| Schedule of Shareholder's 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 September 27, 2025 | | | | | | | | Beginning of period | $ | 23 | | $ | 2,041 | | $ | (514) | | $ | 6,052 | | $ | (169) | | $ | 7,433 | | | Net income | — | | — | | — | | 234 | | — | | 234 | | | Other comprehensive loss | — | | — | | — | | — | | (4) | | (4) | | | Share-based compensation activity | — | | 42 | | — | | — | | — | | 42 | | | Dividends declared | — | | — | | — | | (4) | | — | | (4) | | | Purchases of common stock, including excise tax* | — | | — | | (208) | | — | | — | | (208) | | | | | | | | | | End of period | $ | 23 | | $ | 2,083 | | $ | (722) | | $ | 6,282 | | $ | (173) | | $ | 7,493 | | | 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 | | | Nine months ended September 27, 2025 | | | | | | | | Beginning of period | $ | 23 | | $ | 1,960 | | $ | (82) | | $ | 5,607 | | $ | (304) | | $ | 7,204 | | | Net income | — | | — | | — | | 686 | | — | | 686 | | | Other comprehensive income | — | | — | | — | | — | | 131 | | 131 | | | Share-based compensation activity | — | | 123 | | — | | — | | — | | 123 | | | Dividends declared | — | | — | | — | | (11) | | — | | (11) | | | Purchases of common stock, including excise tax* | — | | — | | (640) | | — | | — | | (640) | | | | | | | | | | End of period | $ | 23 | | $ | 2,083 | | $ | (722) | | $ | 6,282 | | $ | (173) | | $ | 7,493 | | | 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 | |
*Includes amounts accrued for excise tax imposed on common share repurchases that totaled $2 million and $5 million for the third quarter and first nine months of 2025, respectively, and $2 million and $6 million for the third quarter and first nine months of 2024, respectively.
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| 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 | Nine Months Ended | | (In thousands) | September 27,
2025 | September 28,
2024 | September 27,
2025 | September 28,
2024 | | Basic weighted-average shares outstanding | 177,677 | | 186,958 | | 180,005 | | 189,834 | | | Dilutive effect of stock options | 1,473 | | 1,986 | | 1,298 | | 2,052 | | | Diluted weighted-average shares outstanding | 179,150 | | 188,944 | | 181,303 | | 191,886 | |
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| Schedule of Components of Accumulated 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 | — | | 132 | | (2) | | 130 | | | Reclassified from Accumulated other comprehensive loss | — | | (2) | | 3 | | 1 | | | Balance at September 27, 2025 | $ | (179) | | $ | 10 | | $ | (4) | | $ | (173) | | | 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) | |
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| 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: | | | | | | | | | | | | | | | | | | | | | | September 27, 2025 | September 28, 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) | | $ | — | | $ | (2) | | $ | (1) | | $ | 1 | | $ | — | | | Amortization of prior service cost* | 2 | | — | | 2 | | 1 | | (1) | | — | | | Pension and postretirement benefits adjustments, net | — | | — | | — | | — | | — | | — | | | | | | | | | | Foreign currency translation adjustments | (1) | | — | | (1) | | 59 | | — | | 59 | | | | | | | | | | | | | | | | | Deferred gains (losses) on hedge contracts: | | | | | | | | Current deferrals | (7) | | 2 | | (5) | | 3 | | (2) | | 1 | | | Reclassification adjustments | 2 | | — | | 2 | | 4 | | (3) | | 1 | | | Deferred gains (losses) on hedge contracts, net | (5) | | 2 | | (3) | | 7 | | (5) | | 2 | | | Total | $ | (6) | | $ | 2 | | $ | (4) | | $ | 66 | | $ | (5) | | $ | 61 | | | Nine Months Ended | | | | | | | | Pension and postretirement benefits adjustments: | | | | | | | | Amortization of net actuarial gain* | $ | (6) | | $ | 1 | | $ | (5) | | $ | (3) | | $ | 1 | | $ | (2) | | | Amortization of prior service cost* | 6 | | (1) | | 5 | | 5 | | (1) | | 4 | | | Pension and postretirement benefits adjustments, net | — | | — | | — | | 2 | | — | | 2 | | | Foreign currency translation adjustments: | | | | | | | | Foreign currency translation adjustments | 132 | | — | | 132 | | 12 | | — | | 12 | | | Business disposition | (2) | | — | | (2) | | — | | — | | — | | | Foreign currency translation adjustments, net | 130 | | — | | 130 | | 12 | | — | | 12 | | | Deferred gains (losses) on hedge contracts: | | | | | | | | Current deferrals | (2) | | — | | (2) | | (3) | | — | | (3) | | | Reclassification adjustments | 4 | | (1) | | 3 | | 2 | | (1) | | 1 | | | Deferred gains (losses) on hedge contracts, net | 2 | | (1) | | 1 | | (1) | | (1) | | (2) | | | Total | $ | 132 | | $ | (1) | | $ | 131 | | $ | 13 | | $ | (1) | | $ | 12 | |
*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. |