Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2022

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

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)	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

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 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)

Schedule of Before and After Tax Components of 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.