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Supplemental Equity and Comprehensive Income Information (Tables)
 6 Months Ended
Jul. 03, 2021
Stockholders' Equity Note [Abstract]  
Schedule of Consolidated Statements of Shareholders' Equity
Consolidated Changes in Shareholders’ Equity
 
                                                                                                                                                 
    
Three Months Ended
    
Six Months Ended
  
(In millions)
   
July 3, 2021
    
June 27, 2020
    
July 3, 2021
    
June 27, 2020
  
Common stock issued, $1 par value per share
   
$
124.1
 
  
$
124.1
 
  
$
124.1
 
  
$
124.1
 
Capital in excess of par value
                                 
Beginning balance
   
$
845.8
 
  
$
852.5
 
  
$
862.1
 
  
$
874.0
 
Issuance of shares under stock-based compensation plans
(1)
   
 
.7
 
  
 
(12.5
) 
  
 
(15.6
) 
  
 
(34.0
) 
Ending balance
   
$
846.5
 
  
$
840.0
 
  
$
846.5
 
  
$
840.0
 
Retained earnings
                                 
Beginning balance
   
$
3,504.4
 
  
$
3,064.8
 
  
$
3,349.3
 
  
$
2,979.1
 
Net income
   
 
183.8
 
  
 
79.7
 
  
 
393.3
 
  
 
213.9
 
Issuance of shares under stock-based compensation plans
(1)
   
 
.6
 
  
 
.9
 
  
 
(7.1
) 
  
 
(3.3
) 
Contribution of shares to 401(k) Plan
(1)
   
 
4.9
 
  
 
3.2
 
  
 
9.8
 
  
 
7.3
 
Dividends
   
 
(56.4
) 
  
 
(48.4
) 
  
 
(108.0
) 
  
 
(96.8
) 
Ending balance
   
$
3,637.3
 
  
$
3,100.2
 
  
$
3,637.3
 
  
$
3,100.2
 
Treasury stock at cost
                                 
Beginning balance
   
$
(2,546.3
) 
  
$
(2,456.0
) 
  
$
(2,501.0
) 
  
$
(2,425.1
) 
Repurchase of shares for treasury
   
 
(39.4
)
  
 
—
 
  
 
(95.0
) 
  
 
(45.2
) 
Issuance of shares under stock-based compensation plans
(1)
   
 
7.6
 
  
 
6.6
 
  
 
16.2
 
  
 
18.6
 
Contribution of shares to 401(k) Plan
(1)
   
 
1.4
 
  
 
2.2
 
  
 
3.1
 
  
 
4.5
 
Ending balance
   
$
(2,576.7
 )  
$
(2,447.2
) 
  
$
(2,576.7
 )  
$
(2,447.2
) 
Accumulated other comprehensive loss
                                 
Beginning balance
   
$
(346.1
) 
  
$
(412.0
) 
  
$
(349.6
) 
  
$
(348.1
) 
Other comprehensive income (loss), net of tax
   
 
18.5
 
  
 
8.8
 
  
 
22.0
 
  
 
(55.1
) 
Ending balance
   
$
(327.6
 )  
$
(403.2
) 
  
$
(327.6
 )  
$
(403.2
) 
(1)
We fund a portion of our employee-related expenses 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 the awards vested and record net gains or losses associated with our use of treasury shares to retained earnings.
Schedule of dividends per common share
Dividends per common share were as follows:
 
    
Three Months Ended
     
Six Months Ended
  
     
July 3, 2021
     
June 27, 2020
     
July 3, 2021
     
June 27, 2020
  
Dividends per common shar
e
    $ .68       $ .58       $ 1.30       $ 1.16   
Schedule of changes in "Accumulated other comprehensive loss" (net of tax)
The changes in “Accumulated other comprehensive loss” (net of tax) for the
six-month
period ended July 3, 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 tax
      17.7       —       3.5       21.2  
Reclassifications to net income, net of tax
      —       2.0       (1.2 )     .8  
Other comprehensive income (loss), net of tax
      17.7       2.0       2.3       22.0  
Balance as of July 3, 2021
    $ (230.4 )   $ (90.7 )   $ (6.5 )   $ (327.6 ) 
The changes in “Accumulated other comprehensive loss” (net of tax) for the
six-month
period ended June 27, 2020 were as follows:
 
(In millions)
  
Foreign
Currency
   Translation
 
 
Pension and
Other
   Postretirement
Benefits
 
 
   Cash Flow
Hedges
 
 
            Total
 
Balance as of December 28, 2019
  
$
(245.1
) 
 
$
(101.8
) 
 
$
(1.2
) 
 
$
(348.1
) 
Other comprehensive income (loss) before reclassifications, net of tax
  
 
(55.0
) 
 
 
—
 
 
 
(1.5
) 
 
 
(56.5
) 
Reclassifications to net income, net of tax
  
 
—
 
 
 
1.3
 
 
 
.1
 
 
 
1.4
 
Other comprehensive income (loss), net of tax
  
 
(55.0
) 
 
 
1.3
 
 
 
(1.4
) 
 
 
(55.1
) 
Balance as of June 27, 2020
  
$
(300.1
) 
 
$
(100.5
) 
 
$
(2.6
) 
 
$
(403.2
)