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Stockholders' Equity and Stock-Based Compensation | 6 Months Ended
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Jun. 27, 2025
Share-Based Payment Arrangement [Abstract] |
Stockholders' Equity and Stock-Based Compensation | STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION Stockholders’ Equity On July 16, 2013, the Company’s Board of Directors approved a repurchase program (the “Completed Repurchase Program”) authorizing the repurchase of up to 20 million shares of the Company’s common stock from time to time on the open market or in privately negotiated transactions. During the year ended December 31, 2024, the Company repurchased approximately 20 million shares of the Company’s common stock under the Completed Repurchase Program including the repurchase of approximately 17.4 million shares of the Company’s common stock for approximately $4.6 billion, inclusive of excise taxes, during the second quarter of 2024. As of December 31, 2024 no shares remained available for repurchase pursuant to the Completed Repurchase Program. In the second quarter of 2025 the Company paid $56 million in excise taxes related to the 2024 share repurchases. Cash paid for excise taxes on share repurchases is included in all other financing activities in the accompanying Consolidated Condensed Statement of Cash Flows. On July 22, 2024, the Company’s Board of Directors approved a repurchase program (the “Repurchase Program”) authorizing the repurchase of up to 20 million shares of the Company’s common stock from time to time on the open market or in privately negotiated transactions. During the year ended December 31, 2024, the Company repurchased 3.5 million shares of the Company’s common stock under the Repurchase Program and during the six-month period ended June 27, 2025 the Company repurchased approximately 4.5 million shares of the Company’s common stock for approximately $1.1 billion (which includes $4 million of excise taxes which will be paid in 2026) as part of the Repurchase Program. As of June 27, 2025, approximately 12 million shares remained available for repurchase pursuant to the Repurchase Program, inclusive of 2024 and 2025 share repurchases. There is no expiration date for the Repurchase Program, and the timing and amount of any shares repurchased under the program will be determined by members of the Company’s management based on its evaluation of market conditions and other factors. The Repurchase Program may be suspended or discontinued at any time. Any repurchased shares will be available for use in connection with the Company’s equity compensation plans (or any successor plans) and for other corporate purposes. The following table summarizes the Company’s share activity (shares in millions):
| Three-Month Period Ended |  | Six-Month Period Ended
| June 27, 2025 |  | June 28, 2024 |  | June 27, 2025 |  | June 28, 2024
Common stock - shares issued: |  |  |  |  |  |  |
Balance, beginning of period | 885.6 |  |  | 882.3 |  |  | 884.3 |  |  | 880.5 |
Common stock-based compensation awards | 0.3 |  |  | 0.9 |  |  | 1.6 |  |  | 2.7 |
Balance, end of period | 885.9 |  |  | 883.2 |  |  | 885.9 |  |  | 883.2 |
Stock-Based Compensation For a full description of the Company’s stock-based compensation programs, refer to Note 18 of the Company’s financial statements as of and for the year ended December 31, 2024 included in the Company’s 2024 Annual Report. As of June 27, 2025, approximately 43 million shares of the Company’s common stock were reserved for issuance under the 2007 Omnibus Incentive Plan. The following summarizes the components of the Company’s stock-based compensation expense ($ in millions):
| Three-Month Period Ended |  | Six-Month Period Ended
| June 27, 2025 |  | June 28, 2024 |  | June 27, 2025 |  | June 28, 2024
RSUs/PSUs: |  |  |  |  |  |  |
Pretax compensation expense | $ | 53 |  |  | $ | 46 |  |  | $ | 88 |  |  | $ | 78 |
Income tax benefit | (11) |  |  | (10) |  |  | (18) |  |  | (16) |
RSU/PSU expense, net of income taxes | 42 |  |  | 36 |  |  | 70 |  |  | 62 |
Stock options: |  |  |  |  |  |  |
Pretax compensation expense | 38 |  |  | 41 |  |  | 64 |  |  | 69 |
Income tax benefit | (8) |  |  | (8) |  |  | (13) |  |  | (14) |
Stock option expense, net of income taxes | 30 |  |  | 33 |  |  | 51 |  |  | 55 |
Total stock-based compensation: |  |  |  |  |  |  |
Pretax compensation expense | 91 |  |  | 87 |  |  | 152 |  |  | 147 |
Income tax benefit | (19) |  |  | (18) |  |  | (31) |  |  | (30) |
Total stock-based compensation expense, net of income taxes | $ | 72 |  |  | $ | 69 |  |  | $ | 121 |  |  | $ | 117 |
Stock-based compensation has been recognized as a component of SG&A expenses in the accompanying Consolidated Condensed Statements of Earnings. As of June 27, 2025, $239 million of total unrecognized compensation cost related to RSUs/PSUs is expected to be recognized over a weighted average period of approximately two years. As of June 27, 2025, $202 million of total unrecognized compensation cost related to stock options is expected to be recognized over a weighted average period of approximately two years. Future compensation amounts will be adjusted for any changes in estimated forfeitures. Accumulated Other Comprehensive Income Accumulated OCI refers to certain gains and losses that under U.S. GAAP are included in comprehensive income (loss) but are excluded from net earnings as these amounts are initially recorded as an adjustment to stockholders’ equity. Foreign currency translation adjustments generally relate to indefinite investments in non-U.S. subsidiaries, as well as the impact from the Company’s hedges of its net investment in foreign operations, including the Company’s cross-currency swap derivatives, net of any income tax impacts. The changes in accumulated OCI by component are summarized below ($ 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 June 27, 2025: |  |  |  |  |  |  |  |  |
Balance, March 28, 2025 | $ | (1,455) |  |  | $ | (299) |  |  |  |  | $ | 142 |  |  | $ | (1,612) |
OCI before reclassifications: |  |  |  |  |  |  |  |  |
Increase (decrease) | 979 |  |  | — |  |  |  |  | (200) |  |  | 779 |
Income tax impact | 49 |  |  | — |  |  |  |  | — |  |  | 49 |
OCI before reclassifications, net of income taxes | 1,028 |  |  | — |  |  |  |  | (200) |  |  | 828 |
Reclassification adjustments: |  |  |  |  |  |  |  |  |
Increase (decrease) | — |  |  | 2 |  | (a) |  |  | 213 |  | (b) | 215 |
Income tax impact | — |  |  | — |  |  |  |  | — |  |  | — |
Reclassification adjustments, net of income taxes | — |  |  | 2 |  |  |  |  | 213 |  |  | 215 |
Net OCI, net of income taxes | 1,028 |  |  | 2 |  |  |  |  | 13 |  |  | 1,043 |
Balance, June 27, 2025 | $ | (427) |  |  | $ | (297) |  |  |  |  | $ | 155 |  |  | $ | (569) |
For the Three-Month Period Ended June 28, 2024: |  |  |  |  |  |  |  |  |
Balance, March 29, 2024 | $ | (2,394) |  |  | $ | (399) |  |  |  |  | $ | 49 |  |  | $ | (2,744) |
OCI before reclassifications: |  |  |  |  |  |  |  |  |
Increase (decrease) | 133 |  |  | — |  |  |  |  | 55 |  |  | 188 |
Income tax impact | (12) |  |  | — |  |  |  |  | — |  |  | (12) |
OCI before reclassifications, net of income taxes | 121 |  |  | — |  |  |  |  | 55 |  |  | 176 |
Reclassification adjustments: |  |  |  |  |  |  |  |  |
Increase (decrease) | — |  |  | 2 |  | (a) |  |  | (24) |  | (b) | (22) |
Income tax impact | — |  |  | — |  |  |  |  | (1) |  |  | (1) |
Reclassification adjustments, net of income taxes | — |  |  | 2 |  |  |  |  | (25) |  |  | (23) |
Net OCI, net of income taxes | 121 |  |  | 2 |  |  |  |  | 30 |  |  | 153 |
Balance, June 28, 2024 | $ | (2,273) |  |  | $ | (397) |  |  |  |  | $ | 79 |  |  | $ | (2,591) |
| Foreign Currency Translation Adjustments |  | Pension and Postretirement Plan Benefit Adjustments |  |  |  | Cash Flow Hedge Adjustments |  | Accumulated Comprehensive Income (Loss)
For the Six-Month Period Ended June 27, 2025: |  |  |  |  |  |  |  |  |
Balance, December 31, 2024 | $ | (2,904) |  |  | $ | (300) |  |  |  |  | $ | (14) |  |  | $ | (3,218) |
OCI before reclassifications: |  |  |  |  |  |  |  |  |
Increase (decrease) | 2,415 |  |  | — |  |  |  |  | (161) |  |  | 2,254 |
Income tax impact | 62 |  |  | — |  |  |  |  | — |  |  | 62 |
OCI before reclassifications, net of income taxes | 2,477 |  |  | — |  |  |  |  | (161) |  |  | 2,316 |
Reclassification adjustments: |  |  |  |  |  |  |  |  |
Increase (decrease) | — |  |  | 4 |  | (a) |  |  | 330 |  | (b) | 334 |
Income tax impact | — |  |  | (1) |  |  |  |  | — |  |  | (1) |
Reclassification adjustments, net of income taxes | — |  |  | 3 |  |  |  |  | 330 |  |  | 333 |
Net OCI, net of income taxes | 2,477 |  |  | 3 |  |  |  |  | 169 |  |  | 2,649 |
Balance, June 27, 2025 | $ | (427) |  |  | $ | (297) |  |  |  |  | $ | 155 |  |  | $ | (569) |
For the Six-Month Period Ended June 28, 2024: |  |  |  |  |  |  |  |  |
Balance, December 31, 2023 | $ | (1,446) |  |  | $ | (401) |  |  |  |  | $ | 99 |  |  | $ | (1,748) |
OCI before reclassifications: |  |  |  |  |  |  |  |  |
Increase (decrease) | (802) |  |  | — |  |  |  |  | 78 |  |  | (724) |
Income tax impact | (25) |  |  | — |  |  |  |  | — |  |  | (25) |
OCI before reclassifications, net of income taxes | (827) |  |  | — |  |  |  |  | 78 |  |  | (749) |
Reclassification adjustments: |  |  |  |  |  |  |  |  |
Increase (decrease) | — |  |  | 5 |  | (a) |  |  | (97) |  | (b) | (92) |
Income tax impact | — |  |  | (1) |  |  |  |  | (1) |  |  | (2) |
Reclassification adjustments, net of income taxes | — |  |  | 4 |  |  |  |  | (98) |  |  | (94) |
Net OCI, net of income taxes | (827) |  |  | 4 |  |  |  |  | (20) |  |  | (843) |
Balance, June 28, 2024 | $ | (2,273) |  |  | $ | (397) |  |  |  |  | $ | 79 |  |  | $ | (2,591) |
(a) This accumulated other comprehensive income (loss) component is included in the computation of net periodic benefit cost (refer to Note 7 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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