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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.

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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.

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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).

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