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Supplemental Equity and Comprehensive Income Information (Tables) | 3 Months Ended
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Apr. 01, 2023
Stockholders' Equity Note [Abstract] |
Schedule of consolidated statements of shareholders' equity | Consolidated Changes in Shareholders’ Equity
|  |  | Three Months Ended
(In millions) |  |  |  |  | April 1, 2023 |  | April 2, 2022
Common stock issued, $1 par value per share |  |  |  |  | $ | 124.1 |  |  | $ | 124.1 |
Capital in excess of par value |  |  |  |  |  |  |
Beginning balance |  |  |  |  | $ | 879.3 |  |  | $ | 862.3 |
Issuance of shares under stock-based compensation plans(1) |  |  |  |  | (28.5) |  |  | (17.7) |
Ending balance |  |  |  |  | $ | 850.8 |  |  | $ | 844.6 |
Retained earnings |  |  |  |  |  |  |
Beginning balance |  |  |  |  | $ | 4,414.6 |  |  | $ | 3,880.7 |
Net income |  |  |  |  | 121.2 |  |  | 198.2 |
Issuance of shares under stock-based compensation plans(1) |  |  |  |  | 4.8 |  |  | (5.8) |
Contribution of shares to 401(k) plan(1) |  |  |  |  | 6.6 |  |  | 6.3 |
Dividends |  |  |  |  | (60.8) |  |  | (56.2) |
Ending balance |  |  |  |  | $ | 4,486.4 |  |  | $ | 4,023.2 |
Treasury stock at cost |  |  |  |  |  |  |
Beginning balance |  |  |  |  | $ | (3,021.8) |  |  | $ | (2,659.8) |
Repurchase of shares for treasury |  |  |  |  | (50.7) |  |  | (151.5) |
Issuance of shares under stock-based compensation plans(1) |  |  |  |  | 12.6 |  |  | 9.7 |
Contribution of shares to 401(k) plan(1) |  |  |  |  | 2.5 |  |  | 2.2 |
Ending balance |  |  |  |  | $ | (3,057.4) |  |  | $ | (2,799.4) |
Accumulated other comprehensive loss |  |  |  |  |  |  |
Beginning balance |  |  |  |  | $ | (364.0) |  |  | $ | (282.9) |
Other comprehensive income (loss), net of tax |  |  |  |  | 3.0 |  |  | 22.9 |
Ending balance |  |  |  |  | $ | (361.0) |  |  | $ | (260.0) |
(1)We fund a portion of our employee-related costs using shares of our common stock held in treasury. We reduce capital in excess of par value based on the grant date fair value of vesting awards and record net gains or losses associated with using treasury shares to retained earnings.
Schedule of dividends per common share | Dividends per common share were as follows:
|  |  | Three Months Ended
|  |  |  |  | April 1, 2023 |  | April 2, 2022
Dividends per common share |  |  |  |  | $ | .75 |  |  | $ | .68 |
In April 2022, our Board authorized the repurchase of shares of our common stock with a fair market value of up to $750 million, excluding any fees, commissions or other expenses related to such purchases and in addition to the amount outstanding under our previous Board authorization. Board authorizations remain in effect until shares in the amount authorized thereunder have been repurchased. As of April 1, 2023, shares of our common stock in the aggregate amount of $679.7 million remained authorized for repurchase under our outstanding Board authorization.
Schedule of changes in "Accumulated other comprehensive loss" (net of tax) | The changes in “Accumulated other comprehensive loss” (net of tax) for the three-month period ended April 1, 2023 were as follows:
(In millions) | Foreign Currency Translation |  | Pension and Other Postretirement Benefits |  | Cash Flow Hedges |  | Total
Balance as of December 31, 2022 | $ | (314.0) |  |  | $ | (51.3) |  |  | $ | 1.3 |  |  | $ | (364.0) |
Other comprehensive income (loss) before reclassifications, net of tax | .4 |  |  | — |  |  | 1.8 |  |  | 2.2 |
Reclassifications to net income, net of tax | — |  |  | (.2) |  |  | 1.0 |  |  | .8 |
Other comprehensive income (loss), net of tax | .4 |  |  | (.2) |  |  | 2.8 |  |  | 3.0 |
Balance as of April 1, 2023 | $ | (313.6) |  |  | $ | (51.5) |  |  | $ | 4.1 |  |  | $ | (361.0) |
The changes in “Accumulated other comprehensive loss” (net of tax) for the three-month period ended April 2, 2022 were as follows:
(In millions) | Foreign Currency Translation |  | Pension and Other Postretirement Benefits |  | Cash Flow Hedges |  | Total
Balance as of January 1, 2022 | $ | (217.4) |  |  | $ | (60.4) |  |  | $ | (5.1) |  |  | $ | (282.9) |
Other comprehensive income (loss) before reclassifications, net of tax | 20.3 |  |  | — |  |  | 2.6 |  |  | 22.9 |
Reclassifications to net income, net of tax | — |  |  | .8 |  |  | (.8) |  |  | — |
Other comprehensive income (loss), net of tax | 20.3 |  |  | .8 |  |  | 1.8 |  |  | 22.9 |
Balance as of April 2, 2022 | $ | (197.1) |  |  | $ | (59.6) |  |  | $ | (3.3) |  |  | $ | (260.0) |

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