Shareholders' Equity

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Shareholders' Equity

Shareholders’ Equity

Capital Stock

We have authorization for 15 million shares of preferred stock with a par value of $0.01 and 500 million shares of common stock with a par value of $0.125.  Outstanding common stock activity is presented below:

(In thousands)	2022	2021	2020
Balance at beginning of year	216,935	226,444	227,956
Share repurchases	(13,075)	(13,533)	(4,145)
Share-based compensation activity	2,301	4,024	2,633
Balance at end of year	206,161	216,935	226,444

Earnings Per Share

We calculate basic and diluted earnings per share (EPS) based on net income, which approximates income available to common shareholders for each period.  Basic EPS is calculated using the two-class method, which includes the weighted-average number of common shares outstanding during the period and restricted stock units to be paid in stock that are deemed participating securities as they provide nonforfeitable rights to dividends.  Diluted EPS considers the dilutive effect of all potential future common stock, including stock options.

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

(In thousands)	2022	2021	2020
Basic weighted-average shares outstanding	212,809	224,106	228,536
Dilutive effect of stock options	2,164	2,414	443
Diluted weighted-average shares outstanding	214,973	226,520	228,979

In 2022, 2021 and 2020, stock options to purchase 1.0 million, 1.1 million and 7.6 million shares, respectively, of common stock were excluded from the calculation of diluted weighted-average shares outstanding as their effect would have been anti-dilutive.

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 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)
Other comprehensive income before reclassifications	214		(103)		(3)		108
Reclassified from Accumulated other comprehensive loss	69		—		—		69
Balance at December 31, 2022	$	(516)	$	(94)	$	(2)	$	(612)

Other comprehensive income

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

	2022						2021						2020
(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)	$	285	$	(67)	$	218	$	1,148	$	(271)	$	877	$	(144)	$	35	$	(109)
Amortization of net actuarial loss*	83		(20)		63		150		(34)		116		184		(43)		141
Amortization of prior service cost*	8		(2)		6		7		(3)		4		6		(1)		5
Recognition of prior service cost	(4)		—		(4)		(20)		4		(16)		(8)		2		(6)
Pension and postretirement benefits   adjustments, net	372		(89)		283		1,285		(304)		981		38		(7)		31
Foreign currency translation adjustments:
Foreign currency translation adjustments	(103)		—		(103)		(51)		—		(51)		81		(3)		78
Business disposition	—		—		—		14		—		14		—		—		—
Foreign currency translation adjustments, net	(103)		—		(103)		(37)		—		(37)		81		(3)		78
Deferred gains (losses) on hedge contracts:
Current deferrals	(7)		4		(3)		3		—		3		4		(1)		3
Reclassification adjustments	—		—		—		(1)		—		(1)		(6)		2		(4)
Deferred gains (losses) on hedge   contracts, net	(7)		4		(3)		2		—		2		(2)		1		(1)
Total	$	262	$	(85)	$	177	$	1,250	$	(304)	$	946	$	117	$	(9)	$	108

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