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Shareholders' Equity (Tables)

9 Months Ended

Sep. 28, 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 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 activity			1			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.

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						Nine Months Ended
(In thousands)			September 28, 2024			September 30, 2023			September 28, 2024			September 30, 2023
Basic weighted-average shares outstanding			186,958			197,947			189,834			201,161
Dilutive effect of stock options			1,986			2,045			2,052			2,009
Diluted weighted-average shares outstanding			188,944			199,992			191,886			203,170

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 income before reclassifications			—			12			(3)			9
Reclassified from Accumulated other comprehensive loss			2			—			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)

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:

			September 28, 2024									September 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 adjustments			59			—			59			(51)			—			(51)
Deferred gains (losses) on hedge contracts:
Current deferrals			3			(2)			1			(6)			2			(4)
Reclassification adjustments			4			(3)			1			2			(1)			1
Deferred gains (losses) on hedge contracts, net			7			(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, net			2			—			2			1			(1)			—
Foreign currency translation adjustments			12			—			12			(19)			—			(19)
Deferred gains (losses) on hedge contracts:
Current deferrals			(3)			—			(3)			(3)			2			(1)
Reclassification adjustments			2			(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.

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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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