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Shareholders' Equity
 3 Months Ended
Mar. 30, 2024
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 March 30, 2024
Beginning of period$24 $1,910 $(165)$5,862 $(644)$6,987 
Net income— — — 201 — 201 
Other comprehensive loss— — — — (37)(37)
Share-based compensation activity1 102 — — — 103 
Dividends declared— — — (4)— (4)
Purchases of common stock, including excise tax*— — (319)— — (319)
End of period$25 $2,012 $(484)$6,059 $(681)$6,931 
Three months ended April 1, 2023
Beginning of period$26 $1,880 $(84)$5,903 $(612)$7,113 
Net income— — — 191 — 191 
Other comprehensive income— — — — 26 26 
Share-based compensation activity— 62 — — — 62 
Dividends declared— — — (4)— (4)
Purchases of common stock, including excise tax*— — (380)— — (380)
End of period$26 $1,942 $(464)$6,090 $(586)$7,008 
*Includes amounts accrued for excise tax imposed on common share repurchases of $2 million for the first quarter of 2024 and $3 million for the first quarter of 2023.
Dividends per share of common stock were $0.02 for both the first quarter of 2024 and 2023.
Earnings Per Share
We calculate basic and diluted earnings per share (EPS) based on net income, which approximates income available to common shareholders for each period.  Basic EPS is calculated using the two-class method, which includes the weighted-average number of common shares outstanding during the period and restricted stock units to be paid in stock that are deemed participating securities as they provide nonforfeitable rights to dividends. Diluted EPS considers the dilutive effect of all potential future common stock, including stock options.  
The weighted-average shares outstanding for basic and diluted EPS are as follows:
Three Months Ended
(In thousands)March 30,
2024		April 1,
2023
Basic weighted-average shares outstanding192,800 204,835 
Dilutive effect of stock options2,060 2,176 
Diluted weighted-average shares outstanding194,860 207,011 
Stock options to purchase 1.0 million and 2.0 million shares of common stock were excluded from the calculation of diluted weighted-average shares outstanding for the first quarter of 2024 and 2023, respectively, as their effect would have been anti-dilutive.
Accumulated Other Comprehensive Loss and Other Comprehensive Income (Loss)
The components of Accumulated other comprehensive loss are presented below:
(In millions)Pension and
Postretirement
Benefits
Adjustments		Foreign
Currency
Translation
Adjustments		Deferred
Gains (Losses)
on Hedge
Contracts		Accumulated
Other
Comprehensive
Loss
Balance at December 30, 2023$(598)$(49)$3 $(644)
Other comprehensive loss before reclassifications— (33)(5)(38)
Reclassified from Accumulated other comprehensive loss1 — — 1 
Balance at March 30, 2024$(597)$(82)$(2)$(681)
Balance at December 31, 2022$(516)$(94)$(2)$(612)
Other comprehensive income before reclassifications— 28 (3)25 
Reclassified from Accumulated other comprehensive loss— — 1 1 
Balance at April 1, 2023$(516)$(66)$(4)$(586)
The before and after-tax components of Other comprehensive income (loss) are presented below:
March 30, 2024April 1, 2023
(In millions)Pre-Tax
Amount		Tax
(Expense)
Benefit		After-tax
Amount		Pre-Tax
Amount		Tax
(Expense)
Benefit		After-tax
Amount
Three Months Ended
Pension and postretirement benefits adjustments:
Amortization of net actuarial gain*$(1)$— $(1)$(2)$1 $(1)
Amortization of prior service cost*2 — 2 2 (1)1 
Pension and postretirement benefits adjustments, net1 — 1 — — — 
Foreign currency translation adjustments(33)— (33)28 — 28 
Deferred losses on hedge contracts:
Current deferrals(7)2 (5)(4)1 (3)
Reclassification adjustments(1)1 — 2 (1)1 
Deferred losses on hedge contracts, net(8)3 (5)(2)— (2)
Total$(40)$3 $(37)$26 $— $26 
*These components of other comprehensive income (loss) are included in the computation of net periodic pension cost (income). See Note 15 of our 2023 Annual Report on Form 10-K for additional information.