Shareholders' Equity (Tables)

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 September 28, 2024
Beginning of period	$	25	$	2,050	$	(844)	$	6,314	$	(693)	$	6,852
Net income	—		—		—		223		—		223
Other comprehensive income	—		—		—		—		61		61
Share-based compensation activity	—		36		—		—		—		36
Dividends declared	—		—		—		(4)		—		(4)
Purchases of common stock, including excise tax*	—		—		(217)		—		—		(217)

End of period	$	25	$	2,086	$	(1,061)	$	6,533	$	(632)	$	6,951
Three months ended September 30, 2023
Beginning of period	$	26	$	1,973	$	(740)	$	6,349	$	(574)	$	7,034
Net income	—		—		—		269		—		269
Other comprehensive loss	—		—		—		—		(54)		(54)
Share-based compensation activity	—		58		—		—		—		58
Dividends declared	—		—		—		(4)		—		(4)
Purchases of common stock, including excise tax*	—		—		(236)		—		—		(236)
End of period	$	26	$	2,031	$	(976)	$	6,614	$	(628)	$	7,067
Nine months ended September 28, 2024
Beginning of period	$	24	$	1,910	$	(165)	$	5,862	$	(644)	$	6,987
Net income	—		—		—		683		—		683
Other comprehensive income	—		—		—		—		12		12
Share-based compensation activity	1		176		—		—		—		177
Dividends declared	—		—		—		(12)		—		(12)
Purchases of common stock, including excise tax*	—		—		(896)		—		—		(896)

End of period	$	25	$	2,086	$	(1,061)	$	6,533	$	(632)	$	6,951
Nine months ended September 30, 2023
Beginning of period	$	26	$	1,880	$	(84)	$	5,903	$	(612)	$	7,113
Net income	—		—		—		723		—		723
Other comprehensive loss	—		—		—		—		(16)		(16)
Share-based compensation activity	—		151		—		—		—		151
Dividends declared	—		—		—		(12)		—		(12)
Purchases of common stock, including excise tax*	—		—		(892)		—		—		(892)
End of period	$	26	$	2,031	$	(976)	$	6,614	$	(628)	$	7,067

*Includes amounts accrued for excise tax imposed on common share repurchases of $2 million and $6 million for the third quarter and first nine months of 2024, respectively, and $1 million and $7 million for the third quarter and first nine months of 2023, respectively.

The weighted-average shares outstanding for basic and diluted EPS are as follows:


	Three Months Ended		Nine Months Ended
(In thousands)	September 28, 2024	September 30, 2023	September 28, 2024	September 30, 2023
Basic weighted-average shares outstanding	186,958	197,947	189,834	201,161
Dilutive effect of stock options	1,986	2,045	2,052	2,009
Diluted weighted-average shares outstanding	188,944	199,992	191,886	203,170

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 30, 2023	$	(598)	$	(49)	$	3	$	(644)
Other comprehensive income before reclassifications	—		12		(3)		9
Reclassified from Accumulated other comprehensive loss	2		—		1		3
Balance at September 28, 2024	$	(596)	$	(37)	$	1	$	(632)
Balance at December 31, 2022	$	(516)	$	(94)	$	(2)	$	(612)
Other comprehensive loss before reclassifications	—		(19)		(1)		(20)
Reclassified from Accumulated other comprehensive loss	—		—		4		4
Balance at September 30, 2023	$	(516)	$	(113)	$	1	$	(628)

The before and after-tax components of Other comprehensive income (loss) are presented below:


	September 28, 2024						September 30, 2023
(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*	$	(1)	$	1	$	—	$	(2)	$	1	$	(1)
Amortization of prior service cost*	1		(1)		—		2		(1)		1
Pension and postretirement benefits adjustments, net	—		—		—		—		—		—
Foreign currency translation adjustments	59		—		59		(51)		—		(51)
Deferred gains (losses) on hedge contracts:
Current deferrals	3		(2)		1		(6)		2		(4)
Reclassification adjustments	4		(3)		1		2		(1)		1
Deferred gains (losses) on hedge contracts, net	7		(5)		2		(4)		1		(3)
Total	$	66	$	(5)	$	61	$	(55)	$	1	$	(54)
Nine Months Ended
Pension and postretirement benefits adjustments:
Amortization of net actuarial gain*	$	(3)	$	1	$	(2)	$	(5)	$	2	$	(3)
Amortization of prior service cost*	5		(1)		4		6		(3)		3
Pension and postretirement benefits adjustments, net	2		—		2		1		(1)		—

Foreign currency translation adjustments	12		—		12		(19)		—		(19)


Deferred gains (losses) on hedge contracts:
Current deferrals	(3)		—		(3)		(3)		2		(1)
Reclassification adjustments	2		(1)		1		6		(2)		4
Deferred gains (losses) on hedge contracts, net	(1)		(1)		(2)		3		—		3
Total	$	13	$	(1)	$	12	$	(15)	$	(1)	$	(16)

*These components of other comprehensive income (loss) are included in the computation of net periodic pension cost (income). See Note 15 of our 2023 Annual Report on Form 10-K for additional information.