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Stockholders' Equity and Stock-based Compensation (Tables) | 3 Months Ended
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Mar. 29, 2024
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 29, 2024 |  | March 31, 2023 |  |  |  |
Preferred stock - shares issued: |  |  |  |  |  |  |
Balance, beginning and end of period | — |  |  | 1.7 |  |  |  |  |
Common stock - shares issued: |  |  |  |  |  |  |
Balance, beginning of period | 880.5 |  |  | 869.3 |  |  |  |  |
Common stock-based compensation awards | 1.8 |  |  | 1.1 |  |  |  |  |
Balance, end of period | 882.3 |  |  | 870.4 |  |  |  |  |
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 |  |
| March 29, 2024 |  | March 31, 2023 |  |  |  |
RSUs/PSUs: |  |  |  |  |  |  |
Pretax compensation expense | $ | 32 |  |  | $ | 41 |  |  |  |  |
Income tax benefit | (6) |  |  | (8) |  |  |  |  |
RSU/PSU expense, net of income taxes | 26 |  |  | 33 |  |  |  |  |
Stock options: |  |  |  |  |  |  |
Pretax compensation expense | 28 |  |  | 29 |  |  |  |  |
Income tax benefit | (6) |  |  | (6) |  |  |  |  |
Stock option expense, net of income taxes | 22 |  |  | 23 |  |  |  |  |
Total stock-based compensation: |  |  |  |  |  |  |
Pretax compensation expense | 60 |  |  | 70 |  |  |  |  |
Income tax benefit | (12) |  |  | (14) |  |  |  |  |
Total stock-based compensation expense, net of income taxes | $ | 48 |  |  | $ | 56 |  |  |  |  |
Components of Accumulated Other Comprehensive Income (Loss) | The changes in accumulated OCI 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 29, 2024: |  |  |  |  |  |  |  |  |
Balance, December 31, 2023 | $ | (1,446) |  |  | $ | (401) |  |  |  |  | $ | 99 |  |  | $ | (1,748) |
OCI before reclassifications: |  |  |  |  |  |  |  |  |
Increase (decrease) | (935) |  |  | — |  |  |  |  | 23 |  |  | (912) |
Income tax impact | (13) |  |  | — |  |  |  |  | — |  |  | (13) |
OCI before reclassifications, net of income taxes | (948) |  |  | — |  |  |  |  | 23 |  |  | (925) |
Reclassification adjustments: |  |  |  |  |  |  |  |  |
Increase (decrease) | — |  |  | 3 |  | (a) |  |  | (73) |  | (b) | (70) |
Income tax impact | — |  |  | (1) |  |  |  |  | — |  |  | (1) |
Reclassification adjustments, net of income taxes | — |  |  | 2 |  |  |  |  | (73) |  |  | (71) |
Net OCI, net of income taxes | (948) |  |  | 2 |  |  |  |  | (50) |  |  | (996) |
Balance, March 29, 2024 | $ | (2,394) |  |  | $ | (399) |  |  |  |  | $ | 49 |  |  | $ | (2,744) |
For the Three-Month Period Ended March 31, 2023: |  |  |  |  |  |  |  |  |
Balance, December 31, 2022 | $ | (2,644) |  |  | $ | (341) |  |  |  |  | $ | 113 |  |  | $ | (2,872) |
OCI before reclassifications: |  |  |  |  |  |  |  |  |
Increase (decrease) | 23 |  |  | — |  |  |  |  | 37 |  |  | 60 |
Income tax impact | 2 |  |  | — |  |  |  |  | — |  |  | 2 |
OCI 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 OCI, net of income taxes | 25 |  |  | — |  |  |  |  | 81 |  |  | 106 |
Balance, March 31, 2023 | $ | (2,619) |  |  | $ | (341) |  |  |  |  | $ | 194 |  |  | $ | (2,766) |
(a) This accumulated other comprehensive income (loss) component is included in the computation of net periodic benefit cost (refer to Note 8 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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