v3.26.1
Condensed Consolidated Statements of Stockholders’ Equity (Unaudited) - USD ($)
$ in Millions
Total
Preferred Stock
Common Stock
Additional Paid-In Capital
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Treasury Stock
Preferred stock, shares, beginning balance (in shares) at Dec. 31, 2024   500,000          
Beginning of period at Dec. 31, 2024 $ 3,309 $ 482 $ 0 $ 2,315 $ 907 $ (284) $ (111)
Common stock, shares, beginning balance (in shares) at Dec. 31, 2024     147,230,000        
Treasury stock, beginning (in shares) at Dec. 31, 2024             6,436,000
Increase (Decrease) in Stockholders' Equity              
Net income (loss) (819)       (819)    
Other comprehensive income (loss), net of tax 123         123  
Common stock issuance, net of shares withheld for taxes (in shares)     1,408,000       744,000
Common stock issuance, net of shares withheld for taxes (14)     2     $ (16)
Stock-based compensation expense 32     32      
Preferred stock dividend (17)       (17)    
Preferred stock, shares, ending balance (in shares) at Jun. 28, 2025   500,000          
End of period at Jun. 28, 2025 2,614 $ 482 $ 0 2,349 71 (161) $ (127)
Common stock, shares, ending balance (in shares) at Jun. 28, 2025     148,638,000        
Treasury stock, ending (in shares) at Jun. 28, 2025             7,180,000
Preferred stock, shares, beginning balance (in shares) at Mar. 29, 2025   500,000          
Beginning of period at Mar. 29, 2025 3,347 $ 482 $ 0 2,333 904 (246) $ (126)
Common stock, shares, beginning balance (in shares) at Mar. 29, 2025     148,493,000        
Treasury stock, beginning (in shares) at Mar. 29, 2025             7,136,000
Increase (Decrease) in Stockholders' Equity              
Net income (loss) (825)       (825)    
Other comprehensive income (loss), net of tax 85         85  
Common stock issuance, net of shares withheld for taxes (in shares)     145,000       44,000
Common stock issuance, net of shares withheld for taxes (1)           $ (1)
Stock-based compensation expense 16     16      
Preferred stock dividend (8)       (8)    
Preferred stock, shares, ending balance (in shares) at Jun. 28, 2025   500,000          
End of period at Jun. 28, 2025 $ 2,614 $ 482 $ 0 2,349 71 (161) $ (127)
Common stock, shares, ending balance (in shares) at Jun. 28, 2025     148,638,000        
Treasury stock, ending (in shares) at Jun. 28, 2025             7,180,000
Preferred stock, shares, beginning balance (in shares) at Dec. 31, 2025 500,000 500,000          
Beginning of period at Dec. 31, 2025 $ 2,917 $ 482 $ 0 2,391 345 (157) $ (144)
Common stock, shares, beginning balance (in shares) at Dec. 31, 2025 150,000,000   149,874,000        
Treasury stock, beginning (in shares) at Dec. 31, 2025             7,716,000
Increase (Decrease) in Stockholders' Equity              
Net income (loss) $ 135       135    
Other comprehensive income (loss), net of tax (29)         (29)  
Common stock issuance, net of shares withheld for taxes (in shares)     1,640,000       918,000
Common stock issuance, net of shares withheld for taxes (29)     4     $ (33)
Stock-based compensation expense 29     29      
Preferred stock dividend $ (17)       (17)    
Preferred stock, shares, ending balance (in shares) at Jul. 04, 2026 500,000 500,000          
End of period at Jul. 04, 2026 $ 3,006 $ 482 $ 0 2,424 463 (186) $ (177)
Common stock, shares, ending balance (in shares) at Jul. 04, 2026 152,000,000   151,514,000        
Treasury stock, ending (in shares) at Jul. 04, 2026             8,634,000
Preferred stock, shares, beginning balance (in shares) at Apr. 04, 2026   500,000          
Beginning of period at Apr. 04, 2026 $ 2,922 $ 482 $ 0 2,410 374 (168) $ (176)
Common stock, shares, beginning balance (in shares) at Apr. 04, 2026     151,420,000        
Treasury stock, beginning (in shares) at Apr. 04, 2026             8,608,000
Increase (Decrease) in Stockholders' Equity              
Net income (loss) 97       97    
Other comprehensive income (loss), net of tax (18)         (18)  
Common stock issuance, net of shares withheld for taxes (in shares)     94,000       26,000
Common stock issuance, net of shares withheld for taxes (1)           $ (1)
Stock-based compensation expense 14     14      
Preferred stock dividend $ (8)       (8)    
Preferred stock, shares, ending balance (in shares) at Jul. 04, 2026 500,000 500,000          
End of period at Jul. 04, 2026 $ 3,006 $ 482 $ 0 $ 2,424 $ 463 $ (186) $ (177)
Common stock, shares, ending balance (in shares) at Jul. 04, 2026 152,000,000   151,514,000        
Treasury stock, ending (in shares) at Jul. 04, 2026             8,634,000