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Shareholders' Equity
 9 Months Ended
Sep. 28, 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 September 28, 2024
Beginning of period$25 $2,050 $(844)$6,314 $(693)$6,852 
Net income— — — 223 — 223 
Other comprehensive income— — — — 61 61 
Share-based compensation activity— 36 — — — 36 
Dividends declared— — — (4)— (4)
Purchases of common stock, including excise tax*— — (217)— — (217)
End of period$25 $2,086 $(1,061)$6,533 $(632)$6,951 
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 
Nine months ended September 28, 2024
Beginning of period$24 $1,910 $(165)$5,862 $(644)$6,987 
Net income— — — 683 — 683 
Other comprehensive income— — — — 12 12 
Share-based compensation activity1 176 — — — 177 
Dividends declared— — — (12)— (12)
Purchases of common stock, including excise tax*— — (896)— — (896)
End of period$25 $2,086 $(1,061)$6,533 $(632)$6,951 
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 
*Includes amounts accrued for excise tax imposed on common share repurchases of $2 million and $6 million for the third quarter and first nine months of 2024, respectively, and $1 million and $7 million for the third quarter and first nine months of 2023, respectively.
Dividends per share of common stock were $0.02 for both the third quarter of 2024 and 2023 and $0.06 for both the first nine months of 2024 and 2023.
Earnings Per Share
We calculate basic and diluted earnings per share (EPS) based on net income, which approximates income available to common shareholders for each period.  Basic EPS is calculated using the two-class method, which includes the weighted-average number of common shares outstanding during the period and restricted stock units to be paid in stock that are deemed participating securities as they provide nonforfeitable rights to dividends. Diluted EPS considers the dilutive effect of all potential future common stock, including stock options.  
The weighted-average shares outstanding for basic and diluted EPS are as follows:
Three Months EndedNine Months Ended
(In thousands)September 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
Basic weighted-average shares outstanding186,958 197,947 189,834 201,161 
Dilutive effect of stock options1,986 2,045 2,052 2,009 
Diluted weighted-average shares outstanding188,944 199,992 191,886 203,170 
Stock options to purchase shares of common stock that were excluded from the calculation of diluted weighted-average shares outstanding as their effect would have been anti-dilutive totaled 1.0 million shares for both the third quarter of 2024 and 2023, and 1.0 million and 1.7 million shares for the first nine months of 2024 and 2023, respectively.
Accumulated Other Comprehensive Loss and Other Comprehensive Income (Loss)
The components of Accumulated other comprehensive loss are presented below:
(In millions)Pension and
Postretirement
Benefits
Adjustments		Foreign
Currency
Translation
Adjustments		Deferred
Gains (Losses)
on Hedge
Contracts		Accumulated
Other
Comprehensive
Loss
Balance at December 30, 2023$(598)$(49)$3 $(644)
Other comprehensive income before reclassifications— 12 (3)9 
Reclassified from Accumulated other comprehensive loss2 — 1 3 
Balance at September 28, 2024$(596)$(37)$1 $(632)
Balance at December 31, 2022$(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 $(628)
The before and after-tax components of Other comprehensive income (loss) are presented below:
September 28, 2024September 30, 2023
(In millions)Pre-Tax
Amount		Tax
(Expense)
Benefit		After-tax
Amount		Pre-Tax
Amount		Tax
(Expense)
Benefit		After-tax
Amount
Three Months Ended
Pension and postretirement benefits adjustments:
Amortization of net actuarial gain*$(1)$1 $— $(2)$1 $(1)
Amortization of prior service cost*1 (1)— 2 (1)1 
Pension and postretirement benefits adjustments, net— — — — — — 
Foreign currency translation adjustments59 — 59 (51)— (51)
Deferred gains (losses) on hedge contracts:
Current deferrals3 (2)1 (6)2 (4)
Reclassification adjustments4 (3)1 2 (1)1 
Deferred gains (losses) on hedge contracts, net7 (5)2 (4)1 (3)
Total$66 $(5)$61 $(55)$1 $(54)
Nine Months Ended
Pension and postretirement benefits adjustments:
Amortization of net actuarial gain*$(3)$1 $(2)$(5)$2 $(3)
Amortization of prior service cost*5 (1)4 6 (3)3 
Pension and postretirement benefits adjustments, net2 — 2 1 (1)— 
Foreign currency translation adjustments12 — 12 (19)— (19)
Deferred gains (losses) on hedge contracts:
Current deferrals(3)— (3)(3)2 (1)
Reclassification adjustments2 (1)1 6 (2)4 
Deferred gains (losses) on hedge contracts, net(1)(1)(2)3 — 3 
Total$13 $(1)$12 $(15)$(1)$(16)
*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.