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SUPPLEMENTAL EQUITY AND COMPREHENSIVE INCOME INFORMATION | 12 Months Ended
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Dec. 30, 2023
Stockholders' Equity Note [Abstract] |
SUPPLEMENTAL EQUITY AND COMPREHENSIVE INCOME INFORMATION | SUPPLEMENTAL EQUITY AND COMPREHENSIVE INCOME INFORMATION Common Stock and Share Repurchase Program Our Amended and Restated Certificate of Incorporation authorizes five million shares of $1 par value preferred stock (of which no shares are outstanding), with respect to which our Board may fix the series and terms of issuance, and 400 million shares of $1 par value voting common stock. From time to time, our Board authorizes the repurchase of shares of our outstanding common stock. Repurchased shares may be reissued under our long-term incentive plan or used for other corporate purposes. In 2023, we repurchased approximately 0.8 million shares of our common stock at an aggregate cost of $137.5 million. In 2022, we repurchased approximately 2.2 million shares of our common stock at an aggregate cost of $379.5 million. 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 any amount outstanding under our previous Board authorization. Shares of our common stock in the aggregate amount of $592.8 million as of December 30, 2023 remained authorized for repurchase under this Board authorization. Board authorizations remain in effect until shares in the amount authorized thereunder have been repurchased. Treasury Shares Reissuance 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. Accumulated Other Comprehensive Loss The changes in “Accumulated other comprehensive loss” (net of tax) for 2023 and 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 |  | (96.6) |  |  | 6.3 |  |  | 4.9 |  |  | (85.4) |
Reclassifications to net income, net of tax |  | — |  |  | 2.8 |  |  | 1.5 |  |  | 4.3 |
Net current-period other comprehensive income (loss), net of tax |  | (96.6) |  |  | 9.1 |  |  | 6.4 |  |  | (81.1) |
Balance as of December 31, 2022 |  | $ | (314.0) |  |  | $ | (51.3) |  |  | $ | 1.3 |  |  | $ | (364.0) |
Other comprehensive income (loss) before reclassifications, net of tax |  | (14.6) |  |  | (25.2) |  |  | (7.0) |  |  | (46.8) |
Reclassifications to net income, net of tax |  | — |  |  | (1.0) |  |  | 3.7 |  |  | 2.7 |
Net current-period other comprehensive income (loss), net of tax |  | (14.6) |  |  | (26.2) |  |  | (3.3) |  |  | (44.1) |
Balance as of December 30, 2023 |  | $ | (328.6) |  |  | $ | (77.5) |  |  | $ | (2.0) |  |  | $ | (408.1) |
The following table sets forth the income tax (benefit) expense allocated to each component of other comprehensive income (loss):
(In millions) |  | 2023 |  | 2022 |  | 2021
Foreign currency translation: |  |  |  |  |  |
Translation gain (loss) |  | $ | 1.2 |  |  | $ | (7.0) |  |  | $ | (23.2) |
Pension and other postretirement benefits: |  |  |  |  |  |
Net gain (loss) recognized from actuarial gain/loss and prior service cost/credit |  | (8.2) |  |  | .5 |  |  | 8.5 |
Reclassifications to net income |  | (.3) |  |  | 1.1 |  |  | 1.6 |
Cash flow hedges: |  |  |  |  |  |
Gain (loss) recognized on cash flow hedges |  | (2.2) |  |  | 1.6 |  |  | 1.7 |
Reclassifications to net income |  | 1.2 |  |  | .4 |  |  | (.5) |
Income tax (benefit) expense allocated to components of other comprehensive income (loss) |  | $ | (8.3) |  |  | $ | (3.4) |  |  | $ | (11.9) |

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