Shareholders' Equity (Tables)

6 Months Ended

Jun. 30, 2018

Shareholders' Equity

Schedule of Shareholder's equity

(In millions)		Common Stock		Capital Surplus		Treasury Stock		Retained Earnings		Accumulated Other Comprehensive Loss		Total Shareholders’ Equity
Balance at December 30, 2017	$	33	$	1,669	$	(48)	$	5,368	$	(1,375)	$	5,647
Adoption of ASC 606		—		—		—		90		—		90
Balance at December 31, 2017		33		1,669		(48)		5,458		(1,375)		5,737
Net income		—		—		—		413		—		413
Other comprehensive income		—		—		—		—		32		32
Share-based compensation activity		—		105		—		—		—		105
Dividends declared		—		—		—		(10)		—		(10)
Purchases of common stock		—		—		(915)		—		—		(915)
Balance at June 30, 2018	$	33	$	1,774	$	(963)	$	5,861	$	(1,343)	$	5,362

Schedule of components of Accumulated Other Comprehensive Loss

(In millions)		Pension and Postretirement Benefits Adjustments		Foreign Currency Translation Adjustments		Deferred Gains (Losses) on Hedge Contracts		Accumulated Other Comprehensive Loss
For the six months ended June 30, 2018
Beginning of period	$	(1,396)	$	11	$	10	$	(1,375)
Other comprehensive income before reclassifications		—		(27)		(2)		(29)
Reclassified from Accumulated other comprehensive loss		62		—		(1)		61
Other comprehensive income		62		(27)		(3)		32
End of period	$	(1,334)	$	(16)	$	7	$	(1,343)
For the six months ended July 1, 2017
Beginning of period	$	(1,505)	$	(96)	$	(4)	$	(1,605)
Other comprehensive income before reclassifications		—		64		3		67
Reclassified from Accumulated other comprehensive loss		47		—		5		52
Other comprehensive income		47		64		8		119
End of period	$	(1,458)	$	(32)	$	4	$	(1,486)

Schedule of before and after-tax components of other comprehensive income (loss)

	June 30, 2018						July 1, 2017
(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 loss*	$	39	$	(9)	$	30	$	34	$	(12)	$	22
Amortization of prior service cost*		2		(1)		1		2		(1)		1
Pension and postretirement benefits adjustments, net		41		(10)		31		36		(13)		23
Deferred gains (losses) on hedge contracts:
Current deferrals		(4)		1		(3)		2		(1)		1
Reclassification adjustments		(1)		—		(1)		4		(1)		3
Deferred gains (losses) on hedge contracts, net		(5)		1		(4)		6		(2)		4
Foreign currency translation adjustments		(66)		(3)		(69)		39		3		42
Total	$	(30)	$	(12)	$	(42)	$	81	$	(12)	$	69
Six Months Ended
Pension and postretirement benefits adjustments:
Amortization of net actuarial loss*	$	77	$	(18)	$	59	$	68	$	(24)	$	44
Amortization of prior service cost*		4		(1)		3		4		(1)		3
Pension and postretirement benefits adjustments, net		81		(19)		62		72		(25)		47
Deferred gains (losses) on hedge contracts:
Current deferrals		(2)		—		(2)		5		(2)		3
Reclassification adjustments		(1)		—		(1)		6		(1)		5
Deferred gains (losses) on hedge contracts, net		(3)		—		(3)		11		(3)		8
Foreign currency translation adjustments		(26)		(1)		(27)		60		4		64
Total	$	52	$	(20)	$	32	$	143	$	(24)	$	119

*These components of Other comprehensive income (loss) are included in the computation of net periodic pension cost.  See Note 11 of our 2017 Annual Report on Form 10-K for additional information.