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Supplemental Equity and Comprehensive Income Information | 3 Months Ended
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Mar. 30, 2024
Stockholders' Equity Note [Abstract] |
Supplemental Equity and Comprehensive Income Information | Supplemental Equity and Comprehensive Income Information Consolidated Changes in Shareholders’ Equity
|  |  | Three Months Ended
(In millions) |  |  |  |  | March 30, 2024 |  | April 1, 2023
Common stock issued, $1 par value per share |  |  |  |  | $ | 124.1 |  |  | $ | 124.1 |
Capital in excess of par value |  |  |  |  |  |  |
Beginning balance |  |  |  |  | $ | 854.5 |  |  | $ | 879.3 |
Issuance of shares under stock-based compensation plans(1) |  |  |  |  | (20.5) |  |  | (28.5) |
Ending balance |  |  |  |  | $ | 834.0 |  |  | $ | 850.8 |
Retained earnings |  |  |  |  |  |  |
Beginning balance |  |  |  |  | $ | 4,691.8 |  |  | $ | 4,414.6 |
Net income |  |  |  |  | 172.4 |  |  | 121.2 |
Issuance of shares under stock-based compensation plans(1) |  |  |  |  | 3.2 |  |  | 4.8 |
Contribution of shares to 401(k) plan(1) |  |  |  |  | 7.0 |  |  | 6.6 |
Dividends |  |  |  |  | (65.3) |  |  | (60.8) |
Ending balance |  |  |  |  | $ | 4,809.1 |  |  | $ | 4,486.4 |
Treasury stock at cost |  |  |  |  |  |  |
Beginning balance |  |  |  |  | $ | (3,134.4) |  |  | $ | (3,021.8) |
Repurchase of shares for treasury |  |  |  |  | (15.6) |  |  | (50.7) |
Issuance of shares under stock-based compensation plans(1) |  |  |  |  | 6.5 |  |  | 12.6 |
Contribution of shares to 401(k) plan(1) |  |  |  |  | 2.3 |  |  | 2.5 |
Ending balance |  |  |  |  | $ | (3,141.2) |  |  | $ | (3,057.4) |
Accumulated other comprehensive loss |  |  |  |  |  |  |
Beginning balance |  |  |  |  | $ | (408.1) |  |  | $ | (364.0) |
Other comprehensive income (loss), net of tax |  |  |  |  | (13.9) |  |  | 3.0 |
Ending balance |  |  |  |  | $ | (422.0) |  |  | $ | (361.0) |
(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. Dividends per common share were as follows:
|  |  | Three Months Ended
|  |  |  |  | March 30, 2024 |  | April 1, 2023
Dividends per common share |  |  |  |  | $ | .81 |  |  | $ | .75 |
Changes in Accumulated Other Comprehensive Loss The changes in “Accumulated other comprehensive loss” (net of tax) for the three-month period ended March 30, 2024 were as follows:
(In millions) | Foreign Currency Translation |  | Pension and Other Postretirement Benefits |  | Cash Flow Hedges |  | Total
Balance as of December 30, 2023 | $ | (328.6) |  |  | $ | (77.5) |  |  | $ | (2.0) |  |  | $ | (408.1) |
Other comprehensive income (loss) before reclassifications, net of tax | (11.9) |  |  | — |  |  | (2.6) |  |  | (14.5) |
Reclassifications to net income, net of tax | — |  |  | .2 |  |  | .4 |  |  | .6 |
Other comprehensive income (loss), net of tax | (11.9) |  |  | .2 |  |  | (2.2) |  |  | (13.9) |
Balance as of March 30, 2024 | $ | (340.5) |  |  | $ | (77.3) |  |  | $ | (4.2) |  |  | $ | (422.0) |
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) |

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