v3.25.2
Shareholders' Equity
 6 Months Ended
Jun. 28, 2025
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
Loss		Total
Shareholders'
Equity
Three months ended June 28, 2025
Beginning of period$23 $2,005 $(299)$5,811 $(265)$7,275 
Net income— — — 245 — 245 
Other comprehensive income— — — — 96 96 
Share-based compensation activity— 36 — — — 36 
Dividends declared— — — (4)— (4)
Purchases of common stock, including excise tax*— — (215)— — (215)
End of period$23 $2,041 $(514)$6,052 $(169)$7,433 
Three months ended June 29, 2024
Beginning of period$25 $2,012 $(484)$6,059 $(681)$6,931 
Net income— — — 259 — 259 
Other comprehensive loss— — — — (12)(12)
Share-based compensation activity— 38 — — — 38 
Dividends declared— — — (4)— (4)
Purchases of common stock, including excise tax*— — (360)— — (360)
End of period$25 $2,050 $(844)$6,314 $(693)$6,852 
Six months ended June 28, 2025
Beginning of period$23 $1,960 $(82)$5,607 $(304)$7,204 
Net income— — — 452 — 452 
Other comprehensive income— — — — 135 135 
Share-based compensation activity— 81 — — — 81 
Dividends declared— — — (7)— (7)
Purchases of common stock, including excise tax*— — (432)— — (432)
End of period$23 $2,041 $(514)$6,052 $(169)$7,433 
Six months ended June 29, 2024
Beginning of period$24 $1,910 $(165)$5,862 $(644)$6,987 
Net income— — — 460 — 460 
Other comprehensive loss— — — — (49)(49)
Share-based compensation activity1 140 — — — 141 
Dividends declared— — — (8)— (8)
Purchases of common stock, including excise tax*— — (679)— — (679)
End of period$25 $2,050 $(844)$6,314 $(693)$6,852 
*Includes amounts accrued for excise tax imposed on common share repurchases that totaled $1 million and $3 million for the second quarter and first half of 2025, respectively, and $2 million and $4 million for the second quarter and first half of 2024, respectively.
Dividends per share of common stock were $0.02 for both the second quarter of 2025 and 2024 and $0.04 for both the first half of 2025 and 2024.
Earnings Per Share
We calculate basic and diluted earnings per share (EPS) based on net income, which approximates income available to common shareholders for each period.  Basic EPS is calculated using the two-class method, which includes the weighted-average number of common shares outstanding during the period and restricted stock units to be paid in stock that are deemed participating securities as they provide nonforfeitable rights to dividends. Diluted EPS considers the dilutive effect of all potential future common stock, including stock options.  
The weighted-average shares outstanding for basic and diluted EPS are as follows:
Three Months EndedSix Months Ended
(In thousands)June 28,
2025		June 29,
2024		June 28,
2025		June 29,
2024
Basic weighted-average shares outstanding179,958 189,746 181,168 191,273 
Dilutive effect of stock options1,133 2,109 1,211 2,085 
Diluted weighted-average shares outstanding181,091 191,855 182,379 193,358 
In the second quarter and first half of 2025, stock options to purchase 2.9 million and 2.5 million shares of common stock, respectively, were excluded from the calculation of diluted weighted-average shares outstanding as their effect would have been anti-dilutive. Stock options to purchase 1.0 million shares of common stock were excluded from the calculation of diluted weighted-average shares outstanding for both the second quarter and first half of 2024 as their effect would have been anti-dilutive.
Accumulated Other Comprehensive Loss and Other Comprehensive Income (Loss)
The components of Accumulated other comprehensive loss are presented below:
(In millions)Pension and
Postretirement
Benefits
Adjustments		Foreign
Currency
Translation
Adjustments		Deferred
Gains (Losses)
on Hedge
Contracts		Accumulated
Other
Comprehensive
Loss
Balance at December 28, 2024$(179)$(120)$(5)$(304)
Other comprehensive income before reclassifications— 133 3 136 
Reclassified from Accumulated other comprehensive loss— (2)1 (1)
Balance at June 28, 2025$(179)$11 $(1)$(169)
Balance at December 30, 2023$(598)$(49)$3 $(644)
Other comprehensive loss before reclassifications— (47)(4)(51)
Reclassified from Accumulated other comprehensive loss2 — — 2 
Balance at June 29, 2024$(596)$(96)$(1)$(693)
The before and after-tax components of Other comprehensive income (loss) are presented below:
June 28, 2025June 29, 2024
(In millions)Pre-Tax
Amount		Tax
(Expense)
Benefit		After-tax
Amount		Pre-Tax
Amount		Tax
(Expense)
Benefit		After-tax
Amount
Three Months Ended
Pension and postretirement benefits adjustments:
Amortization of net actuarial gain*$(2)$1 $(1)$(1)$— $(1)
Amortization of prior service cost*2 (1)1 2 — 2 
Pension and postretirement benefits adjustments, net— — — 1 — 1 
Foreign currency translation adjustments:
Foreign currency translation adjustments93 — 93 (14)— (14)
Business disposition(2)— (2)— — — 
Foreign currency translation adjustments, net91 — 91 (14)— (14)
Deferred gains on hedge contracts:
Current deferrals8 (3)5 1 — 1 
Reclassification adjustments— — — (1)1 — 
Deferred gains on hedge contracts, net8 (3)5 — 1 1 
Total$99 $(3)$96 $(13)$1 $(12)
Six Months Ended
Pension and postretirement benefits adjustments:
Amortization of net actuarial gain*$(4)$1 $(3)$(2)$— $(2)
Amortization of prior service cost*4 (1)3 4 — 4 
Pension and postretirement benefits adjustments, net— — — 2 — 2 
Foreign currency translation adjustments:
Foreign currency translation adjustments133 — 133 (47)— (47)
Business disposition(2)— (2)— — — 
Foreign currency translation adjustments, net131 — 131 (47)— (47)
Deferred gains (losses) on hedge contracts:
Current deferrals5 (2)3 (6)2 (4)
Reclassification adjustments2 (1)1 (2)2 — 
Deferred gains (losses) on hedge contracts, net7 (3)4 (8)4 (4)
Total$138 $(3)$135 $(53)$4 $(49)
*These components of other comprehensive income (loss) are included in the computation of net periodic pension cost (income). See Note 14 of our 2024 Annual Report on Form 10-K for additional information.