LONG-TERM DEBT AND FINANCING ARRANGEMENTS (Tables)

3 Months Ended

Apr. 02, 2022

Debt Disclosure [Abstract]

Long-Term Debt and Financing Arrangements

Long-term debt and financing arrangements at April 2, 2022 and January 1, 2022 are as follows:

		April 2, 2022												January 1, 2022
(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 2025	2.30%	$	500.0	$	(0.7)	$	—	$	—	$	(1.2)	$	498.1	$	—
Notes payable due 2026	3.40%	500.0		(0.4)		—		—		(1.7)		497.9		497.8
Notes payable due 2026	3.42%	25.0		—		—		1.6		—		26.6		24.9
Notes payable due 2026	1.84%	28.5		—		—		0.8		(0.1)		29.2		28.4
Notes payable due 2028	7.05%	150.0		—		6.8		6.6		—		163.4		163.9
Notes payable due 2028	4.25%	500.0		(0.3)		—		—		(2.9)		496.8		496.8
Notes payable due 2028	3.52%	50.0						4.3		(0.2)		54.1		49.9
Notes payable due 2030	2.30%	750.0		(2.0)		—		—		(4.1)		743.9		743.7
Notes payable due 2032	3.00%	500.0		(0.9)		—		—		(2.3)		496.8		—
Notes payable due 2040	5.20%	400.0		(0.2)		(27.2)		—		(2.5)		370.1		369.7
Notes payable due 2048	4.85%	500.0		(0.5)		—		—		(4.9)		494.6		494.6
Notes payable due 2050	2.75%	750.0		(1.9)		—		—		(8.0)		740.1		740.0
Notes payable due 2060 (junior subordinated)	4.00%	750.0		—		—		—		(9.0)		741.0		740.9
Other, payable in varying amounts 2022 through 2027	3.47%-4.31%	4.3		—		—		—		(0.2)		4.1		4.3
Total Long-term debt, including current maturities		$	5,407.8	$	(6.9)	$	(20.4)	$	13.3	$	(37.1)	$	5,356.7	$	4,354.9
Less: Current maturities of long-term debt												(1.2)		(1.3)
Long-term debt												$	5,355.5	$	4,353.6

1Unamortized gain/(loss) associated with interest rate swaps are more fully discussed in Note I, Financial Instruments.