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Shareholders' Equity (Tables) | 3 Months Ended
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Mar. 29, 2025
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 29, 2025 |  |  |  |  |  |
Beginning of period | $ | 23 |  | $ | 1,960 |  | $ | (82) |  | $ | 5,607 |  | $ | (304) |  | $ | 7,204 |
Net income | — |  | — |  | — |  | 207 |  | — |  | 207 |
Other comprehensive income | — |  | — |  | — |  | — |  | 39 |  | 39 |
Share-based compensation activity | — |  | 45 |  | — |  | — |  | — |  | 45 |
Dividends declared | — |  | — |  | — |  | (3) |  | — |  | (3) |
Purchases of common stock, including excise tax* | — |  | — |  | (217) |  | — |  | — |  | (217) |
End of period | $ | 23 |  | $ | 2,005 |  | $ | (299) |  | $ | 5,811 |  | $ | (265) |  | $ | 7,275 |
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 |
*Includes amounts accrued for excise tax imposed on common share repurchases that totaled $2 million for both the first quarter of 2025 and 2024.
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 29, 2025 | March 30, 2024
Basic weighted-average shares outstanding |  |  | 182,378 |  | 192,800 |
Dilutive effect of stock options |  |  | 1,290 |  | 2,060 |
Diluted weighted-average shares outstanding |  |  | 183,668 |  | 194,860 |
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 28, 2024 | $ | (179) |  | $ | (120) |  | $ | (5) |  | $ | (304) |
Other comprehensive income before reclassifications | — |  | 40 |  | (2) |  | 38 |
Reclassified from Accumulated other comprehensive loss | — |  | — |  | 1 |  | 1 |
Balance at March 29, 2025 | $ | (179) |  | $ | (80) |  | $ | (6) |  | $ | (265) |
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) |
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 29, 2025 | March 30, 2024
(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* | $ | (2) |  | $ | — |  | $ | (2) |  | $ | (1) |  | $ | — |  | $ | (1) |
Amortization of prior service cost* | 2 |  | — |  | 2 |  | 2 |  | — |  | 2 |
Pension and postretirement benefits adjustments, net | — |  | — |  | — |  | 1 |  | — |  | 1 |
Foreign currency translation adjustments | 40 |  | — |  | 40 |  | (33) |  | — |  | (33) |
Deferred losses on hedge contracts: |  |  |  |  |  |
Current deferrals | (3) |  | 1 |  | (2) |  | (7) |  | 2 |  | (5) |
Reclassification adjustments | 2 |  | (1) |  | 1 |  | (1) |  | 1 |  | — |
Deferred losses on hedge contracts, net | (1) |  | — |  | (1) |  | (8) |  | 3 |  | (5) |
Total | $ | 39 |  | $ | — |  | $ | 39 |  | $ | (40) |  | $ | 3 |  | $ | (37) |
*These components of other comprehensive income (loss) are included in the computation of net periodic pension cost (income). See Note 14 of our 2024 Annual Report on Form 10-K for additional information.

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