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Shareholders' Equity | 6 Months Ended
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Jun. 28, 2025
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 June 28, 2025 |  |  |  |  |  |
Beginning of period | $ | 23 |  | $ | 2,005 |  | $ | (299) |  | $ | 5,811 |  | $ | (265) |  | $ | 7,275 |
Net income | — |  | — |  | — |  | 245 |  | — |  | 245 |
Other comprehensive income | — |  | — |  | — |  | — |  | 96 |  | 96 |
Share-based compensation activity | — |  | 36 |  | — |  | — |  | — |  | 36 |
Dividends declared | — |  | — |  | — |  | (4) |  | — |  | (4) |
Purchases of common stock, including excise tax* | — |  | — |  | (215) |  | — |  | — |  | (215) |
End of period | $ | 23 |  | $ | 2,041 |  | $ | (514) |  | $ | 6,052 |  | $ | (169) |  | $ | 7,433 |
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 |
Six months ended June 28, 2025 |  |  |  |  |  |
Beginning of period | $ | 23 |  | $ | 1,960 |  | $ | (82) |  | $ | 5,607 |  | $ | (304) |  | $ | 7,204 |
Net income | — |  | — |  | — |  | 452 |  | — |  | 452 |
Other comprehensive income | — |  | — |  | — |  | — |  | 135 |  | 135 |
Share-based compensation activity | — |  | 81 |  | — |  | — |  | — |  | 81 |
Dividends declared | — |  | — |  | — |  | (7) |  | — |  | (7) |
Purchases of common stock, including excise tax* | — |  | — |  | (432) |  | — |  | — |  | (432) |
End of period | $ | 23 |  | $ | 2,041 |  | $ | (514) |  | $ | 6,052 |  | $ | (169) |  | $ | 7,433 |
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 |
*Includes amounts accrued for excise tax imposed on common share repurchases that totaled $1 million and $3 million for the second quarter and first half of 2025, respectively, and $2 million and $4 million for the second quarter and first half of 2024, respectively. Dividends per share of common stock were $0.02 for both the second quarter of 2025 and 2024 and $0.04 for both the first half of 2025 and 2024. 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 Ended | Six Months Ended
(In thousands) | June 28, 2025 | June 29, 2024 | June 28, 2025 | June 29, 2024
Basic weighted-average shares outstanding | 179,958 |  | 189,746 |  | 181,168 |  | 191,273 |
Dilutive effect of stock options | 1,133 |  | 2,109 |  | 1,211 |  | 2,085 |
Diluted weighted-average shares outstanding | 181,091 |  | 191,855 |  | 182,379 |  | 193,358 |
In the second quarter and first half of 2025, stock options to purchase 2.9 million and 2.5 million shares of common stock, respectively, were excluded from the calculation of diluted weighted-average shares outstanding as their effect would have been anti-dilutive. Stock options to purchase 1.0 million shares of common stock were excluded from the calculation of diluted weighted-average shares outstanding for both the second quarter and first half of 2024 as their effect would have been anti-dilutive. 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 28, 2024 | $ | (179) |  | $ | (120) |  | $ | (5) |  | $ | (304) |
Other comprehensive income before reclassifications | — |  | 133 |  | 3 |  | 136 |
Reclassified from Accumulated other comprehensive loss | — |  | (2) |  | 1 |  | (1) |
Balance at June 28, 2025 | $ | (179) |  | $ | 11 |  | $ | (1) |  | $ | (169) |
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) |
The before and after-tax components of Other comprehensive income (loss) are presented below:
| June 28, 2025 | June 29, 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) |  | $ | 1 |  | $ | (1) |  | $ | (1) |  | $ | — |  | $ | (1) |
Amortization of prior service cost* | 2 |  | (1) |  | 1 |  | 2 |  | — |  | 2 |
Pension and postretirement benefits adjustments, net | — |  | — |  | — |  | 1 |  | — |  | 1 |
Foreign currency translation adjustments: |  |  |  |  |  |
Foreign currency translation adjustments | 93 |  | — |  | 93 |  | (14) |  | — |  | (14) |
Business disposition | (2) |  | — |  | (2) |  | — |  | — |  | — |
Foreign currency translation adjustments, net | 91 |  | — |  | 91 |  | (14) |  | — |  | (14) |
Deferred gains on hedge contracts: |  |  |  |  |  |
Current deferrals | 8 |  | (3) |  | 5 |  | 1 |  | — |  | 1 |
Reclassification adjustments | — |  | — |  | — |  | (1) |  | 1 |  | — |
Deferred gains on hedge contracts, net | 8 |  | (3) |  | 5 |  | — |  | 1 |  | 1 |
Total | $ | 99 |  | $ | (3) |  | $ | 96 |  | $ | (13) |  | $ | 1 |  | $ | (12) |
Six Months Ended |  |  |  |  |  |
Pension and postretirement benefits adjustments: |  |  |  |  |  |
Amortization of net actuarial gain* | $ | (4) |  | $ | 1 |  | $ | (3) |  | $ | (2) |  | $ | — |  | $ | (2) |
Amortization of prior service cost* | 4 |  | (1) |  | 3 |  | 4 |  | — |  | 4 |
Pension and postretirement benefits adjustments, net | — |  | — |  | — |  | 2 |  | — |  | 2 |
Foreign currency translation adjustments: |  |  |  |  |  |
Foreign currency translation adjustments | 133 |  | — |  | 133 |  | (47) |  | — |  | (47) |
Business disposition | (2) |  | — |  | (2) |  | — |  | — |  | — |
Foreign currency translation adjustments, net | 131 |  | — |  | 131 |  | (47) |  | — |  | (47) |
Deferred gains (losses) on hedge contracts: |  |  |  |  |  |
Current deferrals | 5 |  | (2) |  | 3 |  | (6) |  | 2 |  | (4) |
Reclassification adjustments | 2 |  | (1) |  | 1 |  | (2) |  | 2 |  | — |
Deferred gains (losses) on hedge contracts, net | 7 |  | (3) |  | 4 |  | (8) |  | 4 |  | (4) |
Total | $ | 138 |  | $ | (3) |  | $ | 135 |  | $ | (53) |  | $ | 4 |  | $ | (49) |
*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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