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Shareholders' Equity (Tables)

3 Months Ended

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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