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Shareholders' Equity
 12 Months Ended
Dec. 30, 2023
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 $0.125.  Outstanding common stock activity is presented below:
(In thousands)202320222021
Balance at beginning of year206,161 216,935 226,444 
Share repurchases(16,169)(13,075)(13,533)
Share-based compensation activity2,906 2,301 4,024 
Balance at end of year192,898 206,161 216,935 
Earnings Per Share
We calculate basic and diluted earnings per share (EPS) based on net income, which approximates income available to common shareholders for each period.  Basic EPS is calculated using the two-class method, which includes the weighted-average number of common shares outstanding during the period and restricted stock units to be paid in stock that are deemed participating securities as they provide nonforfeitable rights to dividends.  Diluted EPS considers the dilutive effect of all potential future common stock, including stock options.
The weighted-average shares outstanding for basic and diluted EPS are as follows:
(In thousands)202320222021
Basic weighted-average shares outstanding199,719 212,809 224,106 
Dilutive effect of stock options2,055 2,164 2,414 
Diluted weighted-average shares outstanding201,774 214,973 226,520 
In 2023, 2022 and 2021, stock options to purchase 1.5 million, 1.0 million and 1.1 million shares, respectively, of common stock were excluded from the calculation of diluted weighted-average shares outstanding as their effect would have been anti-dilutive.
Accumulated Other Comprehensive Loss
The components of Accumulated other comprehensive loss are presented below:
(In millions)Pension and
Postretirement
Benefits
Adjustments		Foreign
Currency
Translation
Adjustments		Deferred
Gains (Losses)
on Hedge
Contracts		Accumulated
Other
Comprehensive
Loss
Balance at January 1, 2022$(799)$9 $1 $(789)
Other comprehensive income before reclassifications214 (103)(3)108 
Reclassified from Accumulated other comprehensive loss69 — — 69 
Balance at December 31, 2022$(516)$(94)$(2)$(612)
Other comprehensive loss before reclassifications(82)45 (1)(38)
Reclassified from Accumulated other comprehensive loss— — 6 6 
Balance at December 30, 2023$(598)$(49)$3 $(644)
Other Comprehensive Income (Loss)
The before and after-tax components of other comprehensive income (loss) are presented below:
202320222021
(In millions)Pre-Tax
Amount		Tax
(Expense)
Benefit		After-
Tax
Amount		Pre-Tax
Amount		Tax
(Expense)
Benefit		After-
Tax
Amount		Pre-Tax
Amount		Tax
(Expense)
Benefit		After-
Tax
Amount
Pension and postretirement benefits
  adjustments:
Unrealized gains (losses)$(102)$25 $(77)$285 $(67)$218 $1,148 $(271)$877 
Amortization of net actuarial (gain) loss*(7)2 (5)83 (20)63 150 (34)116 
Amortization of prior service cost*8 (3)5 8 (2)6 7 (3)4 
Recognition of prior service cost(7)2 (5)(4)— (4)(20)4 (16)
Pension and postretirement benefits
  adjustments, net		(108)26 (82)372 (89)283 1,285 (304)981 
Foreign currency translation adjustments:
Foreign currency translation adjustments45 — 45 (103)— (103)(51)— (51)
Business disposition— — — — — — 14 — 14 
Foreign currency translation adjustments, net45 — 45 (103)— (103)(37)— (37)
Deferred gains (losses) on hedge contracts:
Current deferrals(2)1 (1)(7)4 (3)3 — 3 
Reclassification adjustments8 (2)6 — — — (1)— (1)
Deferred gains (losses) on hedge
  contracts, net		6 (1)5 (7)4 (3)2 — 2 
Total$(57)$25 $(32)$262 $(85)$177 $1,250 $(304)$946 
* These components of other comprehensive income (loss) are included in the computation of net periodic pension cost. See Note 15 for additional information.