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Shareholders' Equity
 6 Months Ended
Jul. 01, 2023
Equity [Abstract]  
Shareholders' Equity Shareholders’ Equity
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 July 1, 2023
Beginning of period$26 $1,942 $(464)$6,090 $(586)$7,008 
Net income— — — 263 — 263 
Other comprehensive income— — — — 12 12 
Share-based compensation activity— 31 — — — 31 
Dividends declared— — — (4)— (4)
Purchases of common stock,
  including excise tax*		— — (276)— — (276)
End of period$26 $1,973 $(740)$6,349 $(574)$7,034 
Three months ended July 2, 2022
Beginning of period$28 $1,924 $(314)$6,058 $(779)$6,917 
Net income— — — 217 — 217 
Other comprehensive loss— — — — (76)(76)
Share-based compensation activity— 29 — — — 29 
Dividends declared— — — (4)— (4)
Purchases of common stock— — (282)— — (282)
End of period$28 $1,953 $(596)$6,271 $(855)$6,801 
Six months ended July 1, 2023
Beginning of period$26 $1,880 $(84)$5,903 $(612)$7,113 
Net income— — — 454 — 454 
Other comprehensive income— — — — 38 38 
Share-based compensation activity— 93 — — — 93 
Dividends declared— — — (8)— (8)
Purchases of common stock,
  including excise tax*		— — (656)— — (656)
End of period$26 $1,973 $(740)$6,349 $(574)$7,034 
Six months ended July 2, 2022
Beginning of period$28 $1,863 $(157)$5,870 $(789)$6,815 
Net income— — — 410 — 410 
Other comprehensive loss— — — — (66)(66)
Share-based compensation activity— 90 — — — 90 
Dividends declared— — — (9)— (9)
Purchases of common stock— — (439)— — (439)
End of period$28 $1,953 $(596)$6,271 $(855)$6,801 
*Includes amounts accrued for excise tax imposed on common share repurchases beginning on January 1, 2023 as part of the Inflation Reduction Act that totaled $3 million for the second quarter of 2023 and $6 million for first half of 2023.
Dividends per share of common stock were $0.02 for both the second quarter of 2023 and 2022 and $0.04 for both the first half of 2023 and 2022.
Earnings Per Share
We calculate basic and diluted earnings per share (EPS) based on net income, which approximates income available to common shareholders for each period.  Basic EPS is calculated using the two-class method, which includes the weighted-average number of common shares outstanding during the period and restricted stock units to be paid in stock that are deemed participating securities as they provide nonforfeitable rights to dividends. Diluted EPS considers the dilutive effect of all potential future common stock, including stock options.  
The weighted-average shares outstanding for basic and diluted EPS are as follows:
Three Months EndedSix Months Ended
(In thousands)July 1,
2023		July 2,
2022		July 1,
2023		July 2,
2022
Basic weighted-average shares outstanding200,701 214,587 202,768 215,799 
Dilutive effect of stock options1,808 2,071 1,992 2,334 
Diluted weighted-average shares outstanding202,509 216,658 204,760 218,133 
Stock options to purchase 2.0 million shares of common stock were excluded from the calculation of diluted weighted-average shares outstanding for both the second quarter and first half of 2023 as their effect would have been anti-dilutive. For both the second quarter and first half of 2022, stock options to purchase 1.0 million shares of common stock were excluded from the calculation of diluted weighted-average shares outstanding as their effect would have been anti-dilutive.
Accumulated Other Comprehensive Loss and Other Comprehensive Income (Loss)
The components of Accumulated other comprehensive loss are presented below:
(In millions)Pension and
Postretirement
Benefits
Adjustments		Foreign
Currency
Translation
Adjustments		Deferred
Gains (Losses)
on Hedge
Contracts		Accumulated
Other
Comprehensive
Loss
Balance at December 31, 2022$(516)$(94)$(2)$(612)
Other comprehensive income before reclassifications— 32 3 35 
Reclassified from Accumulated other comprehensive loss— — 3 3 
Balance at July 1, 2023$(516)$(62)$4 $(574)
Balance at January 1, 2022$(799)$9 $1 $(789)
Other comprehensive loss before reclassifications— (104)4 (100)
Reclassified from Accumulated other comprehensive loss34 — — 34 
Balance at July 2, 2022$(765)$(95)$5 $(855)
The before and after-tax components of Other comprehensive income (loss) are presented below:
July 1, 2023July 2, 2022
(In millions)Pre-Tax
Amount		Tax
(Expense)
Benefit		After-tax
Amount		Pre-Tax
Amount		Tax
(Expense)
Benefit		After-tax
Amount
Three Months Ended
Pension and postretirement benefits adjustments:
Amortization of net actuarial (gain) loss*$(1)$— $(1)$21 $(6)$15 
Amortization of prior service cost*2 (1)1 2 — 2 
Pension and postretirement benefits adjustments, net1 (1)— 23 (6)17 
Foreign currency translation adjustments4 — 4 (90)— (90)
Deferred gains (losses) on hedge contracts:
Current deferrals7 (1)6 (5)2 (3)
Reclassification adjustments2 — 2 — — — 
Deferred gains (losses) on hedge contracts, net9 (1)8 (5)2 (3)
Total$14 $(2)$12 $(72)$(4)$(76)
Six Months Ended
Pension and postretirement benefits adjustments:
Amortization of net actuarial (gain) loss*$(3)$1 $(2)$42 $(11)$31 
Amortization of prior service cost*4 (2)2 4 (1)3 
Pension and postretirement benefits adjustments, net1 (1)— 46 (12)34 
Foreign currency translation adjustments32 — 32 (104)— (104)
Deferred gains on hedge contracts:
Current deferrals3 — 3 5 (1)4 
Reclassification adjustments4 (1)3 — — — 
Deferred gains on hedge contracts, net7 (1)6 5 (1)4 
Total$40 $(2)$38 $(53)$(13)$(66)
*These components of other comprehensive income (loss) are included in the computation of net periodic pension cost (income). See Note 15 of our 2022 Annual Report on Form 10-K for additional information.