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Shareholders' Equity (Tables) | 3 Months Ended
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Apr. 04, 2026
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 Income (Loss) | Total Shareholders' Equity
Three months ended April 4, 2026 |  |  |  |  |  |
Beginning of period | $ | 22 |  | $ | 1,995 |  | $ | (55) |  | $ | 5,784 |  | $ | 129 |  | $ | 7,875 |
Net income | — |  | — |  | — |  | 220 |  | — |  | 220 |
Other comprehensive loss | — |  | — |  | — |  | — |  | (18) |  | (18) |
Share-based compensation activity | — |  | 96 |  | — |  | — |  | — |  | 96 |
Dividends declared | — |  | — |  | — |  | (3) |  | — |  | (3) |
Purchases of common stock, including excise tax* | — |  | — |  | (168) |  | — |  | — |  | (168) |
End of period | $ | 22 |  | $ | 2,091 |  | $ | (223) |  | $ | 6,001 |  | $ | 111 |  | $ | 8,002 |
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 |
*Includes amounts accrued for excise tax imposed on common share repurchases that totaled $378 thousand and $2 million for the first quarter of 2026 and 2025, 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
(In thousands) |  |  | April 4, 2026 | March 29, 2025
Basic weighted-average shares outstanding |  |  | 174,563 |  | 182,378 |
Dilutive effect of stock options |  |  | 1,614 |  | 1,290 |
Diluted weighted-average shares outstanding |  |  | 176,177 |  | 183,668 |
Schedule of Components of 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 Losses on Hedge Contracts | Accumulated Other Comprehensive Income (Loss)
Balance at January 3, 2026 | $ | 119 |  | $ | 12 |  | $ | (2) |  | $ | 129 |
Other comprehensive loss before reclassifications | — |  | (15) |  | (6) |  | (21) |
Reclassified from Accumulated other comprehensive income | 1 |  | — |  | 2 |  | 3 |
Balance at April 4, 2026 | $ | 120 |  | $ | (3) |  | $ | (6) |  | $ | 111 |
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) |
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:
| April 4, 2026 | March 29, 2025
(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* | $ | (3) |  | $ | 1 |  | $ | (2) |  | $ | (2) |  | $ | — |  | $ | (2) |
Amortization of prior service cost* | 3 |  | — |  | 3 |  | 2 |  | — |  | 2 |
Pension and postretirement benefits adjustments, net | — |  | 1 |  | 1 |  | — |  | — |  | — |
Foreign currency translation adjustments | (15) |  | — |  | (15) |  | 40 |  | — |  | 40 |
Deferred losses on hedge contracts: |  |  |  |  |  |
Current deferrals | (7) |  | 1 |  | (6) |  | (3) |  | 1 |  | (2) |
Reclassification adjustments | 3 |  | (1) |  | 2 |  | 2 |  | (1) |  | 1 |
Deferred losses on hedge contracts, net | (4) |  | — |  | (4) |  | (1) |  | — |  | (1) |
Total | $ | (19) |  | $ | 1 |  | $ | (18) |  | $ | 39 |  | $ | — |  | $ | 39 |
*These components of other comprehensive income (loss) are included in the computation of net periodic pension cost (income). See Note 14 of our 2025 Annual Report on Form 10-K for additional information.

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