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Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jul. 02, 2022
Jul. 03, 2021
Jul. 02, 2022
Jul. 03, 2021
Revenues        
Total revenues $ 3,154,000,000 $ 3,191,000,000 $ 6,155,000,000 $ 6,070,000,000
Costs, expenses and other        
Selling and administrative expense 278,000,000 314,000,000 583,000,000 612,000,000
Interest expense 32,000,000 36,000,000 65,000,000 76,000,000
Non-service components of pension and postretirement income, net (60,000,000) (39,000,000) (121,000,000) (79,000,000)
Special charges 0 4,000,000 0 10,000,000
Gain on business disposition 0 (2,000,000) 0 (17,000,000)
Total costs, expenses and other 2,891,000,000 2,973,000,000 5,660,000,000 5,662,000,000
Income from continuing operations before income taxes 263,000,000 218,000,000 495,000,000 408,000,000
Income tax expense 45,000,000 34,000,000 84,000,000 53,000,000
Income from continuing operations 218,000,000 184,000,000 411,000,000 355,000,000
Loss from discontinued operations (1,000,000) (1,000,000) (1,000,000) (1,000,000)
Net income $ 217,000,000 $ 183,000,000 $ 410,000,000 $ 354,000,000
Basic Earnings per share        
Continuing operations (in dollars per share) $ 1.01 $ 0.82 $ 1.90 $ 1.57
Discontinued operations (in dollars per share) 0 (0.01) 0 (0.01)
Basic Earnings per share (in dollars per share) 1.01 0.81 1.90 1.56
Diluted Earnings per share        
Continuing operations (in dollars per share) 1.00 0.81 1.88 1.56
Discontinued operations (in dollars per share) 0 (0.01) 0 (0.01)
Diluted Earnings per share (in dollars per share) $ 1.00 $ 0.80 $ 1.88 $ 1.55
Manufacturing group        
Costs, expenses and other        
Gain on business disposition     $ 0 $ (17,000,000)
Income from continuing operations     395,000,000 358,000,000
Finance group        
Revenues        
Total revenues $ 14,000,000 $ 12,000,000 30,000,000 27,000,000
Costs, expenses and other        
Gain on business disposition     0 0
Income from continuing operations     16,000,000 (3,000,000)
Product        
Costs, expenses and other        
Cost of products/services sold 2,304,000,000 2,271,000,000 4,373,000,000 4,332,000,000
Product | Manufacturing group        
Revenues        
Total revenues 2,689,000,000 2,666,000,000 5,137,000,000 5,069,000,000
Service        
Costs, expenses and other        
Cost of products/services sold 337,000,000 389,000,000 760,000,000 728,000,000
Service | Manufacturing group        
Revenues        
Total revenues $ 451,000,000 $ 513,000,000 $ 988,000,000 $ 974,000,000