Selected Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2023

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Information

As described in Note 1, “Description of the Company and Summary of Significant Accounting Policies,” effective in the third quarter of fiscal year 2023, the Company changed its accounting principle for GILTI from the deferred approach to the period cost approach, which resulted in adjustments to the Provisions for taxes and Income before taxes line items in the Consolidated Statements of Operations and Other comprehensive income (loss) line in the Consolidated Statements of Comprehensive Income. Selected unaudited quarterly financial data has been adjusted for the change in accounting principle for the fiscal years 2023 and 2022 and is summarized below:

	Fiscal Three Months Ended
(Dollars in Millions Except Per Share Data)	December 31, 2023		October 1, 2023		July 2, 2023		April 2, 2023
Net sales	$	3,666	$	3,915	$	4,011	$	3,852
Gross profit	$	2,043	$	2,250	$	2,225	$	2,125
Income before taxes	$	357	$	585	$	639	$	609
Provision for income taxes	$	30	$	147	$	209	$	140
Net income	$	327	$	438	$	430	$	469
Basic net income per share	$	0.17	$	0.23	$	0.22	$	0.27
Diluted net income per share	$	0.17	$	0.23	$	0.22	$	0.27
Other comprehensive income (loss)	$	369	$	(240)	$	(190)	$	216

	Fiscal Three Months Ended
(Dollars in Millions Except Per Share Data)	January 1, 2023		October 2, 2022		July 3, 2022		April 3, 2022
Net sales	$	3,767	$	3,789	$	3,804	$	3,590
Gross profit	$	2,046	$	2,125	$	2,158	$	1,956
Income before taxes	$	512	$	738	$	775	$	612
Provision for income taxes	$	151	$	152	$	170	$	100
Net income	$	361	$	586	$	605	$	512
Basic net income per share	$	0.21	$	0.34	$	0.35	$	0.30
Diluted net income per share	$	0.21	$	0.34	$	0.35	$	0.30
Other comprehensive income (loss)	$	750	$	(630)	$	(817)	$	(275)