Supplemental Equity and Comprehensive Income Information

3 Months Ended

Apr. 01, 2023

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)	April 1, 2023		April 2, 2022
Common stock issued, $1 par value per share	$	124.1	$	124.1
Capital in excess of par value
Beginning balance	$	879.3	$	862.3
Issuance of shares under stock-based compensation plans(1)	(28.5)		(17.7)
Ending balance	$	850.8	$	844.6
Retained earnings
Beginning balance	$	4,414.6	$	3,880.7
Net income	121.2		198.2
Issuance of shares under stock-based compensation plans(1)	4.8		(5.8)
Contribution of shares to 401(k) plan(1)	6.6		6.3
Dividends	(60.8)		(56.2)
Ending balance	$	4,486.4	$	4,023.2
Treasury stock at cost
Beginning balance	$	(3,021.8)	$	(2,659.8)
Repurchase of shares for treasury	(50.7)		(151.5)
Issuance of shares under stock-based compensation plans(1)	12.6		9.7
Contribution of shares to 401(k) plan(1)	2.5		2.2
Ending balance	$	(3,057.4)	$	(2,799.4)
Accumulated other comprehensive loss
Beginning balance	$	(364.0)	$	(282.9)
Other comprehensive income (loss), net of tax	3.0		22.9
Ending balance	$	(361.0)	$	(260.0)

(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
	April 1, 2023		April 2, 2022
Dividends per common share	$	.75	$	.68

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. As of April 1, 2023, shares of our common stock in the aggregate amount of $679.7 million remained authorized for repurchase under our outstanding Board authorization.

Changes in Accumulated Other Comprehensive Loss

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)

The changes in “Accumulated other comprehensive loss” (net of tax) for the three-month period ended April 2, 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	20.3		—		2.6		22.9
Reclassifications to net income, net of tax	—		.8		(.8)		—
Other comprehensive income (loss), net of tax	20.3		.8		1.8		22.9
Balance as of April 2, 2022	$	(197.1)	$	(59.6)	$	(3.3)	$	(260.0)