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Stockholders' Equity and Stock-based Compensation (Tables) | 6 Months Ended
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Jul. 01, 2022
Share-Based Payment Arrangement [Abstract] |
Summary of Share Activity | The following table summarizes the Company’s share activity (shares in millions):
| Three-Month Period Ended |  | Six-Month Period Ended |  |
| July 1, 2022 |  | July 2, 2021 |  | July 1, 2022 |  | July 2, 2021 |  |  |  |
Preferred stock - shares issued: |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of period | 3.4 |  |  | 3.4 |  |  | 3.4 |  |  | 3.4 |  |  |  |  |
Conversion of MCPS to common stock | (1.7) |  |  | — |  |  | (1.7) |  |  | — |  |  |  |  |
Balance, end of period | 1.7 |  |  | 3.4 |  |  | 1.7 |  |  | 3.4 |  |  |  |  |
Common stock - shares issued: |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of period | 857.0 |  |  | 853.7 |  |  | 855.7 |  |  | 851.3 |  |  |  |  |
Common stock-based compensation awards | 0.4 |  |  | 0.7 |  |  | 1.7 |  |  | 2.2 |  |  |  |  |
Common stock issued in connection with Liquid Yield Option Notes (“LYONs”) conversions | — |  |  | — |  |  | — |  |  | 0.9 |  |  |  |  |
Conversion of MCPS to common stock | 11.0 |  |  | — |  |  | 11.0 |  |  | — |  |  |  |  |
Balance, end of period | 868.4 |  |  | 854.4 |  |  | 868.4 |  |  | 854.4 |  |  |  |  |
Components of Stock-Based Compensation Program | The following summarizes the components of the Company’s stock-based compensation expense ($ in millions):
| Three-Month Period Ended |  | Six-Month Period Ended
| July 1, 2022 |  | July 2, 2021 |  | July 1, 2022 |  | July 2, 2021
Restricted stock units (“RSUs”)/performance stock units (“PSUs”): |  |  |  |  |  |  |
Pretax compensation expense | $ | 58 |  |  | $ | 31 |  |  | $ | 104 |  |  | $ | 64 |
Income tax benefit | (12) |  |  | (6) |  |  | (21) |  |  | (13) |
RSU/PSU expense, net of income taxes | 46 |  |  | 25 |  |  | 83 |  |  | 51 |
Stock options: |  |  |  |  |  |  |
Pretax compensation expense | 43 |  |  | 22 |  |  | 77 |  |  | 43 |
Income tax benefit | (9) |  |  | (5) |  |  | (16) |  |  | (9) |
Stock option expense, net of income taxes | 34 |  |  | 17 |  |  | 61 |  |  | 34 |
Total stock-based compensation: |  |  |  |  |  |  |
Pretax compensation expense | 101 |  |  | 53 |  |  | 181 |  |  | 107 |
Income tax benefit | (21) |  |  | (11) |  |  | (37) |  |  | (22) |
Total stock-based compensation expense, net of income taxes | $ | 80 |  |  | $ | 42 |  |  | $ | 144 |  |  | $ | 85 |
Components of Accumulated Other Comprehensive Income (Loss) | The changes in accumulated other comprehensive income (loss) by component are summarized below ($ in millions).
| Foreign Currency Translation Adjustments |  | Pension and Postretirement Plan Benefit Adjustments |  |  |  | Cash Flow Hedge Adjustments |  | Accumulated Comprehensive Income (Loss)
For the Three-Month Period Ended July 1, 2022: |  |  |  |  |  |  |  |  |
Balance, April 1, 2022 | $ | (882) |  |  | $ | (536) |  |  |  |  | $ | 42 |  |  | $ | (1,376) |
Other comprehensive income (loss) before reclassifications: |  |  |  |  |  |  |  |  |
(Decrease) increase | (1,390) |  |  | — |  |  |  |  | 381 |  |  | (1,009) |
Income tax impact | (52) |  |  | — |  |  |  |  | (92) |  |  | (144) |
Other comprehensive income (loss) before reclassifications, net of income taxes | (1,442) |  |  | — |  |  |  |  | 289 |  |  | (1,153) |
Reclassification adjustments: |  |  |  |  |  |  |  |  |
Increase (decrease) | — |  |  | 10 |  | (a) |  |  | (223) |  | (b) | (213) |
Income tax impact | — |  |  | (3) |  |  |  |  | — |  |  | (3) |
Reclassification adjustments, net of income taxes | — |  |  | 7 |  |  |  |  | (223) |  |  | (216) |
Net other comprehensive income (loss), net of income taxes | (1,442) |  |  | 7 |  |  |  |  | 66 |  |  | (1,369) |
Balance, July 1, 2022 | $ | (2,324) |  |  | $ | (529) |  |  |  |  | $ | 108 |  |  | $ | (2,745) |
For the Three-Month Period Ended July 2, 2021: |  |  |  |  |  |  |  |  |
Balance, April 2, 2021 | $ | (177) |  |  | $ | (918) |  |  |  |  | $ | (227) |  |  | $ | (1,322) |
Other comprehensive income (loss) before reclassifications: |  |  |  |  |  |  |  |  |
Increase | 418 |  |  | — |  |  |  |  | 192 |  |  | 610 |
Income tax impact | (10) |  |  | — |  |  |  |  | — |  |  | (10) |
Other comprehensive income (loss) before reclassifications, net of income taxes | 408 |  |  | — |  |  |  |  | 192 |  |  | 600 |
Reclassification adjustments: |  |  |  |  |  |  |  |  |
Increase | — |  |  | 15 |  | (a) |  |  | 36 |  | (b) | 51 |
Income tax impact | — |  |  | (4) |  |  |  |  | — |  |  | (4) |
Reclassification adjustments, net of income taxes | — |  |  | 11 |  |  |  |  | 36 |  |  | 47 |
Net other comprehensive income (loss), net of income taxes | 408 |  |  | 11 |  |  |  |  | 228 |  |  | 647 |
Balance, July 2, 2021 | $ | 231 |  |  | $ | (907) |  |  |  |  | $ | 1 |  |  | $ | (675) |
| Foreign Currency Translation Adjustments |  | Pension and Postretirement Plan Benefit Adjustments |  |  |  | Cash Flow Hedge Adjustments |  | Accumulated Comprehensive Income (Loss)
For the Six-Month Period Ended July 1, 2022: |  |  |  |  |  |  |  |  |
Balance, December 31, 2021 | $ | (539) |  |  | $ | (550) |  |  |  |  | $ | 62 |  |  | $ | (1,027) |
Other comprehensive income (loss) before reclassifications: |  |  |  |  |  |  |  |  |
(Decrease) increase | (1,721) |  |  | — |  |  |  |  | 506 |  |  | (1,215) |
Income tax impact | (64) |  |  | — |  |  |  |  | (122) |  |  | (186) |
Other comprehensive income (loss) before reclassifications, net of income taxes | (1,785) |  |  | — |  |  |  |  | 384 |  |  | (1,401) |
Reclassification adjustments: |  |  |  |  |  |  |  |  |
Increase (decrease) | — |  |  | 28 |  | (a) |  |  | (338) |  | (b) | (310) |
Income tax impact | — |  |  | (7) |  |  |  |  | — |  |  | (7) |
Reclassification adjustments, net of income taxes | — |  |  | 21 |  |  |  |  | (338) |  |  | (317) |
Net other comprehensive income (loss), net of income taxes | (1,785) |  |  | 21 |  |  |  |  | 46 |  |  | (1,718) |
Balance, July 1, 2022 | $ | (2,324) |  |  | $ | (529) |  |  |  |  | $ | 108 |  |  | $ | (2,745) |
For the Six-Month Period Ended July 2, 2021: |  |  |  |  |  |  |  |  |
Balance, December 31, 2020 | $ | 745 |  |  | $ | (928) |  |  |  |  | $ | (185) |  |  | $ | (368) |
Other comprehensive income (loss) before reclassifications: |  |  |  |  |  |  |  |  |
(Decrease) increase | (499) |  |  | — |  |  |  |  | 302 |  |  | (197) |
Income tax impact | (15) |  |  | — |  |  |  |  | — |  |  | (15) |
Other comprehensive income (loss) before reclassifications, net of income taxes | (514) |  |  | — |  |  |  |  | 302 |  |  | (212) |
Reclassification adjustments: |  |  |  |  |  |  |  |  |
Increase (decrease) | — |  |  | 28 |  | (a) |  |  | (116) |  | (b) | (88) |
Income tax impact | — |  |  | (7) |  |  |  |  | — |  |  | (7) |
Reclassification adjustments, net of income taxes | — |  |  | 21 |  |  |  |  | (116) |  |  | (95) |
Net other comprehensive income (loss), net of income taxes | (514) |  |  | 21 |  |  |  |  | 186 |  |  | (307) |
Balance, July 2, 2021 | $ | 231 |  |  | $ | (907) |  |  |  |  | $ | 1 |  |  | $ | (675) |
(a) This accumulated other comprehensive income (loss) component is included in the computation of net periodic benefit cost (refer to Notes 8 and 13 for additional details). (b) Reflects reclassification to earnings related to cash flow hedges of certain long-term debt (refer to Note 12 for additional details).

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