LONG-TERM DEBT AND FINANCING ARRANGEMENTS (Tables)

6 Months Ended

Jul. 02, 2022

Debt Disclosure [Abstract]

Long-Term Debt and Financing Arrangements

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

		July 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	$	(0.6)	$	—	$	—	$	(2.2)	$	497.2	$	—
Notes payable due 2026	3.40%	500.0		(0.4)		—		—		(1.6)		498.0		497.8
Notes payable due 2026	3.42%	25.0		—		—		1.5		(0.1)		26.4		24.9
Notes payable due 2026	1.84%	28.5		—		—		(0.5)		(0.1)		27.9		28.4
Notes payable due 2028	7.05%	150.0		—		6.5		6.4		—		162.9		163.9
Notes payable due 2028	4.25%	500.0		(0.2)		—		—		(2.8)		497.0		496.8
Notes payable due 2028	3.52%	50.0		—		—		4.0		(0.2)		53.8		49.9
Notes payable due 2030	2.30%	750.0		(1.9)		—		—		(4.0)		744.1		743.7
Notes payable due 2032	3.00%	500.0		(0.9)		—		—		(3.4)		495.7		—
Notes payable due 2040	5.20%	400.0		(0.2)		(26.8)		—		(2.5)		370.5		369.7
Notes payable due 2048	4.85%	500.0		(0.5)		—		—		(4.8)		494.7		494.6
Notes payable due 2050	2.75%	750.0		(1.9)		—		—		(7.9)		740.2		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		—		—		—		(0.7)		3.6		4.3
Total Long-term debt, including current maturities		$	5,407.8	$	(6.6)	$	(20.3)	$	11.4	$	(39.3)	$	5,353.0	$	4,354.9
Less: Current maturities of long-term debt												(1.2)		(1.3)
Long-term debt												$	5,351.8	$	4,353.6

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