XML 25 R14.htm IDEA: XBRL DOCUMENT
v3.26.1

Shareholders' Equity | 3 Months Ended
--- | ---
Apr. 04, 2026
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 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. Dividends per share of common stock were $0.02 for both the first quarter of 2026 and 2025. 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
(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 |
In the first quarter of 2026 and 2025, stock options to purchase 0.9 million and 2.1 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. Accumulated Other Comprehensive Income (Loss) and 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) |
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.

X
- References No definition available. + Details
Name: | us-gaap_EquityAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for equity. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-13 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-13 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-14 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477968/946-235-50-2 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477968/946-235-50-2 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 505 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478448/946-505-50-6 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480237/815-40-50-6 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/505/tableOfContent Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-13 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-13 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-13 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-14 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-14 Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 16 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-16 Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-18 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-18 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-18 + Details
Name: | us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration