Shareholders' Equity

3 Months Ended

Apr. 03, 2022

Equity [Abstract]

Shareholders' Equity

SHAREHOLDERS’ EQUITY

Share Repurchases. Our board of directors, from time to time, authorizes management to repurchase outstanding shares of our common stock on the open market. In the three-month period ended April 3, 2022, we repurchased 1.3 million of our outstanding shares for $292. On April 3, 2022, 10.8 million shares remained authorized by our board of directors for repurchase, representing 3.9% of our total shares outstanding. We repurchased 4.6 million shares for $744 in the three-month period ended April 4, 2021.

Dividends per Share. Our board of directors declared dividends per share of $1.26 and $1.19 for the three-month periods ended April 3, 2022, and April 4, 2021, respectively. We paid cash dividends of $330 and $315 for the three-month periods ended April 3, 2022, and April 4, 2021, respectively.

Accumulated Other Comprehensive Loss. The changes, pretax and net of tax, in each component of accumulated other comprehensive loss (AOCL) consisted of the following:

	Changes in Unrealized Cash Flow Hedges		Foreign Currency Translation Adjustments		Changes in Retirement Plans’ Funded Status		AOCL
December 31, 2021	$	144	$	538	$	(2,602)	$	(1,920)
Other comprehensive income, pretax	(54)		62		42		50
Benefit for income tax, net	14		—		(9)		5
Other comprehensive income, net of tax	(40)		62		33		55
April 3, 2022	$	104	$	600	$	(2,569)	$	(1,865)

December 31, 2020	$	272	$	641	$	(4,463)	$	(3,550)
Other comprehensive loss, pretax	(91)		(38)		101		(28)
Benefit for income tax, net	23		—		(23)		—
Other comprehensive loss, net of tax	(68)		(38)		78		(28)
April 4, 2021	$	204	$	603	$	(4,385)	$	(3,578)

Amounts reclassified out of AOCL related primarily to changes in our retirement plans’ funded status and included pretax recognized net actuarial losses and amortization of prior service credit. See Note O for these amounts, which are included in our net periodic pension and other post-retirement benefit credit.