v3.26.1
Shareholders' Equity
 6 Months Ended
Jul. 04, 2026
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
Income (Loss)		Total
Shareholders'
Equity
Three months ended July 4, 2026
Beginning of period$22 $2,091 $(223)$6,001 $111 $8,002 
Net income— — — 248 — 248 
Other comprehensive loss— — — — (16)(16)
Share-based compensation activity— 35 — — — 35 
Dividends declared— — — (4)— (4)
Purchases of common stock, including excise tax*— — (211)— — (211)
End of period$22 $2,126 $(434)$6,245 $95 $8,054 
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 
Six months ended July 4, 2026
Beginning of period$22 $1,995 $(55)$5,784 $129 $7,875 
Net income— — — 468 — 468 
Other comprehensive loss— — — — (34)(34)
Share-based compensation activity— 131 — — — 131 
Dividends declared— — — (7)— (7)
Purchases of common stock, including excise tax*— — (379)— — (379)
End of period$22 $2,126 $(434)$6,245 $95 $8,054 
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 
* Includes amounts accrued for excise tax imposed on common share repurchases that totaled $2 million for both the second quarter and first half of 2026 and $1 million and $3 million for the second quarter and first half of 2025, respectively.
Dividends per share of common stock were $0.02 for both the second quarter of 2026 and 2025 and $0.04 for both the first half of 2026 and 2025.
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)July 4,
2026		June 28,
2025		July 4,
2026		June 28,
2025
Basic weighted-average shares outstanding173,500 179,958 174,031 181,168 
Dilutive effect of stock options1,506 1,133 1,560 1,211 
Diluted weighted-average shares outstanding175,006 181,091 175,591 182,379 
In both the second quarter and first half of 2026, stock options to purchase 0.9 million shares of common stock were excluded from the calculation of diluted weighted-average shares outstanding as their effect would have been anti-dilutive. Stock options to purchase 2.9 million and 2.5 million shares of common stock were excluded from the calculation of diluted weighted-average shares outstanding for the second quarter and first half of 2025, respectively, as their effect would have been anti-dilutive.
Accumulated Other Comprehensive Income (Loss) and 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 January 3, 2026$119 $12 $(2)$129 
Other comprehensive loss before reclassifications— (30)(7)(37)
Reclassified from Accumulated other comprehensive income2 — 1 3 
Balance at July 4, 2026$121 $(18)$(8)$95 
Balance at December 28, 2024$(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)
The before and after-tax components of Other comprehensive income (loss) are presented below:
July 4, 2026June 28, 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*$(2)$1 $(1)$(2)$1 $(1)
Amortization of prior service cost*3 (1)2 2 (1)1 
Pension and postretirement benefits adjustments, net1 — 1 — — — 
Foreign currency translation adjustments:
Foreign currency translation adjustments(15)— (15)93 — 93 
Business disposition— — — (2)— (2)
Foreign currency translation adjustments, net(15)— (15)91 — 91 
Deferred gains (losses) on hedge contracts:
Current deferrals(2)1 (1)8 (3)5 
Reclassification adjustments2 (3)(1)— — — 
Deferred gains (losses) on hedge contracts, net— (2)(2)8 (3)5 
Total$(14)$(2)$(16)$99 $(3)$96 
Six Months Ended
Pension and postretirement benefits adjustments:
Amortization of net actuarial gain*$(5)$2 $(3)$(4)$1 $(3)
Amortization of prior service cost*6 (1)5 4 (1)3 
Pension and postretirement benefits adjustments, net1 1 2 — — — 
Foreign currency translation adjustments:
Foreign currency translation adjustments(30)— (30)133 — 133 
Business disposition— — — (2)— (2)
Foreign currency translation adjustments, net(30)— (30)131 — 131 
Deferred gains (losses) on hedge contracts:
Current deferrals(9)2 (7)5 (2)3 
Reclassification adjustments5 (4)1 2 (1)1 
Deferred gains (losses) on hedge contracts, net(4)(2)(6)7 (3)4 
Total$(33)$(1)$(34)$138 $(3)$135 
*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.