v3.25.4
Shareholders' Equity
 12 Months Ended
Jan. 03, 2026
Equity [Abstract]  
Shareholders' Equity Shareholders’ Equity
Capital Stock
We have authorization for 15 million shares of preferred stock with a par value of $0.01 and 500 million shares of common stock with a par value of $0.125.  Outstanding common stock activity is presented below:
(In thousands)202520242023
Balance at beginning of year182,964 192,898 206,161 
Share repurchases(10,650)(12,890)(16,169)
Share-based compensation activity1,996 2,956 2,906 
Balance at end of year174,310 182,964 192,898 
Earnings Per Share
We calculate basic and diluted earnings per share (EPS) based on net income, which approximates income available to common shareholders for each period.  Basic EPS is calculated using the two-class method, which includes the weighted-average number of common shares outstanding during the period and restricted stock units to be paid in stock that are deemed participating securities as they provide nonforfeitable rights to dividends. Diluted EPS considers the dilutive effect of all potential future common stock, including stock options.
The weighted-average shares outstanding for basic and diluted EPS are as follows:
(In thousands)202520242023
Basic weighted-average shares outstanding178,895 188,318 199,719 
Dilutive effect of stock options1,363 1,989 2,055 
Diluted weighted-average shares outstanding180,258 190,307 201,774 
In 2025, 2024 and 2023, stock options to purchase 2.0 million, 0.9 million and 1.5 million shares, respectively, of common stock were excluded from the calculation of diluted weighted-average shares outstanding as their effect would have been anti-dilutive.
Accumulated Other Comprehensive Income (Loss)
The components of Accumulated other comprehensive income (loss) are presented below:
(In millions)Pension and
Postretirement
Benefits
Adjustments		Foreign
Currency
Translation
Adjustments		Deferred
Gains (Losses)
on Hedge
Contracts		Accumulated
Other
Comprehensive
Income (Loss)
Balance at December 30, 2023$(598)$(49)$3 $(644)
Other comprehensive income before reclassifications418 (74)(9)335 
Reclassified from Accumulated other comprehensive income (loss)1 3 1 5 
Balance at December 28, 2024$(179)$(120)$(5)$(304)
Other comprehensive income before reclassifications299 134 (2)431 
Reclassified from Accumulated other comprehensive income (loss)(1)(2)5 2 
Balance at January 3, 2026$119 $12 $(2)$129 
Other Comprehensive Income (Loss)
The before and after-tax components of other comprehensive income (loss) are presented below:
202520242023
(In millions)Pre-Tax
Amount		Tax
(Expense)
Benefit		After-
Tax
Amount		Pre-Tax
Amount		Tax
(Expense)
Benefit		After-
Tax
Amount		Pre-Tax
Amount		Tax
(Expense)
Benefit		After-
Tax
Amount
Pension and postretirement benefits
  adjustments:
Unrealized gains (losses)$430 $(108)$322 $568 $(136)$432 $(102)$25 $(77)
Amortization of net actuarial gain*(9)2 (7)(5)1 (4)(7)2 (5)
Amortization of prior service cost*9 (3)6 8 (3)5 8 (3)5 
Recognition of prior service cost(29)6 (23)(19)5 (14)(7)2 (5)
Pension and postretirement benefits
  adjustments, net		401 (103)298 552 (133)419 (108)26 (82)
Foreign currency translation adjustments:
Foreign currency translation adjustments134 — 134 (74)— (74)45 — 45 
Business disposition(2)— (2)— — — — — — 
Other— — — 3 — 3 — — — 
Foreign currency translation adjustments, net132 — 132 (71)— (71)45 — 45 
Deferred gains (losses) on hedge contracts:
Current deferrals(2)— (2)(11)2 (9)(2)1 (1)
Reclassification adjustments6 (1)5 2 (1)1 8 (2)6 
Deferred gains (losses) on hedge
  contracts, net		4 (1)3 (9)1 (8)6 (1)5 
Total$537 $(104)$433 $472 $(132)$340 $(57)$25 $(32)
* These components of other comprehensive income (loss) are included in the computation of net periodic pension cost (income). See Note 14 for additional information.