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Supplemental Equity and Comprehensive Income Information | 6 Months Ended
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Jun. 28, 2025
Stockholders' Equity Note [Abstract] |
Supplemental Equity and Comprehensive Income Information | Supplemental Equity and Comprehensive Income Information Consolidated Changes in Shareholders’ Equity
| Three Months Ended |  | Six Months Ended
(In millions) | June 28, 2025 |  | June 29, 2024 |  | June 28, 2025 |  | June 29, 2024
Common stock issued, $1 par value per share | $ | 124.1 |  |  | $ | 124.1 |  |  | $ | 124.1 |  |  | $ | 124.1 |
Capital in excess of par value |  |  |  |  |  |  |
Beginning balance | $ | 817.7 |  |  | $ | 834.0 |  |  | $ | 840.6 |  |  | $ | 854.5 |
Issuance of shares under stock-based compensation plans(1) | 4.2 |  |  | (.9) |  |  | (18.7) |  |  | (21.4) |
Ending balance | $ | 821.9 |  |  | $ | 833.1 |  |  | $ | 821.9 |  |  | $ | 833.1 |
Retained earnings |  |  |  |  |  |  |
Beginning balance | $ | 5,276.5 |  |  | $ | 4,809.1 |  |  | $ | 5,151.2 |  |  | $ | 4,691.8 |
Cumulative-effect adjustment upon adoption of accounting standard update(2) | — |  |  | — |  |  | 10.2 |  |  | — |
Net income | 189.0 |  |  | 176.8 |  |  | 355.3 |  |  | 349.2 |
Issuance of shares under stock-based compensation plans(1) | 1.5 |  |  | .9 |  |  | 12.7 |  |  | 4.1 |
Contribution of shares to 401(k) plan(1) | 5.8 |  |  | 6.3 |  |  | 12.8 |  |  | 13.3 |
Dividends | (73.5) |  |  | (70.9) |  |  | (142.9) |  |  | (136.2) |
Ending balance | $ | 5,399.3 |  |  | $ | 4,922.2 |  |  | $ | 5,399.3 |  |  | $ | 4,922.2 |
Treasury stock at cost |  |  |  |  |  |  |
Beginning balance | $ | (3,598.6) |  |  | $ | (3,141.2) |  |  | $ | (3,347.5) |  |  | $ | (3,134.4) |
Repurchase of shares for treasury | (98.4) |  |  | (25.1) |  |  | (360.0) |  |  | (40.7) |
Issuance of shares under stock-based compensation plans(1) | .6 |  |  | 9.8 |  |  | 8.3 |  |  | 16.3 |
Contribution of shares to 401(k) plan(1) | 2.7 |  |  | 1.9 |  |  | 5.5 |  |  | 4.2 |
Ending balance | $ | (3,693.7) |  |  | $ | (3,154.6) |  |  | $ | (3,693.7) |  |  | $ | (3,154.6) |
Accumulated other comprehensive loss |  |  |  |  |  |  |
Beginning balance | $ | (449.2) |  |  | $ | (422.0) |  |  | $ | (456.1) |  |  | $ | (408.1) |
Other comprehensive income (loss), net of tax | (.8) |  |  | (15.7) |  |  | 6.1 |  |  | (29.6) |
Ending balance | $ | (450.0) |  |  | $ | (437.7) |  |  | $ | (450.0) |  |  | $ | (437.7) |
(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. (2)In the first quarter of 2025, we adopted an accounting guidance update that requires crypto assets to be measured at fair value. This adjustment reflected the difference between the carrying value of our holdings in crypto assets and their fair value as of the beginning of 2025. Crypto assets were not material to the unaudited Condensed Consolidated Financial Statements. Dividends per common share were as follows:
| Three Months Ended |  | Six Months Ended
| June 28, 2025 |  | June 29, 2024 |  | June 28, 2025 |  | June 29, 2024
Dividends per common share | $ | .94 |  |  | $ | .88 |  |  | $ | 1.82 |  |  | $ | 1.69 |
In April 2025, 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. Changes in Accumulated Other Comprehensive Loss The changes in “Accumulated other comprehensive loss” (net of tax) for the six-month period ended June 28, 2025 were as follows:
(In millions) | Foreign Currency Translation(1) |  | Pension and Other Postretirement Benefits |  | Cash Flow Hedges |  | Fair Value Hedges |  | Total
Balance as of December 28, 2024 | $ | (375.5) |  |  | $ | (78.0) |  |  | $ | (4.6) |  |  | $ | 2.0 |  |  | $ | (456.1) |
Other comprehensive income (loss) before reclassifications, net of tax | 2.4 |  |  | — |  |  | 1.4 |  |  | (1.1) |  |  | 2.7 |
Reclassifications to net income, net of tax | — |  |  | 1.1 |  |  | 2.3 |  |  | — |  |  | 3.4 |
Other comprehensive income (loss), net of tax | 2.4 |  |  | 1.1 |  |  | 3.7 |  |  | (1.1) |  |  | 6.1 |
Balance as of June 28, 2025 | $ | (373.1) |  |  | $ | (76.9) |  |  | $ | (.9) |  |  | $ | .9 |  |  | $ | (450.0) |
(1)Included the impact of 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 six-month period ended June 29, 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 | (29.7) |  |  | — |  |  | (.6) |  |  | (30.3) |
Reclassifications to net income, net of tax | — |  |  | .4 |  |  | .3 |  |  | .7 |
Other comprehensive income (loss), net of tax | (29.7) |  |  | .4 |  |  | (.3) |  |  | (29.6) |
Balance as of June 29, 2024 | $ | (358.3) |  |  | $ | (77.1) |  |  | $ | (2.3) |  |  | $ | (437.7) |

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