Supplemental Financial Information

6 Months Ended

Jul. 01, 2023

Inventories

The table below summarizes amounts in inventories.


(In millions)	July 1, 2023		December 31, 2022
Raw materials	$	444.4	$	457.6
Work-in-progress	235.1		255.1
Finished goods	311.0		297.2
Inventories	$	990.5	$	1,009.9

Property, Plant and Equipment, Net

The table below summarizes the amounts in property, plant and equipment, net.


(In millions)	July 1, 2023		December 31, 2022
Property, plant and equipment	$	3,829.7	$	3,747.7
Accumulated depreciation	(2,262.7)		(2,207.5)
Property, plant and equipment, net	$	1,567.0	$	1,540.2

Allowance for Credit Losses

The activity related to our allowance for credit losses is shown below.


	Six Months Ended
(In millions)	July 1, 2023		July 2, 2022
Beginning balance	$	34.4	$	33.0
Provision for credit losses	—		5.7
Amounts written off	(3.0)		(1.9)
Other, including foreign currency translation	.9		(1.2)
Ending balance	$	32.3	$	35.6

Supplier Finance Programs

We have agreements with third-party financial institutions to facilitate payments to suppliers. These third-party financial institutions offer voluntary supply chain finance programs that enable certain of our suppliers, at the supplier’s sole discretion, to sell our payment obligations to a financial institution on terms directly negotiated with the financial institution. Participating suppliers decide which payment obligations are sold to the financial institution and we have no economic interest in a supplier’s decision to sell these payment obligations. We make payments to the financial institution on the invoice due date, regardless of whether an individual invoice is sold by the supplier to the financial institution. Our obligations to our suppliers, including amounts due and scheduled payment dates, are not impacted by suppliers' decisions to sell amounts under these arrangements. Amounts due under our supply chain finance programs are included in accounts payable on our unaudited Condensed Consolidated Balance Sheets and activities related to these programs are

presented as operating activities in our unaudited Condensed Consolidated Statements of Cash Flows. As of July 1, 2023 and December 31, 2022, the amounts due to financial institutions for suppliers that participate in these programs were $354.9 million and $430.1 million, respectively.