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Supplemental Financial Information
 6 Months Ended
Jun. 28, 2025
Supplemental Financial Information  
Supplemental Financial Information Supplemental Financial Information
Inventories
The table below summarizes amounts in inventories.
(In millions)June 28, 2025December 28, 2024
Raw materials$426.3 $435.0 
Work-in-progress246.6 224.9 
Finished goods354.0 318.2 
Inventories$1,026.9 $978.1 
Property, Plant and Equipment, Net
The table below summarizes the amounts in property, plant and equipment, net.
(In millions)June 28, 2025December 28, 2024
Property, plant and equipment$4,191.7 $3,993.5 
Accumulated depreciation(2,587.5)(2,406.8)
Property, plant and equipment, net$1,604.2 $1,586.7 
Allowance for Credit Losses
The activity related to our allowance for credit losses is shown below.
Six Months Ended
(In millions)June 28, 2025June 29, 2024
Beginning balance$29.0 $34.4 
Provision for credit losses
2.1 5.8 
Amounts written off(2.6)(2.7)
Other, including foreign currency translation1.7 (.8)
Ending balance$30.2 $36.7 
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 were included in accounts payable in our unaudited Condensed Consolidated Balance Sheets and activities related to these programs were presented as operating activities in our unaudited Condensed Consolidated Statements of Cash Flows. As of June 28, 2025 and December 28, 2024, the amounts due to financial institutions for suppliers that participate in these programs were $404.2 million and $384.6 million, respectively.
Argentine Blue Chip Swap
During 2019, the Argentine government instituted exchange controls restricting the ability of entities and individuals to exchange Argentine pesos for foreign currencies or remit foreign currency out of Argentina. Due to these currency exchange restrictions, markets in Argentina use a legal trading mechanism known as the Blue Chip Swap that allows entities to transfer U.S. dollars in and out of Argentina. During the three and six months ended June 29, 2024, we entered into Blue Chip Swap transactions that resulted in losses of approximately $4 million and $10 million, respectively, that we recorded in “Other expense (income), net” in the unaudited Condensed Consolidated Statements of Income. Purchases and the proceeds from sales of Argentine Blue Chip Swap securities were included in investing activities in our unaudited Condensed Consolidated Statements of Cash Flows.