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 outstanding174,563 182,378 
Dilutive effect of stock options1,614 1,290 
Diluted weighted-average shares outstanding176,177 183,668 
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 income1 — 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)$(265)
The before and after-tax components of Other comprehensive income (loss) are presented below:
April 4, 2026March 29, 2025
(In millions)Pre-Tax
Amount		Tax
(Expense)
Benefit		After-tax
Amount		Pre-Tax
Amount		Tax
(Expense)
Benefit		After-tax
Amount
Three Months Ended
Pension and postretirement benefits adjustments:
Amortization of net actuarial gain*$(3)$1 $(2)$(2)$— $(2)
Amortization of prior service cost*3 — 3 2 — 2 
Pension and postretirement benefits adjustments, net— 1 1 — — — 
Foreign currency translation adjustments(15)— (15)40 — 40 
Deferred losses on hedge contracts:
Current deferrals(7)1 (6)(3)1 (2)
Reclassification adjustments3 (1)2 2 (1)1 
Deferred losses on hedge contracts, net(4)— (4)(1)— (1)
Total$(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.