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Shareholders' Equity (Tables) | 6 Months Ended
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Jun. 28, 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 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.
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 | 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 |
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 | — |  | 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) |
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:
| 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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