MEZZANINE EQUITY (Tables)

6 Months Ended

Jul. 03, 2026

Temporary Equity Disclosure [Abstract]

The following table summarizes the activity in mezzanine equity:


	Second Quarter				Year to Date
(In millions, except for shares and per share amounts)	2026		2025		2026		2025

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 dividend	14		—		14		—
Ending balance	$	968	$	—	$	968	$	—

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(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.

- Definition

Tabular disclosure of temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.

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