XML 80 R46.htm IDEA: XBRL DOCUMENT v3.24.0.1
EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 30, 2023
Retirement Benefits [Abstract]  
Expense for Defined Contribution Plans
The expense (benefit) for defined contribution plans, aside from the earlier discussed ESOP plans, are as follows:
(Millions of Dollars)202320222021
Multi-employer plan expense$3.5 $6.0 $7.1 
Other defined contribution plan expense (benefit) $43.3 $(2.4)$28.6 
Net Periodic Pension Expense
The components of net periodic pension expense (benefit) are as follows:
 U.S. PlansNon-U.S. Plans
(Millions of Dollars)202320222021202320222021
Service cost$8.1 $6.2 $6.5 $11.2 $15.1 $17.6 
Interest cost54.7 33.6 23.0 43.4 22.9 16.7 
Expected return on plan assets(62.1)(60.9)(54.9)(41.5)(37.7)(39.9)
Amortization of prior service cost (credit)0.8 0.9 1.1 (0.7)(0.7)(0.8)
Actuarial loss amortization8.9 5.9 9.2 3.4 7.9 12.2 
Special termination benefit— — — 0.3 — — 
Settlement / curtailment loss0.3 0.2 0.4 0.7 0.2 0.7 
Net periodic pension expense (benefit)$10.7 $(14.1)$(14.7)$16.8 $7.7 $6.5 
Net periodic post-retirement benefit expense was comprised of the following:
 Other Benefit Plans
(Millions of Dollars)202320222021
Service cost$0.3 $0.3 $0.4 
Interest cost2.0 1.5 0.9 
Amortization of prior service credit0.1 — (0.7)
Actuarial (gain) loss amortization(1.4)(0.7)— 
Settlement / curtailment gain— (0.4)— 
Special termination benefit— 6.9 — 
Net periodic post-retirement expense$1.0 $7.6 $0.6 
Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income
Changes in plan assets and benefit obligations recognized in Accumulated other comprehensive loss in 2023 are as follows:
(Millions of Dollars)2023
Current year actuarial loss$28.8 
Amortization of actuarial loss(11.1)
Prior service cost from plan amendments— 
Settlement / curtailment loss(1.0)
Currency / other8.0 
Total gain recognized in Accumulated other comprehensive loss (pre-tax)$24.7 
Changes in Pension and Other Post-retirement Benefit Obligations, Fair Value of Plan Assets
The changes in the pension and other post-retirement benefit obligations, fair value of plan assets, as well as amounts recognized in the Consolidated Balance Sheets, are shown below.
U.S. PlansNon-U.S. PlansOther Benefits
(Millions of Dollars)202320222023202220232022
Change in benefit obligation
Benefit obligation at end of prior year$1,083.5 $1,458.2 $931.0 $1,490.4 $42.8 $50.3 
Service cost8.1 6.2 11.2 15.1 0.3 0.3 
Interest cost54.7 33.6 43.4 22.9 2.0 1.5 
Special termination benefit— — 0.3 — — 6.9 
Settlements/curtailments(5.6)(10.7)(7.6)(4.4)— (0.4)
Actuarial loss (gain)40.2 (314.7)26.6 (409.5)(2.3)(9.5)
Plan amendments— 0.7 — 0.1 — 0.4 
Foreign currency exchange rate changes— — 46.5 (133.1)0.3 (0.2)
Participant contributions— — 0.2 0.2 — — 
Acquisitions, divestitures, and other(7.7)(4.5)(2.7)2.2 — — 
Benefits paid(82.9)(85.3)(49.8)(52.9)(7.9)(6.5)
Benefit obligation at end of year$1,090.3 $1,083.5 $999.1 $931.0 $35.2 $42.8 
Change in plan assets
Fair value of plan assets at end of prior year$967.3 $1,340.1 $783.4 $1,226.6 $— $— 
Actual return on plan assets93.4 (279.0)50.1 (281.3)— — 
Participant contributions— — 0.2 0.2 — — 
Employer contributions14.7 7.0 19.6 18.4 7.9 6.5 
Settlements(5.6)(11.0)(11.3)(4.4)— — 
Foreign currency exchange rate changes— — 41.5 (121.0)— — 
Acquisitions, divestitures, and other(7.7)(4.5)(2.7)(2.2)— — 
Benefits paid(82.9)(85.3)(49.8)(52.9)(7.9)(6.5)
Fair value of plan assets at end of plan year$979.2 $967.3 $831.0 $783.4 $— $— 
Funded status — assets less than benefit obligation$(111.1)$(116.2)$(168.1)$(147.6)$(35.2)$(42.8)
Unrecognized prior service cost (credit)2.1 2.9 (13.9)(13.8)0.4 0.4 
Unrecognized net actuarial loss (gain)233.0 233.2 170.2 143.1 (19.6)(18.3)
Net amount recognized$124.0 $119.9 $(11.8)$(18.3)$(54.4)$(60.7)
 U.S. PlansNon-U.S. PlansOther Benefits
(Millions of Dollars)202320222023202220232022
Amounts recognized in the Consolidated Balance Sheets
Prepaid benefit cost (non-current)$— $4.1 $88.7 $67.7 $— $— 
Current benefit liability(5.6)(6.1)(10.9)(9.5)(7.6)(8.9)
Non-current benefit liability(105.5)(114.2)(245.9)(205.8)(27.6)(33.9)
Net liability recognized$(111.1)$(116.2)$(168.1)$(147.6)$(35.2)$(42.8)
Accumulated other comprehensive loss (pre-tax):
Prior service cost (credit)$2.1 $2.9 $(13.9)$(13.8)$0.4 $0.4 
Actuarial loss (gain)233.0 233.2 170.2 143.1 (19.6)(18.3)
235.1 236.1 156.3 129.3 (19.2)(17.9)
Net amount recognized$124.0 $119.9 $(11.8)$(18.3)$(54.4)$(60.7)
The following table provides information regarding pension plans in which projected benefit obligations (inclusive of anticipated future compensation increases) exceed plan assets as of December 30, 2023 and December 31, 2022:
 U.S. PlansNon-U.S. Plans
(Millions of Dollars)2023202220232022
Projected benefit obligation$1,090.3 $982.3 $304.5 $266.7 
Fair value of plan assets$979.1 $862.0 $47.8 $51.3 
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets The following table provides information regarding pension plans in which accumulated benefit obligations exceed plan assets as of December 30, 2023 and December 31, 2022:
U.S. PlansNon-U.S. Plans
(Millions of Dollars)2023202220232022
Accumulated benefit obligation$1,090.3 $982.3 $249.9 $208.7 
Fair value of plan assets$979.1 $862.0 $31.5 $25.7 
Assumptions used in Valuing Pension and Post-Retirement Plan Obligations and Net Costs
The major assumptions used in valuing pension and post-retirement plan obligations and net costs were as follows:
 Pension Benefits
 U.S. PlansNon-U.S. PlansOther Benefits
 202320222021202320222021202320222021
Weighted-average assumptions used to determine benefit obligations at year end:
Discount rate5.04 %5.36 %2.80 %4.43 %4.70 %1.78 %5.45 %5.47 %2.84 %
Rate of compensation increase— — 3.00 %3.52 %3.64 %3.56 %— — — 
Weighted-average assumptions used to determine net periodic benefit cost:
Discount rate - service cost5.58 %3.14 %2.95 %5.23 %2.67 %1.41 %6.64 %4.41 %4.42 %
Discount rate - interest cost5.23 %2.28 %1.68 %4.67 %1.69 %1.06 %5.37 %2.25 %1.60 %
Rate of compensation increase— 3.00 %3.00 %3.64 %3.57 %3.27 %— — — 
Expected return on plan assets6.70 %4.69 %4.75 %5.29 %3.41 %3.25 %— — — 
Asset Allocations by Asset Category and Level of Valuation Inputs within Fair Value Hierarchy The Company’s worldwide asset allocations at December 30, 2023 and December 31, 2022 by asset category and the level of the valuation inputs within the fair value hierarchy established by ASC 820, Fair Value Measurement, were as follows:
Asset Category (Millions of Dollars)
2023Level 1Level 2
Cash and cash equivalents$40.9 $25.8 $15.1 
Equity securities
U.S. equity securities191.5 63.5 128.0 
Foreign equity securities119.7 34.7 85.0 
Fixed income securities
Government securities646.0 239.8 406.2 
Corporate securities736.5 — 736.5 
Insurance contracts39.6 — 39.6 
Other36.0 — 36.0 
Total$1,810.2 $363.8 $1,446.4 
 
Asset Category (Millions of Dollars)
2022Level 1Level 2
Cash and cash equivalents$42.3 $28.2 $14.1 
Equity securities
U.S. equity securities181.9 66.2 115.7 
Foreign equity securities123.3 33.0 90.3 
Fixed income securities
Government securities619.3 236.7 382.6 
Corporate securities702.5 — 702.5 
Insurance contracts36.7 — 36.7 
Other44.7 — 44.7 
Total$1,750.7 $364.1 $1,386.6 
Expected Future Benefit Payments Benefit payments, inclusive of amounts attributable to estimated future employee service, are expected to be paid over the next 10 years as follows:
(Millions of Dollars)TotalYear 1Year 2Year 3Year 4Year 5Years 6-10
Future payments$1,489.8 $160.1 $149.8 $149.5 $148.6 $148.4 $733.4