v3.26.1
MEZZANINE EQUITY
 6 Months Ended
Jul. 03, 2026
Temporary Equity Disclosure [Abstract]  
MEZZANINE EQUITY
NOTE L: MEZZANINE EQUITY
The following table summarizes the activity in mezzanine equity:
 Second QuarterYear to Date
(In millions, except for shares and per share amounts)2026202520262025
 
Beginning balance$— $— $— $— 
Issuance of 10,000 Subsidiary Series A Preferred Stock, $0.0001 par value; $100,000 stated value(1)
954 — 954 — 
Subsidiary preferred stock deemed dividend14 — 14 — 
Ending balance$968 $— $968 $— 
_______________
(1)The Subsidiary Series A Preferred Stock was issued with an initial face value of $1.0 billion, recorded at the fair value of $1,070 million, net of $27 million of transaction costs and an $89 million deferred tax liability.

See Note B: Strategic Investment in Subsidiary in these Notes for further information.