Shareholders' Equity (Tables)

3 Months Ended

Apr. 02, 2022

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 April 2, 2022
Beginning of period	$	28	$	1,863	$	(157)	$	5,870	$	(789)	$	6,815
Net income	—		—		—		193		—		193
Other comprehensive income	—		—		—		—		10		10
Share-based compensation activity	—		61		—		—		—		61
Dividends declared	—		—		—		(5)		—		(5)
Purchases of common stock	—		—		(157)		—		—		(157)

End of period	$	28	$	1,924	$	(314)	$	6,058	$	(779)	$	6,917
Three months ended April 3, 2021
Beginning of period	$	29	$	1,785	$	(203)	$	5,973	$	(1,739)	$	5,845
Net income	—		—		—		171		—		171
Other comprehensive income	—		—		—		—		16		16
Share-based compensation activity	—		60		—		—		—		60
Dividends declared	—		—		—		(5)		—		(5)
Purchases of common stock	—		—		(91)		—		—		(91)
End of period	$	29	$	1,845	$	(294)	$	6,139	$	(1,723)	$	5,996

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
(In thousands)		April 2, 2022	April 3, 2021
Basic weighted-average shares outstanding		217,010	227,009
Dilutive effect of stock options		2,597	1,275
Diluted weighted-average shares outstanding		219,607	228,284

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 1, 2022	$	(799)	$	9	$	1	$	(789)
Other comprehensive loss before reclassifications	—		(14)		7		(7)
Reclassified from Accumulated other comprehensive loss	17		—		—		17
Balance at April 2, 2022	$	(782)	$	(5)	$	8	$	(779)
Balance at January 2, 2021	$	(1,780)	$	42	$	(1)	$	(1,739)
Other comprehensive loss before reclassifications	—		(32)		4		(28)
Reclassified from Accumulated other comprehensive loss	30		14		—		44
Balance at April 3, 2021	$	(1,750)	$	24	$	3	$	(1,723)

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:


	April 2, 2022						April 3, 2021
(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*	$	21	$	(5)	$	16	$	38	$	(9)	$	29
Amortization of prior service cost*	2		(1)		1		2		(1)		1
Pension and postretirement benefits adjustments, net	23		(6)		17		40		(10)		30
Foreign currency translation adjustments:
Foreign currency translation adjustments	(14)		—		(14)		(32)		—		(32)
Business disposition	—		—		—		14		—		14
Foreign currency translation adjustments, net	(14)		—		(14)		(18)		—		(18)
Deferred gains on hedge contracts:
Current deferrals	10		(3)		7		5		(1)		4

Deferred gains on hedge contracts, net	10		(3)		7		5		(1)		4
Total	$	19	$	(9)	$	10	$	27	$	(11)	$	16

*These components of other comprehensive income are included in the computation of net periodic pension cost (income). See Note 15 of our 2021 Annual Report on Form 10-K for additional information