XML 45 R29.htm IDEA: XBRL DOCUMENT
v3.24.2

Shareholders' Equity (Tables) | 6 Months Ended
--- | ---
Jun. 29, 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 June 29, 2024 |  |  |  |  |  |
Beginning of period | $ | 25 |  | $ | 2,012 |  | $ | (484) |  | $ | 6,059 |  | $ | (681) |  | $ | 6,931 |
Net income | — |  | — |  | — |  | 259 |  | — |  | 259 |
Other comprehensive loss | — |  | — |  | — |  | — |  | (12) |  | (12) |
Share-based compensation activity | — |  | 38 |  | — |  | — |  | — |  | 38 |
Dividends declared | — |  | — |  | — |  | (4) |  | — |  | (4) |
Purchases of common stock, including excise tax* | — |  | — |  | (360) |  | — |  | — |  | (360) |
End of period | $ | 25 |  | $ | 2,050 |  | $ | (844) |  | $ | 6,314 |  | $ | (693) |  | $ | 6,852 |
Three months ended July 1, 2023 |  |  |  |  |  |
Beginning of period | $ | 26 |  | $ | 1,942 |  | $ | (464) |  | $ | 6,090 |  | $ | (586) |  | $ | 7,008 |
Net income | — |  | — |  | — |  | 263 |  | — |  | 263 |
Other comprehensive income | — |  | — |  | — |  | — |  | 12 |  | 12 |
Share-based compensation activity | — |  | 31 |  | — |  | — |  | — |  | 31 |
Dividends declared | — |  | — |  | — |  | (4) |  | — |  | (4) |
Purchases of common stock, including excise tax* | — |  | — |  | (276) |  | — |  | — |  | (276) |
End of period | $ | 26 |  | $ | 1,973 |  | $ | (740) |  | $ | 6,349 |  | $ | (574) |  | $ | 7,034 |
Six months ended June 29, 2024 |  |  |  |  |  |
Beginning of period | $ | 24 |  | $ | 1,910 |  | $ | (165) |  | $ | 5,862 |  | $ | (644) |  | $ | 6,987 |
Net income | — |  | — |  | — |  | 460 |  | — |  | 460 |
Other comprehensive loss | — |  | — |  | — |  | — |  | (49) |  | (49) |
Share-based compensation activity | 1 |  | 140 |  | — |  | — |  | — |  | 141 |
Dividends declared | — |  | — |  | — |  | (8) |  | — |  | (8) |
Purchases of common stock, including excise tax* | — |  | — |  | (679) |  | — |  | — |  | (679) |
End of period | $ | 25 |  | $ | 2,050 |  | $ | (844) |  | $ | 6,314 |  | $ | (693) |  | $ | 6,852 |
Six months ended July 1, 2023 |  |  |  |  |  |
Beginning of period | $ | 26 |  | $ | 1,880 |  | $ | (84) |  | $ | 5,903 |  | $ | (612) |  | $ | 7,113 |
Net income | — |  | — |  | — |  | 454 |  | — |  | 454 |
Other comprehensive income | — |  | — |  | — |  | — |  | 38 |  | 38 |
Share-based compensation activity | — |  | 93 |  | — |  | — |  | — |  | 93 |
Dividends declared | — |  | — |  | — |  | (8) |  | — |  | (8) |
Purchases of common stock, including excise tax* | — |  | — |  | (656) |  | — |  | — |  | (656) |
End of period | $ | 26 |  | $ | 1,973 |  | $ | (740) |  | $ | 6,349 |  | $ | (574) |  | $ | 7,034 |
*Includes amounts accrued for excise tax imposed on common share repurchases of $2 million and $4 million for the second quarter and first half of 2024, respectively, and $3 million and $6 million for the second quarter and first half of 2023, respectively.
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 | Six Months Ended
(In thousands) | June 29, 2024 | July 1, 2023 | June 29, 2024 | July 1, 2023
Basic weighted-average shares outstanding | 189,746 |  | 200,701 |  | 191,273 |  | 202,768 |
Dilutive effect of stock options | 2,109 |  | 1,808 |  | 2,085 |  | 1,992 |
Diluted weighted-average shares outstanding | 191,855 |  | 202,509 |  | 193,358 |  | 204,760 |
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 | — |  | (47) |  | (4) |  | (51) |
Reclassified from Accumulated other comprehensive loss | 2 |  | — |  | — |  | 2 |
Balance at June 29, 2024 | $ | (596) |  | $ | (96) |  | $ | (1) |  | $ | (693) |
Balance at December 31, 2022 | $ | (516) |  | $ | (94) |  | $ | (2) |  | $ | (612) |
Other comprehensive income before reclassifications | — |  | 32 |  | 3 |  | 35 |
Reclassified from Accumulated other comprehensive loss | — |  | — |  | 3 |  | 3 |
Balance at July 1, 2023 | $ | (516) |  | $ | (62) |  | $ | 4 |  | $ | (574) |
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:
| June 29, 2024 | July 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) |  | $ | (1) |  | $ | — |  | $ | (1) |
Amortization of prior service cost* | 2 |  | — |  | 2 |  | 2 |  | (1) |  | 1 |
Pension and postretirement benefits adjustments, net | 1 |  | — |  | 1 |  | 1 |  | (1) |  | — |
Foreign currency translation adjustments | (14) |  | — |  | (14) |  | 4 |  | — |  | 4 |
Deferred gains (losses) on hedge contracts: |  |  |  |  |  |
Current deferrals | 1 |  | — |  | 1 |  | 7 |  | (1) |  | 6 |
Reclassification adjustments | (1) |  | 1 |  | — |  | 2 |  | — |  | 2 |
Deferred gains (losses) on hedge contracts, net | — |  | 1 |  | 1 |  | 9 |  | (1) |  | 8 |
Total | $ | (13) |  | $ | 1 |  | $ | (12) |  | $ | 14 |  | $ | (2) |  | $ | 12 |
Six Months Ended |  |  |  |  |  |
Pension and postretirement benefits adjustments: |  |  |  |  |  |
Amortization of net actuarial gain* | $ | (2) |  | $ | — |  | $ | (2) |  | $ | (3) |  | $ | 1 |  | $ | (2) |
Amortization of prior service cost* | 4 |  | — |  | 4 |  | 4 |  | (2) |  | 2 |
Pension and postretirement benefits adjustments, net | 2 |  | — |  | 2 |  | 1 |  | (1) |  | — |
Foreign currency translation adjustments | (47) |  | — |  | (47) |  | 32 |  | — |  | 32 |
Deferred gains (losses) on hedge contracts: |  |  |  |  |  |
Current deferrals | (6) |  | 2 |  | (4) |  | 3 |  | — |  | 3 |
Reclassification adjustments | (2) |  | 2 |  | — |  | 4 |  | (1) |  | 3 |
Deferred gains (losses) on hedge contracts, net | (8) |  | 4 |  | (4) |  | 7 |  | (1) |  | 6 |
Total | $ | (53) |  | $ | 4 |  | $ | (49) |  | $ | 40 |  | $ | (2) |  | $ | 38 |
*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.

X
- References No definition available. + Details
Name: | us-gaap_EquityAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of accumulated other comprehensive income (loss). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 14A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482790/220-10-45-14A Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 830 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481674/830-30-50-1 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 830 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 20 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481694/830-30-45-20 + Details
Name: | us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of components of comprehensive income (loss). Includes, but is not limited to, foreign currency translation adjustments, foreign currency transactions designated as economic hedges of a net investment in foreign entity, gain (loss) and prior service cost (credit) for pension plans and other postretirement benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 1 -Section 45 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482790/220-10-45-1 + Details
Name: | us-gaap_ScheduleOfComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of changes in the separate accounts comprising stockholders' equity (in addition to retained earnings) and of the changes in the number of shares of equity securities during at least the most recent annual fiscal period and any subsequent interim period presented is required to make the financial statements sufficiently informative if both financial position and results of operations are presented. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 505 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-2 + Details
Name: | us-gaap_ScheduleOfStockholdersEquityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the weighted average number of shares used in calculating basic net earnings per share (or unit) and diluted earnings per share (or unit). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 + Details
Name: | us-gaap_ScheduleOfWeightedAverageNumberOfSharesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration