v3.24.2
Stockholders' Equity and Stock-based Compensation (Tables)
 6 Months Ended
Jun. 28, 2024
Share-Based Payment Arrangement [Abstract]  
Summary of Share Activity
The following table summarizes the Company’s share activity (shares in millions):
Three-Month Period EndedSix-Month Period Ended
June 28, 2024June 30, 2023June 28, 2024June 30, 2023
Preferred stock - shares issued:
Balance, beginning of period— 1.7 — 1.7 
Conversion of MCPS to common stock— (1.7)— (1.7)
Balance, end of period— — — — 
Common stock - shares issued:
Balance, beginning of period882.3 870.4 880.5 869.3 
Common stock-based compensation awards0.9 0.5 2.7 1.6 
Issuance of common stock— 8.6 — 8.6 
Balance, end of period883.2 879.5 883.2 879.5 
Components of Stock-Based Compensation Program
The following summarizes the components of the Company’s stock-based compensation expense ($ in millions):
 Three-Month Period EndedSix-Month Period Ended
 June 28, 2024June 30, 2023June 28, 2024June 30, 2023
RSUs/PSUs:
Pretax compensation expense$46 $53 $78 $94 
Income tax benefit(10)(12)(16)(20)
RSU/PSU expense, net of income taxes36 41 62 74 
Stock options:
Pretax compensation expense41 43 69 72 
Income tax benefit(8)(9)(14)(15)
Stock option expense, net of income taxes33 34 55 57 
Total stock-based compensation:
Pretax compensation expense87 96 147 166 
Income tax benefit(18)(21)(30)(35)
Total stock-based compensation expense, net of income taxes$69 $75 $117 $131 
Components of Accumulated Other Comprehensive Income (Loss)
The changes in accumulated OCI by component are summarized below ($ in millions).
Foreign Currency Translation AdjustmentsPension and Postretirement Plan Benefit AdjustmentsCash Flow Hedge AdjustmentsAccumulated Comprehensive Income (Loss)
For the Three-Month Period Ended June 28, 2024:
Balance, March 29, 2024$(2,394)$(399)$49 $(2,744)
OCI before reclassifications:
Increase (decrease)133 — 55 188 
Income tax impact(12)— — (12)
OCI before reclassifications, net of income taxes121 — 55 176 
Reclassification adjustments:
Increase (decrease)— 2 (a)(24)(b)(22)
Income tax impact— — (1)(1)
Reclassification adjustments, net of income taxes— 2 (25)(23)
Net OCI, net of income taxes121 2 30 153 
Balance, June 28, 2024$(2,273)$(397)$79 $(2,591)
For the Three-Month Period Ended June 30, 2023:
Balance, March 31, 2023$(2,619)$(341)$194 $(2,766)
OCI before reclassifications:
Increase (decrease)(718)— (127)(845)
Income tax impact14 — — 14 
OCI before reclassifications, net of income taxes(704)— (127)(831)
Reclassification adjustments:
Increase (decrease)— — (a)21 (b)21 
Income tax impact— — — — 
Reclassification adjustments, net of income taxes— — 21 21 
Net OCI, net of income taxes(704)— (106)(810)
Balance, June 30, 2023
$(3,323)$(341)$88 $(3,576)
Foreign Currency Translation AdjustmentsPension and Postretirement Plan Benefit AdjustmentsCash Flow Hedge AdjustmentsAccumulated Comprehensive Income (Loss)
For the Six-Month Period Ended June 28, 2024:
Balance, December 31, 2023$(1,446)$(401)$99 $(1,748)
OCI before reclassifications:
Increase (decrease)(802)— 78 (724)
Income tax impact(25)— — (25)
OCI before reclassifications, net of income taxes(827)— 78 (749)
Reclassification adjustments:
Increase (decrease)— 5 (a)(97)(b)(92)
Income tax impact— (1)(1)(2)
Reclassification adjustments, net of income taxes— 4 (98)(94)
Net OCI, net of income taxes(827)4 (20)(843)
Balance, June 28, 2024$(2,273)$(397)$79 $(2,591)
For the Six-Month Period Ended June 30, 2023:
Balance, December 31, 2022$(2,644)$(341)$113 $(2,872)
OCI before reclassifications:
Increase (decrease)(695)— (90)(785)
Income tax impact16 — — 16 
OCI before reclassifications, net of income taxes(679)— (90)(769)
Reclassification adjustments:
Increase (decrease)— — (a)65 (b)65 
Income tax impact— — — — 
Reclassification adjustments, net of income taxes— — 65 65 
Net OCI, net of income taxes(679)— (25)(704)
Balance, June 30, 2023
$(3,323)$(341)$88 $(3,576)
(a) This accumulated other comprehensive income (loss) component is included in the computation of net periodic benefit cost (refer to Note 8 for additional details).
(b) Reflects reclassification to earnings related to cash flow hedges of certain long-term debt (refer to Note 12 for additional details).