Shareholders' Equity

6 Months Ended

Jul. 02, 2023

Equity [Abstract]

Shareholders' Equity

SHAREHOLDERS’ EQUITY

Share Repurchases. Our board of directors (Board), from time to time, authorizes management to repurchase outstanding shares of our common stock on the open market. In the six-month period ended July 2, 2023, we repurchased 1.8 million of our outstanding shares for $378 million. On July 2, 2023, 4.9 million shares remained authorized by our Board for repurchase, representing 1.8% of our total shares outstanding. We repurchased 4.9 million shares for $1.1 billion in the six-month period ended July 3, 2022.

Dividends per Share. Our Board declared dividends per share of $1.32 and $2.64 for the three- and six-month periods ended July 2, 2023, and $1.26 and $2.52 for the three- and six-month periods ended July 3, 2022, respectively. We paid cash dividends of $360 and $705 for the three- and six-month periods ended July 2, 2023, and $349 and $679 for the three- and six-month periods ended July 3, 2022, 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, 2022	$	4	$	260	$	(2,416)	$	(2,152)
Other comprehensive income, pretax	(19)		191		357		529
Provision for income tax, net	4		—		(76)		(72)
Other comprehensive income, net of tax	(15)		191		281		457
July 2, 2023	$	(11)	$	451	$	(2,135)	$	(1,695)

December 31, 2021	$	144	$	538	$	(2,602)	$	(1,920)
Other comprehensive loss, pretax	(156)		(189)		89		(256)
Benefit for income tax, net	41		—		(18)		23
Other comprehensive loss, net of tax	(115)		(189)		71		(233)
July 3, 2022	$	29	$	349	$	(2,531)	$	(2,153)

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 cost (credit).