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Shareholders' Equity (Tables)

3 Months Ended

Mar. 30, 2024

Equity [Abstract]

Schedule of Shareholder's 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 activity			1			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.

Schedule of Weighted-Average Shares Outstanding for Basic and Diluted EPS

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 outstanding									192,800			204,835
Dilutive effect of stock options									2,060			2,176
Diluted weighted-average shares outstanding									194,860			207,011

Schedule of Components of Accumulated 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 loss			1			—			—			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)

Schedule of Before and After-Tax Components of Other Comprehensive Income (Loss)

The before and after-tax components of Other comprehensive income (loss) are presented below:

			March 30, 2024									April 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, net			1			—			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.

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