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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Sep. 28, 2024
Sep. 30, 2023
Net sales:        
Total Net sales $ 1,255 $ 956 $ 3,647 $ 3,575
Cost of sales:        
Total Cost of sales 642 529 1,882 1,900
Gross profit 613 427 1,765 1,675
Operating expenses:        
Selling and marketing 151 138 449 445
Research and development 141 127 425 403
General and administrative 96 88 274 256
Amortization of intangible assets 29 26 80 78
Acquisition and integration costs 1 2 3 4
Exit and restructuring costs 4 58 17 82
Total Operating expenses 422 439 1,248 1,268
Operating income (loss) 191 (12) 517 407
Other (loss) income, net:        
Foreign exchange (loss) gain (9) 6 (6) 2
Interest expense, net (31) (16) (71) (69)
Other expense, net (2) (2) (13) (8)
Total Other expense, net (42) (12) (90) (75)
Income (loss) before income tax 149 (24) 427 332
Income tax expense (benefit) 12 (9) 62 53
Net income (loss) $ 137 $ (15) $ 365 $ 279
Basic earnings per share (in USD per share) $ 2.65 $ (0.28) $ 7.09 $ 5.44
Diluted earnings per share (in USD per share) $ 2.64 $ (0.28) $ 7.04 $ 5.40
Tangible Products        
Net sales:        
Total Net sales $ 1,019 $ 729 $ 2,931 $ 2,885
Cost of sales:        
Total Cost of sales 526 419 1,539 1,559
Services and Software        
Net sales:        
Total Net sales 236 227 716 690
Cost of sales:        
Total Cost of sales $ 116 $ 110 $ 343 $ 341