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v3.23.1

Stockholders' Equity and Stock-based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2023
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 |  |  |  |
| March 31, 2023 |  | April 1, 2022 |  |  |  |  |  |  |  |
Preferred stock - shares issued: |  |  |  |  |  |  |  |  |  |  |
Balance, beginning and end of period | 1.7 |  |  | 3.4 |  |  |  |  |  |  |  |  |
Common stock - shares issued: |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of period | 869.3 |  |  | 855.7 |  |  |  |  |  |  |  |  |
Common stock-based compensation awards | 1.1 |  |  | 1.3 |  |  |  |  |  |  |  |  |
Balance, end of period | 870.4 |  |  | 857.0 |  |  |  |  |  |  |  |  |
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 |  |
| March 31, 2023 |  | April 1, 2022 |  |  |  |
RSUs/PSUs: |  |  |  |  |  |  |
Pretax compensation expense | $ | 46 |  |  | $ | 46 |  |  |  |  |
Income tax benefit | (9) |  |  | (9) |  |  |  |  |
RSU/PSU expense, net of income taxes | 37 |  |  | 37 |  |  |  |  |
Stock options: |  |  |  |  |  |  |
Pretax compensation expense | 33 |  |  | 34 |  |  |  |  |
Income tax benefit | (7) |  |  | (7) |  |  |  |  |
Stock option expense, net of income taxes | 26 |  |  | 27 |  |  |  |  |
Total stock-based compensation: |  |  |  |  |  |  |
Pretax compensation expense | 79 |  |  | 80 |  |  |  |  |
Income tax benefit | (16) |  |  | (16) |  |  |  |  |
Total stock-based compensation expense, net of income taxes | $ | 63 |  |  | $ | 64 |  |  |  |  |
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 March 31, 2023: |  |  |  |  |  |  |  |  |
Balance, December 31, 2022 | $ | (2,644) |  |  | $ | (341) |  |  |  |  | $ | 113 |  |  | $ | (2,872) |
Other comprehensive income (loss) before reclassifications: |  |  |  |  |  |  |  |  |
Increase (decrease) | 23 |  |  | — |  |  |  |  | 37 |  |  | 60 |
Income tax impact | 2 |  |  | — |  |  |  |  | — |  |  | 2 |
Other comprehensive income (loss) before reclassifications, net of income taxes | 25 |  |  | — |  |  |  |  | 37 |  |  | 62 |
Reclassification adjustments: |  |  |  |  |  |  |  |  |
Increase (decrease) | — |  |  | — |  | (a) |  |  | 44 |  | (b) | 44 |
Income tax impact | — |  |  | — |  |  |  |  | — |  |  | — |
Reclassification adjustments, net of income taxes | — |  |  | — |  |  |  |  | 44 |  |  | 44 |
Net other comprehensive income (loss), net of income taxes | 25 |  |  | — |  |  |  |  | 81 |  |  | 106 |
Balance, March 31, 2023 | $ | (2,619) |  |  | $ | (341) |  |  |  |  | $ | 194 |  |  | $ | (2,766) |
For the Three-Month Period Ended April 1, 2022: |  |  |  |  |  |  |  |  |
Balance, December 31, 2021 | $ | (539) |  |  | $ | (550) |  |  |  |  | $ | 62 |  |  | $ | (1,027) |
Other comprehensive income (loss) before reclassifications: |  |  |  |  |  |  |  |  |
Increase (decrease) | (331) |  |  | — |  |  |  |  | 125 |  |  | (206) |
Income tax impact | (12) |  |  | — |  |  |  |  | (30) |  |  | (42) |
Other comprehensive income (loss) before reclassifications, net of income taxes | (343) |  |  | — |  |  |  |  | 95 |  |  | (248) |
Reclassification adjustments: |  |  |  |  |  |  |  |  |
Increase (decrease) | — |  |  | 18 |  | (a) |  |  | (115) |  | (b) | (97) |
Income tax impact | — |  |  | (4) |  |  |  |  | — |  |  | (4) |
Reclassification adjustments, net of income taxes | — |  |  | 14 |  |  |  |  | (115) |  |  | (101) |
Net other comprehensive income (loss), net of income taxes | (343) |  |  | 14 |  |  |  |  | (20) |  |  | (349) |
Balance, April 1, 2022 | $ | (882) |  |  | $ | (536) |  |  |  |  | $ | 42 |  |  | $ | (1,376) |
(a) This accumulated other comprehensive income (loss) component is included in the computation of net periodic benefit cost (refer to Notes 7 and 12 for additional details). (b) Reflects reclassification to earnings related to cash flow hedges of certain long-term debt (refer to Note 11 for additional details).

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