v3.25.4

Shareholders' Equity | 12 Months Ended
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Jan. 03, 2026
Equity [Abstract] |
Shareholders' Equity | Shareholders’ Equity Capital Stock We have authorization for 15 million shares of preferred stock with a par value of $0.01 and 500 million shares of common stock with a par value of $0.125. Outstanding common stock activity is presented below:
(In thousands) | 2025 | 2024 | 2023
Balance at beginning of year | 182,964 |  | 192,898 |  | 206,161 |
Share repurchases | (10,650) |  | (12,890) |  | (16,169) |
Share-based compensation activity | 1,996 |  | 2,956 |  | 2,906 |
Balance at end of year | 174,310 |  | 182,964 |  | 192,898 |
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:
(In thousands) | 2025 | 2024 | 2023
Basic weighted-average shares outstanding | 178,895 |  | 188,318 |  | 199,719 |
Dilutive effect of stock options | 1,363 |  | 1,989 |  | 2,055 |
Diluted weighted-average shares outstanding | 180,258 |  | 190,307 |  | 201,774 |
In 2025, 2024 and 2023, stock options to purchase 2.0 million, 0.9 million and 1.5 million shares, respectively, of common stock were excluded from the calculation of diluted weighted-average shares outstanding as their effect would have been anti-dilutive. Accumulated Other Comprehensive Income (Loss) The components of Accumulated other comprehensive income (loss) are presented below:
(In millions) | Pension and Postretirement Benefits Adjustments | Foreign Currency Translation Adjustments | Deferred Gains (Losses) on Hedge Contracts | Accumulated Other Comprehensive Income (Loss)
Balance at December 30, 2023 | $ | (598) |  | $ | (49) |  | $ | 3 |  | $ | (644) |
Other comprehensive income before reclassifications | 418 |  | (74) |  | (9) |  | 335 |
Reclassified from Accumulated other comprehensive income (loss) | 1 |  | 3 |  | 1 |  | 5 |
Balance at December 28, 2024 | $ | (179) |  | $ | (120) |  | $ | (5) |  | $ | (304) |
Other comprehensive income before reclassifications | 299 |  | 134 |  | (2) |  | 431 |
Reclassified from Accumulated other comprehensive income (loss) | (1) |  | (2) |  | 5 |  | 2 |
Balance at January 3, 2026 | $ | 119 |  | $ | 12 |  | $ | (2) |  | $ | 129 |
Other Comprehensive Income (Loss) The before and after-tax components of other comprehensive income (loss) are presented below:
| 2025 | 2024 | 2023
(In millions) | Pre-Tax Amount | Tax (Expense) Benefit | After- Tax Amount | Pre-Tax Amount | Tax (Expense) Benefit | After- Tax Amount | Pre-Tax Amount | Tax (Expense) Benefit | After- Tax Amount
Pension and postretirement benefits adjustments: |  |  |  |  |  |  |  |  |
Unrealized gains (losses) | $ | 430 |  | $ | (108) |  | $ | 322 |  | $ | 568 |  | $ | (136) |  | $ | 432 |  | $ | (102) |  | $ | 25 |  | $ | (77) |
Amortization of net actuarial gain* | (9) |  | 2 |  | (7) |  | (5) |  | 1 |  | (4) |  | (7) |  | 2 |  | (5) |
Amortization of prior service cost* | 9 |  | (3) |  | 6 |  | 8 |  | (3) |  | 5 |  | 8 |  | (3) |  | 5 |
Recognition of prior service cost | (29) |  | 6 |  | (23) |  | (19) |  | 5 |  | (14) |  | (7) |  | 2 |  | (5) |
Pension and postretirement benefits adjustments, net | 401 |  | (103) |  | 298 |  | 552 |  | (133) |  | 419 |  | (108) |  | 26 |  | (82) |
Foreign currency translation adjustments: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments | 134 |  | — |  | 134 |  | (74) |  | — |  | (74) |  | 45 |  | — |  | 45 |
Business disposition | (2) |  | — |  | (2) |  | — |  | — |  | — |  | — |  | — |  | — |
Other | — |  | — |  | — |  | 3 |  | — |  | 3 |  | — |  | — |  | — |
Foreign currency translation adjustments, net | 132 |  | — |  | 132 |  | (71) |  | — |  | (71) |  | 45 |  | — |  | 45 |
Deferred gains (losses) on hedge contracts: |  |  |  |  |  |  |  |  |
Current deferrals | (2) |  | — |  | (2) |  | (11) |  | 2 |  | (9) |  | (2) |  | 1 |  | (1) |
Reclassification adjustments | 6 |  | (1) |  | 5 |  | 2 |  | (1) |  | 1 |  | 8 |  | (2) |  | 6 |
Deferred gains (losses) on hedge contracts, net | 4 |  | (1) |  | 3 |  | (9) |  | 1 |  | (8) |  | 6 |  | (1) |  | 5 |
Total | $ | 537 |  | $ | (104) |  | $ | 433 |  | $ | 472 |  | $ | (132) |  | $ | 340 |  | $ | (57) |  | $ | 25 |  | $ | (32) |
* These components of other comprehensive income (loss) are included in the computation of net periodic pension cost (income). See Note 14 for additional information.

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