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Shareholders' Equity | 9 Months Ended
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Sep. 30, 2023
Equity [Abstract] |
Shareholders' Equity | Shareholders’ Equity A reconciliation of Shareholders’ equity is presented below:
(In millions) | Common Stock | Capital Surplus | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Loss | Total Shareholders' Equity
Three months ended September 30, 2023 |  |  |  |  |  |
Beginning of period | $ | 26 |  | $ | 1,973 |  | $ | (740) |  | $ | 6,349 |  | $ | (574) |  | $ | 7,034 |
Net income | — |  | — |  | — |  | 269 |  | — |  | 269 |
Other comprehensive loss | — |  | — |  | — |  | — |  | (54) |  | (54) |
Share-based compensation activity | — |  | 58 |  | — |  | — |  | — |  | 58 |
Dividends declared | — |  | — |  | — |  | (4) |  | — |  | (4) |
Purchases of common stock, including excise tax* | — |  | — |  | (236) |  | — |  | — |  | (236) |
End of period | $ | 26 |  | $ | 2,031 |  | $ | (976) |  | $ | 6,614 |  | $ | (628) |  | $ | 7,067 |
Three months ended October 1, 2022 |  |  |  |  |  |
Beginning of period | $ | 28 |  | $ | 1,953 |  | $ | (596) |  | $ | 6,271 |  | $ | (855) |  | $ | 6,801 |
Net income | — |  | — |  | — |  | 225 |  | — |  | 225 |
Other comprehensive loss | — |  | — |  | — |  | — |  | (87) |  | (87) |
Share-based compensation activity | — |  | 27 |  | — |  | — |  | — |  | 27 |
Dividends declared | — |  | — |  | — |  | (4) |  | — |  | (4) |
Purchases of common stock | — |  | — |  | (200) |  | — |  | — |  | (200) |
End of period | $ | 28 |  | $ | 1,980 |  | $ | (796) |  | $ | 6,492 |  | $ | (942) |  | $ | 6,762 |
Nine months ended September 30, 2023 |  |  |  |  |  |
Beginning of period | $ | 26 |  | $ | 1,880 |  | $ | (84) |  | $ | 5,903 |  | $ | (612) |  | $ | 7,113 |
Net income | — |  | — |  | — |  | 723 |  | — |  | 723 |
Other comprehensive loss | — |  | — |  | — |  | — |  | (16) |  | (16) |
Share-based compensation activity | — |  | 151 |  | — |  | — |  | — |  | 151 |
Dividends declared | — |  | — |  | — |  | (12) |  | — |  | (12) |
Purchases of common stock, including excise tax* | — |  | — |  | (892) |  | — |  | — |  | (892) |
End of period | $ | 26 |  | $ | 2,031 |  | $ | (976) |  | $ | 6,614 |  | $ | (628) |  | $ | 7,067 |
Nine months ended October 1, 2022 |  |  |  |  |  |
Beginning of period | $ | 28 |  | $ | 1,863 |  | $ | (157) |  | $ | 5,870 |  | $ | (789) |  | $ | 6,815 |
Net income | — |  | — |  | — |  | 635 |  | — |  | 635 |
Other comprehensive loss | — |  | — |  | — |  | — |  | (153) |  | (153) |
Share-based compensation activity | — |  | 117 |  | — |  | — |  | — |  | 117 |
Dividends declared | — |  | — |  | — |  | (13) |  | — |  | (13) |
Purchases of common stock | — |  | — |  | (639) |  | — |  | — |  | (639) |
End of period | $ | 28 |  | $ | 1,980 |  | $ | (796) |  | $ | 6,492 |  | $ | (942) |  | $ | 6,762 |
*Includes amounts accrued for excise tax imposed on common share repurchases beginning on January 1, 2023 as part of the Inflation Reduction Act that totaled $1 million for the third quarter of 2023 and $7 million for first nine months of 2023. Dividends per share of common stock were $0.02 for both the third quarter of 2023 and 2022 and $0.06 for both the first nine months of 2023 and 2022. Earnings Per Share We calculate basic and diluted earnings per share (EPS) based on net income, which approximates income available to common shareholders for each period. Basic EPS is calculated using the two-class method, which includes the weighted-average number of common shares outstanding during the period and restricted stock units to be paid in stock that are deemed participating securities as they provide nonforfeitable rights to dividends. Diluted EPS considers the dilutive effect of all potential future common stock, including stock options. The weighted-average shares outstanding for basic and diluted EPS are as follows:
| Three Months Ended | Nine Months Ended
(In thousands) | September 30, 2023 | October 1, 2022 | September 30, 2023 | October 1, 2022
Basic weighted-average shares outstanding | 197,947 |  | 211,307 |  | 201,161 |  | 214,301 |
Dilutive effect of stock options | 2,045 |  | 1,833 |  | 2,009 |  | 2,167 |
Diluted weighted-average shares outstanding | 199,992 |  | 213,140 |  | 203,170 |  | 216,468 |
Stock options to purchase 1.0 million and 1.7 million shares of common stock were excluded from the calculation of diluted weighted-average shares outstanding for the third quarter and first nine months of 2023, respectively, as their effect would have been anti-dilutive. For both the third quarter and first nine months of 2022, stock options to purchase 1.0 million shares of common stock were excluded from the calculation of diluted weighted-average shares outstanding as their effect would have been anti-dilutive. Accumulated Other Comprehensive Loss and Other Comprehensive Loss The components of Accumulated other comprehensive loss are presented below:
(In millions) | Pension and Postretirement Benefits Adjustments | Foreign Currency Translation Adjustments | Deferred Gains (Losses) on Hedge Contracts | Accumulated Other Comprehensive Loss
Balance at December 31, 2022 | $ | (516) |  | $ | (94) |  | $ | (2) |  | $ | (612) |
Other comprehensive loss before reclassifications | — |  | (19) |  | (1) |  | (20) |
Reclassified from Accumulated other comprehensive loss | — |  | — |  | 4 |  | 4 |
Balance at September 30, 2023 | $ | (516) |  | $ | (113) |  | $ | 1 |  | $ | (628) |
Balance at January 1, 2022 | $ | (799) |  | $ | 9 |  | $ | 1 |  | $ | (789) |
Other comprehensive loss before reclassifications | — |  | (201) |  | (4) |  | (205) |
Reclassified from Accumulated other comprehensive loss | 52 |  | — |  | — |  | 52 |
Balance at October 1, 2022 | $ | (747) |  | $ | (192) |  | $ | (3) |  | $ | (942) |
The before and after-tax components of Other comprehensive loss are presented below:
| September 30, 2023 | October 1, 2022
(In millions) | Pre-Tax Amount | Tax (Expense) Benefit | After-tax Amount | Pre-Tax Amount | Tax (Expense) Benefit | After-tax Amount
Three Months Ended |  |  |  |  |  |
Pension and postretirement benefits adjustments: |  |  |  |  |  |
Amortization of net actuarial (gain) loss* | $ | (2) |  | $ | 1 |  | $ | (1) |  | $ | 21 |  | $ | (4) |  | $ | 17 |
Amortization of prior service cost* | 2 |  | (1) |  | 1 |  | 2 |  | (1) |  | 1 |
Pension and postretirement benefits adjustments, net | — |  | — |  | — |  | 23 |  | (5) |  | 18 |
Foreign currency translation adjustments | (51) |  | — |  | (51) |  | (97) |  | — |  | (97) |
Deferred gains (losses) on hedge contracts: |  |  |  |  |  |
Current deferrals | (6) |  | 2 |  | (4) |  | (11) |  | 3 |  | (8) |
Reclassification adjustments | 2 |  | (1) |  | 1 |  | — |  | — |  | — |
Deferred gains (losses) on hedge contracts, net | (4) |  | 1 |  | (3) |  | (11) |  | 3 |  | (8) |
Total | $ | (55) |  | $ | 1 |  | $ | (54) |  | $ | (85) |  | $ | (2) |  | $ | (87) |
Nine Months Ended |  |  |  |  |  |
Pension and postretirement benefits adjustments: |  |  |  |  |  |
Amortization of net actuarial (gain) loss* | $ | (5) |  | $ | 2 |  | $ | (3) |  | $ | 63 |  | $ | (15) |  | $ | 48 |
Amortization of prior service cost* | 6 |  | (3) |  | 3 |  | 6 |  | (2) |  | 4 |
Pension and postretirement benefits adjustments, net | 1 |  | (1) |  | — |  | 69 |  | (17) |  | 52 |
Foreign currency translation adjustments | (19) |  | — |  | (19) |  | (201) |  | — |  | (201) |
Deferred gains (losses) on hedge contracts: |  |  |  |  |  |
Current deferrals | (3) |  | 2 |  | (1) |  | (6) |  | 2 |  | (4) |
Reclassification adjustments | 6 |  | (2) |  | 4 |  | — |  | — |  | — |
Deferred gains (losses) on hedge contracts, net | 3 |  | — |  | 3 |  | (6) |  | 2 |  | (4) |
Total | $ | (15) |  | $ | (1) |  | $ | (16) |  | $ | (138) |  | $ | (15) |  | $ | (153) |
*These components of other comprehensive loss are included in the computation of net periodic pension cost (income). See Note 15 of our 2022 Annual Report on Form 10-K for additional information.

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