss) per share of common stock: Basic $ 1.13 $ 1.96 $ 1.67 $ (0.72 ) $ 4.06 Diluted $ 1.11 $ 1.93 $ 1.65 $ (0.72 ) $ 3.99 (1) Includes provision for doubtful accounts. The 2019 year-to-date results above include $363 million of pre-tax acquisition-related and other charges, a $78 million tax benefit of the pre-tax acquisition-related and other charges, as well as $24 million of after-tax charges related to the Company's share of equity method investment earnings. The net impact of the above items and effect on diluted earnings per share by quarter was as follows: Acquisition-Related Charges & Other Diluted EPS Impact ā¢ Q1 2019 ā $52 million loss ($43 million after-tax and equity interest) ($0.29) per diluted share ā¢ Q2 2019 ā $33 million loss ($44 million after-tax and equity interest) ($0.29) per diluted share ā¢ Q3 2019 ā $114 million loss ($91 million after-tax and equity interest) ($0.60) per diluted share ā¢ Q4 2019 ā $164 million loss ($131 million after-tax and equity interest) ($0.86) per diluted share The 2018 year-to-date results above include $450 million of pre-tax acquisition-related and other charges, as well as net tax charges of $181 million , which is comprised of charges related to the Tax Cuts and Jobs Act ("the Act") partially offset by the tax benefit of the pre-tax acquisition-related and other charges. The net impact of the above items and effect on diluted earnings per share by quarter was as follows: Acquisition-Related Charges & Other Diluted EPS Impact ā¢ Q1 2018 ā $25 million loss ($43 million after-tax) ($0.28) per diluted share ā¢ Q2 2018 ā $127 million loss ($98 million after-tax) ($0.64) per diluted share ā¢ Q3 2018 ā $85 million loss ($66 million after-tax) ($0.43) per diluted share ā¢ Q4 2018 ā $213 million loss ($424 million after-tax) ($2.83) per diluted share |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 28, 2019 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION ā The Consolidated Financial Statements include the accounts of Stanley Black & Decker, Inc. and its majority-owned subsidiaries (collectively the āCompanyā) which require consolidation, after the elimination of intercompany accounts and transactions. The Companyās fiscal year ends on the Saturday nearest to December 31. There were 52 weeks in each of the fiscal years 2019 , 2018 and 2017 . In March 2019, the Company acquired International Equipment Solutions Attachments businesses, Paladin and Pengo, ("IES Attachments"), a manufacturer of high quality, performance-driven heavy equipment attachment tools for off-highway applications. The acquisition is being accounted for as a business combination using the acquisition method of accounting and the results have been consolidated into the Company's Industrial segment. In April 2018, the Company acquired the industrial business of Nelson Fastener Systems ("Nelson"), which excluded Nelson's automotive stud welding business. The results of Nelson have been consolidated into the Company's Industrial segment. In March 2017, the Company acquired the Tools business of Newell Brands ("Newell Tools") and the CraftsmanĀ® brand. The results of Newell Tools and the CraftsmanĀ® brand have been consolidated into the Company's Tools & Storage segment. The 2018 and 2017 acquisitions were accounted for as business combinations using the acquisition method of accounting. In January 2019, the Company acquired a 20 percent interest in MTD Holdings Inc. ("MTD"), a privately held global manufacturer of outdoor power equipment. MTD manufactures and distributes gas-powered lawn tractors, zero turn mowers, walk behind mowers, snow throwers, trimmers, chain saws, utility vehicles and other outdoor power equipment. Under the terms of the agreement, the Company has the option to acquire the remaining 80 percent of MTD beginning on July 1, 2021 and ending on January 2, 2029. In the event the option is exercised, the companies have agreed to a valuation multiple based on MTDās 2018 Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA"), with an equitable sharing arrangement for future EBITDA growth. The Company is applying the equity method of accounting to the MTD investment. Refer to Note E, Acquisitions and Investments , for further discussion on these transactions. In the second quarter of 2019, the Company sold its Sargent & Greenleaf mechanical locks business within the Security segment. The operating results of this business have been reported in the Consolidated Financial Statements through the date of sale in 2019 and for the years ended December 29, 2018 and December 30, 2017. In the first quarter of 2017, the Company sold the majority of its mechanical security businesses within the Security segment, which included the commercial hardware brands of Best Access, phi Precision and GMT, and sold a small business within the Tools & Storage segment. The Company also sold a small business in the Industrial segment in the third quarter of 2017 and a small business in the Tools & Storage segment in the fourth quarter of 2017. The operating results of these businesses have been reported in the Consolidated Financial Statements through their respective dates of sale in 2017. Refer to Note T, Divestitures , for further discussion. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements. While management believes that the estimates and assumptions used in the preparation of the financial statements are appropriate, actual results could differ from these estimates. Certain amounts reported in previous years have been reclassified to conform to the 2019 presentation. |
FOREIGN CURRENCY | FOREIGN CURRENCY ā |
CASH EQUIVALENTS | CASH EQUIVALENTS ā Highly liquid investments with original maturities of three months or less are considered cash equivalents. |
ACCOUNTS AND FINANCING RECEIVABLE | ACCOUNTS AND FINANCING RECEIVABLE ā Trade receivables are stated at gross invoice amounts less discounts, other allowances and provisions for uncollectible accounts. Financing receivables are initially recorded at fair value, less impairments or provisions for credit losses. Interest income earned from financing receivables that are not delinquent is recorded on the effective interest method. The Company considers any financing receivable that has not been collected within 90 days of original billing date as past-due or delinquent. Additionally, the Company considers the credit quality of all past-due or delinquent financing receivables as nonperforming. |
ALLOWANCE FOR DOUBTFUL ACCOUNTS | ALLOWANCE FOR DOUBTFUL ACCOUNTS ā The Company estimates its allowance for doubtful accounts using two methods. First, a specific reserve is established for individual accounts where information indicates the customers may have an inability to meet financial obligations. Second, a reserve is determined for all customers based on a range of percentages applied to aging categories. These percentages are based on historical collection and write-off experience. Actual write-offs are charged against the allowance when collection efforts have been unsuccessful. |
INVENTORIES | INVENTORIES ā U.S. inventories are primarily valued at the lower of Last-In First-Out (āLIFOā) cost or market because the Company believes it results in better matching of costs and revenues. Other inventories are primarily valued at the lower of First-In, First-Out (āFIFOā) cost and net realizable value because LIFO is not permitted for statutory reporting outside the U.S. Refer to Note C, Inventories , for a quantification of the LIFO impact on inventory valuation. |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT ā The Company generally values property, plant and equipment (āPP&Eā), including capitalized software, at historical cost less accumulated depreciation and amortization. Costs related to maintenance and repairs which do not prolong the asset's useful life are expensed as incurred. Depreciation and amortization are provided using straight-line methods over the estimated useful lives of the assets as follows: Useful Life (Years) Land improvements 10 ā 20 Buildings 40 Machinery and equipment 3 ā 15 Computer software 3 ā 7 Leasehold improvements are depreciated over the shorter of the estimated useful life or the term of the lease. The Company reports depreciation and amortization of property, plant and equipment in cost of sales and selling, general and administrative expenses based on the nature of the underlying assets. Depreciation and amortization related to the production of inventory and delivery of services are recorded in cost of sales. Depreciation and amortization related to distribution center activities, selling and support functions are reported in selling, general and administrative expenses. The Company assesses its long-lived assets for impairment when indicators that the carrying amounts may not be recoverable are present. In assessing long-lived assets for impairment, the Company groups its long-lived assets with other assets and liabilities at the lowest level for which identifiable cash flows are generated (āasset groupā) and estimates the undiscounted future cash flows that are directly associated with, and expected to be generated from, the use of and eventual disposition of the asset group. If the carrying value is greater than the undiscounted cash flows, an impairment loss must be determined and the asset group is written down to fair value. The impairment loss is quantified by comparing the carrying amount of the asset group to the estimated fair value, which is generally determined using weighted-average discounted cash flows that consider various possible outcomes for the disposition of the asset group. |
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS ā Goodwill represents costs in excess of values assigned to the underlying net assets of acquired businesses. Intangible assets acquired are recorded at estimated fair value. Goodwill and intangible assets deemed to have indefinite lives are not amortized, but are tested for impairment annually during the third quarter, and at any time when events suggest an impairment more likely than not has occurred. To assess goodwill for impairment, the Company, depending on relevant facts and circumstances, performs either a qualitative assessment or a quantitative analysis utilizing a discounted cash flow valuation model. In performing a qualitative assessment, the Company first assesses relevant factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step quantitative goodwill impairment test. The Company identifies and considers the significance of relevant key factors, events, and circumstances that could affect the fair value of each reporting unit. These factors include external factors such as macroeconomic, industry, and market conditions, as well as entity-specific factors, such as actual and planned financial performance. The Company also considers changes in each reporting unit's fair value and carrying amount since the most recent date a fair value measurement was performed. In performing a quantitative analysis, the Company determines the fair value of a reporting unit using managementās assumptions about future cash flows based on long-range strategic plans. This approach incorporates many assumptions including discount rates, future growth rates and expected profitability. In the event the carrying amount of a reporting unit exceeded its fair value, an impairment loss would be recognized to the extent the carrying amount of the reporting unitās goodwill exceeded the implied fair value of the goodwill. Indefinite-lived intangible assets are tested for impairment utilizing either a qualitative assessment or a quantitative analysis. For a qualitative assessment, the Company identifies and considers relevant key factors, events, and circumstances to determine whether it is necessary to perform a quantitative impairment test. The key factors considered include macroeconomic, industry, and market conditions, as well as the asset's actual and forecasted results. For the quantitative impairment tests, the Company compares the carrying amounts to the current fair market values, usually determined by the estimated cost to lease the assets from third parties. Intangible assets with definite lives are amortized over their estimated useful lives generally using an accelerated method. Under this accelerated method, intangible assets are amortized reflecting the pattern over which the economic benefits of the intangible assets are consumed. Definite-lived intangible assets are also evaluated for impairment when impairment indicators are present. If the carrying amount exceeds the total undiscounted future cash flows, a discounted cash flow analysis is performed to determine the fair value of the asset. If the carrying amount of the asset was to exceed the fair value, it would be written down to fair value. No significant goodwill or other intangible asset impairments were recorded during 2019 , 2018 |
FINANCIAL INSTRUMENTS | FINANCIAL INSTRUMENTS ā |
REVENUE RECOGNITION | REVENUE RECOGNITIONĀ ā |
COST OF SALES AND SELLING, GENERAL & ADMINISTRATIVE | COST OF SALES AND SELLING, GENERAL & ADMINISTRATIVE ā Cost of sales includes the cost of products and services provided, reflecting costs of manufacturing and preparing the product for sale. These costs include expenses to acquire and manufacture products to the point that they are allocable to be sold to customers and costs to perform services pertaining to service revenues (e.g. installation of security systems, automatic doors, and security monitoring costs). Cost of sales is primarily comprised of freight, direct materials, direct labor as well as overhead which includes indirect labor and facility and equipment costs. Cost of sales also includes quality control, procurement and material receiving costs as well as internal transfer costs. Selling, general & administrative costs ("SG&A") include the cost of selling products as well as administrative function costs. These expenses generally represent the cost of selling and distributing the products once they are available for sale and primarily include salaries and commissions of the Companyās sales force, distribution costs, notably salaries and facility costs, as well as administrative expenses for certain support functions and related overhead. |
ADVERTISING COSTS | ADVERTISING COSTS ā Television advertising is expensed the first time the advertisement airs, whereas other advertising is expensed as incurred. Advertising costs are classified in SG&A and amounted to $90.4 million in 2019 , $101.3 million in 2018 and $123.3 million in 2017 . Expense pertaining to cooperative advertising with customers reported as a reduction of Net Sales was $323.2 million in 2019 , $315.8 million in 2018 and $297.4 million in 2017 . Cooperative advertising with customers classified as SG&A expense amounted to $6.9 million in 2019 , $5.4 million in 2018 and $6.1 million in 2017 . |
SALES TAXES | SALES TAXES ā Sales and value added taxes collected from customers and remitted to governmental authorities are excluded from Net Sales reported in the Consolidated Statements of Operations. |
SHIPPING AND HANDLING COSTS | SHIPPING AND HANDLING COSTS ā The Company generally does not bill customers for freight. Shipping and handling costs associated with inbound and outbound freight are reported in Cost of sales. Distribution costs are classified in SG&A and amounted to $326.7 million , $316.0 million and $279.8 million in 2019 , 2018 and 2017 , respectively. |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION ā Compensation cost relating to stock-based compensation grants is recognized on a straight-line basis over the vesting period, which is generally four years . The expense for stock options and restricted stock units awarded to retirement-eligible employees (those aged 55 and over, and with 10 or more years of service) is recognized on the grant date, or (if later) by the date they become retirement-eligible. |
POSTRETIREMENT DEFINED BENEFIT PLAN | POSTRETIREMENT DEFINED BENEFIT PLAN ā The Company uses the corridor approach to determine expense recognition for each defined benefit pension and other postretirement plan. The corridor approach defers actuarial gains and losses resulting from variances between actual and expected results (based on economic estimates or actuarial assumptions) and amortizes them over future periods. For pension plans, these unrecognized gains and losses are amortized when the net gains and losses exceed 10% of the greater of the market-related value of plan assets or the projected benefit obligation at the beginning of the year. For other postretirement benefits, amortization occurs when the net gains and losses exceed 10% of the accumulated postretirement benefit obligation at the beginning of the year. For ongoing, active plans, the amount in excess of the corridor is amortized on a straight-line basis over the average remaining service period for active plan participants. For plans with primarily inactive participants, the amount in excess of the corridor is amortized on a straight-line basis over the average remaining life expectancy of inactive plan participants. |
INCOME TAXES | INCOME TAXES ā The Company accounts for income taxes under the asset and liability method in accordance with ASC 740, Income Taxes , which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using the enacted tax rates in effect for the year in which the differences are expected to reverse. Any changes in tax rates on deferred tax assets and liabilities are recognized in earnings in the period that includes the enactment date. The Company records net deferred tax assets to the extent that it is more likely than not that these assets will be realized. In making this determination, management considers all available positive and negative evidence, including future reversals of existing temporary differences, estimates of future taxable income, tax-planning strategies, and the realizability of net operating loss carryforwards. In the event that it is determined that an asset is not more likely that not to be realized, a valuation allowance is recorded against the asset. Valuation allowances related to deferred tax assets can be impacted by changes to tax laws, changes to statutory tax rates and future taxable income levels. In the event the Company were to determine that it would not be able to realize all or a portion of its deferred tax assets in the future, the unrealizable amount would be charged to earnings in the period in which that determination is made. Conversely, if the Company were to determine that it would be able to realize deferred tax assets in the future in excess of the net carrying amounts, it would decrease the recorded valuation allowance through a favorable adjustment to earnings in the period that the determination was made. The Company records uncertain tax positions in accordance with ASC 740, which requires a two-step process. First, management determines whether it is more likely than not that a tax position will be sustained based on the technical merits of the position and second, for those tax positions that meet the more likely than not threshold, management recognizes the largest amount of the tax benefit that is greater than 50 percent likely to be realized upon ultimate settlement with the related taxing authority. The Company maintains an accounting policy of recording interest and penalties on uncertain tax positions as a component of Income taxes in the Consolidated Statements of Operations. The Company is subject to income tax in a number of locations, including many state and foreign jurisdictions. Significant judgment is required when calculating the worldwide provision for income taxes. Many factors are considered when evaluating and estimating the Company's tax positions and tax benefits, which may require periodic adjustments, and which may not accurately anticipate actual outcomes. It is reasonably possible that the amount of the unrecognized benefit with respect to certain of the Company's unrecognized tax positions will significantly increase or decrease within the next twelve months. These changes may be the result of settlements of ongoing audits or final decisions in transfer pricing matters. The Company periodically assesses its liabilities and contingencies for all tax years still subject to audit based on the most current available information, which involves inherent uncertainty. On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (āthe Actā). Changes included, but were not limited to, a corporate tax rate decrease from 35% to 21% effective for tax years beginning after December 31, 2017, changes to U.S. international taxation, and a one-time transition tax on the mandatory deemed repatriation of cumulative foreign earnings as of December 31, 2017. Pursuant to Staff Accounting Bulletin No. 118 (āSAB 118ā) issued by the SEC in December 2017, issuers were permitted up to one year from the enactment of the Act to complete the accounting for the income tax effects of the Act (āthe measurement periodā). The Company completed its accounting for the tax effects of the Act within the measurement period and those effects are included within Income taxes in the Consolidated Statements of Operations. The Act subjects a U.S. shareholder to current tax on global intangible low-taxed income (āGILTIā) earned by certain foreign subsidiaries. The Financial Accounting Standards Board ("FASB") Staff Q&A, Topic 740, No. 5, Accounting for Global Intangible Low-Taxed Income , states that an entity can make an accounting policy election to either recognize deferred taxes for temporary differences expected to reverse as GILTI in future years or provide for the tax expense related to GILTI in the year the tax is incurred. The Company has elected to recognize the tax on GILTI as a period expense in the period the tax is incurred. Refer to Note Q, Income Taxes, for further discussion. |
EARNINGS PER SHARE | EARNINGS PER SHARE ā Basic earnings per share equals net earnings attributable to common shareowners divided by weighted-average shares outstanding during the year. Diluted earnings per share include the impact of common stock equivalents using the treasury stock method when the effect is dilutive. |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Accounting Policies [Abstract] | |
Depreciation and Amortization, Estimated Useful Lives of Assets | Depreciation and amortization are provided using straight-line methods over the estimated useful lives of the assets as follows: Useful Life (Years) Land improvements 10 ā 20 Buildings 40 Machinery and equipment 3 ā 15 Computer software 3 ā 7 |
ACCOUNTS AND NOTES RECEIVABLE (
ACCOUNTS AND NOTES RECEIVABLE (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Receivables [Abstract] | |
ACCOUNTS AND FINANCING RECEIVABLE | (Millions of Dollars) 2019 2018 Trade accounts receivable $ 1,284.0 $ 1,437.1 Trade notes receivable 156.7 150.0 Other accounts receivable 126.3 122.7 Gross accounts and notes receivable 1,567.0 1,709.8 Allowance for doubtful accounts (112.4 ) (102.0 ) Accounts and notes receivable, net $ 1,454.6 $ 1,607.8 Long-term receivable, net $ 146.1 $ 153.7 |
Finance Receivables and Operating Leases | The following is a summary of the expected timing of receipt of payments from customers on an undiscounted basis as of December 28, 2019 relating to the Company's lease receivables: (Millions of Dollars) Total Within 1 Year 2 Years 3 Years 4 Years 5 Years Thereafter Finance receivables $ 210.5 $ 78.2 $ 59.7 $ 39.8 $ 20.6 $ 12.2 $ ā Operating leases $ 47.7 $ 45.5 $ 1.3 $ 0.7 $ 0.2 $ ā $ ā |
Sales-type Lease, Lease Income | The following is a summary of lease revenue and sales-type lease profit for the year ended December 28, 2019 : (Millions of Dollars) 2019 Sales-type lease revenue $ 88.9 Lease interest revenue 12.7 Operating lease revenue 148.9 Total lease revenue $ 250.5 Sales-type lease profit $ 35.3 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | (Millions of Dollars) 2019 2018 Finished products $ 1,526.0 $ 1,707.4 Work in process 162.0 150.8 Raw materials 567.0 515.3 Total $ 2,255.0 $ 2,373.5 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | D. PROPERTY, PLANT AND EQUIPMENT (Millions of Dollars) 2019 2018 Land $ 112.2 $ 115.9 Land improvements 52.6 52.2 Buildings 630.3 625.6 Leasehold improvements 172.1 157.8 Machinery and equipment 2,812.8 2,566.1 Computer software 510.8 452.5 Property, plant & equipment, gross $ 4,290.8 $ 3,970.1 Less: accumulated depreciation and amortization (2,331.3 ) (2,054.9 ) Property, plant & equipment, net $ 1,959.5 $ 1,915.2 Depreciation and amortization expense associated with property, plant and equipment was as follows: (Millions of Dollars) 2019 2018 2017 Depreciation $ 325.2 $ 288.4 $ 253.6 Amortization 47.6 42.8 43.3 Depreciation and amortization expense $ 372.8 $ 331.2 $ 296.9 |
Property, Plant and Equipment | (Millions of Dollars) 2019 2018 Land $ 112.2 $ 115.9 Land improvements 52.6 52.2 Buildings 630.3 625.6 Leasehold improvements 172.1 157.8 Machinery and equipment 2,812.8 2,566.1 Computer software 510.8 452.5 Property, plant & equipment, gross $ 4,290.8 $ 3,970.1 Less: accumulated depreciation and amortization (2,331.3 ) (2,054.9 ) Property, plant & equipment, net $ 1,959.5 $ 1,915.2 |
Depreciation and Amortization Expense Associated with Property, Plant and Equipment | Depreciation and amortization expense associated with property, plant and equipment was as follows: (Millions of Dollars) 2019 2018 2017 Depreciation $ 325.2 $ 288.4 $ 253.6 Amortization 47.6 42.8 43.3 Depreciation and amortization expense $ 372.8 $ 331.2 $ 296.9 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Carrying Amount of Goodwill by Segment | GOODWILL ā The changes in the carrying amount of goodwill by segment are as follows: (Millions of Dollars) Tools & Storage Industrial Security Total Balance December 30, 2017 $ 5,189.7 $ 1,454.4 $ 2,132.0 $ 8,776.1 Acquisitions 59.8 225.5 55.0 340.3 Foreign currency translation and other (95.2 ) (0.2 ) (64.3 ) (159.7 ) Balance December 29, 2018 $ 5,154.3 $ 1,679.7 $ 2,122.7 $ 8,956.7 Acquisitions (1.3 ) 320.5 8.2 327.4 Foreign currency translation and other 8.8 (4.7 ) (50.7 ) (46.6 ) Balance December 28, 2019 $ 5,161.8 $ 1,995.5 $ 2,080.2 $ 9,237.5 |
Intangible Assets | INTANGIBLE ASSETS ā Intangible assets at December 28, 2019 and December 29, 2018 were as follows: 2019 2018 (Millions of Dollars) Gross Accumulated Gross Accumulated Amortized Intangible Assets ā Definite lives Patents and copyrights $ 42.4 $ (41.5 ) $ 42.5 $ (40.6 ) Trade names 194.5 (127.2 ) 170.8 (114.9 ) Customer relationships 2,739.0 (1,421.7 ) 2,435.0 (1,269.8 ) Other intangible assets 233.1 (182.9 ) 236.1 (173.6 ) Total $ 3,209.0 $ (1,773.3 ) $ 2,884.4 $ (1,598.9 ) |
Aggregate Intangible Assets Amortization Expense by Segment | ntangible assets amortization expense by segment was as follows: (Millions of Dollars) 2019 2018 2017 Tools & Storage $ 73.1 $ 75.5 $ 68.0 Industrial 69.6 50.7 45.4 Security 44.7 49.1 50.4 Consolidated $ 187.4 $ 175.3 $ 163.8 |
ACCRUED EXPENSES (Tables)
ACCRUED EXPENSES (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Accrued expenses at December 28, 2019 and December 29, 2018 were as follows: (Millions of Dollars) 2019 2018 Payroll and related taxes $ 262.4 $ 297.0 Income and other taxes 243.9 67.5 Customer rebates and sales returns 112.0 116.6 Insurance and benefits 69.8 69.4 Restructuring costs 147.8 108.8 Derivative financial instruments 22.4 7.5 Warranty costs 69.6 65.5 Deferred revenue 108.9 98.6 Freight costs 72.9 87.3 Environmental costs 57.8 58.1 Deferred purchase price 249.2 ā Current lease liability 141.3 ā Other 419.5 413.5 Total $ 1,977.5 $ 1,389.8 |
LONG-TERM DEBT AND FINANCING _2
LONG-TERM DEBT AND FINANCING ARRANGEMENTS (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Financing Arrangements | Long-term debt and financing arrangements at December 28, 2019 and December 29, 2018 were as follows: December 28, 2019 December 29, 2018 (Millions of Dollars) Interest Rate Original Notional Unamortized Discount Unamortized Gain (Loss) Terminated Swaps 1 Purchase Accounting FV Adjustment Deferred Financing Fees Carrying Value Carrying Value Notes payable due 2021 3.40% $ 400.0 $ (0.1 ) $ 6.7 $ ā $ (0.6 ) $ 406.0 $ 409.1 Notes payable due 2022 2.90% 754.3 (0.2 ) ā ā (1.8 ) 752.3 751.6 Notes payable due 2026 3.40% 500.0 (0.6 ) ā ā (2.9 ) 496.5 ā Notes payable due 2028 7.05% 150.0 ā 9.3 9.0 ā 168.3 170.4 Notes payable due 2028 4.25% 500.0 (0.3 ) ā ā (3.9 ) 495.8 495.7 Notes payable due 2040 5.20% 400.0 (0.2 ) (30.5 ) ā (2.8 ) 366.5 364.9 Notes payable due 2048 4.85% 500.0 (0.5 ) ā ā (5.4 ) 494.1 494.4 Notes payable due 2052 (junior subordinated) 5.75% ā ā ā ā ā ā 731.6 Notes payable due 2053 (junior subordinated) 7.08% ā ā ā ā ā ā 396.7 Other, payable in varying amounts through 2022 2 0.00% - 4.50% ā ā ā ā ā ā 7.9 Total long-term debt, including current maturities $ 3,204.3 $ (1.9 ) $ (14.5 ) $ 9.0 $ (17.4 ) $ 3,179.5 $ 3,822.3 Less: Current maturities of long-term debt (3.1 ) (2.5 ) Long-term debt $ 3,176.4 $ 3,819.8 |
DERIVATIVE FINANCIAL INSTRUME_2
DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Fair Value of Derivatives | A summary of the fair values of the Companyās derivatives recorded in the Consolidated Balance Sheets at December 28, 2019 and December 29, 2018 follows: (Millions of Dollars) Balance Sheet Classification 2019 2018 Balance Sheet Classification 2019 2018 Derivatives designated as hedging instruments: Interest Rate Contracts Cash Flow LT other assets $ ā $ ā LT other liabilities $ 40.5 $ ā Foreign Exchange Contracts Cash Flow Other current assets 7.0 18.1 Accrued expenses 7.8 0.6 Net Investment Hedge Other current assets 18.6 5.7 Accrued expenses 8.5 1.5 LT other assets ā ā LT other liabilities 2.6 13.8 Non-derivative designated as hedging instrument: Net Investment Hedge ā ā Short-term borrowings 335.5 228.9 Total Designated as hedging instruments $ 25.6 $ 23.8 $ 394.9 $ 244.8 Derivatives not designated as hedging instruments: Foreign Exchange Contracts Other current assets $ 3.7 $ 9.1 Accrued expenses $ 6.1 $ 5.4 Total $ 29.3 $ 32.9 $ 401.0 $ 250.2 |
Detail Pre-tax Amounts Reclassified From Accumulated Other Comprehensive Income into Earnings for Active Derivative Financial Instruments | The tables below detail pre-tax amounts of derivatives designated as cash flow hedges in Accumulated other comprehensive loss for active derivatives during the periods in which the underlying hedged transactions affected earnings for 2019 , 2018 and 2017 : 2019 (Millions of Dollars) Gain (Loss) Recorded in OCI Classification of Gain (Loss) Reclassified from OCI to Income Gain (Loss) Reclassified from OCI to Income Gain (Loss) Interest Rate Contracts $ (40.5 ) Interest expense $ (16.2 ) $ ā Foreign Exchange Contracts $ (16.7 ) Cost of sales $ (6.5 ) $ ā 2018 (Millions of Dollars) Gain (Loss) Recorded in OCI Classification of Gain (Loss) Reclassified from OCI to Income Gain (Loss) Reclassified from OCI to Income Gain (Loss) Interest Rate Contracts $ 33.1 Interest expense $ (15.3 ) $ ā Foreign Exchange Contracts $ 35.9 Cost of sales $ (17.9 ) $ ā 2017 (Millions of Dollars) Gain (Loss) Recorded in OCI Classification of Gain (Loss) Reclassified from OCI to Income Gain (Loss) Reclassified from OCI to Income (Effective Portion) Gain (Loss) Recognized in Income (Ineffective Portion*) Interest Rate Contracts $ (8.4 ) Interest expense $ ā $ ā Foreign Exchange Contracts $ (66.6 ) Cost of sales $ 8.4 $ ā * Includes ineffective portion and amount excluded from effectiveness testing on derivatives. A summary of the pre-tax effect of cash flow hedge accounting on the Consolidated Statements of Operations for 2019 and 2018 is as follows: 2019 2018 (Millions of dollars) Cost of Sales Interest Expense Cost of Sales Interest Expense Total amount in the Consolidated Statements of Operations in which the effects of the cash flow hedges are recorded $ 9,636.7 $ 284.3 $ 9,131.3 $ 277.9 Gain (loss) on cash flow hedging relationships: Foreign Exchange Contracts: Hedged Items $ 6.5 $ ā $ 17.9 $ ā Gain (loss) reclassified from OCI into Income $ (6.5 ) $ ā $ (17.9 ) $ ā Interest Rate Swap Agreements: Gain (loss) reclassified from OCI into Income 1 $ ā $ (16.2 ) $ ā $ (15.3 ) 1 Inclusive of the gain/loss amortization on terminated derivative financial instruments. |
Details of Pre-Tax Amounts of Gains and Losses on Net Investment Hedges | The pre-tax loss from fair value changes during 2017 was as follows: 2017 Income Statement Classification (Millions of Dollars) Amount Effective Portion Recorded in Income Statement Ineffective Other-net $ (131.3 ) $ ā $ ā * Includes ineffective portion. |
Income Statement Impacts Related to Derivatives Not Designated as Hedging Instruments | The gain (loss) recorded in the income statement from changes in the fair value related to derivatives not designated as hedging instruments under ASC 815 for 2019 , 2018 and 2017 are as follows: (Millions of Dollars) Income Statement Classification 2019 2018 2017 Foreign Exchange Contracts Other-net $ (4.1 ) $ 17.0 $ 51.5 |
CAPITAL STOCK (Tables)
CAPITAL STOCK (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Reconciliation of Net Earnings Attributable to Common Shareholders and Weighted Average Shares Outstanding used to Calculate Basic and Diluted Earnings Per Share | The following table reconciles net earnings attributable to common shareowners and the weighted-average shares outstanding used to calculate basic and diluted earnings per share for the fiscal years ended December 28, 2019 , December 29, 2018 , and December 30, 2017 . 2019 2018 2017 Numerator (in millions): Net Earnings Attributable to Common Shareowners $ 955.8 $ 605.2 $ 1,227.3 Denominator (in thousands): Basic weighted-average shares outstanding 148,365 148,919 149,629 Dilutive effect of stock contracts and awards 2,193 2,724 2,820 Diluted weighted-average shares outstanding 150,558 151,643 152,449 Earnings per share of common stock: Basic $ 6.44 $ 4.06 $ 8.20 Diluted $ 6.35 $ 3.99 $ 8.05 |
Weighted-Average Stock Options, Warrants and Equity Purchase Contracts Not Included in Computation of Diluted Shares Outstanding | The following weighted-average stock options were not included in the computation of diluted shares outstanding because the effect would be anti-dilutive (in thousands): 2019 2018 2017 Number of stock options 2,151 1,339 389 |
Common Stock Share Activity | Common stock activity for 2019 , 2018 and 2017 was as follows: 2019 2018 2017 Outstanding, beginning of year 151,302,450 154,038,031 152,559,767 Issued from treasury 2,391,336 941,854 1,680,339 Returned to treasury (187,377 ) (3,677,435 ) (202,075 ) Outstanding, end of year 153,506,409 151,302,450 154,038,031 Shares subject to the forward share purchase contract (3,645,510 ) (3,645,510 ) (3,645,510 ) Outstanding, less shares subject to the forward share purchase contract 149,860,899 147,656,940 150,392,521 |
Common Stock Shares Reserved for Issuance under Various Employee and Director Stock Plans | Common stock shares reserved for issuance under various employee and director stock plans at December 28, 2019 and December 29, 2018 are as follows: 2019 2018 Employee stock purchase plan 1,593,759 1,606,224 Other stock-based compensation plans 11,330,531 14,277,893 Total shares reserved 12,924,290 15,884,117 |
Weighted Average Assumptions that were Granted as Part of Merger | 2019 2018 2017 Average expected volatility 25.0 % 23.0 % 20.0 % Dividend yield 1.8 % 2.0 % 1.5 % Risk-free interest rate 1.5 % 2.9 % 2.2 % Expected term 5.3 years 5.3 years 5.2 years Fair value per option $ 30.09 $ 26.54 $ 30.71 Weighted-average vesting period 2.8 years 2.9 years 2.9 years |
Number of Stock Options and Weighted-average Exercise Prices | The number of stock options and weighted-average exercise prices as of December 28, 2019 are as follows: Options Price Outstanding, beginning of year 7,352,263 $ 107.36 Granted 1,225,750 150.69 Exercised (1,851,761 ) 78.17 Forfeited (271,581 ) 144.05 Outstanding, end of year 6,454,671 $ 122.42 Exercisable, end of year 3,720,639 $ 105.71 |
Outstanding and Exercisable Stock Option | Outstanding and exercisable stock option information at December 28, 2019 follows: Outstanding Stock Options Exercisable Stock Options Exercise Price Ranges Options Weighted- Average Remaining Contractual Life Weighted- Average Exercise Price Options Weighted- Weighted- $75.00 and below 991,566 1.64 $ 64.69 991,566 1.64 $ 64.69 $75.01 ā $125.00 2,154,836 5.91 107.44 1,932,443 5.80 106.10 $125.01 and higher 3,308,269 8.97 149.48 796,630 8.13 155.84 6,454,671 6.83 $ 122.42 3,720,639 5.19 $ 105.71 |
Summary of Non-Vested Restricted Stock Unit Activity and Long-Term Performance Awards | A summary of non-vested restricted stock unit and award activity as of December 28, 2019 , and changes during the twelve month period then ended is as follows: Restricted Share Units & Awards Weighted-Average Grant Date Fair Value Non-vested at December 29, 2018 1,074,735 $ 129.65 Granted 282,598 149.14 Vested (372,571 ) 119.92 Forfeited (118,242 ) 136.62 Non-vested at December 28, 2019 866,520 $ 139.23 |
Restricted Share Units & Awards | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Non-Vested Restricted Stock Unit Activity and Long-Term Performance Awards | A summary of the activity pertaining to the maximum number of shares that may be issued is as follows: Share Units Weighted-Average Grant Date Fair Value Non-vested at December 29, 2018 627,407 $ 116.85 Granted 639,957 123.01 Vested (154,217 ) 86.56 Forfeited (105,910 ) 91.12 Non-vested at December 28, 2019 1,007,237 $ 128.10 |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |
Expense for Defined Contribution Plans | The expense for defined contribution plans, aside from the earlier discussed ESOP plans, is as follows: (Millions of Dollars) 2019 2018 2017 Multi-employer plan expense $ 7.2 $ 7.3 $ 7.2 Other defined contribution plan expense $ 36.2 $ 12.9 $ 27.5 |
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 2019 are as follows: (Millions of Dollars) 2019 Current year actuarial loss $ 63.3 Amortization of actuarial loss (15.3 ) Prior service cost from plan amendments 2.1 Settlement / curtailment loss (1.0 ) Currency / other 4.2 Total loss recognized in accumulated other comprehensive loss (pre-tax) $ 53.3 |
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) 2019 2018 2019 2018 2019 2018 Change in benefit obligation Benefit obligation at end of prior year $ 1,260.9 $ 1,365.3 $ 1,305.3 $ 1,446.1 $ 44.8 $ 52.3 Service cost 12.3 7.5 14.6 15.2 0.3 0.5 Interest cost 47.1 42.8 30.3 28.6 1.6 1.6 Settlements/curtailments ā ā (6.0 ) (4.3 ) ā ā Actuarial loss (gain) 130.4 (106.2 ) 140.6 (64.1 ) 8.6 (6.2 ) Plan amendments 1.4 0.2 0.7 16.0 ā 0.1 Foreign currency exchange rates ā ā 25.8 (77.0 ) ā (1.0 ) Participant contributions ā ā 0.3 0.3 ā ā Acquisitions, divestitures, and other (10.0 ) 34.0 (2.2 ) 3.4 2.4 1.9 Benefits paid (116.7 ) (82.7 ) (59.5 ) (58.9 ) (5.5 ) (4.4 ) Benefit obligation at end of year $ 1,325.4 $ 1,260.9 $ 1,449.9 $ 1,305.3 $ 52.2 $ 44.8 Change in plan assets Fair value of plan assets at end of prior year $ 1,020.7 $ 1,114.1 $ 974.3 $ 1,099.2 $ ā $ ā Actual return on plan assets 190.0 (52.9 ) 133.2 (18.6 ) ā ā Participant contributions ā ā 0.3 0.3 ā ā Employer contributions 19.5 19.4 22.6 20.9 5.5 4.4 Settlements ā ā (5.6 ) (4.2 ) ā ā Foreign currency exchange rate changes ā ā 30.4 (61.5 ) ā ā Acquisitions, divestitures, and other (10.0 ) 22.8 (2.2 ) (2.9 ) ā ā Benefits paid (116.7 ) (82.7 ) (59.5 ) (58.9 ) (5.5 ) (4.4 ) Fair value of plan assets at end of plan year $ 1,103.5 $ 1,020.7 $ 1,093.5 $ 974.3 $ ā $ ā Funded status ā assets less than benefit obligation $ (221.9 ) $ (240.2 ) $ (356.4 ) $ (331.0 ) $ (52.2 ) $ (44.8 ) Unrecognized prior service cost (credit) 4.7 4.3 (17.5 ) (18.2 ) (2.0 ) (3.4 ) Unrecognized net actuarial loss (gain) 266.2 272.0 318.7 270.8 1.1 (7.6 ) Net amount recognized $ 49.0 $ 36.1 $ (55.2 ) $ (78.4 ) $ (53.1 ) $ (55.8 ) U.S. Plans Non-U.S. Plans Other Benefits (Millions of Dollars) 2019 2018 2019 2018 2019 2018 Amounts recognized in the Consolidated Balance Sheets Prepaid benefit cost (non-current) $ ā $ ā $ 0.1 $ 1.0 $ ā $ ā Current benefit liability (7.6 ) (7.7 ) (9.1 ) (9.1 ) (4.5 ) (4.8 ) Non-current benefit liability (214.3 ) (232.5 ) (347.4 ) (322.9 ) (47.7 ) (40.0 ) Net liability recognized $ (221.9 ) $ (240.2 ) $ (356.4 ) $ (331.0 ) $ (52.2 ) $ (44.8 ) Accumulated other comprehensive loss (pre-tax): Prior service cost (credit) $ 4.7 $ 4.3 $ (17.5 ) $ (18.2 ) $ (2.0 ) $ (3.4 ) Actuarial loss (gain) 266.2 272.0 318.7 270.8 1.1 (7.6 ) $ 270.9 $ 276.3 $ 301.2 $ 252.6 $ (0.9 ) $ (11.0 ) Net amount recognized $ 49.0 $ 36.1 $ (55.2 ) $ (78.4 ) $ (53.1 ) $ (55.8 ) Information regarding pension plans in which projected benefit obligations (inclusive of anticipated future compensation increases) exceed plan assets follows: U.S. Plans Non-U.S. Plans (Millions of Dollars) 2019 2018 2019 2018 Projected benefit obligation $ 1,325.4 $ 1,260.9 $ 1,448.6 $ 1,301.7 Accumulated benefit obligation $ 1,323.7 $ 1,257.6 $ 1,391.2 $ 1,252.7 Fair value of plan assets $ 1,103.5 $ 1,020.7 $ 1,092.0 $ 969.7 |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | The accumulated benefit obligation for all defined benefit pension plans was $2.768 billion at December 28, 2019 and $2.513 billion at December 29, 2018 . Information regarding pension plans in which accumulated benefit obligations exceed plan assets follows: U.S. Plans Non-U.S. Plans (Millions of Dollars) 2019 2018 2019 2018 Projected benefit obligation $ 1,325.4 $ 1,260.9 $ 1,447.2 $ 1,275.7 Accumulated benefit obligation $ 1,323.7 $ 1,257.6 $ 1,390.1 $ 1,228.6 Fair value of plan assets $ 1,103.5 $ 1,020.7 $ 1,090.8 $ 945.0 |
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 2019 2018 2017 2019 2018 2017 2019 2018 2017 Weighted-average assumptions used to determine benefit obligations at year end: Discount rate 3.20 % 4.20 % 3.53 % 1.80 % 2.62 % 2.24 % 3.64 % 4.03 % 3.53 % Rate of compensation increase 3.50 % 3.00 % 3.00 % 3.30 % 3.44 % 3.45 % 3.50 % 3.50 % 3.50 % Weighted-average assumptions used to determine net periodic benefit cost: Discount rate - service cost 4.43 % 3.72 % 4.10 % 2.37 % 2.15 % 2.27 % 5.22 % 5.11 % 4.53 % Discount rate - interest cost 3.86 % 3.16 % 3.30 % 2.37 % 2.20 % 2.31 % 4.04 % 3.77 % 2.93 % Rate of compensation increase 3.00 % 3.00 % 3.00 % 3.44 % 3.45 % 3.63 % 3.50 % 3.50 % 3.50 % Expected return on plan assets 6.25 % 6.25 % 6.25 % 4.73 % 4.37 % 4.41 % ā ā ā |
Asset Allocations by Asset Category and Level of Valuation Inputs within Fair Value Hierarchy | The Companyās worldwide asset allocations at December 28, 2019 and December 29, 2018 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) 2019 Level 1 Level 2 Cash and cash equivalents $ 35.8 $ 16.1 $ 19.7 Equity securities U.S. equity securities 321.4 111.1 210.3 Foreign equity securities 259.4 95.8 163.6 Fixed income securities Government securities 741.6 271.5 470.1 Corporate securities 751.5 ā 751.5 Insurance contracts 39.0 ā 39.0 Other 48.3 ā 48.3 Total $ 2,197.0 $ 494.5 $ 1,702.5 Asset Category (Millions of Dollars) 2018 Level 1 Level 2 Cash and cash equivalents $ 139.5 $ 113.6 $ 25.9 Equity securities U.S. equity securities 248.7 83.4 165.3 Foreign equity securities 220.0 85.2 134.8 Fixed income securities Government securities 642.3 205.5 436.8 Corporate securities 656.6 ā 656.6 Insurance contracts 37.1 ā 37.1 Other 50.8 ā 50.8 Total $ 1,995.0 $ 487.7 $ 1,507.3 |
Expected Future Benefit Payments | EXPECTED FUTURE BENEFIT PAYMENTS ā 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 $ 1,393.7 $ 138.5 $ 138.6 $ 139.1 $ 140.9 $ 139.8 $ 696.8 |
Pension Plans, Defined Benefit | |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |
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) 2019 2018 2017 2019 2018 2017 Service cost $ 12.3 $ 7.5 $ 8.7 $ 14.6 $ 15.2 $ 13.7 Interest cost 47.1 42.8 43.2 30.3 28.6 29.1 Expected return on plan assets (61.7 ) (68.7 ) (64.4 ) (45.6 ) (46.5 ) (45.5 ) Amortization of prior service cost (credit) 1.0 1.1 1.1 (0.6 ) (1.3 ) (1.2 ) Actuarial loss amortization 8.0 7.8 8.3 8.6 8.5 9.4 Settlement / curtailment loss ā ā 2.9 1.0 0.7 12.7 Net periodic pension expense (benefit) $ 6.7 $ (9.5 ) $ (0.2 ) $ 8.3 $ 5.2 $ 18.2 |
Other Postretirement Benefits Plan [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |
Net Periodic Pension Expense | Approximately 16,600 participants are covered under these plans. Net periodic post-retirement benefit expense was comprised of the following elements: Other Benefit Plans (Millions of Dollars) 2019 2018 2017 Service cost $ 0.3 $ 0.5 $ 0.6 Interest cost 1.6 1.6 1.7 Amortization of prior service credit (1.4 ) (1.3 ) (1.4 ) Actuarial loss amortization (0.3 ) ā ā Net periodic post-retirement expense $ 0.2 $ 0.8 $ 0.9 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Fair Value Disclosures [Abstract] | |
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents the Companyās financial assets and liabilities that are measured at fair value on a recurring basis for each of the hierarchy levels: (Millions of Dollars) Total Carrying Value Level 1 Level 2 Level 3 December 28, 2019 Money market fund $ 1.2 $ 1.2 $ ā $ ā Derivative assets $ 29.3 $ ā $ 29.3 $ ā Derivative liabilities $ 65.5 $ ā $ 65.5 $ ā Non-derivative hedging instrument $ 335.5 $ ā $ 335.5 $ ā Contingent consideration liability $ 196.1 $ ā $ ā $ 196.1 December 29, 2018 Money market fund $ 4.8 $ 4.8 $ ā $ ā Derivative assets $ 32.9 $ ā $ 32.9 $ ā Derivative liabilities $ 21.3 $ ā $ 21.3 $ ā Non-derivative hedging instrument $ 228.9 $ ā $ 228.9 $ ā Contingent consideration liability $ 169.2 $ ā $ ā $ 169.2 |
Summary of Company's Financial Instruments Carrying and Fair Values | The following table provides information about the Company's financial assets and liabilities not carried at fair value: December 28, 2019 December 29, 2018 (Millions of Dollars) Carrying Value Fair Value Carrying Value Fair Value Other investments $ 14.4 $ 14.8 $ 7.6 $ 7.7 Long-term debt, including current portion $ 3,179.5 $ 3,601.0 $ 3,822.3 $ 3,905.4 |
RESTRUCTURING AND ASSET IMPAI_2
RESTRUCTURING AND ASSET IMPAIRMENTS (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Restructuring and Related Activities [Abstract] | |
Summary of Restructuring Reserve Activity | A summary of the restructuring reserve activity from December 29, 2018 to December 28, 2019 is as follows: (Millions of Dollars) December 29, 2018 Net Usage Currency December 28, 2019 Severance and related costs $ 105.7 $ 131.9 $ (97.4 ) $ 0.1 $ 140.3 Facility closures and asset impairments 3.1 22.2 (17.9 ) 0.1 7.5 Total $ 108.8 $ 154.1 $ (115.3 ) $ 0.2 $ 147.8 |
BUSINESS SEGMENTS AND GEOGRAP_2
BUSINESS SEGMENTS AND GEOGRAPHIC AREAS (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Segment Reporting [Abstract] | |
BUSINESS SEGMENTS | BUSINESS SEGMENTS (Millions of Dollars) 2019 2018 2017 Net Sales Tools & Storage $ 10,062.1 $ 9,814.0 $ 9,045.0 Industrial 2,434.7 2,187.8 1,974.3 Security 1,945.4 1,980.6 1,947.3 Consolidated $ 14,442.2 $ 13,982.4 $ 12,966.6 Segment Profit Tools & Storage $ 1,533.3 $ 1,393.1 $ 1,438.9 Industrial 334.1 319.8 345.9 Security 126.6 169.3 211.7 Segment Profit 1,994.0 1,882.2 1,996.5 Corporate overhead (229.5 ) (202.8 ) (217.4 ) Other, net (249.1 ) (287.0 ) (269.2 ) Gain (loss) on sales of businesses 17.0 (0.8 ) 264.1 Pension settlement ā ā (12.2 ) Restructuring charges (154.1 ) (160.3 ) (51.5 ) Loss on debt extinguishment (17.9 ) ā ā Interest income 53.9 68.7 40.1 Interest expense (284.3 ) (277.9 ) (222.6 ) Earnings before income taxes and equity interest $ 1,130.0 $ 1,022.1 $ 1,527.8 Capital and Software Expenditures Tools & Storage $ 297.2 $ 353.7 $ 327.2 Industrial 89.6 95.8 76.2 Security 37.9 42.6 39.0 Consolidated $ 424.7 $ 492.1 $ 442.4 Depreciation and Amortization Tools & Storage $ 327.8 $ 300.1 $ 271.9 Industrial 159.3 125.9 107.4 Security 73.1 80.5 81.4 Consolidated $ 560.2 $ 506.5 $ 460.7 Segment Assets Tools & Storage $ 13,642.4 $ 13,122.6 $ 12,870.3 Industrial 4,207.0 3,620.5 3,413.3 Security 3,448.6 3,413.6 3,407.0 21,298.0 20,156.7 19,690.6 Corporate assets (701.4 ) (748.7 ) (592.9 ) Consolidated $ 20,596.6 $ 19,408.0 $ 19,097.7 |
GEOGRAPHIC AREAS | GEOGRAPHIC AREAS (Millions of Dollars) 2019 2018 2017 Net Sales United States $ 8,472.1 $ 7,700.3 $ 7,025.7 Canada 609.9 628.3 583.3 Other Americas 717.9 801.5 790.7 France 610.2 627.8 623.8 Other Europe 2,870.8 2,989.9 2,791.1 Asia 1,161.3 1,234.6 1,152.0 Consolidated $ 14,442.2 $ 13,982.4 $ 12,966.6 Property, Plant & Equipment United States $ 1,046.8 $ 1,018.3 $ 850.2 Canada 27.4 25.5 30.0 Other Americas 117.9 112.7 111.2 France 57.3 63.9 65.1 Other Europe 352.3 356.9 378.0 Asia 357.8 337.9 308.0 Consolidated $ 1,959.5 $ 1,915.2 $ 1,742.5 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Income Tax Disclosure [Abstract] | |
Significant Components of Deferred Tax Assets and Liabilities | Significant components of the Companyās deferred tax assets and liabilities at the end of each fiscal year were as follows: (Millions of Dollars) 2019 2018 Deferred tax liabilities: Depreciation $ 144.9 $ 128.5 Amortization of intangibles 731.8 672.8 Liability on undistributed foreign earnings 159.3 202.5 Lease right-of-use asset 129.7 ā Other 89.5 73.9 Total deferred tax liabilities $ 1,255.2 $ 1,077.7 Deferred tax assets: Employee benefit plans $ 235.4 $ 222.1 Basis differences in liabilities 82.0 93.3 Operating loss, capital loss and tax credit carryforwards 1,100.3 710.6 Lease liability 129.6 ā Other 149.2 147.3 Total deferred tax assets $ 1,696.5 $ 1,173.3 Net Deferred Tax Asset before Valuation Allowance $ 441.3 $ 95.6 Valuation Allowance $ (1,065.0 ) $ (626.7 ) Net Deferred Tax Liability after Valuation Allowance $ (623.7 ) $ (531.1 ) |
Classification of Deferred Taxes | The components of earnings before income taxes and equity interest consisted of the following: (Millions of Dollars) 2019 2018 2017 United States $ 214.5 $ 444.1 $ 715.2 Foreign 915.5 578.0 812.6 Earnings before income taxes and equity interest $ 1,130.0 $ 1,022.1 $ 1,527.8 |
Income Tax Expense (Benefit) Attributable to Continuing Operations | Income tax expense (benefit) consisted of the following: (Millions of Dollars) 2019 2018 2017 Current: Federal $ (23.7 ) $ 25.4 $ 590.6 Foreign 195.9 175.0 224.6 State 6.5 24.8 25.4 Total current $ 178.7 $ 225.2 $ 840.6 Deferred: Federal $ 5.7 $ 29.7 $ (513.0 ) Foreign (32.9 ) 132.7 (33.0 ) State 9.3 28.7 6.3 Total deferred (17.9 ) 191.1 (539.7 ) Income taxes $ 160.8 $ 416.3 $ 300.9 |
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 is as follows: (Millions of Dollars) 2019 2018 2017 Tax at statutory rate $ 237.3 $ 214.6 $ 534.1 State income taxes, net of federal benefits 22.1 24.7 13.3 Foreign tax rate differential (53.3 ) (33.2 ) (149.0 ) Uncertain tax benefits (53.1 ) 4.5 64.4 Change in valuation allowance 10.5 5.1 (5.4 ) Change in deferred tax liabilities on undistributed foreign earnings ā ā (94.1 ) Basis difference for businesses Held for Sale ā ā 27.9 Stock-based compensation (24.1 ) (4.1 ) (23.2 ) Sale of businesses 6.7 ā (47.3 ) U.S. Federal tax reform ā 199.6 23.6 Other 14.7 5.1 (43.4 ) Income taxes $ 160.8 $ 416.3 $ 300.9 |
Activity Related to Unrecognized Tax Benefits | The following table summarizes the activity related to the unrecognized tax benefits: (Millions of Dollars) 2019 2018 2017 Balance at beginning of year $ 406.3 $ 387.8 $ 309.8 Additions based on tax positions related to current year 48.6 28.3 34.6 Additions based on tax positions related to prior years 78.5 103.0 82.5 Reductions based on tax positions related to prior years (91.1 ) (91.5 ) (4.2 ) Settlements (0.3 ) (2.5 ) (0.3 ) Statute of limitations expirations (35.7 ) (18.8 ) (34.6 ) Balance at end of year $ 406.3 $ 406.3 $ 387.8 |
COMMITMENTS AND GUARANTEES (Tab
COMMITMENTS AND GUARANTEES (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Company's Future Commitments | The following is a summary of the Companyās future marketing commitments at December 28, 2019: (Millions of Dollars) Total 2020 2021 2022 2023 2024 Thereafter Marketing commitments $ 34.5 $ 24.9 $ 6.5 $ 2.7 $ 0.4 $ ā $ ā |
Summary of Guarantees | The Company's financial guarantees at December 28, 2019 are as follows: (Millions of Dollars) Term Maximum Potential Payment Carrying Amount of Liability Guarantees on the residual values of leased properties One to five years $ 102.6 $ ā Standby letters of credit Up to three years 154.4 ā Commercial customer financing arrangements Up to six years 64.7 6.3 Total $ 321.7 $ 6.3 |
Summary of Warranty Liability Activity | Following is a summary of the warranty liability activity for the years ended December 28, 2019 , December 29, 2018 , and December 30, 2017 : (Millions of Dollars) 2019 2018 2017 Balance beginning of period $ 102.1 $ 108.5 $ 103.4 Warranties and guarantees issued 128.1 110.4 105.3 Warranty payments and currency (130.1 ) (116.8 ) (100.2 ) Balance end of period $ 100.1 $ 102.1 $ 108.5 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | ||
Allowance for Doubtful Accounts | ||||
Movement in Valuation Allowances and Reserves | ||||
Beginning balance | $ 102 | $ 80.4 | $ 78.5 | |
Charged to Costs and Expenses | 33 | 28 | 16.3 | |
Charged To Other Accounts | [1],[2] | 5.9 | 12.5 | 8.9 |
Deductions | [3] | (28.5) | (18.9) | (23.3) |
Ending balance | 112.4 | 102 | 80.4 | |
Tax Valuation Allowance | ||||
Movement in Valuation Allowances and Reserves | ||||
Beginning balance | 626.7 | 516.7 | 525.5 | |
Charged to Costs and Expenses | 461.5 | 146.2 | 262.4 | |
Charged To Other Accounts | [1],[2] | (0.5) | (6.4) | 22.8 |
Deductions | [3] | (22.7) | (29.8) | (294) |
Ending balance | $ 1,065 | $ 626.7 | $ 516.7 | |
[1] | (c) Refer to Note Q, Income Taxes , of the Notes to Consolidated Financial Statements in Item 8 for further discussion. | |||
[2] | Amounts represent the impact of foreign currency translation, acquisitions and net transfers to/from other accounts. | |||
[3] | With respect to the allowance for doubtful accounts, deductions represent amounts charged-off less recoveries of accounts previously charged-off. |
Depreciation and Amortization,
Depreciation and Amortization, Estimated Useful Lives of Assets (Detail) | 12 Months Ended |
Dec. 28, 2019 | |
Land improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 10 years |
Land improvements | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 20 years |
Buildings | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 40 years |
Machinery and equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 3 years |
Machinery and equipment | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 15 years |
Computer software | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life of finite lived intangible asset, minimum | 3 years |
Computer software | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life of finite lived intangible asset, minimum | 7 years |
SIGNIFICANT ACCOUNTING POLICI_4
SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 28, 2019 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | Jan. 02, 2019 | Dec. 31, 2016 | |
Significant Accounting Policies [Line Items] | |||||||||||||
Accounts and notes receivable, net | $ 1,454.6 | $ 1,454.6 | $ 1,607.8 | ||||||||||
Net Sales | 3,714.2 | $ 3,633.1 | $ 3,761.3 | $ 3,333.6 | $ 3,634.7 | $ 3,494.8 | $ 3,643.6 | $ 3,209.3 | 14,442.2 | 13,982.4 | $ 12,966.6 | ||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ 0 | $ 199.6 | $ 23.6 | ||||||||||
Fiscal Period Duration | 364 days | 364 days | 364 days | ||||||||||
Vesting period of stock-based compensation grants | 4 years | ||||||||||||
Minimum service year to be eligible to stock-based compensation benefits | 10 years | ||||||||||||
Cost of sales | $ 9,636.7 | $ 9,131.3 | $ 8,188.3 | ||||||||||
Selling, general and administrative | 3,008 | 3,143.7 | 2,982.9 | ||||||||||
Provision for doubtful accounts | 33 | 28 | 16.3 | ||||||||||
Other, net | 249.1 | 287 | 269.2 | ||||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 1,130 | 1,022.1 | 1,527.8 | ||||||||||
Income Tax Expense (Benefit) | 160.8 | 416.3 | 300.9 | ||||||||||
Net Earnings Attributable to Common Shareowners | 199.1 | 230.5 | 356.3 | 169.9 | (106.8) | 247.8 | 293.6 | 170.6 | 955.8 | 605.2 | 1,227.3 | ||
Net earnings | $ 199.1 | $ 231.1 | $ 357.4 | $ 170.4 | $ (106) | $ 248.3 | $ 293.4 | $ 170.1 | 958 | 605.8 | 1,226.9 | ||
Provision for Doubtful Accounts, Including Divestiture | 33 | 28 | 16.3 | ||||||||||
Increase (Decrease) in Accounts Receivable | 137.8 | (48.8) | (905.6) | ||||||||||
Deferred revenue | 8.5 | 1.5 | 1.6 | ||||||||||
Increase (Decrease) in Other Current Assets | (183.6) | (4.4) | (5.9) | ||||||||||
Increase (Decrease) in Other Noncurrent Assets | (37.3) | 28.9 | 84.9 | ||||||||||
Accrued expenses | 123.6 | 70.1 | 123.3 | ||||||||||
Other long-term liabilities | (92.1) | 20.5 | 16.2 | ||||||||||
Net Cash Provided by (Used in) Operating Activities | 1,505.7 | 1,260.9 | 668.5 | ||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 685.4 | $ 524.6 | $ 2,583.5 | ||||||||||
Earnings Per Share, Diluted | $ 1.32 | $ 1.53 | $ 2.37 | $ 1.13 | $ (0.72) | $ 1.65 | $ 1.93 | $ 1.11 | $ 6.35 | $ 3.99 | $ 8.05 | ||
Other Assets | $ 1,321 | $ 1,321 | $ 482.3 | ||||||||||
Current maturities of long-term debt | 3.1 | $ 977.5 | 3.1 | 2.5 | $ 977.5 | ||||||||
Accrued expenses | 1,977.5 | 1,977.5 | 1,389.8 | ||||||||||
Long-Term Debt | 3,176.4 | 3,176.4 | 3,819.8 | ||||||||||
Deferred Tax Liabilities, Net, Noncurrent | 731.2 | 731.2 | 705.3 | ||||||||||
Other Liabilities | 2,531.7 | 2,531.7 | 2,446 | ||||||||||
Retained earnings | 6,772.8 | 6,772.8 | 6,219 | ||||||||||
Accumulated other comprehensive loss | (1,884.6) | (1,589.1) | (1,884.6) | (1,814.3) | (1,589.1) | ||||||||
Supplemental Deferred Purchase Price | 0 | 0 | 704.7 | ||||||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 314.6 | $ 655.1 | 314.6 | 311.4 | 655.1 | $ 1,177.2 | |||||||
Net Cash Provided by (Used in) Investing Activities | (1,208.6) | (989.1) | (1,566.8) | ||||||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $ 3.2 | (343.7) | (522.1) | ||||||||||
Minimum | |||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||
Stock-based compensation, minimum retirement age for eligibility | 55 years | ||||||||||||
Selling, General and Administrative Expense | |||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||
Production and Distribution Costs | $ 326.7 | 316 | 279.8 | ||||||||||
Advertising costs | 90.4 | 101.3 | 123.3 | ||||||||||
Net Sales [Member] | |||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||
Cooperative Advertising Expense | 323.2 | 315.8 | 297.4 | ||||||||||
Selling, General and Administrative Expenses [Member] | |||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||
Cooperative Advertising Expense | $ 6.9 | $ 5.4 | $ 6.1 | ||||||||||
MTD [Member] | |||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 20.00% |
ACCOUNTS AND NOTES RECEIVABLE -
ACCOUNTS AND NOTES RECEIVABLE - Schedule (Detail) - USD ($) $ in Millions | Dec. 28, 2019 | Dec. 29, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Trade accounts receivable | $ 1,284 | $ 1,437.1 |
Financing Receivable, before Allowance for Credit Loss, Current | 156.7 | 150 |
Other accounts receivable | 126.3 | 122.7 |
Gross accounts and notes receivable | 1,567 | 1,709.8 |
Allowance for doubtful accounts | (112.4) | (102) |
Accounts and notes receivable, net | 1,454.6 | 1,607.8 |
Other Assets [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts and Financing Receivable, after Allowance for Credit Loss, Noncurrent | $ 146.1 | $ 153.7 |
ACCOUNTS AND NOTES RECEIVABLE_2
ACCOUNTS AND NOTES RECEIVABLE - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Sep. 28, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Cash Flows Between Transferor and Transferee, Servicing Fees | $ (0.9) | $ (0.2) | |
Financing Receivable, before Allowance for Credit Loss, Current | 156.7 | 150 | |
Continuing Involvement with Derecognized Transferred Financial Assets, Amount Outstanding | 100 | 100.1 | |
Financing Receivable, Threshold Period Past Due, Writeoff | 90 days | ||
Pre-tax loss from sale of receivables | (3.6) | (0.7) | |
Cash Flows Between Transferor And Transferee Payment To Purchaser | 495.5 | 94.3 | |
Cash Flows Between Transferor and Transferee, Proceeds from New Transfers | 495.4 | 194.3 | |
Deferred Revenue | 209.8 | 202 | |
Deferred revenue | 108.9 | 98.6 | |
Deferred Revenue, Revenue Recognized | 96.4 | 89.3 | |
Customer Advances and Progress Payments for Long-term Contracts or Programs | 1,118 | ||
Other Assets [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts and Financing Receivable, after Allowance for Credit Loss, Noncurrent | 146.1 | $ 153.7 | |
Maximum [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Cash Investment Purchaser Allowed to Have in Transferors Receivables | 110 | ||
Financing Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss, Current | $ 78.2 |
ACCOUNTS AND NOTES RECEIVABLE L
ACCOUNTS AND NOTES RECEIVABLE Leases (Details) $ in Millions | Dec. 28, 2019USD ($) |
Receivables [Abstract] | |
Capital Leases, Future Minimum Payments Receivable | $ 210.5 |
Capital Leases, Future Minimum Payments Receivable, Next Twelve Months | 78.2 |
Capital Leases, Future Minimum Payments, Receivable in Two Years | 59.7 |
Capital Leases, Future Minimum Payments, Receivable in Three Years | 39.8 |
Capital Leases, Future Minimum Payments, Receivable in Four Years | 20.6 |
Capital Leases, Future Minimum Payments, Receivable in Five Years | 12.2 |
Capital Leases, Future Minimum Payments, Receivable Thereafter | 0 |
Lessor, Operating Lease, Payments to be Received | 47.7 |
Operating Leases, Future Minimum Payments Receivable, Current | 45.5 |
Operating Leases, Future Minimum Payments Receivable, in Two Years | 1.3 |
Operating Leases, Future Minimum Payments Receivable, in Three Years | 0.7 |
Operating Leases, Future Minimum Payments Receivable, in Four Years | 0.2 |
Operating Leases, Future Minimum Payments Receivable, in Five Years | 0 |
Operating Lease, Lease Income | $ 0 |
ACCOUNTS AND NOTES RECEIVABLE S
ACCOUNTS AND NOTES RECEIVABLE Schedule of Sales-type Lease Profit (Details) $ in Millions | 12 Months Ended |
Dec. 28, 2019USD ($) | |
Loans and Leases Receivable Disclosure [Line Items] | |
Sales-type Lease, Revenue | $ 88.9 |
Operating Leases, Income Statement, Lease Revenue | 148.9 |
Sales-type Lease, Lease Income | 35.3 |
Lease Agreements [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Interest Revenue (Expense), Net | 12.7 |
Other Income | $ 250.5 |
INVENTORIES (Detail)
INVENTORIES (Detail) - USD ($) $ in Millions | Dec. 28, 2019 | Dec. 29, 2018 |
Inventory Disclosure [Abstract] | ||
Finished products | $ 1,526 | $ 1,707.4 |
Work in process | 162 | 150.8 |
Raw materials | 567 | 515.3 |
Total | $ 2,255 | $ 2,373.5 |
INVENTORIES - Additional Inform
INVENTORIES - Additional Information (Detail) - USD ($) $ in Millions | Dec. 28, 2019 | Dec. 29, 2018 |
Business Acquisition [Line Items] | ||
Net inventory amount valued at lower of LIFO cost or market | $ 1,100 | $ 1,200 |
Increase in inventories if LIFO method had not been used | 78.1 | $ 44.6 |
Newell Tools [Member] | Inventories [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | $ 195.5 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT (Detail) - USD ($) $ in Millions | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 |
Property, Plant and Equipment [Line Items] | |||
Property, plant & equipment, gross | $ 4,290.8 | $ 3,970.1 | |
Less: accumulated depreciation and amortization | (2,331.3) | (2,054.9) | |
Property, Plant and Equipment, net | 1,959.5 | 1,915.2 | $ 1,742.5 |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant & equipment, gross | 112.2 | 115.9 | |
Land improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant & equipment, gross | 52.6 | 52.2 | |
Buildings | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant & equipment, gross | 630.3 | 625.6 | |
Leasehold Improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant & equipment, gross | 172.1 | 157.8 | |
Machinery and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant & equipment, gross | 2,812.8 | 2,566.1 | |
Computer software | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant & equipment, gross | $ 510.8 | $ 452.5 |
Depreciation and Amortization E
Depreciation and Amortization Expense Associated with Property, Plant and Equipment (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation | $ 325.2 | $ 288.4 | $ 253.6 |
Amortization | 47.6 | 42.8 | 43.3 |
Depreciation and amortization expense | $ 372.8 | $ 331.2 | $ 296.9 |
MERGER AND ACQUISITIONS - Estim
MERGER AND ACQUISITIONS - Estimated Fair Values of Major Assets Acquired and Liabilities Assumed (Detail) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Apr. 01, 2017USD ($) | Dec. 28, 2019USD ($) | Dec. 29, 2018USD ($) | Dec. 30, 2017USD ($)Acquisition | Feb. 01, 2020USD ($) | Jan. 03, 2020USD ($) | |
Business Acquisition [Line Items] | ||||||
Business Acquisition, Pro Forma Revenue | $ 14,524.6 | $ 14,448.6 | ||||
Payments to Acquire Businesses, Net of Cash Acquired | 685.4 | 524.6 | $ 2,583.5 | |||
Indefinite-Lived Trade Names | $ 2,186 | $ 2,199 | ||||
Document Period End Date | Dec. 28, 2019 | |||||
Number of businesses acquired during the period | 5 | 6 | 4 | |||
Series of Individually Immaterial Business Acquisitions in 2019 [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 40.8 | |||||
Fair Value, Net Asset (Liability) | 19.1 | |||||
Craftsman [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Fair Value, Net Asset (Liability) | 482.6 | |||||
Business Combination, Consideration Transferred | $ 568.2 | |||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 17 years | |||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | $ 442.7 | |||||
Equipment Solution Attachments Group (IES) [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Payments to Acquire Businesses, Net of Cash Acquired | 653.5 | |||||
Fair Value, Net Asset (Liability) | $ 344.7 | |||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 14 years | |||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | $ 2.4 | |||||
Acquisition | ||||||
Business Acquisition [Line Items] | ||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 104.5 | $ 182.9 | ||||
Fair Value, Net Asset (Liability) | 38.1 | 88.1 | ||||
Nelson Fasteners [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Payments to Acquire Businesses, Net of Cash Acquired | 424.2 | |||||
Fair Value, Net Asset (Liability) | 211.8 | |||||
Newell Tools [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 1,860 | |||||
Business Combination, Consideration Transferred | $ 1,858 | |||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 15 years | |||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | $ 15.7 | |||||
intangible assets [Member] | Craftsman [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 418 | |||||
intangible assets [Member] | Equipment Solution Attachments Group (IES) [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 328 | |||||
intangible assets [Member] | Acquisition | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 35.5 | 54.4 | ||||
intangible assets [Member] | Nelson Fasteners [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 167 | |||||
Cash [Member] | Newell Tools [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 20 | |||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 826.2 | |||||
Accounts Receivable [Member] | Newell Tools [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 19.7 | |||||
Inventories [Member] | Newell Tools [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 195.5 | |||||
Prepaid Expenses and Other Current Assets [Member] | Newell Tools [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 27.1 | |||||
Property, Plant and Equipment [Member] | Newell Tools [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 112.4 | |||||
Trade names | Newell Tools [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 283 | |||||
Customer relationships | Series of Individually Immaterial Business Acquisitions in 2019 [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 8.8 | |||||
Customer relationships | Equipment Solution Attachments Group (IES) [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 304 | |||||
Customer relationships | Acquisition | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 32 | 51.4 | ||||
Customer relationships | Nelson Fasteners [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 149 | |||||
Customer relationships | Newell Tools [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 548 | |||||
Other Assets [Member] | Newell Tools [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 8.8 | |||||
Accounts Payable [Member] | Newell Tools [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 70.3 | |||||
Other Liabilities [Member] | Newell Tools [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | 7.9 | |||||
Accrued expense | Newell Tools [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | 40.7 | |||||
Deferred Income Tax Charge [Member] | Equipment Solution Attachments Group (IES) [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | 78.3 | |||||
Deferred Income Tax Charge [Member] | Newell Tools [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | 269.4 | |||||
Goodwill [Member] | Series of Individually Immaterial Business Acquisitions in 2019 [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 21.7 | |||||
Goodwill [Member] | Craftsman [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 747.1 | |||||
Goodwill [Member] | Equipment Solution Attachments Group (IES) [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 308.8 | |||||
Goodwill [Member] | Acquisition | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | $ 66.4 | $ 94.8 | ||||
Goodwill [Member] | Nelson Fasteners [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 216.9 | |||||
Goodwill [Member] | Newell Tools [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | $ 1,031.8 | |||||
Minimum | Series of Individually Immaterial Business Acquisitions in 2019 [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 8 years | |||||
Minimum | Acquisition | ||||||
Business Acquisition [Line Items] | ||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | 10 years | ||||
Minimum | Nelson Fasteners [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 12 years | |||||
Maximum [Member] | Series of Individually Immaterial Business Acquisitions in 2019 [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | |||||
Maximum [Member] | Acquisition | ||||||
Business Acquisition [Line Items] | ||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 14 years | 15 years | ||||
Maximum [Member] | Nelson Fasteners [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 15 years | |||||
Equipment Solution Attachments Group (IES) [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Fair Value, Net Asset (Liability) | $ 77.9 | |||||
Nelson Fasteners [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Fair Value, Net Asset (Liability) | 64.2 | |||||
Craftsman [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Indefinite-Lived Trade Names | 396 | |||||
Fair Value, Net Asset (Liability) | 40.2 | |||||
Acquisition | ||||||
Business Acquisition [Line Items] | ||||||
Fair Value, Net Asset (Liability) | $ 6 | $ 35.3 | ||||
Subsequent Event [Member] | Consolidated Aerospace Manufacturing (CAM) [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Consideration Payable | $ 1,500 | |||||
Business Combination, Contingent Consideration, Liability | $ 200 | |||||
Forecast [Member] | Craftsman [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Consideration Payable | $ 234 |
MERGER AND ACQUISITIONS - Addit
MERGER AND ACQUISITIONS - Additional Information (Detail) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||
Apr. 01, 2017USD ($) | Dec. 28, 2019USD ($)$ / shares | Dec. 29, 2018USD ($)$ / shares | Dec. 30, 2017USD ($)Acquisition | Mar. 01, 2032 | Feb. 01, 2032USD ($) | Feb. 01, 2020USD ($) | Jan. 03, 2020USD ($) | Jan. 02, 2019 | |
Business Acquisition [Line Items] | |||||||||
Business Acquisition, Pro Forma Revenue | $ 14,524.6 | $ 14,448.6 | |||||||
Number of businesses acquired during the period | 5 | 6 | 4 | ||||||
Purchase price for acquisitions | $ 685.4 | $ 524.6 | $ 2,583.5 | ||||||
Goodwill acquired, FAS 141R | (9,237.5) | (8,956.7) | (8,776.1) | ||||||
Business Combination, Contingent Consideration, Liability, Noncurrent | 196.1 | 169.2 | |||||||
Indefinite-Lived Trade Names | 2,186 | 2,199 | |||||||
Business Acquisition, Pro Forma Net Income (Loss) | $ 977.8 | $ 620.3 | |||||||
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ / shares | $ 6.49 | $ 4.09 | |||||||
Document Period End Date | Dec. 28, 2019 | ||||||||
Series of Individually Immaterial Business Acquisitions in 2019 [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Purchase price for acquisitions | $ 40.8 | ||||||||
Fair Value, Net Asset (Liability) | 19.1 | ||||||||
MTD [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 20.00% | ||||||||
Payments to Acquire Equity Method Investments | 234 | ||||||||
Consolidated Aerospace Manufacturing (CAM) [Member] | Subsequent Event [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combination, Consideration Payable | $ 1,500 | ||||||||
Business Combination, Contingent Consideration, Liability | $ 200 | ||||||||
Acquisition | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 291.1 | ||||||||
Purchase price for acquisitions | $ 104.5 | 182.9 | |||||||
Fair Value, Net Asset (Liability) | 38.1 | $ 88.1 | |||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | (1.7) | ||||||||
Craftsman [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 442.7 | ||||||||
Total Consideration Paid for Acquisition | 936.7 | ||||||||
Business Combination, Consideration Transferred | 568.2 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Deferred Revenue | 293 | ||||||||
Fair Value, Net Asset (Liability) | $ 482.6 | ||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 17 years | ||||||||
Newell Tools [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Purchase price for acquisitions | $ 1,860 | ||||||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | $ 15.7 | ||||||||
Business Combination, Consideration Transferred | $ 1,858 | ||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 15 years | ||||||||
Nelson Fasteners [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Purchase price for acquisitions | $ 424.2 | ||||||||
Fair Value, Net Asset (Liability) | 211.8 | ||||||||
Equipment Solution Attachments Group (IES) [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Purchase price for acquisitions | 653.5 | ||||||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 2.4 | ||||||||
Fair Value, Net Asset (Liability) | $ 344.7 | ||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 14 years | ||||||||
Minimum | Series of Individually Immaterial Business Acquisitions in 2019 [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 8 years | ||||||||
Minimum | Acquisition | |||||||||
Business Acquisition [Line Items] | |||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | 10 years | |||||||
Minimum | Nelson Fasteners [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 12 years | ||||||||
Maximum [Member] | Series of Individually Immaterial Business Acquisitions in 2019 [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | ||||||||
Maximum [Member] | Acquisition | |||||||||
Business Acquisition [Line Items] | |||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 14 years | 15 years | |||||||
Maximum [Member] | Nelson Fasteners [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 15 years | ||||||||
Forecast [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combination, Contingent Consideration, Liability, Current | 3.00% | ||||||||
Business Combination, Contingent Consideration, Liability, Noncurrent | $ 134.5 | ||||||||
Forecast [Member] | Craftsman [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combination, Consideration Payable | $ 234 | ||||||||
Forecast [Member] | Minimum | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combination, Contingent Consideration, Liability, Current | 2.50% | ||||||||
Forecast [Member] | Maximum [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combination, Contingent Consideration, Liability, Current | 3.50% | ||||||||
Series of Individually Immaterial Business Acquisitions in 2018 [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Fair Value, Net Asset (Liability) | 13.4 | ||||||||
Equipment Solution Attachments Group (IES) [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Fair Value, Net Asset (Liability) | $ 77.9 | ||||||||
Nelson Fasteners [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Fair Value, Net Asset (Liability) | 64.2 | ||||||||
Craftsman [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Fair Value, Net Asset (Liability) | 40.2 | ||||||||
Indefinite-Lived Trade Names | 396 | ||||||||
Acquisition | |||||||||
Business Acquisition [Line Items] | |||||||||
Fair Value, Net Asset (Liability) | 6 | $ 35.3 | |||||||
intangible assets [Member] | Acquisition | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 35.5 | 54.4 | |||||||
intangible assets [Member] | Craftsman [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 418 | ||||||||
intangible assets [Member] | Nelson Fasteners [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 167 | ||||||||
intangible assets [Member] | Equipment Solution Attachments Group (IES) [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 328 | ||||||||
Goodwill [Member] | Series of Individually Immaterial Business Acquisitions in 2019 [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 21.7 | ||||||||
Goodwill [Member] | Acquisition | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 66.4 | 94.8 | |||||||
Goodwill [Member] | Craftsman [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 747.1 | ||||||||
Goodwill [Member] | Newell Tools [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 1,031.8 | ||||||||
Goodwill [Member] | Nelson Fasteners [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 216.9 | ||||||||
Goodwill [Member] | Equipment Solution Attachments Group (IES) [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 308.8 | ||||||||
Customer relationships | Series of Individually Immaterial Business Acquisitions in 2019 [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 8.8 | ||||||||
Customer relationships | Acquisition | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | $ 32 | $ 51.4 | |||||||
Customer relationships | Newell Tools [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 548 | ||||||||
Customer relationships | Nelson Fasteners [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 149 | ||||||||
Customer relationships | Equipment Solution Attachments Group (IES) [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | $ 304 |
MERGER AND ACQUISITIONS Supplem
MERGER AND ACQUISITIONS Supplemental Pro-Forma (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 28, 2019 | Dec. 29, 2018 | |
Business Acquisition [Line Items] | ||
Business Acquisition, Pro Forma Revenue | $ 14,524.6 | $ 14,448.6 |
Business Acquisition, Pro Forma Net Income (Loss) | $ 977.8 | $ 620.3 |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ 6.49 | $ 4.09 |
Series of Individually Immaterial Business Acquisitions [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 291.1 | |
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | $ (1.7) |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS - Changes in Carrying Amount of Goodwill by Segment (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 28, 2019 | Dec. 29, 2018 | |
Goodwill [Line Items] | ||
Goodwill, Written off Related to Sale of Business Unit | $ 33.8 | |
Goodwill | ||
Balance December 29, 2018 | 8,956.7 | $ 8,776.1 |
Acquisitions | 327.4 | 340.3 |
Foreign currency translation and other | (46.6) | (159.7) |
Balance December 28, 2019 | 9,237.5 | 8,956.7 |
Construction and Do It Yourself | ||
Goodwill | ||
Balance December 29, 2018 | 5,154.3 | 5,189.7 |
Acquisitions | (1.3) | 59.8 |
Foreign currency translation and other | 8.8 | (95.2) |
Balance December 28, 2019 | 5,161.8 | 5,154.3 |
Security Segment Business [Domain] | ||
Goodwill | ||
Balance December 29, 2018 | 2,122.7 | 2,132 |
Acquisitions | 8.2 | 55 |
Foreign currency translation and other | (50.7) | (64.3) |
Balance December 28, 2019 | 2,080.2 | 2,122.7 |
Industrial Segment | ||
Goodwill | ||
Balance December 29, 2018 | 1,679.7 | 1,454.4 |
Acquisitions | 320.5 | 225.5 |
Foreign currency translation and other | (4.7) | (0.2) |
Balance December 28, 2019 | $ 1,995.5 | $ 1,679.7 |
GOODWILL AND INTANGIBLE ASSET_3
GOODWILL AND INTANGIBLE ASSETS - Intangible Assets (Detail) - USD ($) $ in Millions | Dec. 28, 2019 | Dec. 29, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Indefinite-Lived Trade Names | $ 2,186 | $ 2,199 |
Gross Carrying Amount | 3,209 | 2,884.4 |
Accumulated Amortization | (1,773.3) | (1,598.9) |
Patents and copyrights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 42.4 | 42.5 |
Accumulated Amortization | (41.5) | (40.6) |
Trade names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 194.5 | 170.8 |
Accumulated Amortization | (127.2) | (114.9) |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,739 | 2,435 |
Accumulated Amortization | (1,421.7) | (1,269.8) |
Other intangible assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 233.1 | 236.1 |
Accumulated Amortization | $ (182.9) | $ (173.6) |
GOODWILL AND INTANGIBLE ASSET_4
GOODWILL AND INTANGIBLE ASSETS - Aggregate Intangible Assets Amortization Expense by Segment (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | $ 9,237.5 | $ 8,956.7 | $ 8,776.1 |
Amortization of Intangible Assets | 187.4 | 175.3 | 163.8 |
Construction and Do It Yourself | |||
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | 5,161.8 | 5,154.3 | 5,189.7 |
Amortization of Intangible Assets | 73.1 | 75.5 | 68 |
Security Segment Business [Domain] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | 2,080.2 | 2,122.7 | 2,132 |
Industrial Segment | |||
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | 1,995.5 | 1,679.7 | 1,454.4 |
Amortization of Intangible Assets | 69.6 | 50.7 | 45.4 |
Securities Industry [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of Intangible Assets | $ 44.7 | $ 49.1 | $ 50.4 |
GOODWILL AND INTANGIBLE ASSET_5
GOODWILL AND INTANGIBLE ASSETS - Additional Information (Detail) - USD ($) $ in Millions | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 |
Goodwill [Line Items] | |||
Goodwill | $ 9,237.5 | $ 8,956.7 | $ 8,776.1 |
Total indefinite-lived trade names | 2,186 | 2,199 | |
Future amortization expense in 2013 | 175.1 | ||
Future amortization expense in 2014 | 166.5 | ||
Future amortization expense in 2015 | 157.3 | ||
Future amortization expense in 2016 | 148.3 | ||
Future amortization expense in 2017 | 139.5 | ||
Future amortization expense thereafter | 649 | ||
Construction and Do It Yourself | |||
Goodwill [Line Items] | |||
Goodwill | 5,161.8 | 5,154.3 | 5,189.7 |
Security Segment Business [Domain] | |||
Goodwill [Line Items] | |||
Goodwill | 2,080.2 | 2,122.7 | 2,132 |
Industrial Segment | |||
Goodwill [Line Items] | |||
Goodwill | 1,995.5 | $ 1,679.7 | $ 1,454.4 |
Craftsman [Member] | |||
Goodwill [Line Items] | |||
Total indefinite-lived trade names | $ 396 |
ACCRUED EXPENSES (Detail)
ACCRUED EXPENSES (Detail) - USD ($) $ in Millions | Dec. 28, 2019 | Dec. 29, 2018 |
Payables and Accruals [Abstract] | ||
Payroll and related taxes | $ 262.4 | $ 297 |
Income and other taxes | 243.9 | 67.5 |
Customer rebates and sales returns | 112 | 116.6 |
Insurance and benefits | 69.8 | 69.4 |
Restructuring costs | 147.8 | 108.8 |
Derivative financial instruments | 22.4 | 7.5 |
Warranty costs | 69.6 | 65.5 |
Deferred revenue | 108.9 | 98.6 |
accrued freight costs | 72.9 | 87.3 |
Other | 419.5 | 413.5 |
Reserve for environmental remediation costs | 57.8 | 58.1 |
Other Accrued Liabilities | 249.2 | 0 |
Operating Lease, Liability, Current | 141.3 | 0 |
Total | $ 1,977.5 | $ 1,389.8 |
LONG-TERM DEBT AND FINANCING _3
LONG-TERM DEBT AND FINANCING ARRANGEMENTS (Detail) - USD ($) $ / shares in Units, $ in Millions | Dec. 15, 2018 | Dec. 28, 2019 | Dec. 30, 2017 | Jul. 01, 2017 | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | Jan. 03, 2015 | Sep. 29, 2018 | Sep. 30, 2017 | Apr. 01, 2017 | Dec. 28, 2013 | Jul. 31, 2012 |
Debt Instrument [Line Items] | |||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 3,500 | $ 3,500 | |||||||||||
Preferred Stock, Liquidation Preference Per Share | $ 1,000 | $ 1,000 | $ 1,000 | $ 1,000 | |||||||||
Equity Units Conversion Rate Number Of Common Stock Shares | 0.6272 | 0.7279 | 0.7241 | ||||||||||
Gain (Loss) on Extinguishment of Debt | $ 17.9 | $ 0 | $ 0 | $ (0.1) | |||||||||
Amortization of Debt Discount (Premium) | $ 0.3 | ||||||||||||
Fair Value Adjustment Of Interest Rate Swap | $ (16.4) | (16.4) | |||||||||||
Less: Current maturities of long-term debt | (3.1) | $ (977.5) | (3.1) | (2.5) | (977.5) | ||||||||
Long-Term Debt | 3,176.4 | 3,176.4 | 3,819.8 | ||||||||||
Proceeds from Issuance of Long-term Debt | 990 | ||||||||||||
Unamortized Debt Issuance Expense | 0.9 | 0.9 | |||||||||||
Preferred Stock, Value, Issued | 1,500 | 1,500 | 750 | ||||||||||
Debt Instrument, Face Amount | 3,204.3 | 3,204.3 | |||||||||||
Unamortized debt discount | (1.9) | (1.9) | |||||||||||
Interest expense | 284.3 | 277.9 | 222.6 | ||||||||||
Debt issuance costs | 9.1 | ||||||||||||
Repayments of Long-term Debt | 1,150 | 977.5 | 2.8 | ||||||||||
Deferred (Gain) Loss on Discontinuation of Fair Value Hedge | (14.5) | (14.5) | |||||||||||
Fair Value Adjustment Of Debt | 9 | 9 | |||||||||||
Debt Issuance Costs, Net | (17.4) | (17.4) | |||||||||||
Long-term Debt and Lease Obligation, Including Current Maturities | 3,179.5 | 3,179.5 | 3,822.3 | ||||||||||
Stock Issued During Period, Value, Treasury Stock Reissued | 146 | 38.5 | $ 90.8 | ||||||||||
Commercial Paper Maximum Borrowing Capacity | 3,000 | 3,000 | $ 3,000 | $ 3,000 | |||||||||
Commercial Paper Amount Outstanding | 335.5 | 335.5 | 228.9 | ||||||||||
Notes Payable due 2022 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, including current maturities | 752.3 | 752.3 | $ 751.6 | ||||||||||
Debt Instrument, Face Amount | 754.3 | 754.3 | |||||||||||
Unamortized debt discount | (0.2) | (0.2) | |||||||||||
Debt Issuance Costs, Net | (1.8) | (1.8) | |||||||||||
Notes Payable due 2022 [Member] | Fixedto Floating Interest Rate Swaps Terminated [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Deferred (Gain) Loss on Discontinuation of Fair Value Hedge | 0 | 0 | |||||||||||
Fair Value Adjustment Of Debt | 0 | 0 | |||||||||||
Notes 2 Point 3 Percent Due in 2026 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, including current maturities | $ 496.5 | $ 496.5 | |||||||||||
Long-term debt, interest rate | 3.40% | 3.40% | |||||||||||
Debt Issuance Costs, Net | $ (2.9) | $ (2.9) | |||||||||||
Notes 2 Point 3 Percent Due in 2026 [Member] | Fixed To Floating Interest Rate Swap [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Face Amount | 500 | 500 | |||||||||||
Unamortized debt discount | (0.6) | (0.6) | |||||||||||
Deferred (Gain) Loss on Discontinuation of Fair Value Hedge | 0 | 0 | |||||||||||
Liabilities, Fair Value Adjustment | 0 | ||||||||||||
Fair Value Adjustment Of Debt | 0 | 0 | |||||||||||
Notes 2 Point 45 Percent due 2018 [Member] [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, interest rate | 2.45% | 2.45% | 2.45% | ||||||||||
Notes 1 Point 62 Percent due 2018 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, interest rate | 1.62% | ||||||||||||
Convertible Notes Payable two Point four Five Percent Due Twenty Eighteen [Member] [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest expense | $ 15.5 | ||||||||||||
Notes payable due 2028 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, including current maturities | $ 168.3 | $ 168.3 | $ 170.4 | ||||||||||
Long-term debt, interest rate | 7.05% | 7.05% | 7.05% | ||||||||||
Debt Issuance Costs, Net | $ 0 | $ 0 | |||||||||||
Notes payable due 2028 | Fixed To Floating Interest Rate Swap [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Fair Value Adjustment Of Interest Rate Swap | (9) | (9) | |||||||||||
Debt Instrument, Face Amount | 150 | 150 | |||||||||||
Deferred (Gain) Loss on Discontinuation of Fair Value Hedge | 9.3 | 9.3 | |||||||||||
Fair Value Adjustment Of Debt | 9 | 9 | |||||||||||
Notes 4 Point 25 Percent Due 2028 [Member] [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, interest rate | 4.25% | ||||||||||||
note 4 point [Domain] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, including current maturities | $ 495.8 | $ 495.8 | $ 495.7 | ||||||||||
Long-term debt, interest rate | 4.25% | 4.25% | |||||||||||
Debt Issuance Costs, Net | $ (3.9) | $ (3.9) | |||||||||||
note 4 point [Domain] | Fixed To Floating Interest Rate Swap [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Face Amount | 500 | 500 | |||||||||||
Unamortized debt discount | (0.3) | (0.3) | |||||||||||
Deferred (Gain) Loss on Discontinuation of Fair Value Hedge | 0 | 0 | |||||||||||
Fair Value Adjustment Of Debt | 0 | 0 | |||||||||||
Notes 5 Point 20 Percent Due 2040 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, including current maturities | $ 366.5 | $ 366.5 | $ 364.9 | ||||||||||
Long-term debt, interest rate | 5.20% | 5.20% | 5.20% | ||||||||||
Unamortized debt discount | $ (0.2) | $ (0.2) | |||||||||||
Deferred (Gain) Loss on Discontinuation of Fair Value Hedge | (30.5) | (30.5) | |||||||||||
Fair Value Adjustment Of Debt | 0 | 0 | |||||||||||
Debt Issuance Costs, Net | (2.8) | (2.8) | |||||||||||
Notes 5 Point 20 Percent Due 2040 [Member] | Fixed To Floating Interest Rate Swap [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Face Amount | 400 | 400 | |||||||||||
Notes 4 Point 85 Percent Due 2048 [Member] [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, including current maturities | $ 494.1 | $ 494.1 | $ 494.4 | ||||||||||
Long-term debt, interest rate | 4.85% | 4.85% | 4.85% | ||||||||||
Unamortized debt discount | $ (0.5) | $ (0.5) | |||||||||||
Deferred (Gain) Loss on Discontinuation of Fair Value Hedge | 0 | 0 | |||||||||||
Fair Value Adjustment Of Debt | 0 | 0 | |||||||||||
Debt Issuance Costs, Net | (5.4) | (5.4) | |||||||||||
Notes 4 Point 85 Percent Due 2048 [Member] [Member] | Fixed To Floating Interest Rate Swap [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Face Amount | 500 | 500 | |||||||||||
Notes payable due 2052 (junior subordinated) | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, including current maturities | $ 0 | $ 0 | $ 731.6 | ||||||||||
Long-term debt, interest rate | 5.75% | 5.75% | 5.75% | 5.75% | |||||||||
Debt Instrument, Face Amount | $ 0 | $ 0 | |||||||||||
Repayments of Long-term Debt | 760.5 | ||||||||||||
Debt Issuance Costs, Net | 0 | 0 | |||||||||||
Notes payable due 2052 (junior subordinated) | Fixed To Floating Interest Rate Swap [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Unamortized debt discount | 0 | 0 | |||||||||||
Notes payable due 2052 (junior subordinated) | Fixedto Floating Interest Rate Swaps Terminated [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Deferred (Gain) Loss on Discontinuation of Fair Value Hedge | 0 | 0 | |||||||||||
Fair Value Adjustment Of Debt | 0 | 0 | |||||||||||
Notes 7 Point 08 Percent due 2053 [Member] [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Gain (Loss) on Extinguishment of Debt | (3.2) | ||||||||||||
Long-term debt, including current maturities | $ 0 | $ 0 | $ 396.7 | ||||||||||
Long-term debt, interest rate | 7.08% | 7.08% | 5.75% | ||||||||||
Debt Instrument, Face Amount | $ 0 | $ 0 | |||||||||||
Debt Issuance Costs, Net | 0 | 0 | |||||||||||
Write off of Deferred Debt Issuance Cost | 7.8 | ||||||||||||
Notes 7 Point 08 Percent due 2053 [Member] [Member] | Fixed To Floating Interest Rate Swap [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Unamortized debt discount | 0 | 0 | |||||||||||
Deferred (Gain) Loss on Discontinuation of Fair Value Hedge | 0 | 0 | |||||||||||
Fair Value Adjustment Of Debt | 0 | 0 | |||||||||||
Other, payable in varying amounts through 2021 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, including current maturities | 0 | 0 | $ 7.9 | ||||||||||
Debt Instrument, Face Amount | 0 | 0 | |||||||||||
Debt Issuance Costs, Net | $ 0 | $ 0 | |||||||||||
Other, payable in varying amounts through 2021 | Minimum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, interest rate | 0.00% | 0.00% | 0.00% | ||||||||||
Other, payable in varying amounts through 2021 | Maximum [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, interest rate | 4.50% | 4.50% | 4.50% | ||||||||||
Other, payable in varying amounts through 2021 | Fixed To Floating Interest Rate Swap [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Unamortized debt discount | $ 0 | $ 0 | |||||||||||
Other, payable in varying amounts through 2021 | Fixedto Floating Interest Rate Swaps Terminated [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Deferred (Gain) Loss on Discontinuation of Fair Value Hedge | 0 | 0 | |||||||||||
Fair Value Adjustment Of Debt | $ 0 | $ 0 | |||||||||||
Notes 3 Point 4 Percent Due in 2021 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, interest rate | 3.40% | 3.40% | 3.40% | ||||||||||
Debt Issuance Costs, Net | $ (0.6) | $ (0.6) | |||||||||||
Notes 3 Point 4 Percent Due in 2021 [Member] | Fixed To Floating Interest Rate Swap [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Face Amount | 400 | 400 | |||||||||||
Unamortized debt discount | (0.1) | (0.1) | |||||||||||
Notes 3 Point 4 Percent Due in 2021 [Member] | Fixedto Floating Interest Rate Swaps Terminated [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Deferred (Gain) Loss on Discontinuation of Fair Value Hedge | 6.7 | 6.7 | |||||||||||
Fair Value Adjustment Of Debt | 0 | 0 | |||||||||||
Notes payable due 2021 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, including current maturities | 406 | 406 | $ 409.1 | ||||||||||
Notes 7 Point 05 Percent Due in 2028 [Member] | Fixed To Floating Interest Rate Swap [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Unamortized debt discount | $ 0 | $ 0 | |||||||||||
Notes paybable due 2022 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, interest rate | 2.90% | 2.90% | 2.90% | ||||||||||
Unamortized debt discount | $ (0.2) | $ (0.2) | |||||||||||
Notes Payable Maturities 2028 [Member] [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Face Amount | 500 | 500 | |||||||||||
Notes Payable Maturities 2048 [Member] [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Face Amount | 500 | 500 | |||||||||||
Notes 5 Point 75 Percent due 2053 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, including current maturities | $ 400 | ||||||||||||
Long-term debt, interest rate | 5.75% | ||||||||||||
Repayments of Long-term Debt | 405.7 | ||||||||||||
Notes 2 Point 3 Percent Due in 2030 [Member] | Fixed To Floating Interest Rate Swap [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Face Amount | $ 750 | $ 750 | |||||||||||
Notes 4 Point 0 Percent Due in 2060 [Member] | Fixed To Floating Interest Rate Swap [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, interest rate | 4.00% | 4.00% | |||||||||||
Debt Instrument, Face Amount | $ 750 | $ 750 | |||||||||||
Junior Subordinated Debt [Member] | Fixed To Floating Interest Rate Swap [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Proceeds from Issuance of Long-term Debt | 1,487 | ||||||||||||
Debt issuance costs | 13.4 | ||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.304% | ||||||||||||
5 Year Credit Facility [Member] [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of Credit Facility, Current Borrowing Capacity | 2,000 | ||||||||||||
Committed Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Amount of Credit Facility Foreign Currency Sublimit | 653.3 | ||||||||||||
Line of Credit [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 521.2 | $ 521.2 | |||||||||||
2018 Credit Agreement [Member] [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 1,000 | ||||||||||||
Euro Member Countries, Euro | Line of Credit [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 0.30% | 0.30% | 0.03% | ||||||||||
United States of America, Dollars | Line of Credit [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 2.30% | 2.30% | |||||||||||
Net Investment Hedging | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Commercial Paper Amount Outstanding | $ 335.5 | $ 335.5 | $ 228.9 | ||||||||||
Cash Flow Hedging [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (13.1) | $ (15.4) | $ 4.7 | ||||||||||
Cash Flow Hedging [Member] | Notes 7 Point 08 Percent due 2053 [Member] [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 4.6 |
LONG-TERM DEBT AND FINANCING _4
LONG-TERM DEBT AND FINANCING ARRANGEMENTS - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | Nov. 30, 2012 | Dec. 28, 2019 | Mar. 31, 2018 | Dec. 30, 2017 | Jul. 01, 2017 | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | Jan. 03, 2015 | Sep. 29, 2018 | Sep. 30, 2017 | Apr. 01, 2017 | Dec. 28, 2013 | Jul. 31, 2012 | |
Debt Instrument [Line Items] | |||||||||||||||
Principal amount of long-term debt maturing in year two | $ 400 | $ 400 | |||||||||||||
Principal amount of long-term debt maturing in year three | 754.3 | 754.3 | |||||||||||||
Principal amount of long-term debt maturing after year five | 2,050 | 2,050 | |||||||||||||
Fair Value Adjustment Of Debt | 9 | 9 | |||||||||||||
Fair value adjustment and unamortized gain termination of swap | (16.4) | (16.4) | |||||||||||||
Interest paid | 252.9 | $ 249.6 | $ 198.3 | ||||||||||||
Long-term debt, face amount | 3,204.3 | 3,204.3 | |||||||||||||
Repayments of Long-term Debt | 1,150 | 977.5 | 2.8 | ||||||||||||
Proceeds from Issuance of Long-term Debt | 990 | ||||||||||||||
Unamortized debt discount | 1.9 | 1.9 | |||||||||||||
Debt issuance costs | 9.1 | ||||||||||||||
Payments of debt extinguishment costs | $ 45.3 | ||||||||||||||
Gain (Loss) on Extinguishment of Debt | (17.9) | 0 | 0 | $ 0.1 | |||||||||||
Amortization of Debt Discount (Premium) | 0.3 | ||||||||||||||
Commercial Paper and Credit Facilities [Abstract] | |||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 3,500 | 3,500 | |||||||||||||
Short-term credit lines | $ 337.3 | $ 337.3 | $ 376.1 | ||||||||||||
Equity Unit Shares Issuable Upon Conversion [Abstract] | |||||||||||||||
Common Stock, Par or Stated Value Per Share | $ 2.5 | $ 2.5 | $ 2.5 | ||||||||||||
Equity Units Conversion Rate Number Of Common Stock Shares | 0.6272 | 0.7279 | 0.7241 | ||||||||||||
Convertible Preferred Units [Abstract] | |||||||||||||||
Purchase Of Call Options | $ 19.2 | $ 57.3 | $ 25.1 | $ (19.2) | $ (57.3) | (25.1) | |||||||||
Convertible preferred stock, liquidation preference | $ 1,000 | $ 1,000 | $ 1,000 | $ 1,000 | |||||||||||
Interest expense recorded | $ 284.3 | $ 277.9 | 222.6 | ||||||||||||
Common Stock, Shares, Issued | 176,902,738 | 176,902,738 | 176,902,738 | ||||||||||||
Commercial Paper Maximum Borrowing Capacity | $ 3,000 | $ 3,000 | $ 3,000 | $ 3,000 | |||||||||||
Commercial Paper Amount Outstanding | 335.5 | 335.5 | $ 228.9 | ||||||||||||
Euro Denominated Commercial paper [Member] | |||||||||||||||
Convertible Preferred Units [Abstract] | |||||||||||||||
Commercial Paper Amount Outstanding | $ 373 | ||||||||||||||
2018 Credit Agreement [Member] [Member] | |||||||||||||||
Commercial Paper and Credit Facilities [Abstract] | |||||||||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 1,000 | ||||||||||||||
Line of Credit [Member] | |||||||||||||||
Commercial Paper and Credit Facilities [Abstract] | |||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 521.2 | 521.2 | |||||||||||||
Line of credit facility, available borrowing capacity | 432.5 | 432.5 | |||||||||||||
Short-term credit lines | 337.3 | 337.3 | |||||||||||||
Letter of Credit [Member] | |||||||||||||||
Commercial Paper and Credit Facilities [Abstract] | |||||||||||||||
Short-term credit lines | $ 88.8 | 88.8 | |||||||||||||
Junior Subordinated Debt [Member] | Fixed To Floating Interest Rate Swap [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Proceeds from Issuance of Long-term Debt | 1,487 | ||||||||||||||
Debt issuance costs | $ 13.4 | ||||||||||||||
Notes payable due 2022 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long-term debt, face amount | $ 800 | $ 45.7 | |||||||||||||
Long-term debt, interest rate | 2.90% | ||||||||||||||
Proceeds from Issuance of Long-term Debt | $ 793.9 | ||||||||||||||
Unamortized debt discount | 0.7 | ||||||||||||||
Debt issuance costs | $ 5.4 | ||||||||||||||
Long-term debt, repurchase price as a percent of principal amount | 101.00% | ||||||||||||||
Notes paybable due 2022 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long-term debt, interest rate | 2.90% | 2.90% | 2.90% | ||||||||||||
Unamortized debt discount | $ 0.2 | $ 0.2 | |||||||||||||
Notes payable due 2052 (junior subordinated) | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long-term debt, face amount | $ 0 | $ 0 | |||||||||||||
Long-term debt, interest rate | 5.75% | 5.75% | 5.75% | 5.75% | |||||||||||
Repayments of Long-term Debt | $ 760.5 | ||||||||||||||
Junior subordinated notes | $ 750 | ||||||||||||||
Long-term debt, including current maturities | $ 0 | 0 | $ 731.6 | ||||||||||||
Notes payable due 2052 (junior subordinated) | Fixed To Floating Interest Rate Swap [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Unamortized debt discount | 0 | 0 | |||||||||||||
Notes payable due 2052 (junior subordinated) | Fixedto Floating Interest Rate Swaps Terminated [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Fair Value Adjustment Of Debt | 0 | 0 | |||||||||||||
Notes payable due 2021 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long-term debt, including current maturities | $ 406 | 406 | $ 409.1 | ||||||||||||
Notes 5 Point 75 Percent due 2053 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long-term debt, interest rate | 5.75% | ||||||||||||||
Repayments of Long-term Debt | $ 405.7 | ||||||||||||||
Long-term debt, including current maturities | $ 400 | ||||||||||||||
Notes payable due 2028 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long-term debt, interest rate | 7.05% | 7.05% | 7.05% | ||||||||||||
Long-term debt, including current maturities | $ 168.3 | $ 168.3 | $ 170.4 | ||||||||||||
Notes payable due 2028 | Fixed To Floating Interest Rate Swap [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Fair Value Adjustment Of Debt | 9 | 9 | |||||||||||||
Fair value adjustment and unamortized gain termination of swap | (9) | (9) | |||||||||||||
Long-term debt, face amount | 150 | 150 | |||||||||||||
Notes 5 Point 20 Percent Due 2040 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Fair Value Adjustment Of Debt | $ 0 | $ 0 | |||||||||||||
Long-term debt, interest rate | 5.20% | 5.20% | 5.20% | ||||||||||||
Unamortized debt discount | $ 0.2 | $ 0.2 | |||||||||||||
Long-term debt, including current maturities | 366.5 | 366.5 | $ 364.9 | ||||||||||||
Notes 5 Point 20 Percent Due 2040 [Member] | Fixed To Floating Interest Rate Swap [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long-term debt, face amount | 400 | 400 | |||||||||||||
Convertible Notes Payable two Point four Five Percent Due Twenty Eighteen [Member] [Member] | |||||||||||||||
Convertible Preferred Units [Abstract] | |||||||||||||||
Interest expense recorded | $ 15.5 | ||||||||||||||
Notes Payable, Other Payables [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long-term debt, face amount | 0 | 0 | |||||||||||||
Long-term debt, including current maturities | $ 0 | $ 0 | $ 7.9 | ||||||||||||
Notes Payable, Other Payables [Member] | Maximum [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long-term debt, interest rate | 4.50% | 4.50% | 4.50% | ||||||||||||
Notes Payable, Other Payables [Member] | Minimum | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long-term debt, interest rate | 0.00% | 0.00% | 0.00% | ||||||||||||
Notes Payable, Other Payables [Member] | Fixed To Floating Interest Rate Swap [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Unamortized debt discount | $ 0 | $ 0 | |||||||||||||
Notes Payable, Other Payables [Member] | Fixedto Floating Interest Rate Swaps Terminated [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Fair Value Adjustment Of Debt | $ 0 | $ 0 | |||||||||||||
United States of America, Dollars | Line of Credit [Member] | |||||||||||||||
Commercial Paper and Credit Facilities [Abstract] | |||||||||||||||
Weighted average interest rates on short-term borrowings | 2.30% | 2.30% | |||||||||||||
Euro Member Countries, Euro | Line of Credit [Member] | |||||||||||||||
Commercial Paper and Credit Facilities [Abstract] | |||||||||||||||
Weighted average interest rates on short-term borrowings | 0.30% | 0.30% | 0.03% |
LONG-TERM DEBT AND FINANCING _5
LONG-TERM DEBT AND FINANCING ARRANGEMENTS LONG TERM DEBT NOTES (Details) $ in Millions | 12 Months Ended |
Dec. 28, 2019USD ($) | |
Debt Instrument [Line Items] | |
Long-term debt, face amount | $ 3,204.3 |
Proceeds from Issuance of Long-term Debt | $ 990 |
Notes 3 Point 4 Percent due 2026 [Member] | |
Debt Instrument [Line Items] | |
Long-term debt, interest rate | 2.30% |
Fixed To Floating Interest Rate Swap [Member] | Notes 2 Point 3 Percent Due in 2030 [Member] | |
Debt Instrument [Line Items] | |
Long-term debt, face amount | $ 750 |
Fixed To Floating Interest Rate Swap [Member] | Notes 4 Point 0 Percent Due in 2060 [Member] | |
Debt Instrument [Line Items] | |
Long-term debt, face amount | $ 750 |
Long-term debt, interest rate | 4.00% |
Fixed To Floating Interest Rate Swap [Member] | Notes 3 Point 4 Percent due 2026 [Member] | |
Debt Instrument [Line Items] | |
Long-term debt, face amount | $ 500 |
Long-term debt, interest rate | 3.40% |
Proceeds from Issuance of Long-term Debt | $ 496.2 |
Fixed To Floating Interest Rate Swap [Member] | Notes 2 Point 657 Percent Due in 2025 [Member] | |
Debt Instrument [Line Items] | |
Long-term debt, interest rate | 2.657% |
DERIVATIVE FINANCIAL INSTRUME_3
DERIVATIVE FINANCIAL INSTRUMENTS - Fair Value of Derivatives (Detail) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | ||||||
Sep. 28, 2019 | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | Jan. 03, 2020 | Mar. 01, 2019 | Feb. 15, 2019 | ||
Derivatives, Fair Value [Line Items] | ||||||||
Commercial Paper Amount Outstanding | $ 335.5 | $ 228.9 | ||||||
Deferred (Gain) Loss on Discontinuation of Fair Value Hedge | (14.5) | |||||||
Cost of sales | 9,636.7 | 9,131.3 | $ 8,188.3 | |||||
Interest expense | $ 284.3 | 277.9 | 222.6 | |||||
Derivative, Forward Interest Rate | 5.375% | |||||||
Currency Swap [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative, Notional Amount | 250 | |||||||
Cash Flow Hedging [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ (13.1) | (15.4) | 4.7 | |||||
Cash Flow Hedging [Member] | Foreign Exchange Forward [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative, Notional Amount | 518.2 | 240 | ||||||
Cash Flow Hedging [Member] | Foreign Exchange Option [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative, Notional Amount | 370 | |||||||
Cash Flow Hedging [Member] | Foreign Exchange Contracts | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (16.7) | 35.9 | (66.6) | |||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | [1] | 0 | 0 | 0 | ||||
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative, Notional Amount | 400 | $ 250 | $ 650 | |||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 1 | |||||||
Interest Rate Contracts | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 22.7 | |||||||
Fair Value Hedges | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative, Loss on Derivative | (7.7) | (3.2) | (3.2) | |||||
Designated as Hedging Instruments | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Fair value of asset derivatives | 25.6 | 23.8 | ||||||
Fair value of liability derivatives | 394.9 | 244.8 | ||||||
Designated as Hedging Instruments | Short-term Debt [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Hedging Liabilities, Current | 335.5 | 228.9 | ||||||
Designated as Hedging Instruments | Cash Flow Hedging [Member] | Interest Rate Contracts | LT other liabilities | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Fair value of liability derivatives | 40.5 | 0 | ||||||
Designated as Hedging Instruments | Cash Flow Hedging [Member] | Interest Rate Contracts | LT other assets | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Fair value of asset derivatives | 0 | 0 | ||||||
Designated as Hedging Instruments | Cash Flow Hedging [Member] | Foreign Exchange Contracts | Accrued expense | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Fair value of liability derivatives | 7.8 | 0.6 | ||||||
Designated as Hedging Instruments | Cash Flow Hedging [Member] | Foreign Exchange Contracts | Other current assets | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Fair value of asset derivatives | 7 | 18.1 | ||||||
Designated as Hedging Instruments | Fair Value Hedges | Other Current Liabilities [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Deferred (Gain) Loss on Discontinuation of Fair Value Hedge | 3.1 | 2.1 | ||||||
Designated as Hedging Instruments | Fair Value Hedges | Long-term Debt [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Deferred (Gain) Loss on Discontinuation of Fair Value Hedge | (17.5) | (10) | ||||||
Not Designated as Hedging Instrument | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Fair value of asset derivatives | 29.3 | 32.9 | ||||||
Fair value of liability derivatives | 401 | 250.2 | ||||||
Not Designated as Hedging Instrument | Forward Contracts | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative, Notional Amount | 946.8 | 1,000 | ||||||
Not Designated as Hedging Instrument | Foreign Exchange Contracts | Accrued expense | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Fair value of liability derivatives | 6.1 | 5.4 | ||||||
Not Designated as Hedging Instrument | Foreign Exchange Contracts | Other current assets | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Fair value of asset derivatives | 3.7 | 9.1 | ||||||
Fair Value, Measurements, Recurring | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
non derivative hedging instrument | 335.5 | 228.9 | ||||||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
non derivative hedging instrument | 335.5 | 228.9 | ||||||
Other Expense [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | ||||||
Derivative, Loss on Derivative | 0 | 0 | ||||||
Other Expense [Member] | Forward Contracts | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 6.4 | 37.1 | ||||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 4.6 | 8.6 | ||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 4.3 | 8.2 | ||||||
Derivative, Loss on Derivative | (4.3) | (8.2) | ||||||
Other Expense [Member] | Currency Swap [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 29.9 | 6.8 | ||||||
Derivative, Loss on Derivative | (29.9) | (6.8) | ||||||
Other Expense [Member] | Cross Currency Interest Rate Contract [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 54.8 | (2.3) | ||||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 48.8 | 5.8 | ||||||
Other Expense [Member] | Equity Option [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (3.7) | (2) | ||||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 | ||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | ||||||
Derivative, Loss on Derivative | 0 | 0 | ||||||
Other Expense [Member] | Designated as Hedging Instruments | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 | ||||||
Non Derivative Instrument, (Gain) Loss Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 21.7 | 61.8 | ||||||
Cost of Sales | Cash Flow Hedging [Member] | Interest Rate Contracts | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | ||||||
Cost of Sales | Cash Flow Hedging [Member] | Foreign Exchange Contracts | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (6.5) | (17.9) | (8.4) | |||||
Derivative, Hedged Item, Gain (Loss) Effect on Income Statement | 6.5 | 17.9 | 8.4 | |||||
Interest Expense [Member] | Cash Flow Hedging [Member] | Interest Rate Contracts | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (40.5) | 33.1 | (8.4) | |||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 | 0 | |||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (16.2) | (15.3) | $ 0 | |||||
Interest Expense [Member] | Cash Flow Hedging [Member] | Foreign Exchange Contracts | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | ||||||
Derivative, Hedged Item, Gain (Loss) Effect on Income Statement | 0 | 0 | ||||||
Interest Expense [Member] | Cash Flow Hedging [Member] | Interest Rate Swap [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (16.2) | (15.3) | ||||||
Subsequent Event [Member] | Cash Flow Hedging [Member] | Interest Rate Swap [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative, Notional Amount | $ 1,000 | |||||||
Japan, Yen | Currency Swap [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative, Notional Amount | 1,100 | |||||||
Currency British Pound Sterling [Member] | Foreign Exchange Contracts | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative, Notional Amount | 1,400 | 262.4 | ||||||
Net Investment Hedging | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Commercial Paper Amount Outstanding | 335.5 | 228.9 | ||||||
Net Investment Hedging | Designated as Hedging Instruments | Accrued expense | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Fair value of liability derivatives | 8.5 | 1.5 | ||||||
Net Investment Hedging | Designated as Hedging Instruments | LT other liabilities | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Fair value of asset derivatives | 0 | |||||||
Fair value of liability derivatives | 2.6 | 13.8 | ||||||
Net Investment Hedging | Designated as Hedging Instruments | Other current assets | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Fair value of asset derivatives | $ 18.6 | 5.7 | ||||||
Net Investment Hedging | Designated as Hedging Instruments | LT other assets | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Fair value of asset derivatives | $ 0 | |||||||
Minimum | Cash Flow Hedging [Member] | Interest Rate Swap [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative, Forward Interest Rate | 4.25% | |||||||
Maximum [Member] | Cash Flow Hedging [Member] | Interest Rate Swap [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative, Forward Interest Rate | 4.85% | |||||||
[1] | 2017 (Millions of Dollars) Gain (Loss) Recorded in OCI Classification of Gain (Loss) Reclassified from OCI to Income Gain (Loss) Reclassified from OCI to Income (Effective Portion) Gain (Loss) Recognized in Income (Ineffective Portion*) Interest Rate Contracts $ (8.4 ) Interest expense $ ā $ ā Foreign Exchange Contracts $ (66.6 ) Cost of sales $ 8.4 $ ā * Includes ineffective portion and amount excluded from effectiveness testing on derivatives. A summary of the pre-tax effect of cash flow hedge accounting on the Consolidated Statements of Operations for 2019 and 2018 is as follows: 2019 2018 (Millions of dollars) Cost of Sales Interest Expense Cost of Sales Interest Expense Total amount in the Consolidated Statements of Operations in which the effects of the cash flow hedges are recorded $ 9,636.7 $ 284.3 $ 9,131.3 $ 277.9 Gain (loss) on cash flow hedging relationships: Foreign Exchange Contracts: Hedged Items $ 6.5 $ ā $ 17.9 $ ā Gain (loss) reclassified from OCI into Income $ (6.5 ) $ ā $ (17.9 ) $ ā Interest Rate Swap Agreements: Gain (loss) reclassified from OCI into Income 1 $ ā $ (16.2 ) $ ā $ (15.3 ) 1 Inclusive of the gain/loss amortization on terminated derivative financial instruments. |
DERIVATIVE FINANCIAL INSTRUME_4
DERIVATIVE FINANCIAL INSTRUMENTS - Detail Pre-tax Amounts Reclassified from Accumulated Other Comprehensive Loss into Earnings for Active Derivative Financial Instruments (Detail) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | ||||
Sep. 28, 2019 | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | Jan. 03, 2020 | ||
Foreign Exchange Contracts | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Accumulated Other Comprehensive Income Loss Cumulative Changes In Net Gain Loss From Hedging Activities Effect Net Of Tax | $ (97.3) | $ (63.3) | ||||
Cash Flow Hedging [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | 7.4 | |||||
Gain (Loss) reclassified from OCI to income (Effective Portion) | 13.1 | 15.4 | $ (4.7) | |||
Cash Flow Hedging [Member] | Interest Rate Contracts | Interest Expense [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Gain (Loss) recorded in OCI | 40.5 | (33.1) | 8.4 | |||
Gain (Loss) reclassified from OCI to income (Effective Portion) | 16.2 | 15.3 | 0 | |||
Gain (Loss) recognized in income (Ineffective Portion) | 0 | 0 | 0 | |||
Cash Flow Hedging [Member] | Interest Rate Contracts | Cost of Sales | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Gain (Loss) reclassified from OCI to income (Effective Portion) | 0 | 0 | ||||
Cash Flow Hedging [Member] | Foreign Exchange Contracts | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Gain (Loss) recorded in OCI | 16.7 | (35.9) | 66.6 | |||
Gain (Loss) recognized in income (Ineffective Portion) | [1] | 0 | 0 | 0 | ||
Cash Flow Hedging [Member] | Foreign Exchange Contracts | Interest Expense [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Gain (Loss) reclassified from OCI to income (Effective Portion) | 0 | 0 | ||||
Cash Flow Hedging [Member] | Foreign Exchange Contracts | Cost of Sales | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Gain (Loss) reclassified from OCI to income (Effective Portion) | 6.5 | 17.9 | $ 8.4 | |||
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Gain (Loss) reclassified from OCI to income (Effective Portion) | $ (1) | |||||
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | Interest Expense [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Gain (Loss) reclassified from OCI to income (Effective Portion) | $ 16.2 | $ 15.3 | ||||
Subsequent Event [Member] | Cash Flow Hedging [Member] | Interest Rate Swap [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Accumulated Other Comprehensive Income Loss Cumulative Changes In Net Gain Loss From Hedging Activities Effect Net Of Tax | $ 20.5 | |||||
[1] | 2017 (Millions of Dollars) Gain (Loss) Recorded in OCI Classification of Gain (Loss) Reclassified from OCI to Income Gain (Loss) Reclassified from OCI to Income (Effective Portion) Gain (Loss) Recognized in Income (Ineffective Portion*) Interest Rate Contracts $ (8.4 ) Interest expense $ ā $ ā Foreign Exchange Contracts $ (66.6 ) Cost of sales $ 8.4 $ ā * Includes ineffective portion and amount excluded from effectiveness testing on derivatives. A summary of the pre-tax effect of cash flow hedge accounting on the Consolidated Statements of Operations for 2019 and 2018 is as follows: 2019 2018 (Millions of dollars) Cost of Sales Interest Expense Cost of Sales Interest Expense Total amount in the Consolidated Statements of Operations in which the effects of the cash flow hedges are recorded $ 9,636.7 $ 284.3 $ 9,131.3 $ 277.9 Gain (loss) on cash flow hedging relationships: Foreign Exchange Contracts: Hedged Items $ 6.5 $ ā $ 17.9 $ ā Gain (loss) reclassified from OCI into Income $ (6.5 ) $ ā $ (17.9 ) $ ā Interest Rate Swap Agreements: Gain (loss) reclassified from OCI into Income 1 $ ā $ (16.2 ) $ ā $ (15.3 ) 1 Inclusive of the gain/loss amortization on terminated derivative financial instruments. |
DERIVATIVE FINANCIAL INSTRUME_5
DERIVATIVE FINANCIAL INSTRUMENTS - Fair Value Adjustments Relating to Swaps (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Fair Value Hedges | |||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |||
Derivative, Loss on Derivative | $ 7.7 | $ 3.2 | $ 3.2 |
DERIVATIVE FINANCIAL INSTRUME_6
DERIVATIVE FINANCIAL INSTRUMENTS - Details of Foreign Exchange Contracts Pre-Tax Amounts (Detail) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |||||
Sep. 28, 2019 | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | Mar. 01, 2019 | Feb. 15, 2019 | ||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |||||||
Payments for (Proceeds from) Derivative Instrument, Investing Activities | $ (8) | $ (25.7) | $ 23.3 | ||||
Foreign Exchange Contracts | |||||||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |||||||
Accumulated Other Comprehensive Income Loss Cumulative Changes In Net Gain Loss From Hedging Activities Effect Net Of Tax | (97.3) | (63.3) | |||||
Payments for (Proceeds from) Derivative Instrument, Investing Activities | 8 | 25.7 | 23.3 | ||||
Foreign Exchange Contracts | Other, net | |||||||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |||||||
Amount Recorded in OCI Gain (Loss) | (131.3) | ||||||
Effective Portion Recorded in Income Statement | 0 | ||||||
Ineffective Portion Recorded in Income Statement | 0 | ||||||
Currency Swap [Member] | |||||||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |||||||
Derivative, Notional Amount | 250 | ||||||
Options Held [Member] | |||||||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |||||||
Derivative, Notional Amount | 35.1 | ||||||
Cash Flow Hedging [Member] | |||||||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (13.1) | (15.4) | 4.7 | ||||
Cash Flow Hedging [Member] | Foreign Exchange Forward | |||||||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |||||||
Derivative, Notional Amount | 518.2 | 240 | |||||
Cash Flow Hedging [Member] | Foreign Exchange Contracts | |||||||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |||||||
Amount Recorded in OCI Gain (Loss) | 16.7 | (35.9) | 66.6 | ||||
Ineffective Portion Recorded in Income Statement | [1] | 0 | 0 | $ 0 | |||
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | |||||||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 1 | ||||||
Derivative, Notional Amount | 400 | $ 250 | $ 650 | ||||
Cash Flow Hedging [Member] | Foreign Exchange Option [Member] | |||||||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |||||||
Derivative, Notional Amount | 370 | ||||||
Currency British Pound Sterling [Member] | Foreign Exchange Contracts | |||||||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |||||||
Derivative, Notional Amount | 1,400 | 262.4 | |||||
Short-term Debt [Member] | Designated as Hedging Instruments | |||||||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |||||||
Hedging Liabilities, Current | $ 335.5 | $ 228.9 | |||||
[1] | 2017 (Millions of Dollars) Gain (Loss) Recorded in OCI Classification of Gain (Loss) Reclassified from OCI to Income Gain (Loss) Reclassified from OCI to Income (Effective Portion) Gain (Loss) Recognized in Income (Ineffective Portion*) Interest Rate Contracts $ (8.4 ) Interest expense $ ā $ ā Foreign Exchange Contracts $ (66.6 ) Cost of sales $ 8.4 $ ā * Includes ineffective portion and amount excluded from effectiveness testing on derivatives. A summary of the pre-tax effect of cash flow hedge accounting on the Consolidated Statements of Operations for 2019 and 2018 is as follows: 2019 2018 (Millions of dollars) Cost of Sales Interest Expense Cost of Sales Interest Expense Total amount in the Consolidated Statements of Operations in which the effects of the cash flow hedges are recorded $ 9,636.7 $ 284.3 $ 9,131.3 $ 277.9 Gain (loss) on cash flow hedging relationships: Foreign Exchange Contracts: Hedged Items $ 6.5 $ ā $ 17.9 $ ā Gain (loss) reclassified from OCI into Income $ (6.5 ) $ ā $ (17.9 ) $ ā Interest Rate Swap Agreements: Gain (loss) reclassified from OCI into Income 1 $ ā $ (16.2 ) $ ā $ (15.3 ) 1 Inclusive of the gain/loss amortization on terminated derivative financial instruments. |
DERIVATIVE FINANCIAL INSTRUME_7
DERIVATIVE FINANCIAL INSTRUMENTS - Income Statement Impacts Related to Derivatives Not Designated as Hedging Instruments (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Not Designated as Hedging Instrument | Foreign Exchange Contracts | Other, net | |||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |||
Amount of gain (loss) recorded in Income on derivative, year to date | $ (4.1) | $ 17 | $ 51.5 |
Fair Value Hedging [Member] | |||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |||
Derivative, Loss on Derivative | $ 7.7 | $ 3.2 | $ 3.2 |
DERIVATIVE FINANCIAL INSTRUME_8
DERIVATIVE FINANCIAL INSTRUMENTS - Additional Information (Detail) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | ||||||
Sep. 28, 2019 | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | Jan. 03, 2020 | Mar. 01, 2019 | Feb. 15, 2019 | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Current maturities of long-term debt | $ 3.1 | $ 2.5 | $ 977.5 | |||||
Commercial Paper Amount Outstanding | 335.5 | 228.9 | ||||||
Payments for (Proceeds from) Derivative Instruments | 69.9 | 2.4 | 2.6 | |||||
Payments for (Proceeds from) Derivative Instrument, Investing Activities | (8) | (25.7) | 23.3 | |||||
Long-Term Debt | 3,176.4 | 3,819.8 | ||||||
Other Expense [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Gain (Loss) reclassified from OCI to income (Effective Portion) | 0 | 0 | ||||||
Net swap accruals and amortization of gains on terminated swaps | 0 | 0 | ||||||
Foreign Exchange Contracts | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Gain (loss) included in accumulated other comprehensive income (loss) | (97.3) | (63.3) | ||||||
Payments for (Proceeds from) Derivative Instrument, Investing Activities | 8 | 25.7 | 23.3 | |||||
Foreign Exchange Contracts | Currency British Pound Sterling [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Derivative, Notional Amount | 1,400 | 262.4 | ||||||
Foreign Exchange Contracts | Other, net | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 131.3 | |||||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | |||||||
Currency Swap [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Derivative, Notional Amount | 250 | |||||||
Currency Swap [Member] | Japan, Yen | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Derivative, Notional Amount | 1,100 | |||||||
Currency Swap [Member] | Other Expense [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Gain (Loss) reclassified from OCI to income (Effective Portion) | (29.9) | (6.8) | ||||||
Net swap accruals and amortization of gains on terminated swaps | 29.9 | 6.8 | ||||||
Forward Contracts | Other Expense [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 6.4 | 37.1 | ||||||
Gain (Loss) reclassified from OCI to income (Effective Portion) | (4.3) | (8.2) | ||||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 4.6 | 8.6 | ||||||
Net swap accruals and amortization of gains on terminated swaps | 4.3 | 8.2 | ||||||
Cross Currency Interest Rate Contract [Member] | Other Expense [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 54.8 | (2.3) | ||||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 48.8 | 5.8 | ||||||
Equity Option [Member] | Other Expense [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (3.7) | (2) | ||||||
Gain (Loss) reclassified from OCI to income (Effective Portion) | 0 | 0 | ||||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 | ||||||
Net swap accruals and amortization of gains on terminated swaps | 0 | 0 | ||||||
Designated as Hedging Instruments | Other Expense [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 | ||||||
Non Derivative Instrument, (Gain) Loss Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 21.7 | 61.8 | ||||||
Not Designated as Hedging Instrument | Forward Contracts | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Derivative, Notional Amount | 946.8 | 1,000 | ||||||
Cash Flow Hedging [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
After-tax gain (loss) for cash flow hedge effectiveness in accumulated other comprehensive loss | (54.2) | (26.8) | ||||||
Gain (Loss) reclassified from OCI to income (Effective Portion) | 13.1 | 15.4 | (4.7) | |||||
Cash Flow Hedging [Member] | Foreign Exchange Contracts | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (16.7) | 35.9 | (66.6) | |||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | [1] | 0 | 0 | 0 | ||||
Cash Flow Hedging [Member] | Foreign Exchange Contracts | Interest Expense [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Gain (Loss) reclassified from OCI to income (Effective Portion) | 0 | 0 | ||||||
Cash Flow Hedging [Member] | Foreign Exchange Contracts | Cost of Sales | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Gain (Loss) reclassified from OCI to income (Effective Portion) | 6.5 | 17.9 | 8.4 | |||||
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Gain (Loss) reclassified from OCI to income (Effective Portion) | $ (1) | |||||||
Derivative, Notional Amount | 400 | $ 250 | $ 650 | |||||
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | Interest Expense [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Gain (Loss) reclassified from OCI to income (Effective Portion) | 16.2 | 15.3 | ||||||
Cash Flow Hedging [Member] | Interest Rate Contracts | Interest Expense [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (40.5) | 33.1 | (8.4) | |||||
Gain (Loss) reclassified from OCI to income (Effective Portion) | 16.2 | 15.3 | 0 | |||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 | 0 | |||||
Cash Flow Hedging [Member] | Interest Rate Contracts | Cost of Sales | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Gain (Loss) reclassified from OCI to income (Effective Portion) | 0 | 0 | ||||||
Cash Flow Hedging [Member] | Foreign Exchange Forward | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Derivative, Notional Amount | 518.2 | 240 | ||||||
Cash Flow Hedging [Member] | Foreign Exchange Option [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Derivative, Notional Amount | 370 | |||||||
Fair Value Hedges | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Net swap accruals and amortization of gains on terminated swaps | 7.7 | 3.2 | $ 3.2 | |||||
Other Current Liabilities [Member] | Fair Value Hedges | Designated as Hedging Instruments | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Current maturities of long-term debt | 3.1 | 2.5 | ||||||
Long-term Debt [Member] | Fair Value Hedges | Designated as Hedging Instruments | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Long-Term Debt | 3,176.4 | 3,819.8 | ||||||
Subsequent Event [Member] | Cash Flow Hedging [Member] | Interest Rate Swap [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Derivative, Notional Amount | $ 1,000 | |||||||
Gain (loss) included in accumulated other comprehensive income (loss) | $ 20.5 | |||||||
Net Investment Hedging | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Commercial Paper Amount Outstanding | $ 335.5 | $ 228.9 | ||||||
[1] | 2017 (Millions of Dollars) Gain (Loss) Recorded in OCI Classification of Gain (Loss) Reclassified from OCI to Income Gain (Loss) Reclassified from OCI to Income (Effective Portion) Gain (Loss) Recognized in Income (Ineffective Portion*) Interest Rate Contracts $ (8.4 ) Interest expense $ ā $ ā Foreign Exchange Contracts $ (66.6 ) Cost of sales $ 8.4 $ ā * Includes ineffective portion and amount excluded from effectiveness testing on derivatives. A summary of the pre-tax effect of cash flow hedge accounting on the Consolidated Statements of Operations for 2019 and 2018 is as follows: 2019 2018 (Millions of dollars) Cost of Sales Interest Expense Cost of Sales Interest Expense Total amount in the Consolidated Statements of Operations in which the effects of the cash flow hedges are recorded $ 9,636.7 $ 284.3 $ 9,131.3 $ 277.9 Gain (loss) on cash flow hedging relationships: Foreign Exchange Contracts: Hedged Items $ 6.5 $ ā $ 17.9 $ ā Gain (loss) reclassified from OCI into Income $ (6.5 ) $ ā $ (17.9 ) $ ā Interest Rate Swap Agreements: Gain (loss) reclassified from OCI into Income 1 $ ā $ (16.2 ) $ ā $ (15.3 ) 1 Inclusive of the gain/loss amortization on terminated derivative financial instruments. |
CAPITAL STOCK - Reconciliation
CAPITAL STOCK - Reconciliation of Net Earnings Attributable to Common Shareholders and Weighted Average Shares Outstanding used to Calculate Basic and Diluted Earnings per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 28, 2019 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Numerator | |||||||||||
Net earnings | $ 199.1 | $ 230.5 | $ 356.3 | $ 169.9 | $ (106.8) | $ 247.8 | $ 293.6 | $ 170.6 | $ 955.8 | $ 605.2 | $ 1,227.3 |
Denominator | |||||||||||
Basic earnings per share -- weighted-average shares | 148,365 | 148,919 | 149,629 | ||||||||
Weighted Average Number Diluted Shares Outstanding Adjustment | 2,193 | 2,724 | 2,820 | ||||||||
Diluted earnings per share -- weighted-average shares | 150,558 | 151,643 | 152,449 | ||||||||
Basic earnings per share of common stock: | |||||||||||
Total basic earnings per share of common stock (USD per share) | $ 1.34 | $ 1.55 | $ 2.41 | $ 1.15 | $ (0.72) | $ 1.67 | $ 1.96 | $ 1.13 | $ 6.44 | $ 4.06 | $ 8.20 |
Diluted earnings per share of common stock: | |||||||||||
Total diluted earnings per share of common stock (USD per share) | $ 1.32 | $ 1.53 | $ 2.37 | $ 1.13 | $ (0.72) | $ 1.65 | $ 1.93 | $ 1.11 | $ 6.35 | $ 3.99 | $ 8.05 |
CAPITAL STOCK - Weighted-averag
CAPITAL STOCK - Weighted-average Stock Options, Warrants and Equity Purchase Contracts Not Included in Computation of Diluted Shares Outstanding (Detail) - $ / shares | 3 Months Ended | 12 Months Ended | ||||
Dec. 28, 2019 | Dec. 30, 2017 | Jul. 01, 2017 | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Common Stock, Par or Stated Value Per Share | $ 2.5 | $ 2.5 | $ 2.5 | |||
Equity Units Conversion Rate Number Of Common Stock Shares | 0.6272 | 0.7279 | 0.7241 | |||
Common Stock, Shares, Issued | 176,902,738 | 176,902,738 | 176,902,738 | |||
Stock options | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Antidilutive securities excluded from the computation of EPS | 2,151,000 | 1,339,000 | 389,000 |
CAPITAL STOCK - Common Stock Sh
CAPITAL STOCK - Common Stock Share Activity (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 28, 2019 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Jul. 01, 2017 | Apr. 04, 2015 | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Common Stock, Shares Authorized | 300,000,000 | 300,000,000 | 300,000,000 | |||||||
Payments for Repurchase of Common Stock | $ 300 | $ 200 | $ 27.5 | $ 527.1 | $ 28.7 | |||||
Equity Units Conversion Rate Number Of Common Stock Shares | 0.6272 | 0.7279 | 0.7241 | |||||||
Forward share purchase contract | $ 350 | |||||||||
Option Indexed to Issuer's Equity, Shares | 3,200,000 | 3,900,000 | 4,600,000 | |||||||
Common Stock Share Activity | ||||||||||
Outstanding, beginning of year | 154,038,031 | 152,559,767 | 151,302,450 | 154,038,031 | ||||||
Issued from treasury | 2,391,336 | 941,854 | 1,680,339 | |||||||
Outstanding, end of year | 153,506,409 | 154,038,031 | 153,506,409 | 151,302,450 | 154,038,031 | |||||
Shares subject to the forward share purchase contract | (3,645,510) | (3,645,510) | (3,645,510) | (3,645,510) | (3,645,510) | (3,645,510) | ||||
Outstanding, less shares subject to the forward share purchase contract | 149,860,899 | 150,392,521 | 149,860,899 | 147,656,940 | 150,392,521 | |||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 187,377 | 3,677,435 | 202,075 | |||||||
2018 Omnibus Award Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Common Stock, Shares Authorized | 16,750,000 |
CAPITAL STOCK - Common Stock _2
CAPITAL STOCK - Common Stock Shares Reserved for Issuance under Various Employee and Director Stock Plans (Detail) - shares | Dec. 28, 2019 | Dec. 29, 2018 |
Defined Benefit Plan Disclosure [Line Items] | ||
Common stock shares reserved for issuance | 12,924,290 | 15,884,117 |
Employee stock purchase plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Common stock shares reserved for issuance | 1,593,759 | 1,606,224 |
Other stock-based compensation plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Common stock shares reserved for issuance | 11,330,531 | 14,277,893 |
CAPITAL STOCK - Assumptions use
CAPITAL STOCK - Assumptions used for Black-Scholes valuation of Options (Detail) - Stock options - $ / shares | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Average expected volatility | 25.00% | 23.00% | 20.00% |
Dividend yield | 1.80% | 2.00% | 1.50% |
Risk-free interest rate | 1.50% | 2.90% | 2.20% |
Expected term | 5 years 3 months 18 days | 5 years 3 months 18 days | 5 years 2 months 12 days |
Fair value per option | $ 30.09 | $ 26.54 | $ 30.71 |
Weighted average vesting period | 2 years 9 months 18 days | 2 years 10 months 24 days | 2 years 10 months 24 days |
CAPITAL STOCK - Assumptions u_2
CAPITAL STOCK - Assumptions used in Valuation of Pre-merger Black and Decker Stock Options (Detail) - Stock options - $ / shares | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Average expected volatility | 25.00% | 23.00% | 20.00% |
Dividend yield | 1.80% | 2.00% | 1.50% |
Risk-free interest rate | 1.50% | 2.90% | 2.20% |
Expected term | 5 years 3 months 18 days | 5 years 3 months 18 days | 5 years 2 months 12 days |
Fair value per option | $ 30.09 | $ 26.54 | $ 30.71 |
CAPITAL STOCK - Number of Stock
CAPITAL STOCK - Number of Stock Options and Weighted-average Exercise Prices (Detail) | 12 Months Ended |
Dec. 28, 2019$ / sharesshares | |
Options | |
Outstanding, beginning of year (in shares) | shares | 7,352,263 |
Granted (in shares) | shares | 1,225,750 |
Exercised (in shares) | shares | (1,851,761) |
Forfeited (in shares) | shares | (271,581) |
Outstanding, end of year (in shares) | shares | 6,454,671 |
Exercisable, end of year (in shares) | shares | 3,720,639 |
Price | |
Outstanding, beginning of year (USD per share) | $ / shares | $ 107.36 |
Granted (USD per share) | $ / shares | 150.69 |
Exercised (USD per share) | $ / shares | 78.17 |
Forfeited (USD per share) | $ / shares | 144.05 |
Outstanding, end of year (USD per share) | $ / shares | 122.42 |
Exercisable, end of year (USD per share) | $ / shares | $ 105.71 |
CAPITAL STOCK - Outstanding and
CAPITAL STOCK - Outstanding and Exercisable Stock Option (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 28, 2019 | Dec. 29, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ 283.5 | |
Oustanding Stock Options, Options (in shares) | 6,454,671 | 7,352,263 |
Oustanding Stock Options, Weighted-average Remaining Contractual Life | 6 years 9 months 29 days | |
Oustanding Stock Options, Weighted-average Exercise Price (USD per share) | $ 122.42 | |
Exercisable Stock Options, Options (in shares) | 3,720,639 | |
Exercisable Stock Options, Weighted-average Remaining Contractual Life | 5 years 2 months 8 days | |
Exercisable Stock Options, Weighted-average Exercise Price (USD per share) | $ 105.71 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 225.5 | |
$35.00 and below | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Oustanding Stock Options, Options (in shares) | 991,566 | |
Oustanding Stock Options, Weighted-average Remaining Contractual Life | 1 year 7 months 20 days | |
Oustanding Stock Options, Weighted-average Exercise Price (USD per share) | $ 64.69 | |
Exercisable Stock Options, Options (in shares) | 991,566 | |
Exercisable Stock Options, Weighted-average Remaining Contractual Life | 1 year 7 months 20 days | |
Exercisable Stock Options, Weighted-average Exercise Price (USD per share) | $ 64.69 | |
$35.01 - 50.00 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Oustanding Stock Options, Options (in shares) | 2,154,836 | |
Oustanding Stock Options, Weighted-average Remaining Contractual Life | 5 years 10 months 28 days | |
Oustanding Stock Options, Weighted-average Exercise Price (USD per share) | $ 107.44 | |
Exercisable Stock Options, Options (in shares) | 1,932,443 | |
Exercisable Stock Options, Weighted-average Remaining Contractual Life | 5 years 9 months 18 days | |
Exercisable Stock Options, Weighted-average Exercise Price (USD per share) | $ 106.10 | |
$50.01 - higher | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Oustanding Stock Options, Options (in shares) | 3,308,269 | |
Oustanding Stock Options, Weighted-average Remaining Contractual Life | 8 years 11 months 19 days | |
Oustanding Stock Options, Weighted-average Exercise Price (USD per share) | $ 149.48 | |
Exercisable Stock Options, Options (in shares) | 796,630 | |
Exercisable Stock Options, Weighted-average Remaining Contractual Life | 8 years 1 month 17 days | |
Exercisable Stock Options, Weighted-average Exercise Price (USD per share) | $ 155.84 | |
Restricted Share Units & Awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years |
CAPITAL STOCK - Summary of Non-
CAPITAL STOCK - Summary of Non-vested Restricted Stock Unit Activity (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares Granted, Value, Share-based Payment Arrangement, before Forfeiture | $ 6.8 | $ 3.4 | $ 7 |
Share-based Payment Arrangement, Noncash Expense | 88.8 | 76.5 | 78.7 |
Weighted Average Grant Date Fair Value | |||
Excess Tax Benefit from Share-based Compensation | 25.8 | 2.3 | 18.3 |
Restricted Share Units & Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Payment Arrangement, Noncash Expense | 41.2 | $ 40.1 | $ 31.7 |
Share-based Payment Arrangement, Expense, Tax Benefit | $ 12.7 | ||
Share Units | |||
Non-vested, Beginning Balance (in shares) | 1,074,735 | ||
Granted (in shares) | 282,598 | 413,838 | 304,976 |
Vested (in shares) | (372,571) | ||
Forfeited (in shares) | (118,242) | ||
Non-vested, Ending Balance (in shares) | 866,520 | 1,074,735 | |
Weighted Average Grant Date Fair Value | |||
Non-vested, Beginning Balance (USD per share) | $ 129.65 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 149.14 | $ 133.90 | $ 160.04 |
Vested (USD per share) | 119.92 | ||
Forfeited (USD per share) | 136.62 | ||
Non-vested, Ending Balance (USD per share) | $ 139.23 | $ 129.65 | |
Excess Tax Benefit from Share-based Compensation | $ 3.4 | $ 1.8 | $ 4.9 |
Non Employee Directors | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Payment Arrangement, Noncash Expense | $ 1.2 | $ 1.2 | $ 1 |
CAPITAL STOCK - Summary of Long
CAPITAL STOCK - Summary of Long-Term Performance Awards Activity (Detail) | 12 Months Ended |
Dec. 28, 2019$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Market Based Elements As Percentage Of Share Based Payment | 25.00% |
Long-Term Performance Awards | |
Share Units | |
Non-vested, Beginning Balance (in shares) | shares | 627,407 |
Granted (in shares) | shares | 639,957 |
Vested (in shares) | shares | (154,217) |
Forfeited (in shares) | shares | (105,910) |
Non-vested, Ending Balance (in shares) | shares | 1,007,237 |
Weighted Average Grant Date Fair Value | |
Non-vested, Beginning Balance (USD per share) | $ / shares | $ 116.85 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | 123.01 |
Vested (USD per share) | $ / shares | 86.56 |
Forfeited (USD per share) | $ / shares | 91.12 |
Non-vested, Ending Balance (USD per share) | $ / shares | $ 128.10 |
CAPITAL STOCK - Additional Info
CAPITAL STOCK - Additional Information, Earnings Per Share (Detail) $ in Millions | Dec. 28, 2019USD ($) |
Class of Warrant or Right [Line Items] | |
Long-term debt, face amount | $ 3,204.3 |
CAPITAL STOCK - Additional In_2
CAPITAL STOCK - Additional Information, Common Stock Share Activity (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Apr. 04, 2015 | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Class of Stock [Line Items] | ||||
Repurchase of common stock, shares | (187,377) | (3,677,435) | (202,075) | |
Forward share purchase contract | $ 350 | |||
Forward share purchase contract, shares purchased | 3,645,510 | 3,645,510 | 3,645,510 | 3,645,510 |
CAPITAL STOCK - Additional In_3
CAPITAL STOCK - Additional Information, Preferred Stock Purchase Rights (Detail) - $ / shares | 3 Months Ended | 12 Months Ended | |
Dec. 28, 2019 | Jul. 01, 2017 | Dec. 28, 2019 | |
Class of Stock [Line Items] | |||
Preferred Stock Conversion Rate Number Of Common Stock Shares | $ 5.2263 | $ 6.1627 | $ 6.1954 |
CAPITAL STOCK - Additional In_4
CAPITAL STOCK - Additional Information, Stock Option Valuation Assumptions (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Aggregate intrinsic value | $ 143.7 | $ 18.3 | $ 72.7 |
Stock options vesting period | 4 years | ||
Fair value assumption for stock options, historical volatility expected life | 5 years 3 months | ||
Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options term | 10 years | ||
Stock options vesting period | 4 years |
CAPITAL STOCK - Additional In_5
CAPITAL STOCK - Additional Information, Stock Options (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Payment Arrangement, Noncash Expense | $ 88.8 | $ 76.5 | $ 78.7 |
Cash received from exercise of stock options | 144.7 | ||
Tax benefit from exercise of stock options | 34.7 | ||
Aggregate intrinsic value | 143.7 | 18.3 | 72.7 |
Excess Tax Benefit from Share-based Compensation | 25.8 | 2.3 | 18.3 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ 283.5 | ||
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation, minimum retirement age for eligibility | 55 years | ||
Number of years of service to be eligible for employee retirement compensation | 10 years | ||
Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise Price Ranges, lower (USD per share) | $ 57.50 | ||
Exercise Price Ranges, upper (USD per share) | $ 168.78 | ||
Share-based Payment Arrangement, Noncash Expense | $ 27.7 | $ 23.9 | $ 21.3 |
Unrecognized pre-tax compensation expense | $ 55.9 | ||
Number of years of service to be eligible for employee retirement compensation | 1 year 9 months 18 days |
CAPITAL STOCK - Additional In_6
CAPITAL STOCK - Additional Information, Employee Stock Purchase Plan (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||
Weighted average exercise price (USD per share) | $ 150.69 | ||
Aggregate intrinsic value | $ 143.7 | $ 18.3 | $ 72.7 |
Stock-based compensation expense | $ 88.8 | $ 76.5 | $ 78.7 |
Employee Stock Purchase Plans | |||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||
Employee stock purchase plan, discounted purchase price percentage | 85.00% | ||
Weighted average exercise price (USD per share) | $ 110.80 | ||
Employee stock purchase plan, shares authorized for subscription | 6,000,000 | ||
Employee stock purchase plan, shares issued | 12,465 | 139,715 | 190,154 |
Employee stock purchase plan, price per share | $ 103.02 | $ 121 | $ 103.35 |
Aggregate intrinsic value | $ 0.3 | $ 3.1 | $ 8.7 |
Cash received related to ESPP purchases | $ 1.3 | ||
Expected term | 1 year | ||
Dividend yield | 2.20% | 1.60% | 1.80% |
Expected volatility | 28.00% | 16.00% | 21.00% |
Risk-free interest rate | 2.50% | 1.60% | 0.90% |
Weighted average fair value of purchase rights granted | $ 27.75 | $ 43.69 | $ 35.70 |
Stock-based compensation expense | $ 6.6 | $ 6.7 |
CAPITAL STOCK - Additional In_7
CAPITAL STOCK - Additional Information, Restricted Share Units and Awards (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options vesting period | 4 years | ||
Stock-based compensation expense | $ 88.8 | $ 76.5 | $ 78.7 |
Excess Tax Benefit from Share-based Compensation, Financing Activities | 25.8 | 2.3 | 18.3 |
Non Employee Directors | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 1.2 | $ 1.2 | $ 1 |
Restricted Share Units & Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options vesting period | 4 years | ||
Restricted stock units and awards, granted (in shares) | 282,598 | 413,838 | 304,976 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 149.14 | $ 133.90 | $ 160.04 |
Stock-based compensation expense | $ 41.2 | $ 40.1 | $ 31.7 |
Stock-based compensation, tax benefit | 12.7 | ||
Excess Tax Benefit from Share-based Compensation, Financing Activities | 3.4 | 1.8 | 4.9 |
Unrecognized pre-tax compensation expense | $ 80.9 | ||
Unrecognized pre-tax compensation expense, weighted average recognition period | 2 years | ||
Total fair value of shares vested | $ 56.7 | 46.8 | 46.6 |
Employee Stock Purchase Plans | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 6.6 | $ 6.7 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 1 year |
CAPITAL STOCK - Additional In_8
CAPITAL STOCK - Additional Information, Long-Term Performance Awards (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award performance period | 3 years | ||
Earnings per share and return on capital employed as percentage of share based payment | 75.00% | ||
Market Based Elements As Percentage Of Share Based Payment | 25.00% | ||
Share-based Payment Arrangement, Noncash Expense | $ 88.8 | $ 76.5 | $ 78.7 |
Long-Term Performance Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Payment Arrangement, Noncash Expense | $ 9 | $ 4.7 | $ 18 |
CAPITAL STOCK - Additional In_9
CAPITAL STOCK - Additional Information, Other Equity Arrangements (Detail) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||
Mar. 31, 2018 | Dec. 28, 2019 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Jul. 01, 2017 | Sep. 28, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | Nov. 13, 2019 | Nov. 07, 2019 | Sep. 30, 2017 | May 17, 2017 | May 11, 2017 | |
Option Indexed to Issuer's Equity [Line Items] | ||||||||||||||||
Derivative, Forward Interest Rate | 5.375% | 5.375% | ||||||||||||||
Option Indexed to Issuer's Equity, Strike Price | $ 191.34 | $ 161.41 | $ 162.27 | $ 161.41 | ||||||||||||
Shares Purchased, Transaction Costs | $ 25.1 | |||||||||||||||
Purchase of common stock for treasury | $ 300 | $ 200 | $ 27.5 | $ 527.1 | $ 28.7 | |||||||||||
Option indexed to issuer's equity, number of call options purchased | 3,200,000 | 3,900,000 | 4,600,000 | |||||||||||||
Purchase Of Call Options | $ (19.2) | $ (57.3) | $ (25.1) | $ 19.2 | $ 57.3 | 25.1 | ||||||||||
Number of net-share settled options exercised (in shares) | 1,851,761 | |||||||||||||||
Preferred Stock, Liquidation Preference Per Share | $ 1,000 | $ 1,000 | $ 1,000 | $ 1,000 | ||||||||||||
Preferred Stock Conversion Rate Number Of Common Stock Shares | $ 5.2263 | $ 6.1627 | $ 6.1954 | |||||||||||||
equity unit proceeds | $ 735 | $ 726 | $ 735 | |||||||||||||
Preferred Stock, Value, Issued | $ 1,500 | $ 1,500 | $ 750 | |||||||||||||
Common Stock, Shares, Issued | 176,902,738 | 176,902,738 | 176,902,738 | |||||||||||||
Treasury Stock, Shares, Acquired | 2,086,792 | 1,399,732 | ||||||||||||||
Common Stock, Par or Stated Value Per Share | $ 2.5 | $ 2.5 | $ 2.5 | |||||||||||||
Equity Units Conversion Rate Number Of Common Stock Shares | 0.6272 | 0.7279 | 0.7241 | |||||||||||||
Stock Issued During Period, Value, Treasury Stock Reissued | $ 146 | $ 38.5 | $ 90.8 | |||||||||||||
equity units issued | 7,500,000 | 7,500,000 | 7,500,000 | |||||||||||||
Equity Unit | $ 750 | $ 750 | $ 750 | |||||||||||||
Shares Issued, Price Per Share | $ 137.38 | $ 100 | $ 137.38 | $ 100 | $ 159.45 | $ 138.10 | ||||||||||
Forward Contract Indexed to Issuer's Equity, Forward Rate Per Share | $ 100 | $ 100 | $ 100 | $ 100 | ||||||||||||
Forward Contract Indexed to Issuer's Equity, Shares | 4,700,000 | 5,400,000 | ||||||||||||||
Preferred Stock, Shares Issued | 750,000 | 750,000 | 750,000 | |||||||||||||
Preferred Stock, Liquidation Preference, Value | $ 750 | $ 750 | $ 750 | |||||||||||||
Accretion Expense | 1.3 | |||||||||||||||
Forward Contract Indexed to Issuer's Equity, Settlement Alternatives, Cash, at Fair Value | 19.7 | 19.7 | $ 114.2 | $ 117.1 | ||||||||||||
Option Indexed to Issuer's Equity, Settlement Alternatives, Cash, at Fair Value | $ 36 | $ 56.4 | $ 36 | |||||||||||||
Maximum [Member] | ||||||||||||||||
Option Indexed to Issuer's Equity [Line Items] | ||||||||||||||||
Option Indexed to Issuer's Equity, Strike Price | $ 203.92 | $ 207.29 | $ 179.53 | $ 203.57 | $ 178.58 | |||||||||||
Minimum | ||||||||||||||||
Option Indexed to Issuer's Equity [Line Items] | ||||||||||||||||
Option Indexed to Issuer's Equity, Strike Price | $ 156.86 | $ 191.34 | $ 162.27 | $ 156.59 | 161.41 | |||||||||||
Call Option [Member] | ||||||||||||||||
Option Indexed to Issuer's Equity [Line Items] | ||||||||||||||||
Call option, average price | $ 17.96 | 4.90 | $ 5.43 | |||||||||||||
2022 Purchase Contract [Member] [Member] | ||||||||||||||||
Option Indexed to Issuer's Equity [Line Items] | ||||||||||||||||
Forward Contract Indexed to Issuer's Equity, Forward Rate Per Share | $ 100 | |||||||||||||||
Cash Settlement on Forward Stock Purchase Contract | $ 750 | |||||||||||||||
2020 Purchase Contract [Member] | ||||||||||||||||
Option Indexed to Issuer's Equity [Line Items] | ||||||||||||||||
Cash Settlement on Forward Stock Purchase Contract | $ 750 | |||||||||||||||
2019 Equity Units [Domain] | ||||||||||||||||
Option Indexed to Issuer's Equity [Line Items] | ||||||||||||||||
Derivative, Forward Interest Rate | 5.25% | 5.25% | ||||||||||||||
Accretion Expense | $ 1.3 | |||||||||||||||
Forward Contract Indexed to Issuer's Equity, Settlement Alternatives, Cash, at Fair Value | $ 114.4 | $ 114.4 | ||||||||||||||
2019 Equity Units [Domain] | Maximum [Member] | ||||||||||||||||
Option Indexed to Issuer's Equity [Line Items] | ||||||||||||||||
Option Indexed to Issuer's Equity, Strike Price | $ 207.29 | |||||||||||||||
2019 Capped Call [Domain] | ||||||||||||||||
Option Indexed to Issuer's Equity [Line Items] | ||||||||||||||||
Purchase Of Call Options | $ 19.2 |
CAPITAL STOCK CAPITAL STOCK - A
CAPITAL STOCK CAPITAL STOCK - Additional Information, MICP PSU Awards (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares Purchased, Transaction Costs | $ 25.1 | ||
Share-based Payment Arrangement, Noncash Expense | $ 88.8 | $ 76.5 | $ 78.7 |
MICP PSUs [Member] [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Payment Arrangement, Noncash Expense | $ 9.5 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 346,011 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 127.27 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Detail) - USD ($) $ in Millions | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (1,884.6) | $ (1,814.3) | $ (1,589.1) |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Changes in AOCI (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (1,884.6) | $ (1,814.3) | $ (1,589.1) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (69.8) | (241.1) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (0.5) | 15.9 | |
Other Comprehensive Income (Loss), Net of Tax | (70.3) | (225.2) | 332.5 |
Accumulated Translation Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (1,517.2) | (1,481.2) | (1,108.2) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (36) | (373) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | |
Other Comprehensive Income (Loss), Net of Tax | (36) | (373) | |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (54.2) | (26.8) | (112.6) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (40.5) | 70.4 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 13.1 | 15.4 | |
Other Comprehensive Income (Loss), Net of Tax | (27.4) | 85.8 | |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 97.3 | 63.3 | 3.4 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 60 | 71.2 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (26) | (11.3) | |
Other Comprehensive Income (Loss), Net of Tax | 34 | 59.9 | |
Accumulated Defined Benefit Plans Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (410.5) | (369.6) | $ (371.7) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (53.3) | (9.7) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 12.4 | 11.8 | |
Other Comprehensive Income (Loss), Net of Tax | (40.9) | 2.1 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Selling, General and Administrative Expenses [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | $ (15.3) | $ (14.8) |
ACCUMULATED OTHER COMPREHENSI_4
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Reclassifications out of AOCI (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Income Tax Expense (Benefit) | $ 160.8 | $ 416.3 | $ 300.9 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | (22.7) | (33.2) | |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Income Tax Expense (Benefit) | 9.6 | 17.8 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | (13.1) | (15.4) | |
Accumulated Defined Benefit Plans Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Income Tax Expense (Benefit) | (3.9) | (3.7) | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, after Tax | (12.4) | (11.8) | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | (16.3) | (15.5) | |
Net Investment Hedging | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Income Tax Expense (Benefit) | 8.2 | 3.7 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 26 | 11.3 | |
Selling, General and Administrative Expenses [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | 15.3 | 14.8 | |
Cost of Sales | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | (6.5) | (17.9) | |
Interest Expense [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | (16.2) | (15.3) | |
Other Expense [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | 34.2 | 15 | |
Other Expense [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | $ (1) | $ (0.7) |
EMPLOYEE BENEFIT PLANS - Expens
EMPLOYEE BENEFIT PLANS - Expense for Defined Contribution Plans Aside from ESOP Plans (Detail) $ in Millions | 12 Months Ended | ||
Dec. 28, 2019USD ($)employeeshares | Dec. 29, 2018USD ($)shares | Dec. 30, 2017USD ($)shares | |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||
Employee Benefits and Share-based Compensation | $ 0.7 | ||
Employee Stock Ownership Plan (ESOP), Gain (Loss) on Transactions in Deferred Shares | (0.5) | $ (0.4) | $ (1.3) |
Defined Contribution Plan, Employer Discretionary Contribution Amount | 7.2 | 7 | 4.8 |
Multi-employer plan expense | 7.2 | 7.3 | 7.2 |
Other defined contribution plan expense | $ 36.2 | $ 12.9 | $ 27.5 |
Employee Stock Ownership Plan (ESOP), Shares in ESOP | shares | 226,212 | 207,049 | 133,694 |
Employee Stock Ownership Plan (ESOP), Plan | |||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||
Employee Stock Ownership Plan (ESOP), Number of Allocated Shares | shares | 15,418,053 | ||
Stock Issued During Period, Shares, Employee Stock Ownership Plan | shares | 1,889,408 | ||
Employee Stock Ownership Plan (ESOP), Number of Suspense Shares | shares | 122,681 | ||
Defined Contribution Plan Employer Contributions Percentage Match Of Eligible Compensation | 7.00% | ||
Employee Stock Ownership Plan (ESOP), Dividends Paid to ESOP | $ 6.3 | $ 7.7 | $ 8.4 |
Employee Stock Ownership Plan (ESOP), Interest Payments from ESOP | 0.5 | 1.6 | 2.2 |
Employee Stock Ownership Plan (ESOP), Cash Contributions to ESOP | $ 2.2 | $ 2.3 | $ 1.8 |
Group 1 [Member] | Employee Stock Ownership Plan (ESOP), Plan | |||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||
Number Of Employees Included In Plan | employee | 9,400 | ||
Maximum [Member] | Employee Stock Ownership Plan (ESOP), Plan | |||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||
Defined Contribution Plan Employer Contributions Percentage Match Of Eligible Compensation | 25.00% | ||
Maximum [Member] | Group 1 [Member] | Employee Stock Ownership Plan (ESOP), Plan | |||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 6.00% | ||
Minimum | Group 1 [Member] | Employee Stock Ownership Plan (ESOP), Plan | |||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 2.00% |
EMPLOYEE BENEFIT PLANS - Net Pe
EMPLOYEE BENEFIT PLANS - Net Periodic Pension Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | $ (0.3) | $ 0 | $ 0 |
Settlement / curtailment loss (gain) | 1 | ||
UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 12.3 | 7.5 | 8.7 |
Interest cost | 47.1 | 42.8 | 43.2 |
Expected return on plan assets | (61.7) | (68.7) | (64.4) |
Prior service cost amortization | 1 | 1.1 | 1.1 |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | (130.4) | (106.2) | |
Defined Benefit Plan, Amortization of Gain (Loss) | (8) | (7.8) | (8.3) |
Settlement / curtailment loss (gain) | 0 | 0 | 2.9 |
Net periodic pension expense | 6.7 | (9.5) | (0.2) |
UNITED STATES | Current active plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Settlement / curtailment loss (gain) | 2.9 | ||
Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 14.6 | 15.2 | 13.7 |
Interest cost | 30.3 | 28.6 | 29.1 |
Expected return on plan assets | (45.6) | (46.5) | (45.5) |
Prior service cost amortization | (0.6) | (1.3) | (1.2) |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 140.6 | 64.1 | |
Defined Benefit Plan, Amortization of Gain (Loss) | (8.6) | (8.5) | (9.4) |
Settlement / curtailment loss (gain) | 1 | 0.7 | 12.7 |
Net periodic pension expense | $ 8.3 | 5.2 | $ 18.2 |
Foreign Plan [Member] | Current active plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Settlement / curtailment loss (gain) | $ (0.5) |
EMPLOYEE BENEFIT PLANS - Net _2
EMPLOYEE BENEFIT PLANS - Net Periodic Post-Retirement Benefit Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Funded Percentage | 79.00% | 78.00% | 79.00% |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | $ (0.3) | $ 0 | $ 0 |
Settlement / curtailment loss (gain) | 1 | ||
Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0.3 | 0.5 | 0.6 |
Interest cost | 1.6 | 1.6 | 1.7 |
Prior service credit amortization | 1.4 | 1.3 | 1.4 |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | (8.6) | 6.2 | |
Net periodic pension expense | 0.2 | 0.8 | 0.9 |
UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 12.3 | 7.5 | 8.7 |
Interest cost | 47.1 | 42.8 | 43.2 |
Prior service credit amortization | (1) | (1.1) | (1.1) |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | (130.4) | (106.2) | |
Settlement / curtailment loss (gain) | 0 | 0 | 2.9 |
Net periodic pension expense | 6.7 | (9.5) | (0.2) |
UNITED STATES | Current active plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Settlement / curtailment loss (gain) | 2.9 | ||
Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 14.6 | 15.2 | 13.7 |
Interest cost | 30.3 | 28.6 | 29.1 |
Prior service credit amortization | 0.6 | 1.3 | 1.2 |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 140.6 | 64.1 | |
Settlement / curtailment loss (gain) | 1 | 0.7 | 12.7 |
Net periodic pension expense | $ 8.3 | 5.2 | $ 18.2 |
Foreign Plan [Member] | Current active plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Settlement / curtailment loss (gain) | $ (0.5) |
EMPLOYEE BENEFIT PLANS - Change
EMPLOYEE BENEFIT PLANS - Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Detail) $ in Millions | 12 Months Ended |
Dec. 28, 2019USD ($) | |
Retirement Benefits [Abstract] | |
Current year actuarial loss | $ 63.3 |
Amortization of actuarial loss | (15.3) |
Prior service cost from plan amendments | 2.1 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment | (1) |
Currency / other | 4.2 |
Total loss recognized in other comprehensive income (pre-tax) | $ 53.3 |
EMPLOYEE BENEFIT PLANS - Chan_2
EMPLOYEE BENEFIT PLANS - Changes in Pension and Other Post-Retirement Benefit Obligations, Fair Value Of Plan Assets, as well as Amounts Recognized in the Consolidated Balance Sheets (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Change in benefit obligation | |||
Actuarial (gain) loss | $ 0.3 | $ 0 | $ 0 |
Amounts recognized in the Consolidated Balance Sheets | |||
Non-current benefit liability | (609.4) | (595.4) | |
Accumulated other comprehensive loss (pre-tax): | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment | (1) | ||
Other Postretirement Benefits Plan [Member] | |||
Change in benefit obligation | |||
Benefit obligation at end of prior year | 44.8 | 52.3 | |
Service cost | 0.3 | 0.5 | 0.6 |
Interest cost | 1.6 | 1.6 | 1.7 |
Settlements/curtailments | 0 | 0 | |
Actuarial (gain) loss | 8.6 | (6.2) | |
Plan amendments | 0 | 0.1 | |
Foreign currency exchange rates | 0 | (1) | |
Participant contributions | 0 | 0 | |
Acquisitions, divestitures and other | 2.4 | 1.9 | |
Benefits paid | (5.5) | (4.4) | |
Benefit obligation at end of year | 52.2 | 44.8 | 52.3 |
Change in plan assets | |||
Fair value of plan assets at end of prior year | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contributions | 5.5 | 4.4 | |
Settlements | 0 | 0 | |
Foreign currency exchange rate changes | 0 | 0 | |
Acquisitions, divestitures and other | 0 | 0 | |
Fair value of plan assets at end of plan year | 0 | 0 | 0 |
Net liability recognized | (52.2) | (44.8) | |
Unrecognized prior service cost (credit) | 2 | 3.4 | |
Unrecognized net actuarial loss | 1.1 | (7.6) | |
Amounts recognized in the Consolidated Balance Sheets | |||
Prepaid benefit cost (non-current) | 0 | 0 | |
Current benefit liability | (4.5) | (4.8) | |
Non-current benefit liability | (47.7) | (40) | |
Net liability recognized | (52.2) | (44.8) | |
Accumulated other comprehensive loss (pre-tax): | |||
Prior service cost (credit) | (2) | (3.4) | |
Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Postretirement Plans Net Actuarial Gain Loss Net Of Tax | 1.1 | (7.6) | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax, Total | (0.9) | (11) | |
Net amount recognized | (53.1) | (55.8) | |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | (1.4) | (1.3) | (1.4) |
Net periodic pension expense | $ 0.2 | $ 0.8 | $ 0.9 |
Employee Stock Ownership Plan (ESOP), Plan | |||
Schedule of Pension and Other Postretirment Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items] | |||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Released In Period Weighted Average Grant Date Fair Value | $ 138.67 | $ 139.45 | $ 138.60 |
UNITED STATES | |||
Schedule of Pension and Other Postretirment Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items] | |||
Defined Benefit Plan, Amortization of Gain (Loss) | $ (8) | $ (7.8) | $ (8.3) |
Change in benefit obligation | |||
Benefit obligation at end of prior year | 1,260.9 | 1,365.3 | |
Service cost | 12.3 | 7.5 | 8.7 |
Interest cost | 47.1 | 42.8 | 43.2 |
Settlements/curtailments | 0 | 0 | |
Actuarial (gain) loss | 130.4 | 106.2 | |
Plan amendments | 1.4 | 0.2 | |
Foreign currency exchange rates | 0 | 0 | |
Participant contributions | 0 | 0 | |
Acquisitions, divestitures and other | 10 | 34 | |
Benefits paid | (116.7) | (82.7) | |
Benefit obligation at end of year | 1,325.4 | 1,260.9 | 1,365.3 |
Change in plan assets | |||
Fair value of plan assets at end of prior year | 1,020.7 | 1,114.1 | |
Actual return on plan assets | 190 | (52.9) | |
Employer contributions | 19.5 | 19.4 | |
Settlements | 0 | 0 | |
Foreign currency exchange rate changes | 0 | 0 | |
Acquisitions, divestitures and other | (10) | 22.8 | |
Fair value of plan assets at end of plan year | 1,103.5 | 1,020.7 | 1,114.1 |
Net liability recognized | (221.9) | (240.2) | |
Unrecognized prior service cost (credit) | (4.7) | (4.3) | |
Unrecognized net actuarial loss | 266.2 | 272 | |
Amounts recognized in the Consolidated Balance Sheets | |||
Prepaid benefit cost (non-current) | 0 | 0 | |
Current benefit liability | (7.6) | (7.7) | |
Non-current benefit liability | (214.3) | (232.5) | |
Net liability recognized | (221.9) | (240.2) | |
Accumulated other comprehensive loss (pre-tax): | |||
Prior service cost (credit) | 4.7 | 4.3 | |
Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Postretirement Plans Net Actuarial Gain Loss Net Of Tax | 266.2 | 272 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax, Total | 270.9 | 276.3 | |
Net amount recognized | 49 | 36.1 | |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | 61.7 | 68.7 | 64.4 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 1 | 1.1 | 1.1 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment | 0 | 0 | (2.9) |
Net periodic pension expense | 6.7 | (9.5) | (0.2) |
UNITED STATES | Current active plan [Member] | |||
Accumulated other comprehensive loss (pre-tax): | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment | (2.9) | ||
Foreign Plan [Member] | |||
Schedule of Pension and Other Postretirment Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items] | |||
Defined Benefit Plan, Amortization of Gain (Loss) | (8.6) | (8.5) | (9.4) |
Change in benefit obligation | |||
Benefit obligation at end of prior year | 1,305.3 | 1,446.1 | |
Service cost | 14.6 | 15.2 | 13.7 |
Interest cost | 30.3 | 28.6 | 29.1 |
Settlements/curtailments | (6) | (4.3) | |
Actuarial (gain) loss | (140.6) | (64.1) | |
Plan amendments | 0.7 | 16 | |
Foreign currency exchange rates | 25.8 | (77) | |
Participant contributions | 0.3 | 0.3 | |
Acquisitions, divestitures and other | 2.2 | 3.4 | |
Benefits paid | (59.5) | (58.9) | |
Benefit obligation at end of year | 1,449.9 | 1,305.3 | 1,446.1 |
Change in plan assets | |||
Fair value of plan assets at end of prior year | 974.3 | 1,099.2 | |
Actual return on plan assets | 133.2 | (18.6) | |
Employer contributions | 22.6 | 20.9 | |
Settlements | (5.6) | (4.2) | |
Foreign currency exchange rate changes | 30.4 | (61.5) | |
Acquisitions, divestitures and other | (2.2) | (2.9) | |
Fair value of plan assets at end of plan year | 1,093.5 | 974.3 | 1,099.2 |
Net liability recognized | (356.4) | (331) | |
Unrecognized prior service cost (credit) | 17.5 | 18.2 | |
Unrecognized net actuarial loss | 318.7 | 270.8 | |
Amounts recognized in the Consolidated Balance Sheets | |||
Prepaid benefit cost (non-current) | 0.1 | 1 | |
Current benefit liability | (9.1) | (9.1) | |
Non-current benefit liability | (347.4) | (322.9) | |
Net liability recognized | (356.4) | (331) | |
Accumulated other comprehensive loss (pre-tax): | |||
Prior service cost (credit) | (17.5) | (18.2) | |
Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Postretirement Plans Net Actuarial Gain Loss Net Of Tax | 318.7 | 270.8 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax, Total | 301.2 | 252.6 | |
Net amount recognized | (55.2) | (78.4) | |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | 45.6 | 46.5 | 45.5 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | (0.6) | (1.3) | (1.2) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment | (1) | (0.7) | (12.7) |
Net periodic pension expense | $ 8.3 | 5.2 | $ 18.2 |
Foreign Plan [Member] | Current active plan [Member] | |||
Accumulated other comprehensive loss (pre-tax): | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment | $ 0.5 |
EMPLOYEE BENEFIT PLANS - Pensio
EMPLOYEE BENEFIT PLANS - Pension Plans in which Accumulated Benefit Obligations Exceed Plan Assets (Detail) - USD ($) $ in Millions | Dec. 28, 2019 | Dec. 29, 2018 |
UNITED STATES | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 1,325.4 | $ 1,260.9 |
Accumulated benefit obligation | 1,323.7 | 1,257.6 |
Fair value of plan assets | 1,103.5 | 1,020.7 |
Foreign Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 1,447.2 | 1,275.7 |
Accumulated benefit obligation | 1,390.1 | 1,228.6 |
Fair value of plan assets | $ 1,090.8 | $ 945 |
EMPLOYEE BENEFIT PLANS - Pens_2
EMPLOYEE BENEFIT PLANS - Pension Plans in which Projected Benefit Obligations Exceed Plan Assets (Detail) - USD ($) $ in Millions | Dec. 28, 2019 | Dec. 29, 2018 |
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 1,448.6 | $ 1,301.7 |
Accumulated benefit obligation | 1,391.2 | 1,252.7 |
Fair value of plan assets | 1,092 | 969.7 |
UNITED STATES | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 1,325.4 | 1,260.9 |
Accumulated benefit obligation | 1,323.7 | 1,257.6 |
Fair value of plan assets | $ 1,103.5 | $ 1,020.7 |
EMPLOYEE BENEFIT PLANS - Assump
EMPLOYEE BENEFIT PLANS - Assumptions used in Valuing Pension and Post-Retirement Plan Obligations and Net Costs (Detail) | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Weighted-average assumptions used to determine net periodic benefit cost: | |||
Expected return on plan assets | 4.70% | ||
Other Postretirement Benefits Plan [Member] | |||
Weighted-average assumptions used to determine benefit obligations at year end: | |||
Discount rate | 3.64% | 4.03% | 3.53% |
Rate of compensation increase | 3.50% | 3.50% | 3.50% |
Weighted-average assumptions used to determine net periodic benefit cost: | |||
Rate of compensation increase | 3.50% | 3.50% | 3.50% |
Expected return on plan assets | 0.00% | 0.00% | 0.00% |
Other Postretirement Benefits Plan [Member] | service cost [Member] | |||
Weighted-average assumptions used to determine net periodic benefit cost: | |||
Discount rate | 5.22% | 5.11% | 4.53% |
Other Postretirement Benefits Plan [Member] | Interest Expense [Member] | |||
Weighted-average assumptions used to determine net periodic benefit cost: | |||
Discount rate | 4.04% | 3.77% | 2.93% |
UNITED STATES | |||
Weighted-average assumptions used to determine benefit obligations at year end: | |||
Discount rate | 3.20% | 4.20% | 3.53% |
Rate of compensation increase | 3.50% | 3.00% | 3.00% |
Weighted-average assumptions used to determine net periodic benefit cost: | |||
Rate of compensation increase | 3.00% | 3.00% | 3.00% |
Expected return on plan assets | 6.25% | 6.25% | 6.25% |
UNITED STATES | service cost [Member] | |||
Weighted-average assumptions used to determine net periodic benefit cost: | |||
Discount rate | 4.43% | 3.72% | 4.10% |
UNITED STATES | Interest Expense [Member] | |||
Weighted-average assumptions used to determine net periodic benefit cost: | |||
Discount rate | 3.86% | 3.16% | 3.30% |
Foreign Plan [Member] | |||
Weighted-average assumptions used to determine benefit obligations at year end: | |||
Discount rate | 1.80% | 2.62% | 2.24% |
Rate of compensation increase | 3.30% | 3.44% | 3.45% |
Weighted-average assumptions used to determine net periodic benefit cost: | |||
Rate of compensation increase | 3.44% | 3.45% | 3.63% |
Expected return on plan assets | 4.73% | 4.37% | 4.41% |
Foreign Plan [Member] | service cost [Member] | |||
Weighted-average assumptions used to determine net periodic benefit cost: | |||
Discount rate | 2.37% | 2.15% | 2.27% |
Foreign Plan [Member] | Interest Expense [Member] | |||
Weighted-average assumptions used to determine net periodic benefit cost: | |||
Discount rate | 2.37% | 2.20% | 2.31% |
EMPLOYEE BENEFIT PLANS - Asset
EMPLOYEE BENEFIT PLANS - Asset Allocations by Asset Category and Level of Valuation Inputs with in Fair Value Hierarchy (Detail) - USD ($) $ in Millions | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |||
Defined Benefit Plan, Funded Percentage | 79.00% | 78.00% | 79.00% |
Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |||
Fair value of plan assets | $ 0 | $ 0 | $ 0 |
Level 1 | Defined Benefit Pension | |||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |||
Fair value of plan assets | 494.5 | 487.7 | |
Level 1 | Defined Benefit Pension | Insurance contracts | |||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 1 | Defined Benefit Pension | Other | |||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 1 | Defined Benefit Pension | Cash and Cash Equivalents | |||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |||
Fair value of plan assets | 16.1 | 113.6 | |
Level 1 | Defined Benefit Pension | Equity Securities | U.S. equity securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |||
Fair value of plan assets | 111.1 | 83.4 | |
Level 1 | Defined Benefit Pension | Equity Securities | Foreign equity securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |||
Fair value of plan assets | 95.8 | 85.2 | |
Level 1 | Defined Benefit Pension | Fixed Income Securities | Government securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |||
Fair value of plan assets | 271.5 | 205.5 | |
Level 1 | Defined Benefit Pension | Fixed Income Securities | Corporate securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 2 | Defined Benefit Pension | |||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |||
Fair value of plan assets | 1,702.5 | 1,507.3 | |
Level 2 | Defined Benefit Pension | Insurance contracts | |||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |||
Fair value of plan assets | 39 | 37.1 | |
Level 2 | Defined Benefit Pension | Other | |||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |||
Fair value of plan assets | 48.3 | 50.8 | |
Level 2 | Defined Benefit Pension | Cash and Cash Equivalents | |||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |||
Fair value of plan assets | 19.7 | 25.9 | |
Level 2 | Defined Benefit Pension | Equity Securities | U.S. equity securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |||
Fair value of plan assets | 210.3 | 165.3 | |
Level 2 | Defined Benefit Pension | Equity Securities | Foreign equity securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |||
Fair value of plan assets | 163.6 | 134.8 | |
Level 2 | Defined Benefit Pension | Fixed Income Securities | Government securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |||
Fair value of plan assets | 470.1 | 436.8 | |
Level 2 | Defined Benefit Pension | Fixed Income Securities | Corporate securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |||
Fair value of plan assets | 751.5 | 656.6 | |
Fair Value | Defined Benefit Pension | |||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |||
Fair value of plan assets | 2,197 | 1,995 | |
Fair Value | Defined Benefit Pension | Insurance contracts | |||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |||
Fair value of plan assets | 39 | 37.1 | |
Fair Value | Defined Benefit Pension | Other | |||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |||
Fair value of plan assets | 48.3 | 50.8 | |
Fair Value | Defined Benefit Pension | Cash and Cash Equivalents | |||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |||
Fair value of plan assets | 35.8 | 139.5 | |
Fair Value | Defined Benefit Pension | Equity Securities | U.S. equity securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |||
Fair value of plan assets | 321.4 | 248.7 | |
Fair Value | Defined Benefit Pension | Equity Securities | Foreign equity securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |||
Fair value of plan assets | 259.4 | 220 | |
Fair Value | Defined Benefit Pension | Fixed Income Securities | Government securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |||
Fair value of plan assets | 741.6 | 642.3 | |
Fair Value | Defined Benefit Pension | Fixed Income Securities | Corporate securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |||
Fair value of plan assets | $ 751.5 | $ 656.6 |
EMPLOYEE BENEFIT PLANS - Expect
EMPLOYEE BENEFIT PLANS - Expected Future Benefit Payments (Detail) $ in Millions | 12 Months Ended |
Dec. 28, 2019USD ($) | |
Retirement Benefits [Abstract] | |
Defined Benefit Plan, Expected Future Benefit Payments, ten Fiscal Years Thereafter | 10 years |
Total | $ 1,393.7 |
Year 1 | 138.5 |
Year 2 | 138.6 |
Year 3 | 139.1 |
Year 4 | 140.9 |
Year 5 | 139.8 |
Years 6-10 | $ 696.8 |
EMPLOYEE BENEFIT PLANS - Additi
EMPLOYEE BENEFIT PLANS - Additional Information (Detail) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 28, 2019USD ($)employee$ / sharesshares | Dec. 29, 2018USD ($)$ / sharesshares | Dec. 30, 2017USD ($)$ / sharesshares | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement | $ 0 | $ 0 | $ 12.2 |
Allocations for benefits earned under the Cornerstone plan | 28.8 | 29 | 25.4 |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 7.2 | $ 7 | $ 4.8 |
Employee Stock Ownership Plan (ESOP), Shares in ESOP | shares | 226,212 | 207,049 | 133,694 |
Net income (expense) from ESOP activities | $ 0.5 | $ 0.4 | $ 1.3 |
Defined benefit plans amounts in accumulated other comprehensive loss expected to be recognized as components of net periodic benefit costs | 19.7 | ||
Accumulated benefit obligation for defined benefit pension plans | $ 2,768 | 2,513 | |
Weighted-average long-term rate of return assumption percentage used in determination of net periodic benefit expense | 4.70% | ||
Percentage of pension liabilities invested in fixed income securities | 50.00% | ||
Defined Benefit Plan Target Allocation Percentage Of Assets equity Securities Range Minimum | 20.00% | ||
Defined Benefit Plan Target Allocation Percentage Of Assets equity Securities Range Maximum | 40.00% | ||
Target allocations in fixed income securities minimum range | 50.00% | ||
Target allocations in fixed income securities maximum range | 70.00% | ||
Target allocations in other securities range, maximum | 10.00% | ||
Expected pension and other post retirement benefit plans | $ 38 | ||
Assumed health care cost trend rate for next year | 6.60% | ||
Assumed ultimate trend rate for health care cost | 5.00% | ||
Medical and dental benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of employees covered by benefit plans | employee | 16,600 | ||
Employee Defined Contribution Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined contribution plan, employer contribution | $ 28.8 | $ 28 | $ 24.8 |
Foreign | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employees covered by pension plan | employee | 15,800 | ||
Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Impact of 1 percentage point change in assumed health care cost trend rate on post-retirement benefit obligation | $ 0.7 | ||
Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Impact of 1 percentage point change in assumed health care cost trend rate on post-retirement benefit obligation | $ 0.9 | ||
Employee Stock Ownership Plan (ESOP), Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit employer matches participant contributions percentage | 7.00% | ||
ESOP, average fair value of shares released | $ / shares | $ 138.67 | $ 139.45 | $ 138.60 |
Dividends paid on the shares used to pay internal loan debt service | $ 6.3 | $ 7.7 | $ 8.4 |
Interest costs incurred by ESOP | $ 0.5 | 1.6 | 2.2 |
Number of ESOP shares allocated to participant accounts | shares | 15,418,053 | ||
Number of ESOP shares allocated to participant accounts held | shares | 1,889,408 | ||
Number of ESOP unallocated shares | shares | 122,681 | ||
Employer cash contributions | $ 2.2 | $ 2.3 | $ 1.8 |
Employee Stock Ownership Plan (ESOP), Plan | Core Benefit Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of employees covered by benefit plans | employee | 9,400 | ||
Employee Stock Ownership Plan (ESOP), Plan | Minimum | Core Benefit Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined contribution plan, employer contribution (percent) | 2.00% | ||
Employee Stock Ownership Plan (ESOP), Plan | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit employer matches participant contributions percentage | 25.00% | ||
Employee Stock Ownership Plan (ESOP), Plan | Maximum [Member] | Core Benefit Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined contribution plan, employer contribution (percent) | 6.00% |
EMPLOYEE BENEFIT PLANS Defined
EMPLOYEE BENEFIT PLANS Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Financial Position (Details) - USD ($) $ in Millions | Dec. 28, 2019 | Dec. 29, 2018 |
Defined Benefit Plan Disclosure [Line Items] | ||
Post-Retirement Benefits | $ 609.4 | $ 595.4 |
Other Postretirement Benefits Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prepaid benefit cost (non-current) | 0 | 0 |
Liability, Defined Benefit Plan, Current | 4.5 | 4.8 |
Post-Retirement Benefits | 47.7 | 40 |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | (52.2) | (44.8) |
UNITED STATES | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prepaid benefit cost (non-current) | 0 | 0 |
Liability, Defined Benefit Plan, Current | 7.6 | 7.7 |
Post-Retirement Benefits | 214.3 | 232.5 |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | (221.9) | (240.2) |
Foreign Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prepaid benefit cost (non-current) | 0.1 | 1 |
Liability, Defined Benefit Plan, Current | 9.1 | 9.1 |
Post-Retirement Benefits | 347.4 | 322.9 |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | $ (356.4) | $ (331) |
FAIR VALUE MEASUREMENTS - Finan
FAIR VALUE MEASUREMENTS - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis for Each of Hierarchy Levels (Detail) - USD ($) $ in Millions | Dec. 28, 2019 | Dec. 29, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Business Combination, Contingent Consideration, Liability, Noncurrent | $ 196.1 | $ 169.2 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
non derivative hedging instrument | 335.5 | 228.9 |
Business Combination, Contingent Consideration, Liability, Noncurrent | 196.1 | 169.2 |
Level 1 | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | 0 |
Derivatives liabilities | 0 | 0 |
non derivative hedging instrument | 0 | 0 |
Business Combination, Contingent Consideration, Liability, Noncurrent | 0 | 0 |
Money market fund | 1.2 | 4.8 |
Level 2 | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 29.3 | 32.9 |
Derivatives liabilities | 65.5 | 21.3 |
non derivative hedging instrument | 335.5 | 228.9 |
Business Combination, Contingent Consideration, Liability, Noncurrent | 0 | 0 |
Money market fund | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | 0 |
Derivatives liabilities | 0 | 0 |
non derivative hedging instrument | 0 | 0 |
Business Combination, Contingent Consideration, Liability, Noncurrent | 196.1 | 169.2 |
Money market fund | 0 | 0 |
Reported Value Measurement [Member] | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 29.3 | 32.9 |
Derivatives liabilities | 65.5 | 21.3 |
Money market fund | $ 1.2 | $ 4.8 |
FAIR VALUE MEASUREMENTS - Summa
FAIR VALUE MEASUREMENTS - Summary of Company's Financial Instruments Carrying and Fair Values (Detail) - USD ($) $ in Millions | Mar. 01, 2032 | Feb. 01, 2032 | Dec. 28, 2019 | Dec. 29, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Investments, Fair Value Disclosure | $ 14.8 | $ 7.7 | ||
Long-term Debt, Fair Value | 3,601 | 3,905.4 | ||
Business Combination, Contingent Consideration, Liability, Noncurrent | 196.1 | 169.2 | ||
Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets, Impact of 10 Percent Adverse Change in Discount Rate | 7.5 | |||
Total Carrying Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Investments, Fair Value Disclosure | 14.4 | 7.6 | ||
Long-term debt, including current portion | $ 3,179.5 | $ 3,822.3 | ||
Forecast [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Business Combination, Contingent Consideration Percent of Sales, Liability, Noncurrent | 3.00% | |||
Business Combination, Contingent Consideration, Liability, Noncurrent | $ 134.5 | |||
Minimum | Forecast [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Business Combination, Contingent Consideration Percent of Sales, Liability, Noncurrent | 2.50% | |||
Maximum [Member] | Forecast [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Business Combination, Contingent Consideration Percent of Sales, Liability, Noncurrent | 3.50% |
OTHER COSTS AND EXPENSES - Addi
OTHER COSTS AND EXPENSES - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 28, 2019 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Business Acquisition [Line Items] | |||||||||||
Research and development costs | $ 255,200,000 | $ 275,800,000 | $ 252,300,000 | ||||||||
Business Combination, Acquisition Related Costs | $ 164,000,000 | $ 11,000,000 | $ 33,000,000 | $ 52,000,000 | $ 213,000,000 | $ 85,000,000 | $ 127,000,000 | $ 25,000,000 | 363,000,000 | 450,000,000 | |
Accrual for Environmental Loss Contingencies | $ 57,800,000 | 57,800,000 | 58,100,000 | ||||||||
Other Expense [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Business Combination, Acquisition Related Costs | $ 30,200,000 | $ 30,400,000 | |||||||||
Centredale Site [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Accrual for Environmental Loss Contingencies | $ 77,700,000 |
RESTRUCTURING AND ASSET IMPAI_3
RESTRUCTURING AND ASSET IMPAIRMENTS - Summary of Restructuring Reserve Activity (Detail) $ in Millions | 12 Months Ended |
Dec. 28, 2019USD ($) | |
Restructuring Reserve | |
Reserve, Beginning Balance | $ 108.8 |
Net Additions | 154.1 |
Usage | (115.3) |
Currency | 0.2 |
Reserve, Ending Balance | 147.8 |
Facility closures | |
Restructuring Reserve | |
Reserve, Beginning Balance | 3.1 |
Net Additions | 22.2 |
Usage | (17.9) |
Currency | 0.1 |
Reserve, Ending Balance | 7.5 |
Employee Severance [Member] | |
Restructuring Reserve | |
Reserve, Beginning Balance | 105.7 |
Net Additions | 131.9 |
Usage | (97.4) |
Currency | 0.1 |
Reserve, Ending Balance | 140.3 |
2012 Actions | Acquisition | |
Restructuring Reserve | |
Net Additions | $ 154.1 |
RESTRUCTURING AND ASSET IMPAI_4
RESTRUCTURING AND ASSET IMPAIRMENTS - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 28, 2019 | Dec. 29, 2018 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges and asset impairments recognized | $ 154.1 | |
Restructuring reserves | 147.8 | $ 108.8 |
Tools & Storage [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges and asset impairments recognized | 63 | |
Securities Industry [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges and asset impairments recognized | 18 | |
Industrial Segment | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges and asset impairments recognized | 27 | |
Corporate Segment [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges and asset impairments recognized | 46 | |
Acquisition | 2012 Actions | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges and asset impairments recognized | $ 154.1 |
BUSINESS SEGMENTS AND GEOGRAP_3
BUSINESS SEGMENTS AND GEOGRAPHIC AREAS - Business Segments (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 28, 2019 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | Jan. 03, 2015 | |
Segment Reporting Information [Line Items] | ||||||||||||
Net Sales | $ 3,714.2 | $ 3,633.1 | $ 3,761.3 | $ 3,333.6 | $ 3,634.7 | $ 3,494.8 | $ 3,643.6 | $ 3,209.3 | $ 14,442.2 | $ 13,982.4 | $ 12,966.6 | |
Segment Profit | 1,994 | 1,882.2 | 1,996.5 | |||||||||
Corporate overhead | (229.5) | (202.8) | (217.4) | |||||||||
Other-net | (249.1) | (287) | (269.2) | |||||||||
Gain (Loss) on Disposition of Business | $ (13.7) | 17 | (0.8) | 264.1 | ||||||||
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement | 0 | 0 | (12.2) | |||||||||
Restructuring charges and asset impairments | (154.1) | (160.3) | (51.5) | |||||||||
Gain (Loss) on Extinguishment of Debt | (17.9) | 0 | 0 | $ 0.1 | ||||||||
Interest income | 53.9 | 68.7 | 40.1 | |||||||||
Interest expense | (284.3) | (277.9) | (222.6) | |||||||||
Earnings before income taxes and equity interest | 1,130 | 1,022.1 | 1,527.8 | |||||||||
Capital and Software Expenditures | 424.7 | 492.1 | 442.4 | |||||||||
Depreciation and amortization of property, plant and equipment | 372.8 | 331.2 | 296.9 | |||||||||
Total Assets | (20,596.6) | (19,097.7) | (20,596.6) | (19,408) | (19,097.7) | |||||||
Construction and Do It Yourself | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net Sales | 10,062.1 | 9,814 | 9,045 | |||||||||
Segment Profit | 1,533.3 | 1,393.1 | 1,438.9 | |||||||||
Capital and Software Expenditures | 297.2 | 353.7 | 327.2 | |||||||||
Depreciation And Amortization excluding Discontinued Operations | 327.8 | 300.1 | 271.9 | |||||||||
Securities Industry [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Capital and Software Expenditures | 37.9 | 42.6 | 39 | |||||||||
Depreciation And Amortization excluding Discontinued Operations | 73.1 | 80.5 | 81.4 | |||||||||
Total Segments excluding Non Op [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Depreciation and amortization of property, plant and equipment | 560.2 | 506.5 | 460.7 | |||||||||
Industrial Segment | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Capital and Software Expenditures | 89.6 | 95.8 | 76.2 | |||||||||
Depreciation And Amortization excluding Discontinued Operations | 159.3 | 125.9 | 107.4 | |||||||||
Corporate Assets | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Total Assets | (701.4) | (592.9) | (701.4) | (748.7) | (592.9) | |||||||
Continuing Operations [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Total Assets | (21,298) | (19,690.6) | (21,298) | (20,156.7) | (19,690.6) | |||||||
Continuing Operations [Member] | Construction and Do It Yourself | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Total Assets | (13,642.4) | (12,870.3) | (13,642.4) | (13,122.6) | (12,870.3) | |||||||
Continuing Operations [Member] | Securities Industry [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net Sales | 1,945.4 | 1,980.6 | 1,947.3 | |||||||||
Segment Profit | 126.6 | 169.3 | 211.7 | |||||||||
Total Assets | (4,207) | (3,413.3) | (4,207) | (3,620.5) | (3,413.3) | |||||||
Continuing Operations [Member] | Industrial Segment | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net Sales | 2,434.7 | 2,187.8 | 1,974.3 | |||||||||
Segment Profit | 334.1 | 319.8 | 345.9 | |||||||||
Total Assets | $ (3,448.6) | $ (3,407) | $ (3,448.6) | $ (3,413.6) | $ (3,407) | |||||||
Home Depot [Member] | Construction and Do It Yourself | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Percentage Of Net Sales | 15.00% | 14.00% | 13.00% |
BUSINESS SEGMENTS AND GEOGRAP_4
BUSINESS SEGMENTS AND GEOGRAPHIC AREAS - Geographic Areas (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 28, 2019 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Segment Reporting Disclosure [Line Items] | |||||||||||
Net Sales | $ 3,714.2 | $ 3,633.1 | $ 3,761.3 | $ 3,333.6 | $ 3,634.7 | $ 3,494.8 | $ 3,643.6 | $ 3,209.3 | $ 14,442.2 | $ 13,982.4 | $ 12,966.6 |
Property, plant & equipment | 1,959.5 | 1,742.5 | 1,959.5 | 1,915.2 | 1,742.5 | ||||||
United States | |||||||||||
Segment Reporting Disclosure [Line Items] | |||||||||||
Net Sales | 8,472.1 | 7,700.3 | 7,025.7 | ||||||||
Property, plant & equipment | 1,046.8 | 850.2 | 1,046.8 | 1,018.3 | 850.2 | ||||||
Canada | |||||||||||
Segment Reporting Disclosure [Line Items] | |||||||||||
Net Sales | 609.9 | 628.3 | 583.3 | ||||||||
Property, plant & equipment | 27.4 | 30 | 27.4 | 25.5 | 30 | ||||||
Other Americas | |||||||||||
Segment Reporting Disclosure [Line Items] | |||||||||||
Net Sales | 717.9 | 801.5 | 790.7 | ||||||||
Property, plant & equipment | 117.9 | 111.2 | 117.9 | 112.7 | 111.2 | ||||||
FRANCE | |||||||||||
Segment Reporting Disclosure [Line Items] | |||||||||||
Net Sales | 610.2 | 627.8 | 623.8 | ||||||||
Property, plant & equipment | 57.3 | 65.1 | 57.3 | 63.9 | 65.1 | ||||||
Other Europe | |||||||||||
Segment Reporting Disclosure [Line Items] | |||||||||||
Net Sales | 2,870.8 | 2,989.9 | 2,791.1 | ||||||||
Property, plant & equipment | 352.3 | 378 | 352.3 | 356.9 | 378 | ||||||
Asia | |||||||||||
Segment Reporting Disclosure [Line Items] | |||||||||||
Net Sales | 1,161.3 | 1,234.6 | 1,152 | ||||||||
Property, plant & equipment | $ 357.8 | $ 308 | $ 357.8 | $ 337.9 | $ 308 |
BUSINESS SEGMENTS AND GEOGRAP_5
BUSINESS SEGMENTS AND GEOGRAPHIC AREAS - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 28, 2019USD ($) | Sep. 29, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 30, 2017USD ($) | Sep. 30, 2017USD ($) | Jul. 01, 2017USD ($) | Apr. 01, 2017USD ($) | Dec. 28, 2019USD ($)Segment | Dec. 29, 2018USD ($) | Dec. 30, 2017USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | $ 3,714,200,000 | $ 3,633,100,000 | $ 3,761,300,000 | $ 3,333,600,000 | $ 3,634,700,000 | $ 3,494,800,000 | $ 3,643,600,000 | $ 3,209,300,000 | $ 14,442,200,000 | $ 13,982,400,000 | $ 12,966,600,000 |
Deferred Revenue, Revenue Recognized | $ 96,400,000 | 89,300,000 | |||||||||
Number of reportable segments | Segment | 3 | ||||||||||
Construction and Do It Yourself | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | $ 10,062,100,000 | $ 9,814,000,000 | $ 9,045,000,000 | ||||||||
Construction and Do It Yourself | Home Depot [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Percentage Of Net Sales | 15.00% | 14.00% | 13.00% | ||||||||
Construction and Do It Yourself | Lowes | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Percentage Of Net Sales | 21.00% | 17.00% | 16.00% | ||||||||
Continuing Operations [Member] | Industrial Segment | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | $ 2,434,700,000 | $ 2,187,800,000 | $ 1,974,300,000 | ||||||||
Deferred Revenue, Revenue Recognized | 0.109 | 0.119 | 0.134 | ||||||||
Continuing Operations [Member] | Securities Industry [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 1,945,400,000 | 1,980,600,000 | 1,947,300,000 | ||||||||
Deferred Revenue, Revenue Recognized | 0.458 | 0.449 | 0.481 | ||||||||
Infrastructure business [Member] | Continuing Operations [Member] | Industrial Segment | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 696,200,000 | 421,200,000 | 420,000,000 | ||||||||
Engineered Fastening [Member] | Continuing Operations [Member] | Industrial Segment | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | $ 1,738,500,000 | $ 1,766,600,000 | $ 1,554,300,000 |
INCOME TAXES - Significant Comp
INCOME TAXES - Significant Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Valuation Allowance [Line Items] | |||
Income Tax Expense (Benefit) | $ 160.8 | $ 416.3 | $ 300.9 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (69.8) | (241.1) | |
Income Tax Reconciliation Change In Undistributed Earnings | 0 | $ 94.1 | |
Tax Cuts and Jobs Act of 2017 | 78 | ||
Deferred tax liabilities: | |||
Depreciation | 144.9 | 128.5 | |
Amortization of intangibles | 731.8 | 672.8 | |
Deferred Tax Liabilities, Undistributed Foreign Earnings | 159.3 | 202.5 | |
Other | 89.5 | 73.9 | |
Total deferred tax liabilities | 1,255.2 | 1,077.7 | |
Deferred tax assets: | |||
Employee benefit plans | 235.4 | 222.1 | |
Basis differences in liabilities | 82 | 93.3 | |
Deferred Tax Assets Operating Loss And Capital Loss Carryforwards | 1,100.3 | 710.6 | |
Lease Incentive Receivable | 129.6 | 0 | |
Deferred Tax Liabilities, Leasing Arrangements | 129.7 | 0 | |
Other | 149.2 | 147.3 | |
Total deferred tax assets | 1,696.5 | 1,173.3 | |
Net Deferred Tax Asset before Valuation Allowance | 441.3 | 95.6 | |
Valuation Allowance | (1,065) | (626.7) | |
Net Deferred Tax Liability after Valuation Allowance | (623.7) | (531.1) | |
Accumulated Translation Adjustment [Member] | |||
Valuation Allowance [Line Items] | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (36) | $ (373) | |
income tax provision [Member] | |||
Valuation Allowance [Line Items] | |||
Income Tax Reconciliation Change In Undistributed Earnings | $ 0 |
INCOME TAXES - Classification o
INCOME TAXES - Classification of Deferred Taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Income Tax Expense (Benefit) | $ 160.8 | $ 416.3 | $ 300.9 |
Income Tax Reconciliation Change In Undistributed Earnings | 0 | $ 94.1 | |
Valuation allowance | 1,065 | 626.7 | |
Deferred Tax Liabilities, Net, Noncurrent | 731.2 | $ 705.3 | |
income tax provision [Member] | |||
Income Tax Reconciliation Change In Undistributed Earnings | $ 0 |
INCOME TAXES - Income Tax Expen
INCOME TAXES - Income Tax Expense (Benefit) Attributable to Continuing Operations (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Deferred Tax Assets, Capital Loss Carryforwards | $ 32.9 | ||
Income (Loss) from Continuing Operations before Income Taxes, Domestic | 214.5 | $ 444.1 | $ 715.2 |
Valuation allowance | 1,065 | 626.7 | |
Undistributed Earnings, Basic | 5,200 | ||
Income Taxes Paid, Net | 250.1 | 339.4 | 273.6 |
Current: | |||
Federal | (23.7) | 25.4 | 590.6 |
Foreign | 195.9 | 175 | 224.6 |
State | 6.5 | 24.8 | 25.4 |
Total current | 178.7 | 225.2 | 840.6 |
Deferred: | |||
Federal | 5.7 | 29.7 | (513) |
Foreign | (32.9) | 132.7 | (33) |
State | 9.3 | 28.7 | 6.3 |
Total deferred | (17.9) | 191.1 | (103) |
Income taxes | 160.8 | 416.3 | 300.9 |
Income Tax Refund | 72.5 | 43.7 | 28.5 |
Income (Loss) from Continuing Operations before Income Taxes, Foreign | 915.5 | 578 | 812.6 |
Earnings before income taxes and equity interest | 1,130 | 1,022.1 | 1,527.8 |
Continuing Operations [Member] | |||
Deferred: | |||
Total deferred | (17.9) | $ 191.1 | $ (539.7) |
The Black & Decker Corporation | |||
Undistributed Earnings, Basic | $ 159.3 |
INCOME TAXES - Reconciliation o
INCOME TAXES - Reconciliation of U.S. Federal Statutory Income Tax to Income Taxes on Continuing Operations (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Tax at statutory rate | $ 237.3 | $ 214.6 | $ 534.1 |
State income taxes, net of federal benefits | 22.1 | 24.7 | 13.3 |
Difference between foreign and federal income tax | (53.3) | (33.2) | (149) |
Tax accrual reserve | (53.1) | 4.5 | 64.4 |
NOL & Valuation Allowance related items | 10.5 | 5.1 | (5.4) |
Change in deferred tax liabilities on undistributed foreign earnings | 0 | (94.1) | |
Tax Provision Basis Difference for Businesses Held for Sale | 0 | 0 | 27.9 |
Income Tax Effects Allocated Directly to Equity, Employee Stock Options | (24.1) | (4.1) | 23.2 |
Effective Income Tax Rate Reconciliation, Disposition of Business, Amount | 6.7 | 0 | (47.3) |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | 0 | 199.6 | 23.6 |
Other-net | 14.7 | 5.1 | (43.4) |
Income taxes on continuing operations | (160.8) | $ (416.3) | $ (300.9) |
income tax provision [Member] | |||
Change in deferred tax liabilities on undistributed foreign earnings | $ 0 |
INCOME TAXES - Components of Ea
INCOME TAXES - Components of Earnings from Continuing Operations Before Income Taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Income Tax Disclosure [Abstract] | |||
Income Tax Refund | $ 72.5 | $ 43.7 | $ 28.5 |
Earnings before income taxes and equity interest | $ 1,130 | $ 1,022.1 | $ 1,527.8 |
INCOME TAXES - Summary of Activ
INCOME TAXES - Summary of Activity Related to Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Operating Loss Carryforwards [Line Items] | |||
Valuation allowance | $ 1,065 | $ 626.7 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 398.2 | 397 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns | |||
Balance at beginning of year | 406.3 | 387.8 | $ 309.8 |
Additions based on tax positions related to current year | 48.6 | 28.3 | 34.6 |
Additions based on tax positions related to prior years | 78.5 | 103 | 82.5 |
Reductions based on tax positions related to prior years | (91.1) | (91.5) | (4.2) |
Settlements | (0.3) | (2.5) | (0.3) |
Statute of limitations expirations | (35.7) | (18.8) | (34.6) |
Balance at end of year | 406.3 | 406.3 | 387.8 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 4.3 | 15.8 | 3.8 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 47.8 | $ 52.1 | $ 67.9 |
INCOME TAXES - Additional Infor
INCOME TAXES - Additional Information (Detail) - USD ($) $ in Millions | Dec. 28, 2019 | Dec. 29, 2018 |
Operating Loss Carryforwards [Line Items] | ||
Valuation allowance | $ 1,065 | $ 626.7 |
Operating Loss Carryforwards | $ 4,300 |
INCOME TAXES Effect of Tax Cuts
INCOME TAXES Effect of Tax Cuts and Jobs Act (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Income Tax Disclosure [Abstract] | ||||
Tax Cuts and Jobs Act, Change in Tax Rate, Income Tax Expense (Benefit) | $ 230.6 | |||
Tax Cuts and Jobs Act, Change in Tax Rate, Deferred Tax Asset, Income Tax Expense | 21.9 | |||
Tax Cuts and Jobs Act, Change in Tax Rate, Deferred Tax Liability, Income Tax Benefit | $ 252.5 | |||
Tax Cuts and Jobs Act, Transition Tax for Accumulated Foreign Earnings, Liability | $ 344.1 | $ 344.1 | 450.1 | |
Tax Cuts and Jobs Act, Transition Tax for Accumulated Foreign Earnings, Income Tax Expense | $ 2.9 | $ 447.2 | $ 188.3 | |
Undistributed Earnings of Foreign Subsidiaries | 4,800 | |||
Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability, Undistributed Earnings of Foreign Subsidiaries | $ 217.7 |
COMMITMENTS AND GUARANTEES - Ad
COMMITMENTS AND GUARANTEES - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Guarantor Obligations [Line Items] | |||
Sale Leaseback Transaction, Net Proceeds, Investing Activities | $ 93 | ||
Guarantee Obligations Maximum Potential Payment | 321.7 | ||
Carrying amount of guarantees recorded in the consolidated balance sheet | 6.3 | ||
Sale and Leaseback Transaction, Gain (Loss), Net | 69.5 | ||
Operating Leases, Rent Expense, Net | $ 177.6 | $ 150.4 | |
Lease Obligations | |||
Guarantor Obligations [Line Items] | |||
Estimated asset fair value | 123.6 | ||
Guarantees on the residual values of leased properties | |||
Guarantor Obligations [Line Items] | |||
Guarantee Obligations Maximum Potential Payment | 102.6 | ||
Carrying amount of guarantees recorded in the consolidated balance sheet | 0 | ||
Standby letters of credit | |||
Guarantor Obligations [Line Items] | |||
Guarantee Obligations Maximum Potential Payment | 154.4 | ||
Carrying amount of guarantees recorded in the consolidated balance sheet | 0 | ||
Commercial customer financing arrangements | |||
Guarantor Obligations [Line Items] | |||
Guarantee Obligations Maximum Potential Payment | 64.7 | ||
Carrying amount of guarantees recorded in the consolidated balance sheet | 6.3 | ||
Operating lease obligations | |||
Guarantor Obligations [Line Items] | |||
Commitments Year One | 24.9 | ||
Commitments Year Two | $ 6.5 |
COMMITMENTS AND GUARANTEES - Su
COMMITMENTS AND GUARANTEES - Summary of Future Commitements For Operating Lease Obligations (Detail) $ in Millions | 12 Months Ended |
Dec. 28, 2019USD ($) | |
Schedule of Operating Leases [Line Items] | |
Lessee, Operating Lease, Liability, Payments, Due | $ 607.4 |
Operating Lease, Cost | 151.6 |
Operating Lease, Payments | 154.4 |
Increase in lease liability | 186.9 |
Operating Lease, Liability | 536.9 |
Operating Lease, Right-of-Use Asset | 535.4 |
Short-term Lease, Cost | 26.6 |
Variable Lease, Cost | 8.5 |
Sublease Income | (2.8) |
Lease, Cost | 183.9 |
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year | 144.1 |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 110.7 |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 82.4 |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 59.4 |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 53.7 |
Operating Leases, Future Minimum Payments, Due Thereafter | 157.1 |
Operating lease obligations | |
Schedule of Operating Leases [Line Items] | |
Total | 34.5 |
Marketing and other commitments | |
Schedule of Operating Leases [Line Items] | |
2015 | 2.7 |
2016 | 0.4 |
2017 | 0 |
Thereafter | $ 0 |
COMMITMENTS AND GUARANTEES - Fi
COMMITMENTS AND GUARANTEES - Financial Guarantees (Detail) $ in Millions | 12 Months Ended |
Dec. 28, 2019USD ($) | |
Guarantor Obligations [Line Items] | |
Maximum Potential Payment | $ 321.7 |
Carrying Amount of Liability | 6.3 |
Guarantees on the residual values of leased properties | |
Guarantor Obligations [Line Items] | |
Maximum Potential Payment | 102.6 |
Carrying Amount of Liability | $ 0 |
Standby letters of credit | |
Guarantor Obligations [Line Items] | |
Term | P3Y |
Maximum Potential Payment | $ 154.4 |
Carrying Amount of Liability | $ 0 |
Commercial customer financing arrangements | |
Guarantor Obligations [Line Items] | |
Term | P6Y |
Maximum Potential Payment | $ 64.7 |
Carrying Amount of Liability | $ 6.3 |
Minimum | Guarantees on the residual values of leased properties | |
Guarantor Obligations [Line Items] | |
Term | P1Y |
Maximum [Member] | Guarantees on the residual values of leased properties | |
Guarantor Obligations [Line Items] | |
Term | P4Y |
COMMITMENTS AND GUARANTEES - Ch
COMMITMENTS AND GUARANTEES - Changes in Carrying Amount of Product and Service Warranties (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Summary of warranty liability activity | |||
Beginning balance | $ 102.1 | $ 108.5 | $ 103.4 |
Warranties and guarantees issued | 128.1 | 110.4 | 105.3 |
Warranty payments and currency | (130.1) | (116.8) | (100.2) |
Ending balance | $ 100.1 | $ 102.1 | $ 108.5 |
CONTINGENCIES - Additional Info
CONTINGENCIES - Additional Information (Detail) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Apr. 01, 2017USD ($) | Dec. 28, 2019USD ($)sites | Dec. 29, 2018USD ($) | Jun. 30, 2018USD ($) | |
Commitments and Contingencies Disclosure [Line Items] | ||||
Superfund Sites | sites | 28 | |||
Reserve for environmental remediation costs | $ 57.8 | $ 58.1 | ||
Reserve for environmental loss contingencies, EPA funded amount | $ 15.6 | |||
Environmental remediation. Period construction of treatment facility to be maintained | 30 years | |||
Undiscounted environmental liability expected to be paid 2013 | $ 1.4 | |||
Accrual for Environmental Loss Contingencies, Undiscounted, Second Year | 3 | |||
Undiscounted environmental liability expected to be paid in 2015 | 3 | |||
Undiscounted environmental liability expected to be paid in 2016 | 3 | |||
Undiscounted environmental liability expected to be paid in 2017 | 3.1 | |||
Undiscounted environmental liability expected to be paid thereafter | 33.6 | |||
Leased Sites | ||||
Commitments and Contingencies Disclosure [Line Items] | ||||
Discounted environmental liability | 40.8 | |||
Undiscounted environmental liability | 47.1 | |||
Property, Plant and Equipment, Other Types | ||||
Commitments and Contingencies Disclosure [Line Items] | ||||
Environmental Remediation Expense | $ 26.3 | |||
Reserve for environmental remediation costs | 213.8 | $ 246.6 | ||
Reserve for environmental remediation costs, current | 57.8 | |||
Reserve for environmental remediation costs, noncurrent | 156 | |||
Reserve for environmental loss contingencies, obligation after EPA funding | 198.2 | |||
Centredale Site [Member] | ||||
Commitments and Contingencies Disclosure [Line Items] | ||||
Reserve for environmental remediation costs | $ 77.7 | |||
Environmental Exit Costs, Anticipated Cost | $ 113.8 | |||
Minimum | ||||
Commitments and Contingencies Disclosure [Line Items] | ||||
Environmental liability discount rate | 1.60% | |||
Minimum | Property, Plant and Equipment, Other Types | ||||
Commitments and Contingencies Disclosure [Line Items] | ||||
Environmental Exit Costs, Anticipated Cost | $ 149.1 | |||
Maximum [Member] | ||||
Commitments and Contingencies Disclosure [Line Items] | ||||
Environmental liability discount rate | 2.30% | |||
Maximum [Member] | Property, Plant and Equipment, Other Types | ||||
Commitments and Contingencies Disclosure [Line Items] | ||||
Environmental Exit Costs, Anticipated Cost | $ 286.1 | |||
Cargo and Freight [Member] | ||||
Commitments and Contingencies Disclosure [Line Items] | ||||
Loss Contingency Accrual | $ 50.8 |
DISCONTINUED OPERATIONS - Addit
DISCONTINUED OPERATIONS - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Sep. 30, 2017 | Apr. 01, 2017 | Jun. 29, 2019 | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | Jul. 01, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Gain (Loss) on Disposition of Business | $ (13.7) | $ 17 | $ (0.8) | $ 264.1 | |||
Gain (Loss) on Disposal of business, Net of Tax - NOT Discontinued operations | (264.1) | ||||||
Income (Loss) from Individually Significant Component Disposed of or Held-for-sale, Excluding Discontinued Operations, before Income Tax | 7 | ||||||
small business in Tools & Storage segment [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Proceeds (payments) from sales of businesses, net of cash sold | $ 0.5 | ||||||
Proceeds (payments) from sales of businesses, net of cash sold | $ 25.6 | ||||||
Small Business in Security Segment [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Proceeds (payments) from sales of businesses, net of cash sold | $ 717.1 | ||||||
Sargent & Greenleaf [Domain] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Proceeds (payments) from sales of businesses, net of cash sold | $ 79 | ||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ 17 | ||||||
Income (Loss) from Individually Significant Component Disposed of or Held-for-sale, Excluding Discontinued Operations, before Income Tax | $ 4.6 | $ 11.7 | $ 13.4 |
DISCONTINUED OPERATIONS - Opera
DISCONTINUED OPERATIONS - Operating Results of Divested Businesses (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Income (Loss) from Individually Significant Component Disposed of or Held-for-sale, Excluding Discontinued Operations, before Income Tax | $ 7 | ||
Sargent & Greenleaf [Domain] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Income (Loss) from Individually Significant Component Disposed of or Held-for-sale, Excluding Discontinued Operations, before Income Tax | $ 4.6 | $ 11.7 | $ 13.4 |
SELECTED QUARTERLY FINANCIAL _2
SELECTED QUARTERLY FINANCIAL DATA SELECTED QUARTERLY FINANCIAL DATA- Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 28, 2019 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Dec. 28, 2019 | Dec. 29, 2018 | |
merger and acquisition related charges [Abstract] | ||||||||||
Tax Cuts and Jobs Act of 2017 | $ 78,000,000 | $ 78,000,000 | ||||||||
Net Additions | 154,100,000 | |||||||||
Business Combination, Acquisition Related Costs | $ 164,000,000 | $ 11,000,000 | $ 33,000,000 | $ 52,000,000 | $ 213,000,000 | $ 85,000,000 | $ 127,000,000 | $ 25,000,000 | $ 363,000,000 | $ 450,000,000 |
SELECTED QUARTERLY FINANCIAL _3
SELECTED QUARTERLY FINANCIAL DATA SELECTED QUARTERLY FINANCIAL DATA (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 28, 2019 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Quarterly Financial Data [Abstract] | |||||||||||
Net Sales | $ 3,714,200,000 | $ 3,633,100,000 | $ 3,761,300,000 | $ 3,333,600,000 | $ 3,634,700,000 | $ 3,494,800,000 | $ 3,643,600,000 | $ 3,209,300,000 | $ 14,442,200,000 | $ 13,982,400,000 | $ 12,966,600,000 |
Business Combination, Acquisition Related Costs | 164,000,000 | 11,000,000 | 33,000,000 | 52,000,000 | 213,000,000 | 85,000,000 | 127,000,000 | 25,000,000 | 363,000,000 | 450,000,000 | |
Business Combination, Acquisition Related Costs, Net of Tax | $ 131,000,000 | $ 91,000,000 | $ 44,000,000 | $ 43,000,000 | $ 424,000,000 | $ 66,000,000 | $ 98,000,000 | $ 43,000,000 | |||
Business Combination, Acquisition Related Costs, Diluted Earnings Per Share Impact | $ (0.86) | $ (0.60) | $ (0.29) | $ (0.29) | $ (2.83) | $ (0.43) | $ (0.64) | $ (0.28) | |||
Gross Profit | $ 1,160,600,000 | $ 1,239,500,000 | $ 1,299,800,000 | $ 1,105,600,000 | $ 1,159,900,000 | $ 1,238,400,000 | $ 1,287,100,000 | $ 1,165,700,000 | 4,805,500,000 | 4,851,100,000 | |
Selling, General and Administrative Expense, Total including Allowance for Doubtful Accounts | 723,700,000 | 756,100,000 | 782,300,000 | 778,900,000 | 781,400,000 | 798,900,000 | 805,800,000 | 785,600,000 | 3,041,000,000 | 3,171,700,000 | |
Net earnings | 199,100,000 | 231,100,000 | 357,400,000 | 170,400,000 | (106,000,000) | 248,300,000 | 293,400,000 | 170,100,000 | 958,000,000 | 605,800,000 | 1,226,900,000 |
Income (Loss) from Continuing Operations Attributable to Noncontrolling Interest | 0 | 600,000 | 1,100,000 | 500,000 | 800,000 | 500,000 | (200,000) | (500,000) | 2,200,000 | 600,000 | (400,000) |
Net Earnings Attributable to Common Shareowners | $ 199,100,000 | $ 230,500,000 | $ 356,300,000 | $ 169,900,000 | $ (106,800,000) | $ 247,800,000 | $ 293,600,000 | $ 170,600,000 | $ 955,800,000 | $ 605,200,000 | $ 1,227,300,000 |
Total basic earnings per share of common stock (USD per share) | $ 1.34 | $ 1.55 | $ 2.41 | $ 1.15 | $ (0.72) | $ 1.67 | $ 1.96 | $ 1.13 | $ 6.44 | $ 4.06 | $ 8.20 |
Total diluted earnings per share of common stock (USD per share) | $ 1.32 | $ 1.53 | $ 2.37 | $ 1.13 | $ (0.72) | $ 1.65 | $ 1.93 | $ 1.11 | $ 6.35 | $ 3.99 | $ 8.05 |
Gain (Loss) on Disposition of Business | $ 181,000,000 | ||||||||||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ 0 | $ 199,600,000 | $ 23,600,000 |