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Supplemental Equity and Comprehensive Income Information (Tables) | 9 Months Ended
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Sep. 28, 2024
Stockholders' Equity Note [Abstract] |
Schedule of Consolidated Statements of Shareholders' Equity | Consolidated Changes in Shareholders’ Equity
| Three Months Ended |  | Nine Months Ended
(In millions) | September 28, 2024 |  | September 30, 2023 |  | September 28, 2024 |  | September 30, 2023
Common stock issued, $1 par value per share | $ | 124.1 |  |  | $ | 124.1 |  |  | $ | 124.1 |  |  | $ | 124.1 |
Capital in excess of par value |  |  |  |  |  |  |
Beginning balance | $ | 833.1 |  |  | $ | 851.3 |  |  | $ | 854.5 |  |  | $ | 879.3 |
Issuance of shares under stock-based compensation plans(1) | 6.7 |  |  | 1.2 |  |  | (14.7) |  |  | (26.8) |
Ending balance | $ | 839.8 |  |  | $ | 852.5 |  |  | $ | 839.8 |  |  | $ | 852.5 |
Retained earnings |  |  |  |  |  |  |
Beginning balance | $ | 4,922.2 |  |  | $ | 4,526.9 |  |  | $ | 4,691.8 |  |  | $ | 4,414.6 |
Net income | 181.7 |  |  | 138.3 |  |  | 530.9 |  |  | 359.9 |
Issuance of shares under stock-based compensation plans(1) | 3.2 |  |  | 3.0 |  |  | 7.3 |  |  | 8.6 |
Contribution of shares to 401(k) plan(1) | 6.5 |  |  | 5.3 |  |  | 19.8 |  |  | 16.6 |
Dividends | (70.9) |  |  | (65.3) |  |  | (207.1) |  |  | (191.5) |
Ending balance | $ | 5,042.7 |  |  | $ | 4,608.2 |  |  | $ | 5,042.7 |  |  | $ | 4,608.2 |
Treasury stock at cost |  |  |  |  |  |  |
Beginning balance | $ | (3,154.6) |  |  | $ | (3,093.9) |  |  | $ | (3,134.4) |  |  | $ | (3,021.8) |
Repurchase of shares for treasury | (66.8) |  |  | (27.6) |  |  | (107.5) |  |  | (117.1) |
Issuance of shares under stock-based compensation plans(1) | 7.1 |  |  | .9 |  |  | 23.4 |  |  | 13.9 |
Contribution of shares to 401(k) plan(1) | 2.0 |  |  | 2.0 |  |  | 6.2 |  |  | 6.4 |
Ending balance | $ | (3,212.3) |  |  | $ | (3,118.6) |  |  | $ | (3,212.3) |  |  | $ | (3,118.6) |
Accumulated other comprehensive loss |  |  |  |  |  |  |
Beginning balance | $ | (437.7) |  |  | $ | (393.2) |  |  | $ | (408.1) |  |  | $ | (364.0) |
Other comprehensive income (loss), net of tax | 37.3 |  |  | (9.4) |  |  | 7.7 |  |  | (38.6) |
Ending balance | $ | (400.4) |  |  | $ | (402.6) |  |  | $ | (400.4) |  |  | $ | (402.6) |
(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 |  | Nine Months Ended
| September 28, 2024 |  | September 30, 2023 |  | September 28, 2024 |  | September 30, 2023
Dividends per common share | $ | .88 |  |  | $ | .81 |  |  | $ | 2.57 |  |  | $ | 2.37 |
Schedule of Changes in "Accumulated Other Comprehensive Loss" (Net of Tax) | The changes in “Accumulated other comprehensive loss” (net of tax) for the nine-month period ended September 28, 2024 were as follows:
(In millions) | Foreign Currency Translation(1) |  | 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 | 5.4 |  |  | — |  |  | — |  |  | 5.4 |
Reclassifications to net income, net of tax | — |  |  | .9 |  |  | 1.4 |  |  | 2.3 |
Other comprehensive income (loss), net of tax | 5.4 |  |  | .9 |  |  | 1.4 |  |  | 7.7 |
Balance as of September 28, 2024 | $ | (323.2) |  |  | $ | (76.6) |  |  | $ | (.6) |  |  | $ | (400.4) |
(1)Included a loss related to our foreign currency forward contracts and zero-cost collars, accounted for as net investment hedges. Refer to Note 5, "Financial Instruments," to the unaudited Condensed Consolidated Financial Statements for more information.
The changes in “Accumulated other comprehensive loss” (net of tax) for the nine-month period ended September 30, 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 | (34.4) |  |  | — |  |  | (6.4) |  |  | (40.8) |
Reclassifications to net income, net of tax | — |  |  | (.6) |  |  | 2.8 |  |  | 2.2 |
Other comprehensive income (loss), net of tax | (34.4) |  |  | (.6) |  |  | (3.6) |  |  | (38.6) |
Balance as of September 30, 2023 | $ | (348.4) |  |  | $ | (51.9) |  |  | $ | (2.3) |  |  | $ | (402.6) |

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