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v3.25.2

Stockholders' Equity and Stock-Based Compensation (Tables) | 6 Months Ended
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Jun. 27, 2025
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
| 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 |
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
| 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 |
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 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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