Shareholders' Equity (Tables)

3 Months Ended

Apr. 04, 2026

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.