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TAXES BASED ON INCOME (Tables)
 12 Months Ended
Dec. 28, 2024
Income Tax Disclosure [Abstract]  
Schedule of Taxes Based on Income
Taxes based on income were as follows:
(In millions)2024
2023
2022
Current:
U.S. federal tax$36.0 $42.5 $29.4 
State taxes10.6 9.0 8.8 
Foreign taxes
214.9 160.8 177.7 
261.5 212.3 215.9 
Deferred:
U.S. federal tax(8.7)(29.0)5.8 
State taxes(3.3)(3.5).9 
Foreign taxes
(.9)11.9 19.6 
(12.9)(20.6)26.3 
Provision for income taxes$248.6 $191.7 $242.2 
Schedule of the Principal Items Accounting for the Difference Between Taxes Computed at the U.S. Federal Statutory Rate
The principal items accounting for the difference between taxes computed at the U.S. federal statutory rate and taxes recorded were as follows:
(In millions)202420232022
Tax provision computed at U.S. federal statutory rate(1)
$200.2 $145.9 $209.9 
Increase (decrease) in taxes resulting from:
State taxes, net of federal tax benefit2.7 2.6 11.8 
Foreign earnings taxed at different rates(1)
49.5 50.4 51.7 
GILTI high-tax exclusion election, net(2)
(6.2)(10.0)(11.9)
Valuation allowance15.9 2.6 (5.0)
U.S. federal research and development tax credits(7.7)(8.3)(6.5)
Tax contingencies and audit settlements1.9 11.9 (4.3)
Other items, net(7.7)(3.4)(3.5)
Provision for income taxes$248.6 $191.7 $242.2 
(1) All years included certain U.S. international tax provisions and foreign earnings taxed in the U.S., net of credits.
(2) In 2024, we recognized $6.2 million from our current year GILTI exclusion election. In 2023, we recognized $4.4 million from our 2023 GILTI exclusion election and $5.6 million related to the election made on our 2022 U.S. federal tax return. In 2022, we recognized $11.9 million of benefit related to a GILTI exclusion election made on our 2021 U.S. federal tax return.
Schedule of Income Before Taxes from the U.S. and International Operations
Income before taxes from our U.S. and foreign operations was as follows:
(In millions)202420232022
U.S.$211.4 $187.2 $232.4 
Foreign
742.1 507.5 766.9 
Income before taxes$953.5 $694.7 $999.3 
Schedule of Components of the Temporary Differences The primary components of the temporary differences that gave rise to our deferred tax assets and liabilities were as follows:
(In millions)20242023
Accrued expenses not currently deductible$29.8 $44.5 
Net operating loss carryforwards137.9 138.9 
Tax credit carryforwards14.8 9.0 
Capitalized research expenses81.7 59.9 
Stock-based compensation8.8 10.9 
Pension and other postretirement benefits31.1 34.2 
Inventory reserve19.2 16.4 
Lease liabilities44.7 43.3 
Other assets31.6 27.9 
Valuation allowance(72.7)(62.0)
Total deferred tax assets(1)
326.9 323.0 
Depreciation and amortization(306.0)(317.2)
Repatriation accrual(24.2)(24.5)
Foreign operating loss recapture(3.1)(3.4)
Lease assets(44.3)(43.4)
Total deferred tax liabilities(1)
(377.6)(388.5)
Total net deferred tax assets (liabilities)$(50.7)$(65.5)
(1) Reflect gross amounts before jurisdictional netting of deferred tax assets and liabilities.
Schedule of Tax Credit and Net Operating Loss Carryforwards If unused, foreign net operating losses and tax credit carryforwards will expire as follows:
(In millions)
Net Operating Losses(1)
Tax Credits
Year of Expiry
2025$2.6 $.2 
20262.3 .2 
20273.1 .4 
20286.6 .8 
202928.5 .4 
2030-204423.6 11.7 
Indefinite life/no expiry399.4 1.1 
Total$466.1 $14.8 
(1) Net operating losses are presented before tax effects and valuation allowance.
Schedule of Unrecognized Tax Benefits Roll Forward
A reconciliation of the beginning and ending amounts of unrecognized tax benefits is set forth below.
(In millions)20242023
Balance at beginning of year$88.0 $69.5 
Additions for tax positions of current year11.4 15.4 
Additions (reductions) for tax positions of prior years, net(7.2)8.0 
Settlements with tax authorities(4.6)(1.8)
Expirations of statutes of limitations(3.7)(3.9)
Changes due to translation of foreign currencies(2.8).8 
Balance at end of year$81.1 $88.0