SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Jan. 02, 2016

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Summary of Previously Stated and Corrected Balances of Consolidated Balance Sheet, Consolidated Statements of Income, Consolidated Statement of Comprehensive Income and Consolidated Statements of Cash Flows

        The effects of the revision and adoption of accounting standard on our Consolidated Balance Sheets were as follows:

(In millions)	As Previously Reported January 3, 2015			Debt Issuance Cost Reclassification			Adjustment			As Revised January 3, 2015
Cash and cash equivalents	$	227.0		$	–		$	(19.8	)	$	207.2
Other current assets		136.1			–			19.8			155.9
Non-current deferred income taxes		311.0			–			1.9			312.9
Other assets		463.6			(5.2	)		–			458.4
Total assets		4,360.2			(5.2	)		1.9			4,356.9
Current deferred and payable income taxes		64.9			–			(4.8	)		60.1
Total current liabilities		1,597.8			–			(4.8	)		1,593.0
Long-term debt and capital leases		945.3			(5.2	)		–			940.1
Long-term retirement benefits and other liabilities		622.8			–			25.5			648.3
Retained earnings		2,137.1			–			(20.6	)		2,116.5
Accumulated other comprehensive loss		(547.3	)		–			1.8			(545.5	)
Total shareholders' equity		1,066.5			–			(18.8	)		1,047.7
Total liabilities and shareholders' equity		4,360.2			(5.2	)		1.9			4,356.9

        The effects of the revision on our Consolidated Statements of Income were as follows:

	2014									2013
(In millions)	As Previously Reported			Adjustment			As Revised			As Previously Reported			Adjustment			As Revised
Marketing, general and administrative expense	$	1,155.3		$	3.6		$	1,158.9		$	1,179.0		$	(4.8	)	$	1,174.2
Interest expense		63.3			–			63.3			59.0			1.9			60.9
Income from continuing operations before taxes		364.4			(3.6	)		360.8			363.1			2.9			366.0
Provision for income taxes		113.3			.2			113.5			118.8			5.5			124.3
Income from continuing operations		251.1			(3.8	)		247.3			244.3			(2.6	)		241.7
Loss from discontinued operations, net of tax		(2.2	)		–			(2.2	)		(28.5	)		–			(28.5	)
Net income		248.9			(3.8	)		245.1			215.8			(2.6	)		213.2
Per share amounts:
Net income (loss) per common share:
Continuing operations	$	2.68		$	(.04	)	$	2.64		$	2.48		$	(.02	)	$	2.46
Discontinued operations		(.03	)		–			(.03	)		(.29	)		–			(.29	)
Net income per common share	$	2.65		$	(.04	)	$	2.61		$	2.19		$	(.02	)	$	2.17
Net income (loss) per common share, assuming dilution:
Continuing operations	$	2.62		$	(.04	)	$	2.58		$	2.44		$	(.03	)	$	2.41
Discontinued operations		(.02	)		–			(.02	)		(.28	)		–			(.28	)
Net income per common share, assuming dilution	$	2.60		$	(.04	)	$	2.56		$	2.16		$	(.03	)	$	2.13

        The effects of the revision on our Consolidated Statements of Comprehensive Income were as follows:

	2014									2013
(In millions)	As Previously Reported			Adjustment			As Revised			As Previously Reported			Adjustment			As Revised
Net income	$	248.9		$	(3.8	)	$	245.1		$	215.8		$	(2.6	)	$	213.2
Translation loss		(154.7	)		4.9			(149.8	)		(53.3	)		3.1			(50.2	)
Pension and other postretirement benefits:
Net (loss) gain recognized from actuarial gain/loss and prior service cost/credit		(129.4	)		4.2			(125.2	)		29.4			18.7			48.1
Reclassifications to net income		16.9			–			16.9			9.0			1.0			10.0
Other comprehensive (loss) income, net of tax		(266.2	)		9.1			(257.1	)		(3.1	)		22.8			19.7
Total comprehensive (loss) income, net of tax		(17.3	)		5.3			(12.0	)		212.7			20.2			232.9

        The effects of the revision on our Consolidated Statements of Cash Flows were as follows:

	2014									2013
(In millions)	As Previously Reported			Adjustment			As Revised			As Previously Reported		Adjustment			As Revised
Net cash provided by operating activities	$	374.2		$	(19.3	)	$	354.9		$	320.1	$	(.5	)	$	319.6
(Decrease) increase in cash and cash equivalents		(124.6	)		(19.3	)		(143.9	)		116.2		(.5	)		115.7