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Equity | 3 Months Ended
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Oct. 02, 2021
Equity [Abstract] |
Equity | Equity Earnings per share Basic earnings per share is determined by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share is similarly determined, except that the denominator is increased to include the number of additional common shares that would have been outstanding if all dilutive potential common shares had been issued. Dilutive potential common shares consist principally of employee stock options issued by the Company, restricted stock units, and certain contingently issuable performance shares. There were 8 million and 11 million anti-dilutive potential common shares excluded from the calculation for the quarter and year-to-date periods ended October 2, 2021. There were 7 million anti-dilutive potential common shares excluded from the calculation for the quarter and year-to-date periods ended September 26, 2020. Please refer to the Consolidated Statement of Income for basic and diluted earnings per share for the quarter and year-to-date periods ended October 2, 2021 and September 26, 2020. Share repurchases In February 2020, the board of directors approved a new authorization to repurchase up to $1.5 billion of our common stock through December 2022. During the quarter ended October 2, 2021, the Company did not repurchase any shares of common stock. During the year-to-date period ended October 2, 2021, the Company repurchased approximately 4 million shares of common stock for a total of $240 million. During the quarter and year-to-date periods ended September 26, 2020, the Company did not repurchase any shares of common stock. Comprehensive income Comprehensive income includes net income and all other changes in equity during a period except those resulting from investments by or distributions to shareholders. Other comprehensive income consists of foreign currency translation adjustments, fair value adjustments associated with cash flow hedges, adjustments for net experience losses and prior service cost related to employee benefit plans, and adjustments for unrealized gains and losses on available-for-sale securities, net of related tax effects. Reclassifications out of Accumulated other comprehensive income (AOCI) for the quarter and year-to-date periods ended October 2, 2021 and September 26, 2020, consisted of the following:
(millions) |  |  |
Details about AOCI components | Amount reclassified from AOCI | Line item impacted within Income Statement
| Quarter ended October 2, 2021 | Year-to-date period ended October 2, 2021 |
(Gains) losses on cash flow hedges: |  |  |
Interest rate contracts (a) | $ | 4 |  | $ | 19 |  | Interest expense
| $ | 4 |  | $ | 19 |  | Total before tax
| (1) |  | (5) |  | Tax expense (benefit)
| $ | 3 |  | $ | 14 |  | Net of tax
Amortization of postretirement and postemployment benefits: |  |  |
Net experience (gain) loss (b) | $ | — |  | $ | (2) |  | OIE
| $ | — |  | $ | (2) |  | Total before tax
| — |  | 1 |  | Tax expense (benefit)
| $ | — |  | $ | (1) |  | Net of tax
(Gains) losses on available-for-sale securities: |  |  |
Corporate bonds (a) | $ | (2) |  | $ | (2) |  | OIE
| $ | (2) |  | $ | (2) |  | Total before tax
| — |  | — |  | Tax expense (benefit)
| $ | (2) |  | $ | (2) |  | Net of tax
Total reclassifications | $ | 1 |  | $ | 11 |  | Net of tax
(millions) |  |  |
Details about AOCI components | Amount reclassified from AOCI | Line item impacted within Income Statement
| Quarter ended September 26, 2020 | Year-to-date period ended September 26, 2020 |
(Gains) losses on cash flow hedges: |  |  |
Interest rate contracts (a) | $ | 4 |  | $ | 11 |  | Interest expense
| $ | 4 |  | $ | 11 |  | Total before tax
| (1) |  | (3) |  | Tax expense (benefit)
| $ | 3 |  | $ | 8 |  | Net of tax
Amortization of postretirement and postemployment benefits: |  |  |
Net experience loss (b) | $ | — |  | $ | (2) |  | OIE
Prior service cost (b) | — |  | (1) |  | OIE
| $ | — |  | $ | (3) |  | Total before tax
| — |  | 1 |  | Tax expense (benefit)
| $ | — |  | $ | (2) |  | Net of tax
Total reclassifications | $ | 3 |  | $ | 6 |  | Net of tax
(a) See Derivative instruments and fair value measurements note (b) See Employee benefits note Accumulated other comprehensive income (loss), net of tax, as of October 2, 2021 and January 2, 2021 consisted of the following:
(millions) | October 2, 2021 | January 2, 2021
Foreign currency translation adjustments | $ | (1,670) |  | $ | (1,668) |
Cash flow hedges — unrealized net gain (loss) | (12) |  | (57) |
Postretirement and postemployment benefits: |  |
Net experience gain (loss) | 1 |  | 2 |
Prior service credit (cost) | (12) |  | (12) |
Available-for-sale securities unrealized net gain (loss) | — |  | 3 |
Total accumulated other comprehensive income (loss) | $ | (1,693) |  | $ | (1,732) |

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 16 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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