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SUPPLEMENTAL EQUITY AND COMPREHENSIVE INCOME INFORMATION
12 Months Ended
Dec. 31, 2022
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 2022, we repurchased approximately 2.2 million shares of our common stock at an aggregate cost of $379.5 million. In 2021, we repurchased approximately 0.9 million shares of our common stock at an aggregate cost of $180.9 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 the amount outstanding under our previous Board authorization. Board authorizations remain in effect until shares in the amount authorized thereunder have been repurchased. Shares of our common stock in the aggregate amount of $730 million as of December 31, 2022 remained authorized for repurchase under this Board authorization.
Treasury Shares Reissuance
We fund a portion of our employee-related costs using shares of our common stock held in treasury. We reduce capital in excess of par value based on the grant date fair value of vesting awards and record net gains or losses associated with using treasury shares to retained earnings.
Accumulated Other Comprehensive Loss
The changes in “Accumulated other comprehensive loss” (net of tax) for 2022 and 2021 were as follows:
(In millions)Foreign
Currency
Translation
Pension and
Other
Postretirement
Benefits
Cash Flow
Hedges
Total
Balance as of January 2, 2021$(248.1)$(92.7)$(8.8)$(349.6)
Other comprehensive income (loss) before reclassifications, net of tax30.7 27.9 5.4 64.0 
Reclassifications to net income, net of tax— 4.4 (1.7)2.7 
Net current-period other comprehensive income (loss), net of tax30.7 32.3 3.7 66.7 
Balance as of January 1, 2022$(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 $(364.0)
The following table sets forth the income tax (benefit) expense allocated to each component of other comprehensive income (loss):
(In millions)202220212020
Foreign currency translation:
Translation (loss) gain$(7.0)$(23.2)$27.5 
Pension and other postretirement benefits:
Net gain recognized from actuarial gain/loss and prior service cost/credit.5 8.5 3.1 
Reclassifications to net income1.1 1.6 .9 
Cash flow hedges:
Gains (losses) recognized on cash flow hedges1.6 1.7 (2.3)
Reclassifications to net income.4 (.5)— 
Income tax (benefit) expense allocated to components of other comprehensive income (loss)$(3.4)$(11.9)$29.2