Shareholders' Equity (Tables)

12 Months Ended

Jan. 01, 2022

Outstanding common stock activity is presented below:


(In thousands)	2021	2020	2019
Balance at beginning of year	226,444	227,956	235,621
Share repurchases	(13,533)	(4,145)	(10,011)
Share-based compensation activity	4,024	2,633	2,346
Balance at end of year	216,935	226,444	227,956

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

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


(In thousands)	2021	2020	2019
Basic weighted-average shares outstanding	224,106	228,536	231,315
Dilutive effect of stock options	2,414	443	1,394
Diluted weighted-average shares outstanding	226,520	228,979	232,709

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 4, 2020	$	(1,811)	$	(36)	$	—	$	(1,847)
Other comprehensive loss before reclassifications	(115)		78		3		(34)
Reclassified from Accumulated other comprehensive loss	146		—		(4)		142
Balance at January 2, 2021	$	(1,780)	$	42	$	(1)	$	(1,739)
Other comprehensive income before reclassifications	861		(51)		3		813
Reclassified from Accumulated other comprehensive loss	120		14		(1)		133
Other	—		4		—		4
Balance at January 1, 2022	$	(799)	$	9	$	1	$	(789)

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

The before and after-tax components of other comprehensive income (loss) are presented below:


	2021						2020						2019
(In millions)	Pre-Tax Amount		Tax (Expense) Benefit		After- Tax Amount		Pre-Tax Amount		Tax (Expense) Benefit		After- Tax Amount		Pre-Tax Amount		Tax (Expense) Benefit		After- Tax Amount
Pension and postretirement benefits adjustments:
Unrealized gains (losses)	$	1,148	$	(271)	$	877	$	(144)	$	35	$	(109)	$	(218)	$	52	$	(166)
Amortization of net actuarial loss*	150		(34)		116		184		(43)		141		99		(23)		76
Amortization of prior service cost*	7		(3)		4		6		(1)		5		8		(2)		6
Recognition of prior service cost	(20)		4		(16)		(8)		2		(6)		—		—		—

Pension and postretirement benefits adjustments, net	1,285		(304)		981		38		(7)		31		(111)		27		(84)
Foreign currency translation adjustments:
Foreign currency translation adjustments	(51)		—		(51)		81		(3)		78		(6)		2		(4)
Business disposition	14		—		14		—		—		—		—		—		—
Foreign currency translation adjustments, net	(37)		—		(37)		81		(3)		78		(6)		2		(4)
Deferred gains (losses) on hedge contracts:
Current deferrals	3		—		3		4		(1)		3		8		(3)		5
Reclassification adjustments	(1)		—		(1)		(6)		2		(4)		(2)		—		(2)
Deferred gains (losses) on hedge contracts, net	2		—		2		(2)		1		(1)		6		(3)		3
Total	$	1,250	$	(304)	$	946	$	117	$	(9)	$	108	$	(111)	$	26	$	(85)

* These components of other comprehensive income (loss) are included in the computation of net periodic pension cost. See Note 15 for additional information.