v3.26.1
Stockholders' Equity and Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 26, 2026
Share-Based Payment Arrangement [Abstract]  
Share Repurchase Program
The Company’s Board of Directors has approved the following programs to repurchase shares of the Company’s common stock:
Name of programDate of Board of Directors approvalNumber of shares of Company common stock approved for repurchase
Number of shares remaining available for repurchase as of June 26, 2026
2024 Repurchase ProgramJuly 22, 202420,000,000 — 
2025 Repurchase ProgramSeptember 9, 202535,000,000 32,000,000 
Summary of Share Activity
The following table summarizes the activity of the Company’s issued shares (shares in millions):
Three-Month Period EndedSix-Month Period Ended
June 26, 2026June 27, 2025June 26, 2026June 27, 2025
Common stock - shares issued:
Balance, beginning of period888.0 885.6 886.9 884.3 
Common stock-based compensation awards0.2 0.3 1.3 1.6 
Balance, end of period888.2 885.9 888.2 885.9 
Components of Stock-Based Compensation Program
The following summarizes the components of the Company’s stock-based compensation expense ($ in millions):
 Three-Month Period EndedSix-Month Period Ended
 June 26, 2026June 27, 2025June 26, 2026June 27, 2025
RSUs/PSUs:
Pretax compensation expense$64 $53 $100 $88 
Income tax benefit(13)(11)(20)(18)
RSU/PSU expense, net of income taxes51 42 80 70 
Stock options:
Pretax compensation expense29 38 51 64 
Income tax benefit(6)(8)(11)(13)
Stock option expense, net of income taxes23 30 40 51 
Total stock-based compensation:
Pretax compensation expense93 91 151 152 
Income tax benefit(19)(19)(31)(31)
Total stock-based compensation expense, net of income taxes$74 $72 $120 $121 
Components of Accumulated Other Comprehensive Income (Loss)
The changes in accumulated OCI by component are summarized below ($ in millions).
Foreign Currency Translation AdjustmentsPension and Postretirement Plan Benefit AdjustmentsCash Flow Hedge AdjustmentsAccumulated Comprehensive Income (Loss)
For the Three-Month Period Ended June 26, 2026:
Balance, March 27, 2026$(633)$(184)$224 $(593)
OCI before reclassifications:
Increase (decrease)(150)— (25)(175)
Income tax impact1 — — 1 
OCI before reclassifications, net of income taxes(149)— (25)(174)
Reclassification adjustments:
Increase (decrease)— 1 (a)(28)(b)(27)
Income tax impact— (1)— (1)
Reclassification adjustments, net of income taxes— — (28)(28)
Net OCI, net of income taxes(149)— (53)(202)
Balance, June 26, 2026$(782)$(184)$171 $(795)
For the Three-Month Period Ended June 27, 2025:
Balance, March 28, 2025$(1,455)$(299)$142 $(1,612)
OCI before reclassifications:
Increase (decrease)979 — (200)779 
Income tax impact49 — — 49 
OCI before reclassifications, net of income taxes1,028 — (200)828 
Reclassification adjustments:
Increase (decrease)— 2 (a)213 (b)215 
Income tax impact— — — — 
Reclassification adjustments, net of income taxes— 2 213 215 
Net OCI, net of income taxes1,028 2 13 1,043 
Balance, June 27, 2025
$(427)$(297)$155 $(569)
Foreign Currency Translation AdjustmentsPension and Postretirement Plan Benefit AdjustmentsCash Flow Hedge AdjustmentsAccumulated Comprehensive Income (Loss)
For the Six-Month Period Ended June 26, 2026:
Balance, December 31, 2025$(239)$(185)$217 $(207)
OCI before reclassifications:
Increase (decrease)(533)— 33 (500)
Income tax impact(10)— — (10)
OCI before reclassifications, net of income taxes(543)— 33 (510)
Reclassification adjustments:
Increase (decrease)— 2 (a)(79)(b)(77)
Income tax impact— (1)— (1)
Reclassification adjustments, net of income taxes— 1 (79)(78)
Net OCI, net of income taxes(543)1 (46)(588)
Balance, June 26, 2026$(782)$(184)$171 $(795)
For the Six-Month Period Ended June 27, 2025:
Balance, December 31, 2024$(2,904)$(300)$(14)$(3,218)
OCI before reclassifications:
Increase (decrease)2,415 — (161)2,254 
Income tax impact62 — — 62 
OCI before reclassifications, net of income taxes2,477 — (161)2,316 
Reclassification adjustments:
Increase (decrease)— 4 (a)330 (b)334 
Income tax impact— (1)— (1)
Reclassification adjustments, net of income taxes— 3 330 333 
Net OCI, net of income taxes2,477 3 169 2,649 
Balance, June 27, 2025
$(427)$(297)$155 $(569)
(a) This accumulated other comprehensive income (loss) component is included in the computation of net periodic benefit cost (refer to Note 7 for additional details).
(b) Reflects reclassification to earnings related to cash flow hedges of certain long-term debt (refer to Note 11 for additional details).