Shareholders' Equity (Tables)

6 Months Ended

Jul. 03, 2021

A reconciliation of Shareholders’ equity is presented below:


(In millions)	Common Stock		Capital Surplus		Treasury Stock		Retained Earnings		Accumulated Other Comprehensive Loss		Total Shareholders' Equity
Three months ended July 3, 2021
Beginning of period	$	29	$	1,845	$	(294)	$	6,139	$	(1,723)	$	5,996
Net income	—		—		—		183		—		183
Other comprehensive income	—		—		—		—		47		47
Share-based compensation activity	—		75		—		—		—		75
Dividends declared	—		—		—		(4)		—		(4)
Purchases of common stock	—		—		(196)		—		—		(196)

End of period	$	29	$	1,920	$	(490)	$	6,318	$	(1,676)	$	6,101
Three months ended July 4, 2020
Beginning of period	$	29	$	1,711	$	(74)	$	5,727	$	(1,859)	$	5,534
Net loss	—		—		—		(92)		—		(92)
Other comprehensive income	—		—		—		—		68		68
Share-based compensation activity	—		21		—		—		—		21
Dividends declared	—		—		—		(4)		—		(4)

End of period	$	29	$	1,732	$	(74)	$	5,631	$	(1,791)	$	5,527
Six months ended July 3, 2021
Beginning of period	$	29	$	1,785	$	(203)	$	5,973	$	(1,739)	$	5,845
Net income	—		—		—		354		—		354
Other comprehensive income	—		—		—		—		63		63
Share-based compensation activity	—		135		—		—		—		135
Dividends declared	—		—		—		(9)		—		(9)
Purchases of common stock	—		—		(287)		—		—		(287)

End of period	$	29	$	1,920	$	(490)	$	6,318	$	(1,676)	$	6,101
Six months ended July 4, 2020
Beginning of period	$	29	$	1,674	$	(20)	$	5,682	$	(1,847)	$	5,518
Net loss	—		—		—		(42)		—		(42)
Other comprehensive income	—		—		—		—		56		56
Share-based compensation activity	—		58		—		—		—		58
Dividends declared	—		—		—		(9)		—		(9)
Purchases of common stock	—		—		(54)		—		—		(54)
End of period	$	29	$	1,732	$	(74)	$	5,631	$	(1,791)	$	5,527

Schedule of Weighted-Average Shares Outstanding for Basic and Diluted EPS

The weighted-average shares outstanding for basic and diluted EPS are as follows:


	Three Months Ended		Six Months Ended
(In thousands)	July 3, 2021	July 4, 2020	July 3, 2021	July 4, 2020
Basic weighted-average shares outstanding	225,963	228,247	226,486	228,279
Dilutive effect of stock options	2,483	—	1,810	—
Diluted weighted-average shares outstanding	228,446	228,247	228,296	228,279

For the first half of 2021, s

Schedule of Components of Accumulated Other Comprehensive Loss

The components of Accumulated other comprehensive loss are presented below:


(In millions)	Pension and Postretirement Benefits Adjustments		Foreign Currency Translation Adjustments		Deferred Gains (Losses) on Hedge Contracts		Accumulated Other Comprehensive Loss
Balance at January 2, 2021	$	(1,780)	$	42	$	(1)	$	(1,739)
Other comprehensive loss before reclassifications	—		(17)		6		(11)
Reclassified from Accumulated other comprehensive loss	60		14		—		74
Balance at July 3, 2021	$	(1,720)	$	39	$	5	$	(1,676)
Balance at January 4, 2020	$	(1,811)	$	(36)	$	—	$	(1,847)
Other comprehensive loss before reclassifications	—		(10)		(5)		(15)
Reclassified from Accumulated other comprehensive loss	73		—		(2)		71
Balance at July 4, 2020	$	(1,738)	$	(46)	$	(7)	$	(1,791)

Schedule of Before and After-Tax Components of Other Comprehensive Income (Loss)

The before and after-tax components of Other comprehensive income are presented below:


	July 3, 2021						July 4, 2020
(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 loss*	$	38	$	(9)	$	29	$	46	$	(11)	$	35
Amortization of prior service cost*	2		(1)		1		1		—		1
Pension and postretirement benefits adjustments, net	40		(10)		30		47		(11)		36
Foreign currency translation adjustments	15		—		15		30		—		30
Deferred gains (losses) on hedge contracts:
Current deferrals	2		—		2		4		(1)		3
Reclassification adjustments	—		—		—		(2)		1		(1)
Deferred gains (losses) on hedge contracts, net	2		—		2		2		—		2
Total	$	57	$	(10)	$	47	$	79	$	(11)	$	68
Six Months Ended
Pension and postretirement benefits adjustments:
Amortization of net actuarial loss*	$	76	$	(18)	$	58	$	92	$	(21)	$	71
Amortization of prior service cost*	4		(2)		2		3		(1)		2
Pension and postretirement benefits adjustments, net	80		(20)		60		95		(22)		73
Foreign currency translation adjustments:
Foreign currency translation adjustments	(17)		—		(17)		(7)		(3)		(10)
Business disposition	14		—		14		—		—		—
Foreign currency translation adjustments, net	(3)		—		(3)		(7)		(3)		(10)
Deferred gains (losses) on hedge contracts:
Current deferrals	7		(1)		6		(5)		—		(5)
Reclassification adjustments	—		—		—		(3)		1		(2)
Deferred gains (losses) on hedge contracts, net	7		(1)		6		(8)		1		(7)
Total	$	84	$	(21)	$	63	$	80	$	(24)	$	56

*These components of other comprehensive income are included in the computation of net periodic pension cost (credit). See Note 16 of our 2020 Annual Report on Form 10-K for additional information