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Shareholders' Equity
 9 Months Ended
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 $0.06 for both the first nine months of 2023 and 2022.
Earnings Per Share
We calculate basic and diluted earnings per share (EPS) based on net income, which approximates income available to common shareholders for each period.  Basic EPS is calculated using the two-class method, which includes the weighted-average number of common shares outstanding during the period and restricted stock units to be paid in stock that are deemed participating securities as they provide nonforfeitable rights to dividends. Diluted EPS considers the dilutive effect of all potential future common stock, including stock options.  
The weighted-average shares outstanding for basic and diluted EPS are as follows:
Three Months EndedNine Months Ended
(In thousands)September 30,
2023		October 1,
2022		September 30,
2023		October 1,
2022
Basic weighted-average shares outstanding197,947 211,307 201,161 214,301 
Dilutive effect of stock options2,045 1,833 2,009 2,167 
Diluted weighted-average shares outstanding199,992 213,140 203,170 216,468 
Stock options to purchase 1.0 million and 1.7 million shares of common stock were excluded from the calculation of diluted weighted-average shares outstanding for the third quarter and first nine months of 2023, respectively, as their effect would have been anti-dilutive. For both the third quarter and first nine months of 2022, stock options to purchase 1.0 million shares of common stock were excluded from the calculation of diluted weighted-average shares outstanding as their effect would have been anti-dilutive.
Accumulated Other Comprehensive Loss and Other Comprehensive Loss
The components of Accumulated other comprehensive loss are presented below:
(In millions)Pension and
Postretirement
Benefits
Adjustments		Foreign
Currency
Translation
Adjustments		Deferred
Gains (Losses)
on Hedge
Contracts		Accumulated
Other
Comprehensive
Loss
Balance at December 31, 2022$(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 $(789)
Other comprehensive loss before reclassifications— (201)(4)(205)
Reclassified from Accumulated other comprehensive loss52 — — 52 
Balance at October 1, 2022$(747)$(192)$(3)$(942)
The before and after-tax components of Other comprehensive loss are presented below:
September 30, 2023October 1, 2022
(In millions)Pre-Tax
Amount		Tax
(Expense)
Benefit		After-tax
Amount		Pre-Tax
Amount		Tax
(Expense)
Benefit		After-tax
Amount
Three Months Ended
Pension and postretirement benefits adjustments:
Amortization of net actuarial (gain) loss*$(2)$1 $(1)$21 $(4)$17 
Amortization of prior service cost*2 (1)1 2 (1)1 
Pension and postretirement benefits adjustments, net— — — 23 (5)18 
Foreign currency translation adjustments(51)— (51)(97)— (97)
Deferred gains (losses) on hedge contracts:
Current deferrals(6)2 (4)(11)3 (8)
Reclassification adjustments2 (1)1 — — — 
Deferred gains (losses) on hedge contracts, net(4)1 (3)(11)3 (8)
Total$(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)$48 
Amortization of prior service cost*6 (3)3 6 (2)4 
Pension and postretirement benefits adjustments, net1 (1)— 69 (17)52 
Foreign currency translation adjustments(19)— (19)(201)— (201)
Deferred gains (losses) on hedge contracts:
Current deferrals(3)2 (1)(6)2 (4)
Reclassification adjustments6 (2)4 — — — 
Deferred gains (losses) on hedge contracts, net3 — 3 (6)2 (4)
Total$(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.